Whalesbook
India Mein Dhamakedaar Performance, Par Baki Jagah Thoda Pressure
Dekho, Urban Company ka jo core India wala business hai na, woh toh kamaal kar raha hai! Last 11 quarters mein sabse badhiya growth dikhaya hai. Net Transaction Value (NTV) 26% badh kar ₹808 crore ho gaya aur revenue bhi 27% upar jaa kar ₹288 crore pahunch gaya. Iska reason hai ki unhone professionals ka use achha kiya aur travel time kam kiya. Unke Adjusted EBITDA margins bhi Sudhar kar 3.2% ho gaye hain NTV ke compared to last year ke 1.6%.
Aur ek achhi baat yeh hai ki 83% NTV repeat customers se aa raha hai, jo ki pehle 72% tha. Matlab customer loyalty bhi badh rahi hai!
International Aur Native Segments Bhi De Rahe Hain Ummeed
India ke bahar bhi company dhyan de rahi hai. UAE aur Singapore jaisi places par NTV 84% badh kar ₹211 crore ho gaya hai aur yeh segment ab profitable bhi hai (EBITDA positive).
Native business, jismein water purifiers jaisi cheezein aati hain, woh bhi 122% saal-dar-saal grow kar ke ₹345 crore NTV tak pahunch gaya hai. Aisa lag raha hai ki yahan se recurring revenue ka chance hai.
InstaHelp Ka Chakkar: Losses Aur Zyada
Par jab baat InstaHelp ki aati hai, toh sab gadbad ho jaati hai. Ye venture bahut tezi se badh raha hai aur Q4 FY26 mein 2.67 million orders handle kiye hain. Lekin issi wajah se adjusted EBITDA losses ₹119 crore tak pahunch gaye hain kyuki customer acquisition aur service providers ko lane mein bahut paisa lag raha hai. Company ne is segment mein short-term profit ki jagah market leadership par focus kiya hai, jiske kaaran overall losses badh gaye hain. Q4 FY26 mein net losses ₹161 crore tak pahunch gaye.
Analysts Kya Keh Rahe Hain? Stock Ka Kya Scene?
Market analysts zyada khush nahi hain. Unhone 'Sell' rating de rakhi hai aur target price suggest kar rahe hain jisse stock mein lagbhag 8.36% ka downside aa sakta hai. Company ka valuation bhi pressure mein hai. Dusri profitable companies jaise Info Edge ka P/E ratio 46.64 ke aas-paas hai, aur Just Dial ka 8x-21x hai. Zomato ka P/E toh 675 se bhi upar hai. Lekin Urban Company ka P/E ratio negative mein hai, jo market ki chinta dikhata hai ki abhi bhi losses ho rahe hain. Operating margins bhi gir kar -26.89% ho gaye hain.
Risks Aur Future Ki Raah
InstaHelp mein itna paisa lagana ek bada risk hai. Agar company expenses control nahi kar paayi toh dikkat ho sakti hai. Upar se inflation aur GST notice jaisi cheezein bhi hain. Future performance ab is baat par depend karta hai ki woh InstaHelp mein kharcha kam kar paate hain ya nahi aur core businesses mein growth maintain kar paate hain ya nahi.