Shareholders Letter dated May 08, 2026
URBANCO · price
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Urban Company reported strong Q4 FY26 with NTV of Rs 1,148 Cr (up 42% YoY), its highest growth in 15 quarters. Full-year FY26 NTV reached Rs 4,290 Cr (up 31% YoY, up 33% ex-KSA) with revenue of Rs 1,556 Cr (up 36% YoY). Adjusted EBITDA ex-InstaHelp nearly tripled to Rs 106 Cr, with India Consumer Services turning profitable at Rs 131 Cr for the year. The core India business improved margins from negative 22.5% in FY22 to positive 4.1% in FY26, ahead of expectations. International business (UAE & Singapore) achieved Rs 700 Cr NTV (up 75% YoY) with positive EBITDA of Rs 6 Cr. Native grew 122% to Rs 345 Cr NTV with EBITDA loss narrowing to Rs 31 Cr. InstaHelp losses widened to Rs 119 Cr in Q4 due to aggressive scaling, but the company targets consolidated EBITDA breakeven by Q3 FY28 with Rs 2,021 Cr cash on balance sheet.
Urban Company demonstrates strong execution with accelerating core business growth, improving profitability, and disciplined InstaHelp investment. The stock benefits from rising retained user contribution (83% of NTV vs 72% in FY22) and clear path to consolidated profitability, though near-term InstaHelp losses will suppress bottom-line results.