Financial Performance Overview
Urban Company Limited reported strong financial results for Q2 FY27 (quarter ended September 30, 2026) with significant growth across key metrics.
Consolidated Performance:
- Net Transaction Value (NTV): ₹1,432 Cr, up 39% YoY
- Revenue from operations: ₹537 Cr, up 41% YoY
- Orders delivered: 15.1 million, up 103% YoY
- Annual transacting users: Nearly 10 million, up 35% YoY
- Adjusted EBITDA: ₹(144) Cr (reflects ₹(174) Cr investment in InstaHelp)
- Adjusted EBITDA excluding InstaHelp: ₹30 Cr, up 213% YoY
- Cash and treasury investments: ₹1,901 Cr at quarter-end
Segment-wise Performance:
India Consumer Services (Ex InstaHelp):
- NTV: ₹963 Cr, up 26.3% YoY
- Adjusted EBITDA: ₹34 Cr (3.5% of NTV), 110 bps improvement YoY
- Annual transacting users: ~8.6 million, up 22.4% YoY
- First-time user growth: ~28% YoY to ~0.76 million
- NTV per annual transacting user: Rose 3.2% YoY
- Tier 2 cities: NTV grew ~37% YoY, outpacing Top 8 city growth
- Partner earnings: Average net earnings in-hand for active service professionals reached ₹30,708 per month in H1 FY27 (up ~10% from ₹27,950 in H1 FY26)
- Top 20% professionals earned ₹49,178, top 10% earned ₹53,545, top 5% earned ₹56,731 per month
International:
- NTV: ₹267 Cr, up 66% YoY (52% YoY in constant currency)
- Net Revenue: ₹75 Cr, up 82% YoY (66% YoY in constant currency)
- Margins: Expanded 190 bps YoY to 2.0% of NTV
- UAE business recovered from conflict-related disruption
- KSA joint venture (Yammak, with SMASCO): NTV grew 153% YoY to ₹93 Cr; Adjusted EBITDA loss narrowed to ₹(16) Cr from ₹(20) Cr YoY
Native:
- NTV: ₹132 Cr, up 35% YoY
- Net Revenue: ₹105 Cr, up 40% YoY
- Adjusted EBITDA: Loss narrowed to (6.8)% of NTV from (9.0)% YoY (220 bps improvement)
- RO Water Purifier M3 Pro launch drove 4.3% QoQ rise in RO average selling prices
- Filter attach rates: ~75%
- Expected combined Q2+Q3 FY27 NTV growth: 50–55% YoY
- Board approved exploring residential air conditioners as new category
InstaHelp:
- Fulfilled orders: 6.2 million, up 63% QoQ
- NTV: ₹71 Cr, up 34% QoQ
- Net Order Value: Declined to ₹114 from ₹138 (reflecting competitive intensity and introductory pricing)
- Unit economics: Adjusted EBITDA loss per order improved to ₹(279) from ₹(346) in Q1 FY27
- Adjusted EBITDA loss: ₹(174) Cr for the quarter
Strategic Developments
Capital Raise:
- Board approved fresh capital raise of up to ₹2,500 Cr, subject to shareholder approval
- Purpose: Strategic flexibility to invest across businesses, cement leadership in InstaHelp, and pursue inorganic opportunities
Growth Drivers:
- Consolidated NTV grew ~40% YoY for three straight quarters
- Accelerating new user acquisition (up 46% YoY)
- Compounding repeat behavior and densification
- Penetration in largest categories in Top 8 cities remains below 10%
- International grew 66% YoY
Margin Expansion:
- Core business profitability with expanding margins
- India Consumer Services margin improved 110 bps YoY to 3.5%
- International margin improved 190 bps to 2.0%
- Native's loss margin narrowed 220 bps
- Core business generated ₹119 Cr of Adjusted EBITDA over past nine months, up 175% YoY
Outlook:
- On track for Adjusted EBITDA breakeven by Q3 FY28
- Target of Adjusted EBITDA of ₹1,000 Cr by FY31
- Festive season expected to drive strong Q3 performance for Native
- InstaHelp unit economics improving with density