Transcript of the earnings call, conducted on October 16, 2026, in relation to the financial results of the Company for the quarter and half year ended September 30, 2026

October 17, 2026 National Stock Exchange of India Limited BSE Limited The Listing Department, Department of Corporate Services, Exchange Plaza, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Fort, Mumbai - 400 051 Mumbai - 400 001 Symbol: URBANCO Scrip Code: 544515 Sub.: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Transcript of the Earnings call conducted on October 16, 2026 Dear Sir/ Ma’am, In compliance with Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please find enclosed the transcript of the earnings call, conducted on October 16, 2026, in relation to the financial results of the Company for the quarter and half year ended September 30, 2026. The aforesaid details will also be hosted on the Company's website viz. https://investorrelations.urbancompany.com/ This is for your information and record. Thanking you, For Urban Company Limited (Formerly UrbanClap Technologies India Limited and UrbanClap Technologies India Private Limited) Sonali Singh Company Secretary and Compliance Officer Membership No.: A26585 Encl.: As above Urban Company Limited Formerly known as UrbanClap Technologies India Limited & UrbanClap Technologies India Private Limited) REGISTERED OFFICE CORPORATE OFFICE Unit No. 8, Ground Floor, 7th & 8th Floor, Go Works, Rectangle 1, D4, Saket District Centre, Plot 183, Rajiv Nagar, Udyog Vihar New Delhi, 110017, Delhi, India Phase 1, Sector 20, Gurgaon - 122016, Haryana, India CIN L74140DL2014PLC274413 | Email: Peoplesuccess@urbancompany.com| www.urbancompany.com | Telephone: 91 11 444 570 56 Urban Company Limited Q2 FY27 Earnings Conference Call Transcript October 16, 2026 Urban Company Limited October 16, 2026 Moderator Good evening, ladies and gentlemen. Welcome to Urban Company Limited’s Q2 FY27 Earnings Conference Call. We have Mr Abhiraj Singh Bhal, CEO & Co-founder and Mr Abhay Mathur, Chief Financial Officer from the Urban Company management team on the call today. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the management's remarks. Please note that this call is being recorded and the audio call and the transcript will be available on the company's website. Additionally, please note that this earnings call is scheduled for a duration of 45 minutes. If you wish to ask a question, please use the raise hand feature available on your Zoom dashboard. We will announce your name on the call and unmute your line post which you can proceed with your question. Our results and shareholder letters have been published to the exchanges and uploaded on the company's IR website. Before we begin the call, I would like to remind all the attendees that some statements or comments made on the call today by the management can be deemed as forward-looking and hence may involve certain risks and uncertainties. Such statements or comments are not guarantees of future performance and the actual results may differ. Over to Mr Abhiraj Singh Bhal for the opening remarks. Abhiraj Singh Bhal Thank you, Bhavya. Good evening, everyone, and welcome to Urban Company's Q2 FY27 earnings call. Ladies and gentlemen, we have now completed one full year as a listed company, and it has been a year of strong growth and solid execution. Every segment of our business has scaled well, growth has stepped up, and Q2 only saw that momentum continuing further. On a consolidated basis, net transaction value grew 39.1% year-on-year to reach ₹1,432.3 crores, and revenue from operations grew 41.4% year-on-year to reach ₹537.3 crores. Our orders delivered more than doubled year-on-year to reach 15.1 million, and annual transacting users grew 34.5% to reach almost 10 million. Adjusted EBITDA loss recorded was ₹144 crores, but this reflected a ₹174 crore investment in InstaHelp. Excluding InstaHelp, adjusted EBITDA was ₹30 crores positive, up 213% year-on-year. For the purposes of this call, we want to share three key messages with the investor and analyst community. First, our growth has stepped up structurally, and every business has a very long runway for growth. Consolidated NTV has grown by almost 40% for three straight quarters, well ahead of our pre-listing trend. That growth comes from faster new user acquisition, which has been up 46.3% over this period, better repeat behaviour, which keeps us compounding, and densification of our micro-markets, which makes our services faster, cheaper, and better. India Consumer Services, our core business, grew 26.3% year-on-year in the current quarter, Q2. I might remind our listeners that this growth has come off a tougher base — Q2 last year was 900 basis points higher in year-on-year growth compared to Q1 last year. Further, the festive season this year is falling entirely into Q3. So we're quite happy with the 26.3% year-on-year growth. More importantly, in the India Consumer Services business, we feel that our penetration runway is very large. For our largest categories, in our top 8 cities, penetration continues to be well below 10%, and our Tier 2 cities are now growing much faster and becoming a strong second engine for growth. Coming to our international markets, we grew at 66.2% year-on-year. UAE is a very large market for us, and despite the war, it has continued to grow very well, and all concerns around growth in that market are now well and truly behind us. Native recorded another strong quarter of growth, with 35.4% year-on-year growth. This was despite the festive sales moving completely into Q3. We expect the overall year-on-year growth of Q2 and Q3 put together to be in the range of 50% to 55%. In InstaHelp, we continue to be aggressive. Orders grew 63% quarter-on-quarter to reach 6.23 million, and in the micro-markets of InstaHelp, which run alongside our core business, about 45% of all new users to the platform now come through InstaHelp. So that was the first point — that growth has materially stepped up. It is structural, and every business, in our view, has now got a long runway for growth. Second, the growth is driving operating leverage. The core is now profitable, with expanding margins year-on-year, and we are investing aggressively in InstaHelp by choice. Adjusted EBITDA, excluding InstaHelp, was at ₹30 crores this quarter, up 213% year-on-year, and ₹119 crores for the past three quarters, up 175% year-on-year. During Q2 FY27, India Consumer Services saw a margin improvement of 110 basis points year-on-year to reach 3.5%. International saw a 190 basis points margin improvement year-on-year to reach 2% of NTV, and Native's loss margin narrowed by 220 basis points year-on-year. Even in InstaHelp, where we continue to make meaningful investments as a deliberate choice to cement our market leadership, the unit economics improved with density, and loss per order fell 19% quarter-on-quarter, from ₹346 to ₹279. So that's the second point we want to reiterate — which is that our core businesses are now getting more profitable, with expanding margins, driven by the operating leverage that growth provides. And we are investing aggressively in InstaHelp by choice. The third and last point is that we are firmly on track to achieving the targets that we had set out for ourselves, and we are raising capital for strategic flexibility. We closed the quarter with ₹1,901 crores of cash and treasury investments on our balance sheet, and a core business that generated ₹119 crores of adjusted EBITDA over the past three quarters. Our businesses now are materially larger than they were at the time of listing. Growth has stepped up, and we now operate three businesses at scale with proven economics. The proposed raise of up to ₹2,500 crores is about flexibility. It lets us invest with conviction across each of these business lines, cement our leadership in I [Showing first 8,000 characters — download PDF for full document]