Buy Urban Company; target of Rs 190: Emkay Global Financial

Buy Urban Company; target of Rs 190: Emkay Global Financial
Trending Topics

Buy Urban Company; target of Rs 190: Emkay Global Financial

Emkay Global Financial is bullish on Urban Company has recommended buy rating on the stock with a target price of Rs 190 in its research report dated August 23, 2026.
Broker Research
August 24, 2026 / 12:02 IST
Buy
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Emkay Global Financial’ research report on Urban Company

UC is the leader of India’s online home services market, whose large TAM and highly unorganized nature provide the company with a long growth runway. Increasing demand density in micromarkets is driving consumer satisfaction as well as partner wages, thereby reinforcing the flywheel. This has led to accelerating growth, and we build in 19.8% FY26-29E net transaction value (NTV) CAGR for India consumer services, ex-InstaHelp (ICS). With high operating leverage, we build in 47.4% adjusted EBITDA CAGR over FY26-29E for ICS. While the street is concerned about UC’s InstaHelp foray given the upfront cash burn, we believe this is the right playbook to improve platform stickiness and drive cross-sell. UC has the opportunity to capture a large TAM and increase frequency of platform use, which should create a sticky business. Considering the company is incubating InstaHelp and Native, and international business profitability is suboptimal, we expect UC to turn profitable only in FY30. The stock trades at 10.4x/8.3x FY28E/FY29E revenue.

We initiate coverage on Urban Company (UC) with BUY and DCF-based SOTP TP of Rs190 (implying 19.5% upside).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Aug 24, 2026 12:02 pm

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Subhash Helgaokar