Date: October 2026

Financial Results (Standalone & Consolidated)

Q1 FY27 Performance (Unaudited)

  • Revenue from operations: ₹1,263.27 million, up 51.1% YoY and 15.3% QoQ
  • Other income: ₹7.72 million
  • Total income: ₹1,270.99 million, up 49.8% YoY and 12.1% QoQ
  • Employee benefits expense: ₹185.34 million
  • Finance costs: ₹73.44 million
  • Depreciation and amortisation expense: ₹229.97 million
  • Other expenses: ₹562.94 million
  • Profit before exceptional items and tax: ₹219.30 million
  • Exceptional items (fire loss): ₹113.66 million
  • Profit for the period: ₹105.64 million
  • Deferred tax expense: ₹(27.29) million
  • Net profit for the period: ₹78.35 million
  • Basic EPS: ₹0.78; Diluted EPS: ₹0.76

Normalized Performance Metrics

  • Normalized EBITDA: ₹436.60 million, up 50.2% YoY and 13.9% QoQ
  • Normalized EBIT: ₹279.90 million, up 50.8% YoY and 12.7% QoQ
  • Normalized PAT: ₹82.11 million, up 71.8% YoY and 11.2% QoQ

Annual FY26 Performance (Audited)

  • Revenue from operations: ₹3,869.88 million
  • Total income: ₹3,940.89 million
  • Profit before tax: ₹676.56 million
  • Net profit: ₹1,042.99 million
  • Basic EPS: ₹10.42; Diluted EPS: ₹10.10
  • Cash flow from operations: ₹1,728.71 million

Balance Sheet Highlights (as of 31 March 2026)

  • Total assets: ₹6,411.20 million
  • Property, plant and equipment: ₹4,785.70 million
  • Cash and cash equivalents: ₹230.97 million
  • Bank balances: ₹93.82 million
  • Total equity: ₹2,958.07 million
  • Borrowings: ₹1,875.90 million (non-current: ₹1,097.87 million; current: ₹778.03 million)
  • Lease liabilities: ₹455.37 million (non-current: ₹278.24 million; current: ₹177.13 million)

Operational Highlights

Growth Metrics

  • Items ordered by subscribers grew 45.8% year-on-year
  • Average items deployed with subscribers growth shown through cohort performance

Cohort Performance

  • Fiscal 2017 Cohort: Revenue earned to date 5.22x original cohort value, 54.82% still earning
  • Fiscal 2018 Cohort: Revenue earned to date 4.89x original cohort value, 59.69% still earning

Network Expansion

  • Warehouse and experience store network across major Indian cities including Delhi-NCR, Bangalore, Mumbai, Hyderabad, Pune, and Chennai
  • Stores placed with micro-market intelligence to lift awareness

Management Commentary

Geetansh Bamania (Chairperson, MD & CEO)

  • First quarterly results as a listed company mark important milestone
  • Strong momentum with 45.8% YoY growth in items ordered and 51.1% revenue growth
  • Maintained normalized EBITDA margin of approximately 41%
  • Quality growth characterized by strong repeat behavior, high organic demand, and healthy internal cash generation
  • IPO strengthened net worth and enhanced capacity to fund future growth
  • EBITDA-to-CFO conversion of 1.05x in FY26, generating ₹1,729 million cash flow from operations
  • Ambition to build technology-led platform for flexible living while maintaining profitability and capital efficiency

Growth Strategy

Three Growth Levers

1. Omnichannel retail with stores placed using micro-market intelligence

2. New cities expansion with capital-light launches and technology investment

3. Broader platform services including new categories like water purifiers

Market Context

  • Online search volume for furniture and appliance rental is 15% of housing rental search volume
  • Rental spans 11+ lifecycle touchpoints from ordering to delivery, repair, and upgrade
  • Breakeven for purchase (EMI) vs rental is 33 months (~2.8 years), with average tenancy at 1.6 years

Key Management Personnel

  • Geetansh Bamania: Co-founder, Chairperson, MD & CEO (14+ years experience, IIT Madras, KPMG, Flipkart, TrendSutra)
  • Ketan Krishna: Executive Director – People & Governance (19 years experience, MDI Gurgaon, Aditya Birla, Magma, IDFC Bank)
  • Hakim Ujjainwala: Chief Financial Officer (15 years experience, CA, CFA, B.Com, Pioneer Investcorp, MGB)
  • Deepika Bhandiwad: Company Secretary & Compliance Officer (8 years experience, LL.B., ACS (ICSI), BPL, Pro FX)

Industry Overview

Market Opportunity

  • India's expanding consumption driving growth in rental services
  • Structural shift in consumer behavior driven by affordability, flexibility, and rising digital intent
  • Core consumer segment characterized as cash-strapped and mobile
  • Rental more economical choice for mobile consumers with average tenancy of 1.6 years

Investor Relations Contacts

  • IR Agency: Nikhil Raina (nikhil.r@raadhicapital.com), Vinita Pandya (vinitap@raadhicapital.com)