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