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Technology · Information Technology Services
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Research updated
Urban Company Limited
NSE: URBANCOTechnologySoftware - Application
- Last close
- ₹142.48
- Day change
- −₹15.64 (−9.89%)vs
- Market cap
- ₹21,127 crIndian rupees
- Research updated
- 3 reports
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About Urban Company
Urban Company Limited is a leading consumer technology platform specializing in the delivery of home and personal care services. Founded in 2014 and headquartered in Gurugram, India, Urban Company operates a full-stack online marketplace that connects consumers with vetted, trained professionals across a diverse range of categories, including home cleaning, beauty and grooming, appliance repair, plumbing, electrical, pest control, and on-demand domestic help. The platform is distinguished by its comprehensive approach, enabling standardized, quality-driven, and reliable service experiences for millions of users. Urban Company’s business model leverages technology to ensure seamless booking, transparent pricing, and high service quality, impacting urban households and micro-entrepreneurs alike. With a presence in nearly 60 cities across four countries, it plays a pivotal role in digitizing and organizing the traditionally fragmented home services industry. By empowering tens of thousands of independent professionals and responding to rising urban demand for convenience, Urban Company Limited has positioned itself as a crucial infrastructure layer in the modern services economy.
- Sector
- Technology
- Industry
- Software - Application
- Listing
- NSE: URBANCO
- Chief executive
- Mr. Abhiraj Singh Bhal
- Employees
- 2,111
- Headquarters
- Gurugram, India
- ISIN
- INE0CAZ01013
- Website
- urbancompany.com
Public research · Report of
Business model & financial foundation
Urban Company (NSE: URBANCO), Technology-enabled home services and home products: revenue of ₹1,556 crore in FY26 (+35.9% on FY25), an EBITDA margin of -12.5%, net profit of ₹-234.8 crore and net cash of ₹1,885 crore.
- Revenue, FY26 (₹ crore)
- 1,556
- consolidated
- Revenue growth, FY26
- +35.9%
- on FY25
- EBITDA margin, FY26
- -12.5%
- EBITDA computed from statutory operating cost stack / revenue
- Net profit, FY26 (₹ crore)
- -234.8
- to owners
- Return on equity, FY26
- -11.9%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,885
- Net debt including leases less treasury liquidity
- Market capitalisation (₹ crore)
- 22,881
- at the close of 20 Oct 2026
Company profile
Urban Company connects households to trained service professionals for beauty, cleaning, repairs and appliance services. It combines a service marketplace with B2B2C supplies, Native water purifiers and locks, and the early-stage InstaHelp instant household-help vertical. UAE and Singapore are directly operated; the Saudi venture is equity accounted. The mature core generates cash contribution while InstaHelp expansion drives consolidated losses.
| Item | Value |
|---|---|
| Legal name | Urban Company Limited (formerly UrbanClap Technologies India Limited) |
| Exchange and ticker | NSE: URBANCO; BSE: 544515 |
| ISIN | INE0CAZ01013 |
| CIN | L74140DL2014PLC274413 |
| Sector | Consumer services |
| Industry | Technology-enabled home services and home products |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse & Co Chartered Accountants LLP (since 2021) |
| Market capitalisation | ₹22,881 crore (20 Oct 2026) |
| Shares outstanding | 146.22 crore shares (FY26) |
| Price | ₹142.5 (close, 20 Oct 2026) |
| 52-week range | ₹100.7 - ₹184.0 (to 20 Oct 2026) |
| Website | https://www.urbancompany.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Handy Home Solutions Private Limited | 100% | India subsidiary |
| Urban Home Experts Pte Limited | 100% | Singapore home services |
| Urban Company FZCO | 100% | UAE home services |
| Urban Company Technologies Onshore LLC | 100% | UAE operations |
| Urban Essentials General Trading LLC | 100% | UAE products |
| Urban Company Arabia LLC | 100% | Legacy Saudi subsidiary; winding-up pending |
| Waed | 50% | Saudi joint venture; equity accounted |
Native and InstaHelp are operating verticals, not separate subsidiaries in AOC-1.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 20.29% | 19.02% | 19.02% | 19.02% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 65.63% | 55.77% | 55.28% | 52.51% |
| Domestic institutions | 5.70% | 10.74% | 11.42% | 15.17% |
| of which mutual funds | 3.84% | 8.98% | 9.50% | 12.46% |
| Retail | 7.29% | 7.02% | ||
| Other | 6.97% | 6.27% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Urban Company combines India home services (ex-InstaHelp), Native devices, UAE/Singapore services and InstaHelp. Segment revenue/NTV is not a pure commission take rate because B2B2C product sales and Native carry principal-agent/product components. KSA is equity-accounted and is excluded from consolidated revenue.
