Consolidated NTV
₹1,148 Cr
+42% YoY
Highest ever consolidated NTV growth in 15 quarters; crossed 10 million orders in a single quarter.
URBAN
Diversified
28 Apr 2026
Urban Company Ltd — Q4 FY26
Urban Company delivered a standout Q4 FY26, with consolidated NTV surging 42% YoY to ₹1,148 crore and revenue up 43% to ₹426 crore.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
Urban Company delivered a standout Q4 FY26, with consolidated NTV surging 42% YoY to ₹1,148 crore and revenue up 43% to ₹426 crore. The India core services business accelerated to 26% NTV growth—the fastest in 11 quarters—driven by densification and the 'faster, cheaper, better' flywheel, with adjusted EBITDA margin improving to 3.3% of NTV (vs 1.6% a year ago). International operations scaled 84% NTV growth and turned adjusted EBITDA positive for the full year. Native (water purifiers & smart locks) grew 67% NTV with losses narrowing sharply. The key investment drag is Insta Health, which posted ₹119 crore adjusted EBITDA loss as management prioritizes market leadership over near-term profitability. Consolidated adjusted EBITDA breakeven is reaffirmed by Q3 FY28, with a target of ₹1,000 crore adjusted EBITDA by FY31. Risk: competitive irrationality in Insta Health could pressure losses longer than anticipated.
Key Numbers
India Core NTV Growth
26%
+26% YoY
Fastest growth in 11 quarters for India consumer services ex-Insta Health.
International NTV Growth
84%
+84% YoY
UAE and Singapore businesses delivered 84% NTV growth in Q4 to ₹211 crore.
Insta Health Orders (March)
1.1M+
N/A
Insta Health delivered 2.7 million orders in Q4, with over 1.1 million in March alone.
Management Guidance
Consolidated adjusted EBITDA breakeven by Q3 FY28
Management reaffirmed target of achieving consolidated adjusted EBITDA breakeven by Q3 FY28.
Management guidance margins₹1,000 crore adjusted EBITDA by FY31
Long-term target of ₹1,000 crore adjusted EBITDA by fiscal year 2031.
Management guidance growthIndia core services margin expansion to ~10% of NTV over long term
Management expects India consumer services adjusted EBITDA margin to reach about 10% of NTV over a longer period, with yearly expansion.
Management guidance marginsNo new international markets until medium-term guidance achieved
Company will not launch in any new international markets until existing guidance targets are met.
Management guidance expansionKey Risks
Insta Health competitive irrationality
Competitors raising funds and potentially engaging in irrational pricing or subsidies could pressure Insta Health's loss trajectory.
high · analyst_questionInsta Health loss persistence
Management acknowledged losses will remain elevated for the foreseeable future, with no specific timeline for improvement.
high · management_commentarySupply constraints limiting growth
Management noted they left demand on the table due to supply constraints, which could cap growth if not addressed.
medium · management_commentaryMiddle East geopolitical risk
Demand headwinds in UAE due to Middle East conflict escalation impacted March performance, though recovery is underway.
medium · management_commentaryNotable Quotes
We are very clear that we are investing to win here and we intend to stay ahead and cement our market.
In businesses of trust it's a winner take all and this is a business of trust so I really don't see any reason why there should be multiple players over time.
We are not optimizing for elegance. We're optimizing to win. We're optimizing for market share.
Frequently Asked Questions
What was Urban's revenue in Q4 FY26?
Urban reported revenue of ₹426 Cr in Q4 FY26, representing a +43% change compared to the same quarter last year.
What guidance did Urban management give for FY27?
Consolidated adjusted EBITDA breakeven by Q3 FY28: Management reaffirmed target of achieving consolidated adjusted EBITDA breakeven by Q3 FY28. ₹1,000 crore adjusted EBITDA by FY31: Long-term target of ₹1,000 crore adjusted EBITDA by fiscal year 2031. India core services margin expansion to ~10% of NTV over long term: Management expects India consumer services adjusted EBITDA margin to reach about 10% of NTV over a longer period, with yearly expansion. No new international markets until medium-term guidance achieved: Company will not launch in any new international markets until existing guidance targets are met.
What are the key risks for Urban in FY27?
Key risks include Insta Health competitive irrationality — Competitors raising funds and potentially engaging in irrational pricing or subsidies could pressure Insta Health's loss trajectory.; Insta Health loss persistence — Management acknowledged losses will remain elevated for the foreseeable future, with no specific timeline for improvement.; Supply constraints limiting growth — Management noted they left demand on the table due to supply constraints, which could cap growth if not addressed.; Middle East geopolitical risk — Demand headwinds in UAE due to Middle East conflict escalation impacted March performance, though recovery is underway..
Did Urban meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Urban Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.