UCUrban Company544515Earnings call transcript

Q2 FY27 call: net transaction value up 39.1% YoY, proposed raise of up to ₹2,500 crores

Transcript of the October 16, 2026 earnings call shared.

By ScoutQuest · Sat 17 Oct 2026, 7:35 PM IST · 2 min read

Net transaction value

up 39.1% year-on-year to ₹1,432.3 crores

Revenue from operations

₹537.3 crores

Adjusted EBITDA loss

₹144 crores (excluding InstaHelp, ₹30 crores positive)

The update is the transcript of the earnings call held on October 16, 2026, covering the quarter and half year ended September 30, 2026. Opening remarks were made by CEO and Co-founder Abhiraj Singh Bhal, with CFO Abhay Mathur also on the call.

Growth

• Consolidated net transaction value grew 39.1% year-on-year to ₹1,432.3 crores.
• Revenue from operations was ₹537.3 crores.
• Orders delivered more than doubled year-on-year, and management said annual transacting users also grew, helped by faster new user acquisition and denser micro-markets.
• India Consumer Services, the core business, grew year-on-year, but management noted a tougher base, with the year-ago second quarter carrying a higher growth rate, and said this year's festive season falls entirely in Q3.
• International markets grew faster than the core business, with the UAE described as a large market that has continued to grow.
• Native also grew, despite festive sales moving completely into Q3, and management expects its combined Q2 and Q3 growth to be stronger on that account.
• InstaHelp order volumes grew quarter-on-quarter, and management said a large share of all new users to the platform now come through InstaHelp.

Profitability

• Adjusted EBITDA loss was ₹144 crores, which management said reflected investment in InstaHelp.
• Excluding InstaHelp, adjusted EBITDA was ₹30 crores positive.
• Management said the core business is now profitable with margins expanding year-on-year, and that spending in InstaHelp is a deliberate choice to build market leadership there.

Balance sheet and capital raise

• The quarter closed with ₹1,901 crores of cash and treasury investments on the balance sheet.
• The proposed raise of up to ₹2,500 crores was described as being about flexibility: investing across business lines, cementing leadership in InstaHelp and selectively pursuing inorganic opportunities.

Guidance given by management

• Firmly on track for adjusted EBITDA breakeven by Q3 FY28.
• Management said it is very confident of achieving the ₹1,000 crores adjusted EBITDA goal set for FY31.
• Native's combined Q2 and Q3 growth is expected to be higher than the standalone Q2 figure, since festive sales fall in Q3.

What analysts asked

• What is driving the faster pace of new customer acquisition and whether it is sustainable.
• Average spend per customer, which the analyst said has historically grown faster than it did in this quarter.
• The foray into the residential AC segment, on product edge and distribution capability.

Points to keep in mind

• The call included a caution that management's statements are forward-looking, involve risks and uncertainties, and are not guarantees of future performance.
• Growth percentages are year-on-year comparisons, and management itself flagged that some of them come off a higher base in the year-ago period.
• The up-to-₹2,500 crores fund raise is described as proposed, and the stated purposes are investment and flexibility.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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