| Segment | ntv, FY26 (₹ crore) | Share | revenue, FY26 (₹ crore) | Share | adj ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| India Consumer Services ex-InstaHelp | 3,167 | 70.9% | 1,087 | 63.6% | 131.0 | |
| Native | 345.0 | 7.7% | 267.0 | 15.6% | -31.0 | |
| International | 700.0 | 15.7% | 185.0 | 10.8% | 6.00 | |
| InstaHelp | 79.0 | 1.8% | 17.4 | 1.0% | -235.0 | |
| KSA JV | 175.0 | 3.9% | 152.0 | 8.9% | -62.0 |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Eternal (ETERNAL) | Consumer platform and density-driven quick-commerce economics; revenue recognition differs. |
| Swiggy (SWIGGY) | Loss-making consumer platform funding quick-service growth. |
| FSN E-Commerce Ventures (NYKAA) | Beauty distribution and consumer brand/retention analogue. |
| Info Edge (NAUKRI) | Established marketplace platform, profitable but portfolio value complicates comparison. |
| PB Fintech (POLICYBZR) | High-growth transaction platform with improving operating leverage. |
| IndiaMART InterMESH (INDIAMART) | Profitable marketplace economics; lower growth and different customer base. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 437.6 | 636.6 | 828.0 | 1,144 | 1,556 |
| Cost of revenue (vendor classification) * | 304.2 | 380.0 | 405.4 | 476.5 | 647.8 |
| Other operating costs (vendor classification) * | 463.4 | 502.1 | 490.8 | 600.6 | 965.7 |
| EBITDA (vendor classification) * | -485.4 | -285.8 | -48.7 | 75.6 | -89.2 |
| EBIT * | -506.2 | -305.3 | -83.5 | 39.0 | -162.6 |
| Finance costs | 7.93 | 7.19 | 9.20 | 10.5 | 12.0 |
| Profit/(loss) before tax including JV | -514.1 | -312.4 | -92.7 | 28.6 | -174.6 |
| Total tax expense/(credit) | 0.00 | 0.04 | 0.05 | -211.2 | 60.2 |
| Profit/(loss) for the year | -514.1 | -312.5 | -92.8 | 239.8 | -234.8 |
| Diluted EPS as reported (₹) | -3.58 | -2.25 | -0.66 | 1.65 | -1.57 |
| Product cost (purchases plus inventory changes) | 107.8 | 129.3 | 212.6 | 310.0 | |
| Employee benefits expense including SBC | 377.1 | 344.8 | 350.1 | 456.5 | |
| Other expenses (statutory line) | 516.0 | 500.6 | 612.3 | 983.9 | |
| EBITDA computed from statutory operating cost stack | -364.2 | -146.7 | -30.5 | -194.8 | |
| Other income | 89.6 | 100.0 | 116.2 | 136.7 | |
| Depreciation and amortisation | 30.7 | 36.8 | 37.0 | 45.2 | |
| Share of profit/(loss) of equity-accounted JV | 0.00 | 0.00 | -8.65 | -31.2 | |
| Exceptional items (signed gain/(loss)) | 0.00 | 0.00 | 0.00 | 0.00 | |
| Profit/(loss) attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | |
| Profit/(loss) attributable to owners | -312.5 | -92.8 | 239.8 | -234.8 | |
| Adjusted EBITDA (company definition) | -298.0 | -119.0 | 12.0 | -129.0 | |
| Share-based compensation (management view) | 93.0 | 57.0 | 73.0 | 104.0 | |
| Customer marketing expense (management view) | 178.0 | 162.0 | 161.0 | 228.0 | |
| Listing expenses (separate statutory expense) | 0.00 | 0.00 | 1.00 | 19.0 | |
| Inventory fire loss (separate statutory expense) | 0.00 | 0.00 | 0.00 | 9.11 | |
| Share-based payment expense (statutory) | 93.5 | 57.1 | 72.6 | 103.6 | |
| Net Transaction Value (management consolidated) | 2,078 | 2,564 | 3,271 | 4,290 | |
| Payment of lease liabilities (management EBITDA bridge) | 27.0 | 29.0 | 30.0 | 38.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 1,551 | 1,339 | 1,293 | 1,796 | 2,144 |
