Urban Company closed FY26 with strong growth across its core marketplace, but its latest numbers also show the cost of building a new business at speed.

The Gurugram-based home services platform reported a 42% year-on-year rise in net transaction value to Rs 1,148 crore in Q4 FY26, its fastest quarterly growth in nearly four years. Revenue from operations rose 43% to Rs 425.56 crore, while the platform crossed 10 million orders in a single quarter for the first time.

For the full year, consolidated NTV grew 31% to Rs 4,290 crore and revenue increased 36% to Rs 1,555.54 crore. Urban Company also recorded 8.4 million annual transacting users, up 24% from the previous year.

But the growth came with a sharp rise in losses. The company posted a Q4 FY26 loss before tax of about Rs 100 crore, compared with nearly Rs 1 crore a year earlier. Loss after tax widened to Rs 161 crore from about Rs 3 crore in Q4 FY25.

The main drag was InstaHelp, Urban Company’s quick-service housekeeping platform. The new segment generated Rs 8.94 crore in quarterly revenue but reported a segmental loss of Rs 118.73 crore. InstaHelp completed 2.7 million orders and generated Rs 40 crore in NTV during the quarter, rising from 1.6 million orders and Rs 28 crore in the previous quarter.

March alone saw more than 1.1 million InstaHelp bookings after the service crossed 50,000 daily bookings in February.

Outside InstaHelp, the business looked healthier. Adjusted EBITDA excluding InstaHelp stood at Rs 22 crore in Q4 FY26, equal to 2% of NTV. For the full year, adjusted EBITDA excluding InstaHelp rose nine-fold to Rs 106 crore.

Urban Company’s India Consumer Services business, excluding InstaHelp, remained its largest segment with 68% of revenue. Quarterly revenue from this division rose over 26% year-on-year to Rs 288.47 crore. Its products business grew 75% to Rs 70.22 crore, while international operations, including the UAE and Singapore, grew 89% to Rs 57.93 crore.

Costs also moved up sharply. Employee benefit expenses rose 40% year-on-year to Rs 129.31 crore, material costs stood at Rs 88.83 crore, and total expenditure climbed 74% to Rs 556.85 crore in the quarter. The company also recorded Rs 61 crore in deferred tax expenses, pushing reported quarterly loss to Rs 161 crore.

Founder and CEO Abhiraj Singh Bhal called FY26 a milestone year, saying NTV excluding Saudi Arabia grew 33% year-on-year and net revenue excluding Saudi Arabia grew 41%. He said the India consumer services business, which was loss-making as recently as FY24, generated Rs 131 crore of adjusted EBITDA in FY26, with more than 35% of incremental revenue flowing to the bottom line.

On InstaHelp, Bhal said the company was investing with conviction, noting that the business did not exist a year ago but fulfilled 2.7 million orders in the latest quarter and had a customer rating of 4.70 out of 5.

The numbers show Urban Company entering a more complex phase.

Its core business is scaling with improving margins, but its newest growth bet is expensive. FY27 may now test whether InstaHelp can move from rapid adoption to stronger economics without slowing the momentum Urban Company has built in its main services marketplace.

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