Motilal Oswal's research report on Updater Services
Updater Services (UDS) reported a revenue growth of 12% YoY/2% QoQ to INR7.1b, in line with our estimate of ~INR7.1b. Core EBITDA margin came in at 5.0%, down 140bp YoY (vs. est. 6.4%). Consolidated adj. PAT stood at INR342m (up 9% QoQ), above our estimates of INR280m. The company’s revenue/EBITDA/PAT grew 11.9%/9.5%/34.5% in FY25.
Outlook
We expect its revenue/EBITDA/adj. PAT to grow organically by 17.5%/19.9%/ 21.4% YoY in 1QFY26. We reiterate our BUY rating and a TP of INR400 (premised on 15x Mar’27E EPS).
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