NSE: UDS · BSE: 543996
UPDATER SERVICES LIMITED
Provides integrated facility management (IFM) and business support services (BSS) to enterprise clients, with 36,991 employees on the rolls as of Q1 FY27. IFM is the larger line at 69.2% of FY26 segment revenue (₹2,048.024 cr) and covers hard and soft facility services for commercial, industrial and warehousing customers, plus a flight-handling business operating across 23 airports. BSS contributed ₹967.819 cr (32.7% of FY26 segment revenue) through sales outsourcing (Denave), customer-engagement and agentic-AI work (Athena) and back-office BPO (Matrix). In Q1 FY27, IFM revenue grew 11% YoY to ₹525 cr on six new client wins, while BSS reached ₹253 cr at a 7.5% EBITDA margin — lifted by Matrix's EBITDA margin stepping up to 13.1% from 7.6% YoY. The model is labour-intensive: employee costs are 78.1% of revenue, with materials at 3.1%, other opex 14.1% and depreciation 1.6%. FY26 consolidated revenue was ₹2,939.507 cr with an EBITDA margin of 5.0857% and net profit of ₹82.779 cr. The balance sheet is net cash, with net debt/equity at -0.24 and over ₹300 cr of cash as of June 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Integrated Facility Management Services (69%), Business Support Services (33%). Labour-intensive, asset-light diversified commercial services business spanning facility management and business support
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 2,444 | 2,736 | 2,940 |
| EBITDA (ex other income) | 134 | 167 | 129 |
| margin % | 5.5 | 6.1 | 4.4 |
| Owners' profit | 68 | 119 | 86 |
| EPS, as reported (₹) | 11.36 | 17.74 | 12.80 |
| ROE % · ROCE % | 7.8 · 10.7 | 12.3 · 14.1 | 7.8 · 8.7 |
| Debt / equity (x) | 0.06 | 0.05 | 0.00 |
| Cash from operations | (150) | 51 | 144 |
| Capex | (40) | (14) | (19) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 680 | 695 | 709 | 700 | 1,430 | 767 | 743 | 764 |
| Profit before tax | 35 | 38 | 39 | 31 | 55 | 5 | 36 | 33 |
| Net profit | 28 | 31 | 34 | 29 | 49 | 7 | 27 | 30 |
| EPS (₹) | 4.20 | 4.61 | 5.15 | 0.00 | 7.29 | 1.37 | 4.19 | 4.44 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Integrated Facility Management Services | 2,525 | 68.9 |
| Business Support Services | 1,205 | 32.9 |
| Total, before eliminations | 3,730 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 16,876 | 27.7 | 11.34 | 16.2 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,745 | 100.3 | 29.23 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,045 | 16.9 | 2.35 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,678 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,302 | 190.2 | 9.99 | 4.5 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,869 | 19.2 | 4.17 | 14.6 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,360 | 34.9 | 2.54 | 25.9 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,549 | — | 6.89 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.2 | 13.0 | 36 of 79 | 55% |
| P/B | 1.3 | 1.3 | 49 of 95 | 49% |
| ROCE | 8.1 | 3.4 | 34 of 103 | 68% |
| ROE | 7.8 | 2.9 | 35 of 113 | 70% |
| Debt / Equity | 0.0 | 0.1 | 23 of 91 | 76% |
| EBITDA margin | 6.1 | 25.4 | 62 of 92 | 33% |
| Revenue growth | 9.2 | 16.2 | 55 of 91 | 40% |
| Profit growth | 4.5 | 5.2 | 56 of 110 | 50% |
| Market cap | 1408 | 47 | 18 of 108 | 84% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Updater Services to discuss FY27 quarterly and half-year results | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting set for September quarter and half-year results | results | low | — | — |
| 7 Oct 2026 · Compliance certificate filed under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Closure of step-down subsidiaries Denave Europe and Denave Korea | strategic transactions | medium | — | — |
| 29 Sept 2026 · M/s. Updater Services Limited has informed the exchanges regarding the revision in filing pertaining to the re-affirmation of credit rating. | credit debt | medium | — | — |
| 29 Sept 2026 · ICRA reaffirms credit ratings at AA minus Stable and A1 plus | credit debt | medium | — | — |
| 25 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 21 Sept 2026 · Updater Services to attend Arihant investor conference on Sept 28 | board shareholder meetings | low | — | — |
| 19 Sept 2026 · SAST disclosure by Raghunandana Tangirala in Updater Services | ownership changes | low | — | — |
| 18 Sept 2026 · Promoter Raghunandana Tangirala buys 26,000 shares on NSE open market | ownership changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.