| Borrowings excluding lease liabilities | 80.3 | 101.7 | 104.1 | 0.00 | 0.00 |
| Cash and cash equivalents (statutory) | 26.7 | 62.2 | 42.2 | 61.1 | 119.7 |
| Trade receivables | 6.78 | 10.7 | 20.1 | 26.6 | 37.8 |
| Inventories | 23.1 | 15.2 | 28.9 | 41.5 | 73.7 |
| Trade payables | 76.7 | 90.9 | 92.7 | 110.5 | 178.7 |
| Net property, plant and equipment * | 2.10 | 2.17 | 2.70 | 2.57 | 2.49 |
| Capital work in progress * | 0.00 | 0.52 | 0.00 | 0.00 | 7.29 |
| Total assets * | 1,794 | 1,631 | 1,639 | 2,201 | 2,702 |
| Net debt including leases less treasury liquidity | -1,510 | -1,885 | |||
| Cash, bank balances and treasury investments | 1,630 | 2,021 | |||
| Lease liabilities current plus non-current | 119.9 | 135.8 | |||
| Paid-up equity shares net of ESOP Trust treasury shares | 143.59 | 143.59 | 143.59 | 48.98 | 146.22 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -367.2 | -237.8 | -85.6 | 54.6 | -98.6 |
| Free cash flow (vendor definition) * | -325.8 | -252.8 | -94.6 | 42.4 | -139.5 |
| Cash purchases of PPE and intangible assets (outflow negative) | -10.7 | -15.0 | -8.98 | -12.1 | -40.8 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Historical implied diluted EPS denominator (approximate) (crore shares) | n.r. | 138.88 | 140.56 | 145.31 | 149.56 |
| Product COGS / revenue (x) | n.r. | 0.17x | 0.16x | 0.19x | 0.20x |
| Employee benefits inclusive of allocated SBC / revenue (x) | n.r. | 0.59x | 0.42x | 0.31x | 0.29x |
| Statutory SBC / revenue (adjusted EBITDA bridge only) (x) | n.r. | 0.15x | 0.07x | 0.06x | 0.07x |
| Requested other expense less listing/fire / revenue | n.r. | 0.81x | 0.60x | 0.53x | 0.61x |
| Depreciation and amortisation / revenue (x) | n.r. | 0.05x | 0.04x | 0.03x | 0.03x |
| Signed tax expense / PBT (historical only) | 0.00x | -0.00x | -0.00x | -7.40x | -0.34x |
| Core statutory segment revenue / segment NTV (x) | n.r. | n.r. | 0.32x | 0.33x | 0.34x |
| Native statutory segment revenue / segment NTV (x) | n.r. | n.r. | 0.76x | 0.74x | 0.77x |
| International statutory revenue / scope-matched NTV (x) | n.r. | n.r. | 0.29x | 0.33x | 0.26x |
| InstaHelp statutory segment revenue / segment NTV (x) | n.a. | n.a. | n.a. | n.a. | 0.22x |
| Net trade receivables YoY growth (x) | n.r. | 0.57x | 0.88x | 0.33x | 0.42x |
| Revenue from operations YoY growth (x) | n.r. | 0.45x | 0.30x | 0.38x | 0.36x |
| Operating cash flow / PAT (positive PAT only) (x) | n.a. | n.a. | n.a. | 0.23x | n.a. |
| Gross contingent liabilities / total equity (x) | n.r. | n.r. | n.r. | 0.03x | 0.05x |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 287.9 | 298.5 | 367.3 | 380.0 | 382.7 | 425.6 | 528.3 | 537.3 |
| Cost of revenue (vendor classification) * | 138.3 | 157.0 | 141.9 | 185.7 | 218.1 | 251.1 | ||
| Other operating costs (vendor classification) * | 151.6 | 175.2 | 193.1 | 236.5 | 232.3 | 321.9 | 369.9 | |
| EBITDA (vendor classification) * | 28.5 | 14.4 | 26.4 | -28.8 | -6.21 | -83.0 | -59.6 | |
| EBIT * | 19.1 | 4.09 | 8.32 | -17.9 | -96.6 | -80.6 | ||
| Finance costs | 2.74 | 2.68 | 2.68 | 2.93 | 3.11 | 3.28 | 3.11 | 3.28 |
| Profit/(loss) before tax | 16.4 | 1.41 | 5.64 | -59.3 | -21.1 | -99.9 | -83.8 | -175.3 |
| Tax expense/(credit) | -215.5 | 4.25 | -1.30 | 0.00 | 0.21 | 61.3 | 8.37 | 7.19 |
| Profit/(loss) after tax | 231.8 | -2.84 | 6.94 | -59.3 | -21.3 | -161.2 | -92.1 | -182.5 |
