{"id":183020,"date":"2026-05-14T09:33:44","date_gmt":"2026-05-14T13:33:44","guid":{"rendered":"https:\/\/alphastreet.com\/india\/urban-company-ltd-urbanco-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-14T09:48:54","modified_gmt":"2026-05-14T13:48:54","slug":"urban-company-ltd-urbanco-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/urban-company-ltd-urbanco-q4-2026-earnings-call-transcript\/","title":{"rendered":"Urban Company Ltd (URBANCO) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Urban Company Ltd (NSE: URBANCO) Q4 2026 Earnings Call dated May. 08, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Garima Mishra<\/strong> \u2014 Analyst<\/em><\/p>\n

Abhiraj Singh Bhal<\/strong> \u2014 Co Founder and CEO<\/em><\/p>\n

Abhay Mathur<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Swapnil Potdukhe<\/strong> \u2014 Vice President<\/em><\/p>\n

Analysts:<\/h2>\n

Manish Adukia<\/strong> \u2014 Analyst<\/em><\/p>\n

Sachin Salgaonkar<\/strong> \u2014 Analyst<\/em><\/p>\n

Gaurav Rateria<\/strong> \u2014 Analyst<\/em><\/p>\n

Pranav Kshatriya<\/strong> \u2014 Analyst<\/em><\/p>\n

Srinath V<\/strong> \u2014 Analyst<\/em><\/p>\n

Abhishek Pathak<\/strong> \u2014 Analyst<\/em><\/p>\n

Pranay Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Deepak Saha<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Garima Mishra<\/strong> \u2014 Analyst<\/em><\/p>\n

You have joined the meeting as an attendee and will be muted throughout the meeting. Good evening everyone. Welcome to Urban Company Limited’s Q4 and FY 2026 earnings conference call. As a reminder, all participant lines will be in listen-only mode and there will be an opportunity for you to ask questions after the management’s remarks. Please note that this call is being recorded on behalf of Kotak Institutional Equities, I welcome the Urban Company Management to discuss earnings for the fourth quarter and year ended 31st March 2026. I welcome Mr. Abhiraj Singh Bhal, Co Founder and CEO and Mr. Abhay Mathur, CFO.<\/p>\n

The results and investor letter have been uploaded to the stock exchanges and are available on the Company’s investor relations website. Before we begin, I’d like to remind you that certain statements made on this call may be forward-looking in nature and should be viewed in conjunction with the risk factors disclosed in the company’s filings.<\/p>\n

With that, I’ll hand the call over to Abhiraj, to share the key highlights of the quarter.<\/p>\n

Abhiraj Singh Bhal<\/strong> \u2014 Co Founder and CEO<\/em><\/p>\n

Thank you very much Garima. Good evening ladies and gentlemen and welcome to Urban Companies Q4 FY26 earnings call. Let me start by saying that Q4 was amongst the strongest quarters that we’ve ever had in the history of Urban Company. In what I believe was a defining year for the company offered as a listed company. We delivered our highest ever consolidated NTV growth in 15 quarters, crossed 10 million orders for the first time in a single quarter and meaningfully improve the profitability of our core businesses, and I’ll walk through each of these one by one.<\/p>\n

Let me start with the headline. On a consolidated basis, Q4 net transaction value grew 42% year-on-year to reach INR1148 crores and revenue grew 43% year-on-year to reach INR426 crores. For the full financial year FY26 consolidated NTV reached INR4290 crores which is up 33% year-on-year excluding the impact of Saudi deconsolidation. Our transacting user base also grew by a healthy 24% to reach 8.4 million unique annual transacting users. And today 83% of our net transaction value comes from retained users.<\/p>\n

Now four very important points that I want to talk about before we get into Q and A. 4 simple but powerful points which in our view help capture the story of urban company, where is it today and where is it heading? Let me start with the core business. India Core Consumer Services EXO Instahel. In our view the core is accelerating with structurally improving margins. If I look at India Consumer Services EXO Instahel, we grew by 26% in Q4 for NTV to reach 808 crores. This was our fastest growth in 11 quarters. Our adjusted EBITDA margin also improved from 1.6% of NTV a year ago to 3.3% of NTV.<\/p>\n

And as a result, for the full financial year the business delivered 131 crores of adjusted EBITDA or 4.1% of NTV which was about 80 basis points ahead of the initial view that we had at the beginning of the year. To put things in context, this core business was loss making as recently as FY24. That’s the first. The second point is international, I want to highlight for investors that International is now scaling rapidly and is profitable. Our UAE and Singapore businesses delivered 84% NTV growth in Q4 to reach 211 crores of NTV. And this was despite some demand headwind in UAE in the month of March because of the escalation of the Middle east conflict.<\/p>\n

For the full financial year International NTV grew 75% to reach 700 crores and the business turned adjusted EBITDA positive 6 crores for the entire financial year. This business for us is now four times larger than it was four years back. Third, I want to talk about Gaten. A business that we started barely two to three years back has now become meaningful in scale with a clear path to profitability. NTV grew 67% in Q4 to reach 89 crore. and it reached 345 crores for the full financial year, up 122% over the previous year.<\/p>\n

The adjusted EBITDA loss narrowed from 39 crores in FY25 to 31 crores in FY26, even as the business scaled more than 100% and margin trajectory improved from minus 25.1% of NTV to minus 8.9% of NT. What’s even more encouraging is that the earliest cohort of users who have completed two years, almost 75% of them have come back to us and gotten their displacement and renewal cycle through a new company. That number is almost 4x of what the industry averages. It’s a strong signal of consumer stickiness. And this number will only compound further as the installed brace grows.<\/p>\n

Last, but by no means least, is Instahel, our most significant investment today and one where we are leaning in heavily. This business did not exist a year back and in the fourth quarter of FY26 it delivered 2.7 million orders with as many as 1.1 million plus orders in March alone and 40 crores of NTP. This business did incur a meaningful loss. 119 crores of adjusted EBITDA loss in the last quarter. And this loss reflects the cost of building the market, consumer acquisition network, density, subsidies and supply.<\/p>\n

