Urban Company Earnings Review

Urban Company reported strong 4QFY26 revenue and NTV growth, but EBITDA losses were higher than expected due to aggressive investment in its 'InstaHelp' segment. Goldman Sachs maintains a Neutral rating with a price target of Rs140, balancing strong top-line momentum against elevated near-term losses.

Key Takeaways

• 1.Urban Company delivered strong broad-based growth in 4QFY26, with NTV growth accelerating to 42% YoY, surpassing Goldman Sachs estimates.
• 2.Overall adjusted EBITDA was a significant miss due to heavy investments in the new 'InstaHelp' segment, where competition remains elevated.
• 3.The analysts maintained a 'Neutral' rating, raising revenue estimates but lowering near-term EBITDA expectations as losses in InstaHelp are expected to continue through FY30.

Table of Contents

• Key Data
• GS Factor Profile
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement (Rs mn)
• Balance Sheet (Rs mn)
• Cash Flow (Rs mn)
• Key highlights from 4QFY26 results and forward outlook
• Summary of estimate and TP changes
• Investment thesis - Urban Company Ltd.
• Price Target Risks and Methodology - Urban Company Ltd.
• Disclosure Appendix

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