27-Oct-2026 07:45:52
GOLDMAN Sacs on Urban Co : Neutral, TP Rs 130
Analyst day key takeaways (i) UC could continue to grow NTV higher than its guided 20%+ in the core business, with even stronger visibility on margins; (ii) Core business moats continue to get stronger, with improving densification and partner utilisation driving accelerating user growth; (iii) Foray into Air Conditioners is unlikely to be material to capex or alter Native's margin trajectory; (iv) A large part of InstaHelp investment is towards market build-out, which will drop off in a few quarters, helping UC reduce losses in the segment even if competition stays elevated, per the company; (v) Announced capital raise is likely to be deployed either towards M&A or to keep buffer if Instahelp competition becomes more intense, but UC is unlikely to enter new product categories or geographies
URBAN COMPANY LIMITED