We are very clear that we are investing to win here and we intend to stay ahead and cement our market leadership. Gven the competitive dynamics in this space, we’ve shared everything. We will be able to share on instahealth in the shareholders letters. We won’t be going beyond that in this earnings call. I hope you all understand why. Finally, a little bit of a housekeeping point. The consolidated P&L for this quarter was negative 160 crores of loss. However, adjusted EBITDA was only 98 crores.<\/p>\n

The delta was going to a reversal of DTA of about 61 crores, the details of which are there in the shareholders letter. Overall, we believe we’re in a very confident position. Our businesses are accelerating as far as growth is concerned. Excluding the investments in Instahealth, our businesses are profitable with the core delivering about 22 crores of adjusted EBITDA profit in the last quarter and 106 crores for the full financial year ’26. We ended the financial year with 2021 crores of cash in the balance sheet. So we believe we are well-positioned both from a balance sheet cash perspective as well as the core generating increasingly larger profits to fund Instaheld’s growth journey while maintaining a decent balance sheet. We retain our target of consolidated adjusted EBITDA breakeven by Q3 FY28 and thousand crores of adjusted EBITDA by FY31. With that I will hand it back to Garima for Q and A.<\/p>\n

Questions and Answers:<\/h2>\n

Garima Mishra<\/strong><\/p>\n

Thank you Abhiraj. We will now begin the question and answer session. Anyone who wishes to ask a question may press the raise hand button on their zoom screens. Please introduce yourself and then proceed with your questions.Our first question from Manisha Adukiya. Please go ahead.<\/p>\n

Manish Adukia<\/strong><\/p>\n

Hi. Are you able to hear me?<\/p>\n

Garima Mishra<\/strong><\/p>\n

Yes.<\/p>\n

Manish Adukia<\/strong><\/p>\n

Perfect. Thank you. Hi, good evening. Thank you for taking my questions and congratulations on great set of numbers growth. Really really strong. And also also wanted to commend the team on the extensive disclosures in the shareholder letter. They’re really helpful. I have a few questions. Please feel free to stop me and I’m happy to jump back in the queue.<\/p>\n

So first one is on just the growth bits and I know you’ve talked about it in the shareholder letter in a fair bit of detail as to what drove the growth. But then I look at just the India Consumer Services ex-Instahelp, even the top densities, despite no category expansion, you’ve delivered 25% growth. Now one wanted to understand have you seen this kind of acceleration in your business in the past as well? What I mean by that is the core consumer services is not a new category for you. You’ve been doing this for a long time and has this time’s growth acceleration been different in the past and why has it been different? Like what is driving this acceleration versus what you may have seen in the past and how much of a contributor is the instant delivery of services that is leading to growth. That’ll be just helpful to understand and maybe a follow on as to I know you talked about durability will need to be tested over a few quarters but any color on your sense on visibility of how long this could sustain. That’s my first question please.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

That’s a great question Manish. So Manish, for the listeners to understand India Consumer Services, this is a it’s a very large and complex business. We have 60 plus service categories spread across 47 cities, in hundreds of micro markets and across each and every service category and micro market one has to carefully build supply and demand density while ensuring quality control, training, consistency of service and go the whole nine yards.<\/p>\n

So we’ve been hard at work for many years now doing that. We believe that many of our categories and micromarkets are hitting an inflection point from a densification standpoint which is driving the simple slide in what we’ve talked about in our shareholders. Let grow faster, cheaper, better. spend a minute talking about this. Now once you cross threshold density in a category in a micro market, what ends up happening is that service professionals start getting utilized much better.<\/p>\n

Consequently their earnings go up and the cost to serve for the entire business comes down. Some of these benefits can also be enjoyed by the customer in terms of better value. Also travel distances come down, job packing efficiencies move up and therefore service professionals are spending more time inside the consumers homes delivering orders and less time either waiting for orders or traveling towards orders. And therefore customers also start to enjoy what we call faster, which is faster fulfillment.<\/p>\n

We have started to roll out UC Instant where you can get the service within 30 to 60 minutes. And we’re in the early innings of UC Instant getting rolled out and the goodness of UC Instant playing across the marketplace and then better because service professionals are more dependent on the platform, they’re seeing higher earnings, we see better retention, their propensity to follow UC SOPs, UC’s quality protocols, etc.<\/p>\n

All of that improves and that translates into better service for the end consumer. And simply put, a professional who’s earning more and traveling less is generally more likely to deliver a service to you with a smile. And we always maintain that happy professionals lead to happy customers. So that trifecta or faster, cheaper, better, which is, you know, seems like a simple play movement, but it’s very hard to execute across so many services and so many micro markets when it starts to get going, you know that acceleration is possible. Now why do we not yet want to call it a long term trend and want to observe for a few quarters? Because we’re just getting started on this.<\/p>\n

Yes, NDV growth has been accelerating in Q2, FY26, it was 19% to jump to 21% in Q3 and 26% in Q4. You know, as prudent management, we want to wait and watch, see another 2, 3, 4 quarters and then see if we believe that, the acceleration means that from a five year length, visually what we had imagined earlier, this business can be much larger.<\/p>\n

Manish Adukia<\/strong><\/p>\n

Very helpful Abhiray for that. One, I was just curious that you operate in multiple cities. Let’s say if you talk about your top 10 cities, I’m just surprised that all of them are seeing acceleration at the same time. I mean I’ve heard that some cities would be in different places on the curve where some would have seen acceleration two years ago, some may see two years later. So is there like a common thread as to why they are all seeing acceleration at the same time or have you seen some cities already, let’s say peak in terms of growth and some that are accelerating a lot like just any dynamics I can share that will be helpful.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

I would say for the last few months we’ve seen very broad-based demand acceleration to the point where internally we feel that the real challenge is building high-quality supply across these cities and categories and micro markets and we know that we’ve left them on the table across cities and categories.<\/p>\n

