Urban Company Q2 FY26: Scaling the Home Services Revolution with AI and Global Reach
Core Business: Strong Growth in a Fragmented Market
Urban Company, in its first earnings call post-IPO, reaffirmed its goal of building a full-stack home services ecosystem. The platform continues to expand across categories such as cleaning, beauty, plumbing, and appliances. Despite seasonal and regional variations, the Core India business grew 24% YoY in revenue, backed by higher customer retention and AI-driven efficiency.
Adjusted EBITDA for the core business stood at ₹18 crore with a margin of 2.4% of NTV, reflecting deliberate reinvestment to strengthen the brand and partner base.
New Verticals: Insta Health and Native Smart Solutions
Insta Health has become Urban Company’s fastest-growing vertical, clocking nearly 4.7 lakh monthly orders within 8 months of launch. Though it recorded a ₹44 crore loss this quarter due to training and expansion, management views it as a strategic investment in customer stickiness.
Native Smart Solutions, the connected home vertical, reported a revenue of ₹75 crore (+179% YoY) with margins turning positive at 9% of NTV. The business is now profitable and scaling via Urban Company’s nationwide service network.
International Expansion and Partner Ecosystem
Urban Company’s international business (UAE and Singapore) grew 66% YoY in revenue and achieved adjusted EBITDA break-even. The Saudi joint venture with Samasco offers significant future potential. Partner utilization levels improved to 89 hours/month, up from 59 in FY22 — indicating higher productivity and steady earnings.
Training, social benefits, and referral-based onboarding continue to strengthen the platform’s partner loyalty and quality assurance metrics.
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Investor Takeaway
Urban Company’s focus on technology, training, and partner welfare positions it well in the long-term gig economy. Insta Health and Native are expected to drive margin expansion from FY27 onward, while international business adds diversification. The company’s steady approach toward building a cash-flow-positive ecosystem underscores its maturity as a consumer-tech leader.
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