UDS

Updater Services share price & financials

PAN-India integrated facility management (IFM) and business support services (BSS) platform.

Price: ₹181.02
Market cap: ₹1.4k Cr
Sector: Services
Calls analysed: 6

Latest concall · Q1 FY27 · call held 06 Aug 2026

Updater Services Limited Q1 FY27

Revenue from Operations ₹764 cr +9%Consolidated EBITDA ₹42 cr Consolidated EBITDA Margin 5.5% Consolidated PAT ₹30.3 cr

What went well

Consolidated Revenue grew 9% YoY to INR764 crores, demonstrating healthy momentum.
IFM segment revenue increased by 11% YoY to INR525 crores, supported by 6 new significant client additions.
Global Flight Handling achieved its highest ever profitability with an EBITDA margin of 9%, a significant improvement from 5% last year.

What to watch

Denave experienced margin pressure due to a business mix shift towards lower-margin field marketing services and budget planning by a large customer.
Audit and Assurance revenue marginally declined by 2% due to the postponement of several large client audits from May to June/July.

Read the full call →

What Updater Services Limited does

Updater Services runs two business lines: Integrated Facility Management (IFM) — housekeeping/soft services, mechanical-electrical-plumbing (hard/engineering) services, institutional catering, washroom and feminine-hygiene solutions, warehouse management, and general staffing deployed at customer sites; and Business Support Services (BSS) — B2B sales enablement and demand generation (Denave, Athena BPO), supply-chain/retail audit and back-office claims processing (Matrix), employee background verification (Matrix), mailroom management and niche logistics/transport (Avon Solutions & Logistics), and airport ground handling plus an aviation skills training centre (Global Flight Handling Services). The company grew from a single IFM provider into this integrated platform mainly through a series of majority-stake acquisitions (Avon, Denave, Matrix, Athena BPO, Global Flight Handling) funded through internal accruals, layered onto organic growth in its original facility-management business.

Segments

Integrated Facility Management (IFM) & Other Services
Business Support Services (BSS)

IFM segment headcount: 59,589
BSS segment headcount: 15,997
Managed space serviced: 200+ million sq. ft.
Customer locations served (excl. staffing locations): 4,000+
Points of presence: 56 total — 51 in India, plus 5 overseas in South-East Asia, South Korea and Europe
Airports serviced (ground handling): 23

Founded 1990Headquarters Chennai, Tamil Nadu, IndiaEmployees 75,586 (31 March 2026) Company website

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 2 delivered 6 missed 6 open

Consolidated Revenue Growth missed said Q4 FY25 Promised: roughly 3x GDP growth (~19.5%) Q1 FY27: FY26 target, not mentioned.
IFM Segment Growth on track said Q4 FY26 Promised: Healthy high single-digit growth in IFM Q1 FY27: IFM segment revenue grew 11% YoY, exceeding 'high single-digit' guidance.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 9.1%, net profit up 3.4% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	680	695	709	700	729 +7%	767 +10%	743 +5%	764 +9%
Expenses	636	649	673	661	698	746	700	722
EBITDA	44	46	36	39	32 −27%	21 −54%	43 +19%	42 +8%
Margin	6%	7%	5%	6%	4%	3%	6%	6%
Other income	7	6	17	5	6	-2	7	4
Interest	3	2	2	2	2	1	2	1
Depreciation	12	12	11	11	12	12	12	12
Profit before tax	35	38	39	31	24 −31%	5 −87%	36 −8%	33 +6%
Tax rate	21%	18%	12%	7%	16%	-26%	24%	9%
Net profit	28	31	34	29	20 −29%	7 −77%	27 −21%	30 +3%
EPS	4.20	4.61	5.14	4.27	2.97	1.37	4.19	4.44

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −16.7% 1Y

1Y: ₹249.2 on 10 Sept 2025 → ₹207.5. High ₹261.43 (15 Sept 2025), low ₹127.47 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: +0.5%; 6 Aug
Q4 FY26: −3.8%; 29 May
Q3 FY26: −4.1%; 6 Feb
Q2 FY26: −12.2%; 6 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 11.7% a year over 3 years, FY23 to FY26. Operating margin held at 4.6%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹2.1k Cr	₹2.4k Cr	₹2.7k Cr	₹2.9k Cr
Operating profit	₹99 Cr	₹135 Cr	₹167 Cr	₹135 Cr
Operating margin	4.7%	5.5%	6.1%	4.6%
Interest	₹14 Cr	₹19 Cr	₹10 Cr	₹7 Cr
Depreciation	₹37 Cr	₹54 Cr	₹46 Cr	₹47 Cr
Net profit	₹35 Cr	₹66 Cr	₹119 Cr	₹83 Cr
Net margin	1.6%	2.7%	4.3%	2.8%
Cash from operations	₹115 Cr	₹103 Cr	₹51 Cr	₹144 Cr
Free cash flow	₹64 Cr	₹66 Cr	₹38 Cr	₹125 Cr
ROCE	13.0%	13.0%	15.0%	10.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹53 Cr	₹53 Cr	₹53 Cr	₹67 Cr	₹67 Cr	₹67 Cr
Reserves	₹232 Cr	₹288 Cr	₹328 Cr	₹773 Cr	₹942 Cr	₹985 Cr
Borrowings	₹16 Cr	₹71 Cr	₹220 Cr	₹105 Cr	₹51 Cr	₹45 Cr
Other liabilities	₹276 Cr	₹452 Cr	₹600 Cr	₹578 Cr	₹531 Cr	₹535 Cr
Total liabilities	₹577 Cr	₹864 Cr	₹1.2k Cr	₹1.5k Cr	₹1.6k Cr	₹1.6k Cr
Fixed assets	₹75 Cr	₹204 Cr	₹359 Cr	₹357 Cr	₹349 Cr	₹342 Cr
Capital work in progress	₹0 Cr	₹4 Cr	₹0 Cr	₹11 Cr	₹0 Cr	₹0 Cr
Investments	₹4 Cr	₹0 Cr	₹4 Cr	₹6 Cr	₹53 Cr	₹78 Cr
Other assets	₹498 Cr	₹655 Cr	₹838 Cr	₹1.1k Cr	₹1.2k Cr	₹1.2k Cr
Total assets	₹577 Cr	₹864 Cr	₹1.2k Cr	₹1.5k Cr	₹1.6k Cr	₹1.6k Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

What the price assumes

Growth trap

To justify its price of ₹208, this stock must grow earnings at 10% every year for 7 years. Our analysis caps realistic growth at ~-28%. At that growth it is worth ₹27 — downside of 87%.

Growth the price implies: 10.2% a year; for 7 years, fading to 4%
It has actually compounded at: 33.7% a year; net profit, FY23–FY26 · EPS -27.8%
The gap: 0.4 pp; -87% downside if it only repeats history

Price today ₹207.5 Value at the reference growth ₹26.56

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Updater Services Limited

Guides on how to read this kind of business and the numbers that matter.