Manish Adukia<\/strong><\/p>\n

Very clear. Thank you. Second question is just on instahelp and I appreciate Abhiraj you mentioned you won’t be able to share too much detail, but still trying my luck. I mean when you say losses remaining elevated for the foreseeable future, are you expecting potentially losses to also increase from these levels? And when you say elevated for a prolonged period of time, are we talking about 4\/4, 8\/4 longer than that? Any color you can share that’ll be helpful. And also maybe a related question, average order value continues to get lower. My concern there is would it be that much more difficult for you to recover AOV if they keep getting lower and thus maybe take you further away from whatever your steady state margin expectations are in that business?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Yeah, no, thanks for that question, Manish. So I’d say I’ll just take a little bit of a step back. You know, one of our messages to the investor community is that at this stage of our company building journey, we believe the investor community should hold us very much accountable to disciplined high quality execution in our core India services business, in international and even in native. Which means continued growth and compounding improving margins year after year. Some quarters will go up, some quarters they’ll go down. But consistent margin, upward trajectory every year and cash generation for instahelp.<\/p>\n

We believe that right now the most important thing is market leadership. We believe we have a strong balance sheet, we believe we have cash generating core business. And we’ve given two clear guidelines that we will hold as guardrails for ourselves, which is a consolidated break even at an adjusted ebitda level by Q3, FY28 and thousand crores of investment adjusted EBITDA by FY31. And we’re committed to sticking to those overall guardrails.<\/p>\n

Within that the rest of it, I think the management needs the maneuverability. You know, it’s a dynamic market. Some quarters AOEs will move up, some quarters they’ll move down. It’ll be a combination of tactics and strategy. We’re very much focused on seeing that this shapes up well in the medium term. We have our eyes on all of those numbers that you spoke about. We believe right now the most important thing for us is continuing to cement our market leadership and staying ahead of the game while longitudinally making sure that loss per order keeps coming down And over a period of time, losses come down, how much time it will take, etc. Is something we will continue to calibrate.<\/p>\n

Manish Adukia<\/strong><\/p>\n

Very clear. Just maybe lLast question from me before I jump back in the queue. I know you have a answer or a question around artificial intelligence, but if you can just maybe help summarize for us both on the demand side and maybe also on the cost side, what are let’s say the changes that we can expect from an AI perspective in terms of revenue levers or cost levers, that’d be helpful, thank you.<\/p>\n

Abhay Mathur<\/strong><\/p>\n

Hi Manish, this is Abhay. I’ll take that question. Thank you for asking it. I think this is an area which is full of potential for us and we’ve taken initial steps. So to start with we’ve actually built a solid layer of AI on top of our core platform which is now embedded in everyday operations. I’ll call it a few areas where we made progress and where we’re excited about for the future. I think the first one really is on quality. So we are leveraging AI extensively in proof of work. We’re auditing 100% of images which are shared during the job. Also running diagnostics in some more repair and handyman categories.<\/p>\n

We made a fair amount of progress in customer and partner support where 55% of all partner support queries are now handled effectively through AI and this is helping us deliver a low cost as well. They’re also generating top of funnel for partners through AI by asking existing partners to refer jobs that were done by people earlier. We’ve always been using AI for demand forecasting. AI only made our demand forecasting and trend lines simpler and more accurate. We’ve started deploying it in a couple of areas for revenue as well. So for native, for example, if your filter life is about to expire, you will get a call from Urban company reminding you to refresh it.<\/p>\n

We are visualizing interior spaces for our event using AI which helps make decision making much simpler. So these early steps in revenue generation on code, I think this is the area where we’ve seen the maximum progress. Conservatively more than 90% of our code is being shipped by Gen AI and this was not the case some time ago. So a lot of the basic work is being done leveraging AI and we’re also using the fraud detection. So I think we’re just getting started. This is a space with a lot of potential. We’re actually driving users within the organization and we’ll keep updating investors as we see more progress.<\/p>\n

Manish Adukia<\/strong><\/p>\n

Thank you so much for patiently answering all my questions. All the best.<\/p>\n

Garima Mishra<\/strong><\/p>\n

Thanks. Next question from Sachin Salgaonkar. Please go ahead.<\/p>\n

Sachin Salgaonkar<\/strong><\/p>\n

Thanks, Garima, Hi management, Good day. I have three sets of questions. First question on native. Your losses have expanded on a YOY and QOQ basis. Anything specific happening out there? And Abhiraj, Abhay, any specific timelines we could have from a native breakeven point of view?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Yes. Nothing specific as such to call out Sachin, I think the business trajectory has grown well business has grown by 7% on an NTV basis even faster on net revenue and the margins have improved. So same time last year the margin trajectory was negative 14.7% of NTV and now it’s negative 9.9%. So margins have improved we are fairly confident I would say on the trajectory from here on to achieve breakeven. We don’t want to give a timeline yet but it should happen in the next few quarters.<\/p>\n

Sachin Salgaonkar<\/strong><\/p>\n

Got it. And this breakeven will happen despite launch of new products in the native category?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Yes, we believe so. It should happen despite any new products that we launch. Some of the elevated losses are on account of R and D for new products. So our core is actually already approaching close to beginning.<\/p>\n

Sachin Salgaonkar<\/strong><\/p>\n

Got it. Second question is on Insta help and I completely get in terms of management having the flexibility it’s a new business but what we are actually seeing is both your competitors raise money in pockets one could see competition getting irrational. So any guardrails you want to indicate to the analysts and investor community hey these are some of the things like for example on a loss per order basis there is no intention to become much higher than that because I understand your medium term and longer term targets in terms of EBITDA breakeven as well as where you want to have an EBITDA. But if on a quarter to quarter basis losses are expecting we do expect some comfort in terms of this is a threshold where one could get a sense that competitive intensity is getting completely irrational and perhaps it’s okay to let go a bit of a market share just in case because things are a bit bad.<\/p>\n