| Diluted EPS (₹) | 1.59 | -0.02 | 0.05 | -0.40 | -0.14 | -1.08 | -0.60 | -1.20 |
| Cost of goods sold | 54.5 | 64.7 | 68.6 | 81.0 | 71.5 | 88.8 | 100.0 | 111.7 |
| Employee benefits expense | 83.7 | 92.3 | 99.2 | 113.8 | 114.2 | 129.3 | 151.2 | 181.9 |
| Other expenses | 151.6 | 150.4 | 193.3 | 236.5 | 232.3 | 321.9 | 369.9 | 431.3 |
| Cost-stack EBITDA | -1.90 | -8.93 | 6.18 | -51.2 | -35.3 | -114.4 | -92.6 | -187.6 |
| Other income | 30.4 | 32.0 | 31.2 | 32.6 | 36.1 | 36.7 | 37.8 | 41.2 |
| Depreciation and amortisation | 9.34 | 9.29 | 9.50 | 10.4 | 11.7 | 13.6 | 15.8 | 17.5 |
| Share of JV profit/(loss) | 0.00 | -8.65 | -8.60 | -10.3 | -7.00 | -5.31 | -4.77 | -8.07 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -5.27 | 0.00 |
| Profit/(loss) attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Profit/(loss) attributable to owners | 231.8 | -2.84 | 6.94 | -59.3 | -21.3 | -161.2 | -92.1 | -182.5 |
| Management adjusted EBITDA | 10.0 | 3.00 | 21.0 | -35.0 | -17.0 | -98.0 | -65.0 | -144.0 |
| Share-based compensation | 19.0 | 19.0 | 23.0 | 25.0 | 27.0 | 28.0 | 38.0 | 55.7 |
| Customer marketing expenses | 37.0 | 40.0 | 49.0 | 56.0 | 36.0 | 87.0 | 80.0 | 87.0 |
| Listing expenses (separate statutory expense) | 0.00 | 1.00 | 1.93 | 17.1 | 0.00 | 0.00 | 0.00 | |
| Inventory fire loss (separate statutory expense) | 0.00 | 0.00 | 9.05 | 0.06 | 0.00 | 0.00 | 0.00 | |
| Share-based payment expense (statutory) | 18.9 | 19.4 | 23.0 | 25.1 | 27.4 | 28.0 | 38.5 | |
| Net transaction value | 816.0 | 811.0 | 1,031 | 1,030 | 1,081 | 1,148 | 1,465 | 1,432 |
| Payment of lease liabilities | 7.00 | 8.00 | 8.00 | 9.00 | 10.0 | 11.0 | 11.0 | 12.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 45.5% | 30.1% | 38.2% | 35.9% | |
| EBITDA margin | -57.2% | -17.7% | -2.7% | -12.5% | |
| Net margin | -49.1% | -11.2% | 20.9% | -15.1% | |
| Return on equity | -21.6% | -7.0% | 15.5% | -11.9% | |
| Return on capital employed | -31.0% | -19.9% | -5.9% | 2.4% | -8.3% |
| Return on assets | -18.2% | -5.7% | 12.5% | -9.6% | |
| Net debt (₹ crore) | -1,510 | -1,885 | |||
| Net debt / EBITDA | 49.4x | 9.68x | |||
| Interest cover | -63.8x | -42.4x | -9.08x | 3.73x | -13.5x |
| Asset turnover | 0.24x | 0.37x | 0.51x | 0.60x | 0.63x |
| Receivable days | 6 | 6 | 9 | 8 | 9 |
| Inventory days (on revenue) | 19 | 9 | 13 | 13 | 17 |
| Payable days (on revenue) | 64 | 52 | 41 | 35 | 42 |
| Cash conversion | 0.76x | 0.92x | 0.23x | 0.42x | |
| Capex intensity | 2.4% | 2.4% | 1.1% | 1.1% | 2.6% |
| Free cash flow (₹ crore) | -377.9 | -252.8 | -94.6 | 42.4 | -139.5 |
| EPS, diluted (₹) | -3.58 | -2.25 | -0.66 | 1.65 | -1.57 |
| Book value per share (₹) | 10.80 | 9.33 | 9.00 | 36.67 | 14.66 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA computed from statutory operating cost stack / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases less treasury liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA computed from statutory operating cost stack.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS as reported).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 20 Oct 2026); market data at the close of 20 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Urban Company includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Urban Company
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