So again wanted to understand any color you could give and of course a follow up is, what would because this is relatively new business and it is not there in most of the countries across the globe. How could one think about any range for a steady state economic unit economics or EBITDA margin in the medium term?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Yeah, no, both fair questions and appreciate where you’re coming from Sachin I think we’ve been doing this now for close to 12 years, 11 and a half years Sachin and we’ve seen various cycles of competition and irrationality so it’s nothing new to us. I’d say the level of competitive intensity that we’re seeing and irrationality that we’re seeing right now it’s pretty manageable. We are not perturbed by it. If anything, we’re very clear that we’re playing to win and not playing to look elegant. And sometimes in the short run, either you can optimize for market share or you can optimize for, on paper, elegance. And we’re not optimizing for elements, we’re optimizing to win, we’re optimizing for market share and which means if we have to be irrational from time to time, we should be willing to be irrational as well. So I don’t worry about competition too much.I think our eyes are on the customer and the service professional and we’re playing to win.<\/p>\n

Sachin Salgaonkar<\/strong><\/p>\n

Got it. Related question on the Insta help is there are adjacencies and potential new services also one could look to explore, for example cooks, drivers, help for elderly and so on, so forth. Are these some of the areas or are there any adjacencies you guys are experimenting and looking to expand into?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

We keep experimenting session. Butstrategically right now we think all our energy and resources and focus should actually go into densifying and winning in the core segments. We know that some of our competitors are experimenting with some of these adjacencies, but we are focused on core. We believe the player that will win the core segment in the core micro markets, that’s essentially the turf to win. And that’s all our attention and focus right now. And we have limited resources as a company, monetary and people and we want to focus all of them towards winning the main segment in the main micro markets.<\/p>\n

Sachin Salgaonkar<\/strong><\/p>\n

Very clear. And lastly, Middle east clearly is now seeing some signs of recovery. How is your business? Are we back to square one in terms of recovery or it’s still a gradual recovery?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

No more or less back to square one. In fact, the dip for us also was not. I mean it was there, but we were far more resilient than most other businesses. And that’s visible in the numbers that you would have seen that you put out there on the, on the month, on month trajectory. So there was a dip but you know, year on year growth continued to be pretty healthy and the business now is almost back to back to full recovery.<\/p>\n

Sachin Salgaonkar<\/strong><\/p>\n

Perfect. All the best. And Garima, thanks again.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Thank you Sachin.<\/p>\n

Garima Mishra<\/strong><\/p>\n

Thank you. Maybe I’ll go next. I also had a few questions. First on the core business, right. The acceleration and NTV growth is very encouraging very near term. Do you, I think there could be some hiccup in this accelerated growth not because of lack of demand, but because of lack of supply. Right. Due to elections and the resultant temporary workplace displacement.<\/p>\n

Abhay Mathur<\/strong><\/p>\n

Hi Garima, this is this is Abhay, I’ll try and answer that. So, in the last quarter we didn’t really see any disruption. I think in the, in the month which has gone by, we are seeing, you know, some, some level of demand loss, but nothing unusual. I think we had seen some of this coming and we had prepped in advance, we had onboarded, you know, more and more professionals. So I think, for a services business like ours, this is a BAU problem and there’s nothing, you know, which we are really concerned about here.<\/p>\n

Garima Mishra<\/strong><\/p>\n

Got it. Okay, good to know. Second question that I had was on native. Now you’ve given a target of quadrupling net revenue of this business. Could you give us some sense of the pipeline of products you are building that would enable you to achieve this target?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

For the large part, Garima, we believe this will have to come from the current two products that we have, which is water purifiers and smart electronic door locks. We’ve not put a timeline to it deliberately because we don’t know how long it will take, but we believe that those two segments should be meaningful enough over a period of time to get us there. And a little bit of the revenue. And this is also because it’s not just the revenue from product sales as in water purifiers. The installed base increases Garima, the service revenues also start to kick in and over time they can be quite, quite meaningful. Especially given that our retention, early retention signs are very, very healthy and a meaningful multiplier of what the industry averages. Some of that number could also come from new products that we launch. But for the large part, I think it will be the existing categories.<\/p>\n

Garima Mishra<\/strong><\/p>\n

Got it very clear. Third piece of the question on Insta Health, in your view, what could be the potential market structure here, say two, three years out? Do you think two or more players can coexist? And a related question here is with some competitors raising money, in fact some of them very, very recently, do you think they might want to diversify into what is your core business?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Very hard to say how both, how large this market is and what the end state structure could look like. Generally speaking, I’m of the view that in businesses of trust it’s a winner take all and this is a business of trust. So I really don’t see any reason why there should be multiple players over time and that’s at least the mindset with which we are approaching this market. In our core business, we have lion’s share of the market and we’d like something similar to play out here as well. But of course we are mindful that in order to achieve that we have to deliver superlative service to the end consumer, win on execution and there are other funded competitive players who are also attacking the market. So I think this will eventually boil down to execution over a period of time which other services they will launch. And it’s a honestly, beyond a point, we are, it’s not something that we worry about because our core business is very, very large. We’re still scratching the surface. We’re probably sub 1 to 2% of the total market addressable market. So we’re focused on what we have to do there.<\/p>\n

Garima Mishra<\/strong><\/p>\n

Got it. And you raised this important point of, building a trustworthy service. So any, you know, one or two points you want to highlight, particularly on the instahelp business, which sort of differentiate your service, beyond the availability part compared to whatever else is available in the market.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

I think our view is that this is a service of trust. It’s a service where the quality of the service professional, the training, the effort that you put into selection, onboarding, the details that you go into, SOPs, etc. These are the things that matter. They will compound slower than discounts and instantaneous availability and throwing money at the problem, but they will compound in the long run. And that’s what we’re focused on. We actually do not dilute our quality selection and onboarding and training processes for this business vis a vis our core. That playbook that we have developed on the core business over the last 10 years is something that we have extrapolated to InstaHelp as well. We talked about average ratings in Instahelp, which are at 4.7, very close to where the core is and we believe materially better than the rest of the industry. We also believe our repeat rates and retention rates are, to the best of our knowledge, industry leading at this point in time. And that’s part of the reason why we are the clear market leaders today. So in our view, it will eventually come down to quality of service, quality of the supply side. And like our core, this will be a supply first business. And whoever wins the supply side of the market will be the winner.<\/p>\n

Garima Mishra<\/strong><\/p>\n

Very clear. Thanks for that, Abhiraj. Next question from Gaurav Rateria. Please go ahead.<\/p>\n

Gaurav Rateria<\/strong><\/p>\n

Hi. Thank you for taking my question. Congrats on great execution. My first question is on the densification that you talked about. Have you seen any impact of competition in the those micro markets? My sense is that there will be meaningful difference in the consumer experience because of the instant service that you are launching versus what competition would have been doing in select categories and therefore they will be years behind to catch up. So there would have been some consolidation in those micro markets. Any, any anecdotal evidence if you can share on that?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

This is with reference to India Core, right?<\/p>\n

Gaurav Rateria<\/strong><\/p>\n

Yes. Yeah. India Core business.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Yeah. To be honest, in India Core Gaurav, we don’t spend a lot of time looking at or tracking competition. Part of the reason could be that competition is very distributed across categories and micro markets. I think much of this growth is actually just driven by internal factors around what I refer to as faster, cheaper, better. And as I mentioned, like we feel we left demand on the table because we were supply constrained for most of the quarter. So I think that’s really where our effort is, it’s on the supply side. It’s on making sure that quality of our supply side of our service professionals training SOPs are top notch and we continue to drive densification and consequently roll out instant.<\/p>\n

And I think the goodness of that, in our view those are strong inputs. If the service is available faster, it’s better value for the end consumer and the quality of service is improving. In our view that should translate into growth.<\/p>\n

Gaurav Rateria<\/strong><\/p>\n

Got it. Secondly, is there a sensitivity to AOV from demand perspective? I know that for a lot of the basic categories the AOVs would have remained largely similar across last couple of years. And if there is an inflation related problem, even if it is a transient one, there could be some impact on the AOVs. And I’m just trying to understand based on your historical experience, have you seen any sensitivity or it doesn’t really matter?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

I would say in the core the sensitivity is low in instead of course it’s very high but in the core we haven’t like there’s always some sensitivity but it’s, it’s very much manageable.<\/p>\n

Gaurav Rateria<\/strong><\/p>\n

Okay, last question on your outlook on consolidated breakeven. Nothing has changed. Right. While external environment on Insta category has changed in terms of potential fundraising, etc. Is it coming from greater confidence in the core business given that you have executed or out executed your own expectations in fiscal ’26, which gives you very strong confidence that even if the investments were to remain higher than what you would have thought through in Insta, you would be more than able to offset that with better profitability in the core business. So. Or is it your view that the external environment could change fast? Thank you.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

It’s the former. I think we feel that the way we’re executing on the core will give us enough buffer and cushion even in the external environment for insto to deteriorate. Yeah.<\/p>\n

Gaurav Rateria<\/strong><\/p>\n

All the best. Thank you.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Thank you Gaurav.<\/p>\n

Garima Mishra<\/strong><\/p>\n

Next question is from the line of Pranav Kshatriya. Please go ahead. Please go ahead.<\/p>\n

Pranav Kshatriya<\/strong><\/p>\n

My question is, you know, the first question is regarding the…<\/p>\n

Garima Mishra<\/strong><\/p>\n

Your voice is unclear.<\/p>\n

Pranav Kshatriya<\/strong><\/p>\n

And hello, can you hear me?<\/p>\n

Garima Mishra<\/strong><\/p>\n

It’s better now. Please go ahead.<\/p>\n

Pranav Kshatriya<\/strong><\/p>\n

My question is regarding the volatility in the margin for the India core business. So while the EBITDA margin has structurally sort of trended up in this quarter, as you said that you know this, you know, you were supply constrained and hence one would have expected the margins to sort of go up, but that has not really happened. So what exactly led to that situation? And my second question is that, you know, for Insta Health platform, what kind of cohort, you know, are we getting? Is it the same cohort which was sort of using other services is now coming to Insta help or there is a new set of customers who are coming and is there any rub off of those customers because of this application?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

So thanks for the question Pranav. On the India Consumer Services adjusted EBITDA margin as a percentage of ntv, we’ve mentioned this in the past that the right way to think about this is year on year versus quarter on quarter. That’s because there are multiple factors every quarter around seasonality, et cetera. And therefore Q1 and Q3 in every year are structurally better quarters than Q2 and Q4. Why is that the case? It’s because Q1 and Q3 are seasonally stronger quarters. Therefore a lot of the marketing supply ramp up etc for us happens in the preceding quarters, which is Q2 and Q4.<\/p>\n

Q4 also happens to be the quarter where we have our annual appraisal. So for a variety of factors, if we look at this business on a quarter on quarter basis from a margin standpoint, we’ll not be able to fully understand and appreciate now that we have eight quarters of trajectory, we can actually compare year on year. And that’s what we’ve always told investors that don’t look at it quarter on quarter, look at it year on year, year on year. If you see Q4 has gone from 1.6% in Q4FY25 to 3.3% in Q4FY26 and also the entire India consumer services business has gone from 3.3% to 4.1% that we believe should continue. And eventually this business should get to about 10% adjusted EBITDA as a percentage of NTV over a longer period of time.<\/p>\n

And every year there will be margin expansion. Some years it will be faster, some years it will be slower. But the right way to think about it is your so that’s the first question. Second question is Insta help. I think both existing cohorts of urban company consumers adopted but we’re also seeing newer cohorts and newer customers first time to the platform adopt instahealth. And so instahelp to that extent is also helping us expand Chrome Tab.<\/p>\n

Pranav Kshatriya<\/strong><\/p>\n

Okay, thank you. That’s it from my side.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Thank you Pranav.<\/p>\n

Garima Mishra<\/strong><\/p>\n

Next question is from Srinath V. Please go ahead.<\/p>\n

Srinath V<\/strong><\/p>\n

Hi Abhiraj. Congratulations on the good set of numbers. First I wanted to understand as we go into FY27, how do we look at between adding new micro markets and deepening our supply in instahealth, how many new micro markets are we looking to open or cities are we looking to open? Because for example, in our office more than 50% of the staff don’t have access to InstaHelp. So how. When would you know our top three cities get fully covered for us across say Bangalore, NCR and Mumbai for example?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Yeah, good question, Srinath. I think hard to give a precise timeline but what I’d say is that our leaning is always towards densification and going deeper and penetrating existing micro markets. We’ll continue to expand coverage in a calibrated fashion. But we do believe that the most important micro markets have to be wonderful and therefore densifying and penetrating them deeper will be priority over proliferation.<\/p>\n

Srinath V<\/strong><\/p>\n

Perfect. And any broad thoughts on getting full coverage in the top cities?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

I think full coverage may not happen even for a long period of time because in certain parts of the city there might not be adequate density for me to be able to have effective cost to serve. So micro markets that we’re prioritizing are the micro markets which we believe that as we densify we can eventually get those micro markets to break even and eventually become profitable. Even if in the interim they are loss making. There’ll be some parts of the city where just the demand density is so spread out that at least so far we haven’t cracked the model to serve them. Well, work on that will continue to happen. But if you think about how demand density and cost to serve plays out in instaheld, it is actually far more hyper local than quick commerce. And so to that extent, the prioritization playbook here is even more important.<\/p>\n

Srinath V<\/strong><\/p>\n

Yeah, perfect. On the Strong India Services growth Would it be fair to assume that some of the Instahelp flywheel is playing out? Any qualitative comments on how cross sell is playing out with customers who are, instahelp customers? As the app moves to the front page, of the phone, are we seeing any higher repeat usage for those particular cohort of customers that could be helping the strong growth in India services?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Too early to form a view there Srinath, but if anything we know we think the growth is in and of its own merit.<\/p>\n

Srinath V<\/strong><\/p>\n

Got it. And the last question would be given that some level of marketing activity is also started for Insta Health, the losses that we are posting, not necessarily all of these losses are coming from a CM level of MG and consumer subsidies. Would there be some amount of spends on performance, marketing or advertising in a way fixed cost of instahealth?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Yes, absolutely. And we’ve mentioned that in the letter as well that this quarter saw elevated marketing to acquire new users and build the brand, including for the Cricket World cup and actually all other metrics which formed part of the loss per order moved in the right direction and moved positively. It was only largely on account of this one metric that the loss was for order swans in the reverse direction, but everything else actually moved in the right direction.<\/p>\n

Srinath V<\/strong><\/p>\n

So to be clear, contribution loss per order was actually down, but it was largely losses from fixed cost?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Correct. Yeah.<\/p>\n

Srinath V<\/strong><\/p>\n

Thanks. Thanks a lot. I’ll get back to the question.<\/p>\n

Garima Mishra<\/strong><\/p>\n

Thank you. Next question is from the line of Abhishek Pathak. Please go ahead.<\/p>\n

Abhishek Pathak<\/strong><\/p>\n

Yeah, hi. Thanks Garima, for the opportunity. Hi team. A great quarter. So my question was kind of, a follow up on the Instahelp offering. Is it fair to assume that, as compared to other services which require densification, the degree of densification required here is far higher because, I mean the maids, etc. They might not really have modes of transport. And from that perspective the TAM would probably be even more constrained considering it requires hyper densification. In that context, considering, we’ve got, let’s say two to three players attacking this particular sort of, TAM in a very irrational way. How long, or rather what are the kind of, criteria we set ourselves to in the sense that when does this market, if it becomes irrational for too long, do we choose to kind of, pare back sort of our investments or, or do we double down here? You know, considering Instahelp can be a funnel to our other offerings which may be slightly sort of, you know, which may have slightly higher tam? Thank you.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Yeah, Short answer to that question is, you write Insta helps. Density is far more granular compared to core or perhaps any other consumer Internet business to the best of our knowledge. Does that constrain the TAM? Maybe, you know, and maybe Playbooks can evolve to serve medium density micro markets as well. So I think that’s, that’s to be seen. How large, as a consequence of that, how large is the TAM and the size of the prize? We don’t know. And honestly we don’t beyond the point, like that’s not the most important thing we’re worried about today. Whatever it is, we want to win it. That’s how we think about it. I think we don’t have a choice. We have to win and we have to win big. If it’s a very large tam, great. If it’s a medium sized stamp, that’s also good for us because we have other businesses that we live and eat our bread off. So this business only helps accelerate those and it plays a certain role in terms of frequency and engagement of the app. We have discussed and debated this internally and our view is, you know, whether it’s a mid sized dam or a very large dam right now, from our perspective, strategically the only thing that makes sense is to attack it aggressively and win it.<\/p>\n

Abhishek Pathak<\/strong><\/p>\n

Very clear that makes sense.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Does that make sense? But that’s how we are thinking about it. Like actually thinking about it pretty simply rather than trying to overcomplicate it. Whatever the size of the time is, we have to win it.<\/p>\n

Abhishek Pathak<\/strong><\/p>\n

Understood. Thank you. Thank you so much.<\/p>\n

Garima Mishra<\/strong><\/p>\n

Sure. Thank you. Next in line is Swapnil Potdukhe. Please go ahead.<\/p>\n

Swapnil Potdukhe<\/strong><\/p>\n

Hi. Thanks for the opportunity. My first question is with respect to Insha help versus international markets. Now the question out here is like is winning in the Insta health market in India more important than opportunity available in let’s say some of the other geographies where your services are not available beyond UAE and Singapore today and there could be a potential time available there also and with limited competition compared to what is happening in install right now.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Yeah, good question. And strategically we mentioned that in the past and a few shareholders that is as well. I think we’ve strategically chosen to prioritize India and the two overseas markets that we have fully owned subsidiaries in UAE and Singapore as well as KSA through JV. We are clear we’re not launching any other international markets. I’m sure the opportunity is good in some of these markets. But from our strategic prioritization standpoint, we are focused on India and these two markets for now and for the foreseeable future.<\/p>\n

Swapnil Potdukhe<\/strong><\/p>\n

So will it be fair to say that till the time you achieve your guidance, the medium term guidance is any incremental international geography is broadly out of question.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Yes, absolutely. And we said that in one of the part letters and there’s many words as well.<\/p>\n

Swapnil Potdukhe<\/strong><\/p>\n

Got it. The second question is with respect to. So is there any seasonality in your customer marketing expenses for the India business? Because it seems from 3q to 4k for the last 2 years this cost have been increased on a, you know, quarterly basis?<\/p>\n

Abhay Mathur<\/strong><\/p>\n

Yes, this is Abhay and I’ll answer that. there is seasonality in our marketing spend in the cadence there. So typically as Abhiraj mentioned, you know, Q1 and Q3 are the quarters where we see a lot of consumer activity before the beginning of those quarters, you know, and some to some extent during the quarter, we do increase our marketing spends at that time. Overall, if you see we’ve seen consistent operating leverage in our marketing spends over the last couple of years. But yes, in the year there are, there are spikes depending on when the season is about to start.<\/p>\n

Swapnil Potdukhe<\/strong><\/p>\n

Got it, Got it. Thank you guys. Those were my questions and all the best.<\/p>\n

Garima Mishra<\/strong><\/p>\n

Thank you. Next in line is Pranay Jain. Please go ahead.<\/p>\n

Pranay Jain<\/strong><\/p>\n

Hi. Am I audible?<\/p>\n

Garima Mishra<\/strong><\/p>\n

Yes.<\/p>\n

Pranay Jain<\/strong><\/p>\n

Okay. Thank you for the opportunity. So I have three questions. My first question is could you help us understand how the instant India consumer business works operationally? How do you transition from a scheduled services marketplace to an instant service model? Do you require excess capacity initially in order to, you know, do like ensure timely supply? That’s my first question and I’ll then follow it up with the other two.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Yeah, no, great question. And how this works, I won’t go into the next level of detail here, but it’s a reasonable change management that we do at the back end. Operationally realigning the micro markets in terms of their size, realigning partner expectations, calendar management, availability, etc. Etc. Before we flip a micro market in the category and make the instant proposition available there, we also have to ensure that there is adequate supply and demand and density therein. The interesting point here is that, and you’ve shown this in our letters when we’re achieving this with increasing utilization on the supply side and not decreasing utilization.<\/p>\n

So conventional wisdom would say that in order to offer instant, you’ll have to keep slack and therefore utilization should fall. What we’re experiencing is that utilization is actually improving. That’s because we’re offering instant at the sweet spot of 30 to 60 minutes, which is, which doesn’t require us to break the back on capacity and utilization. If anything, those orders see fewer cancellation rates, visually scheduled orders and back to back packing and efficiency is better and consequently we’re actually seeing better utilization as a result of that instant rollout.<\/p>\n

So it’s a real win win in our view. It helps improve packing efficiency and overall utilization for partners and consequently improve their earnings. It helps bring down time to serve for end consumers and it’s also more profitable for us. Obviously if we were to take the core marketplace also all the way to 10 minutes, that would mean what you’re seeing, which is, which is keep a lot of excess capacity. But we don’t think that’s needed. We think 30 to 60 minutes is adequate for most of our core services. As long as we can deliver that reliably, consumers are happy with that change and shift.<\/p>\n

Pranay Jain<\/strong><\/p>\n

Got it. Understood. Thank you for that. My second question is on the fact that you know, you’ve spoken about it earlier as well and even this shareholder letter, that there is deep trust that is embedded in the model given that professionals spend significant time inside the homes of the consumers customers. But at the same time we are seeing new instant service platforms also enter and they are also gaining a reasonable amount of customer acceptance. So do you think the comfort of the customer with allowing service professionals into their home is becoming more standardized over time across platforms?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

I think at the end of the day he plays and executes well on quality, on safety, on trust and doesn’t take the customer’s trust for granted, can eventually gain acceptance. And you know, we don’t make any tall claims that we’ll be the only player who will enter the homes of the customers. We’re certainly one of the trusted players in our view. We also think to be able to do this across 60 plus categories and hundreds of micro markets in categories in our core business where the complexity of the business is much higher in terms of training, in terms of tooling, SOPs, etc. Is not a mean feat. Sometimes easy to execute that in a single category business, but not so much across multiple categories.<\/p>\n

And therefore historically we’ve also seen competition limited to one or two verticals rather than the entire horizontal scale. Now it’s always possible that over time players emerge in the entire horizontal screw, which is okay at the end of the day competition keeps us honest, keeps us charged up and delivers best services to the end consumers. So it’s a very large market. As we’ve emphasized multiple times in the past, the total market is more than 5 lakh crores. We’re still a very, very small percentage of that market, sub 1%. I think if anything the focus should be on how do we keep growing the pie versus zero sum of how we break a small pie today between players.<\/p>\n

Pranay Jain<\/strong><\/p>\n

Right. Makes sense. Last question is on the international business. Could you elaborate on the competitive landscape across your key markets given that these markets are relatively more organized and structured? Who are your key competitors over here?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Yeah, I think in UAE we have one more competitor Major, I mean there are lots of players, but there’s, there’s a company called Just Life who has been around in the market for as long as we have, a little bit longer than us, pretty decent players. We do have respect for them and we’ve learned a lot from them and they’ve learned a lot from us. And we believe that the competition in that market has been quite healthy and both players are doing well and that market continues to be very attractive from a long term growth and margin attractiveness standpoint. So I think that’s an interesting and exciting market.<\/p>\n

In Singapore there are lots of small players, nobody meaningful to call out. Again, a very, very exciting market. Growing well for us profitably. Both the markets, I think the headroom for growth is meaningful. We’re growing profitably. Our proposition continues to improve year after year. The same playbook of faster, cheaper, better is playing out in those markets as well, if anything in an accelerated fashion because the demand density operates on steroids in some sense in both these markets. You know, we’re quite excited by how our international business is shaping up across these two markets.<\/p>\n

Saudi, we don’t recognize revenue, but that business is also shaping up very well. We’ve disclosed the numbers and as you can see, the growth is in the right direction. Margins are improving. We now believe we have a clear line of sight towards profitability in our joint venture in Saudi Arabia as well. And we’re quite excited by that.<\/p>\n

Pranay Jain<\/strong><\/p>\n

Got it. Thank you for the answers and all the best for the coming quarters.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Thank you.<\/p>\n

Garima Mishra<\/strong><\/p>\n

Next question is from the line of Deepak Saha. Please go ahead.<\/p>\n

Deepak Saha<\/strong><\/p>\n

Hi, thanks for the opportunity. Am I audible? Yes.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Yes, Deepak, please go ahead.<\/p>\n

Deepak Saha<\/strong><\/p>\n

Yeah, so first of all congratulations on get great set of numbers. My only question I have on the international side, what I understood for the international business. You very beautifully laid out the fact that how your subscription model has played out and meaningfully contributing to the overall numbers there. If you just can lay out what are the drivers that working well for subscription model there and how can or secondly how can we apply that model here if at all the dynamics allow us to do that? These are the two questions I have initially.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Yeah, Deepak, that’s a good question. So Deepak, one of the main services for us, one of fairly important service in both UAE and Singapore is cleaning, deep cleaning of the home. And while some households there have been permanent house help. As you can imagine, a lot of households don’t and therefore they rely on platforms like us, all local players, offline players, and the larger unorganized market to get weekly, bi weekly, fortnightly, monthly or once in a while deep cleaning time. We’ve been able to launch subscription programs that lock in essentially these households and users into more high frequency deep cleaning.<\/p>\n

So for example, in UAE many of our users use our deep cleaning not just once in a while, but maybe on a weekly or fortnightly basis. And quite a few of them use it multiple times a week as well and that actually accelerates the growth of the business. Similarly in Singapore, while the sub weekly use case for our deep cleaning is not prevalent, many users use us on a weekly or fortnightly basis and these users get locked into subscription programs and then you know, it becomes sort of an annual like business. Some of those learnings will certainly be helpful for us here in India as well.<\/p>\n

We are toying with and experimenting with cleaning subscriptions. I believe over time we will experiment with versions of these in instahelp as well. And we also have bundling programs in India which take a leap of the playbook in our international market. So many learnings for us from these two markets.<\/p>\n

Deepak Saha<\/strong><\/p>\n

Got it. That’s helpful. Just in the same context, when we see InstaHelp, you mentioned that for 10% of the users you have 8 times monthly orders and for 1% of the top users you have 21 times. Right. So is there a scope, I know it’s pretty early days, but is there a scope of enabling any subscription model for InstaHelp in India?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

I’m sure it’s possible. Sure. The scope is there.<\/p>\n

Deepak Saha<\/strong><\/p>\n

Super. Superb. Fine. And last question on instahealth side, on the payment side, so the payouts that we’re doing to a professional. So just trying to understand because the volume has gained meaningfully say three months ago and currently is there any change in the structure of payment as far as fixed payment is concerned and job specific variables are concerned? Is there any specific change which can improve the cost dynam dynamics depending upon successfully delivered services or jobs?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Yeah, we keep, we keep experimenting and toying with various structures tactically that we believe are sort of best suited to win different micro markets and keep supply engaged and depending upon the supply demand situation in a particular micro market in a particular point in time, you know, we’re quite nimble with some of these changes.<\/p>\n

Deepak Saha<\/strong><\/p>\n

So does it have any fixed component or gradually you’re moving to a lower fixed component in that context?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

I mean, there’s a per hour payout, essentially whether that can vary based on the quality of the service professional and the particular micro market time of the day and time of the week. It’s quite dynamic.<\/p>\n

Deepak Saha<\/strong><\/p>\n

That’s really helpful. Thanks a lot. Last question from my end. On the user side, so say Instahelp and consumer services business. Right. So are we seeing incrementally any new users coming solely for Instahelp and again you’re able to cross utilize it for consumer or it’s the other way around?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

It’s both.<\/p>\n

Deepak Saha<\/strong><\/p>\n

Okay, okay, okay. Any distribution you would like to, you know, lay out in terms of proportion somewhere more it’s a core business higher proportion leading to Insta help incrementally or it’s the other way?<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

No, not right now.<\/p>\n

Deepak Saha<\/strong><\/p>\n

Okay, fine. Thank you. That’s really been all the best for FY27.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Thank you so much. Thank you.<\/p>\n

Garima Mishra<\/strong><\/p>\n

Thank you. That was the last question for today and we would like to close the call here. Thank you members of the management and all participants for joining Urban Companies results call. You may now disconnect your lines.<\/p>\n

Abhiraj Singh Bhal<\/strong><\/p>\n

Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Urban Company Ltd (NSE: URBANCO) Q4 2026 Earnings Call dated May. 08, 2026 Corporate Participants: Garima Mishra \u2014 Analyst Abhiraj Singh Bhal \u2014 Co Founder and CEO Abhay Mathur \u2014 Chief Financial Officer Swapnil Potdukhe \u2014 Vice President Analysts: Manish Adukia \u2014 Analyst Sachin Salgaonkar \u2014 Analyst Gaurav Rateria \u2014 Analyst Pranav Kshatriya \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":183020,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":130798,"url":"https:\/\/alphastreet.com\/india\/renaissance-global-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":183020,"position":1},"title":"Renaissance Global Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 24, 2022","format":false,"excerpt":"https:\/\/youtu.be\/D5a_xmWE2AE Key highlights from Renaissance Global Ltd (RGL) Q4 FY22 Earnings Concall \u00a0 Q&A Highlights: Hitesh Chauhan - H2 Investment \u2013 Analyst China operation update? 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