Updater Services Ltd(UDS)

NSE: UDSBSE: 543996

₹ 201+2.47%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,346 crWebsite: www.uds.inUpdated: 24 Oct 2026

About

Updater Services Ltd (UDS) is India's leading business services company with 36 years of experience, operating across Integrated Facilities Management (IFM) and Business Support Services (BSS). In FY26 it reported consolidated revenue of ₹2,939.51 crores across 76,991 employees and 4,000+ customer locations spanning 200+ million sq. ft of managed space. The company serves customers across 33 industry verticals through 35 offices in 26 states and operations in 2 countries.^[1][2][3][4]

Business segments

Integrated Facility Management Services contributed 67.9% of consolidated revenue (₹2,048.02 crores) in FY26, up from 66% in FY25, with EBIT of ₹84.7 crores at a 4.1% margin.^[5][1]
Business Support Services contributed 32.1% of consolidated revenue (₹967.82 crores) in FY26, with EBIT of ₹37.15 crores at a 3.8% margin.^[5]
IFM segment revenue grew 10% YoY to ₹19,945 Mn in FY26; BSS grew only 1% YoY to ₹9,657 Mn in FY26.^[4]
In Q1 FY27, IFM revenue grew 11% YoY to ₹525 crores (₹5,246 Mn) and BSS revenue grew 7% YoY to ₹253 crores (₹2,527 Mn), with the 67:33 segment mix stable.^[3]

Services portfolio

IFM service lines include soft services, production support, engineering services, warehouse management, pest control, horticulture, and supply of consumables and machinery.^[1]
BSS comprises five subsidiaries: Denave (sales enablement, 70% of BSS revenue), Avon (mailroom/logistics, 11%), Matrix A&A (audit & assurance, 8%), Matrix EBGC (employee background checks, 6%), and Global Flight Handling (airport ground handling, 5%) - all shares as of FY25.^[1]
Denave operates delivery centres in India, Singapore, Malaysia, the UK, and South Korea, providing demand generation, field marketing, and AI-led sales enablement globally.^[1]
Athena BPO provides business process outsourcing, primarily to BFSI clients (>70% concentration in 9M FY26), with diversification under way into education, retail and real estate.^[6]

Operations and reach

UDS has 35 offices across 26 states in India and international operations in 2 countries; exports represent 0.12% of total turnover.^[1]
The IFM business services over 200 million sq. ft of space across 4,000+ customer locations.^[1]
Global Flight Handling operates at all 23 airports as of Q1 FY27, up from 21 airports in FY25, with all 23 now generating revenue.^[3][1]
Total headcount stood at 76,991 in Q1 FY27; IFM alone had 59,589 employees at end of FY26.^[3][4]

Key operating metrics

Consolidated revenue from operations reached ₹7,643 Mn (₹764 crores) in Q1 FY27, +9% YoY; EBITDA margin was 5.5% and ROCE was 16.1%.^[3]
IFM EBITDA margin was 4.5% in Q1 FY27; BSS EBITDA margin improved to 7.5% from 6.9% in Q1 FY26.^[3]
Global Flight Handling achieved its highest-ever EBITDA margin of 9% in Q1 FY27, up from 5% in Q1 FY26, driven by higher-margin non-scheduled flights.^[3]
Matrix EBGC EBITDA margin expanded to 13.1% in Q1 FY27 from 7.6% in Q1 FY26; EBGC revenue grew 9% YoY after prior quarters of stagnation from weak IT hiring.^[3]
Net debt to equity stood at -0.24x as of June 2026, reflecting a net-cash position maintained through FY26 and into Q1 FY27.^[3][4]

Customers and distribution

UDS serves customers across 33 industry verticals; the industrial sector is the largest contributor to IFM revenues at approximately 40%, followed by BFSI and real estate (as of FY25).^[1]
Client retention exceeds 95% for over 5 years; the company targets new client additions via a dedicated 70-member sales and marketing team.^[1]
IFM added 6 new logos in Q1 FY27 across diversified industries; 13 new logos were added in Q3 FY26 including marquee names.^[3][6]
Matrix Audit & Assurance added Airtel, HUL, Reliance and Eternal during Q2 FY26, expanding its Sensex-listed client base.^[7]

Subsidiary developments

Avon's legacy transport/logistics brokerage business was completely shut off by Q1 FY27; ₹230 Mn in receivables provisions were taken over Q2 - Q3 FY26. Core mailroom revenue grew 10% YoY in Q1 FY27.^[3][6][7]
Athena commenced its first agentic AI engagement in May - June 2026; a second project received customer approval for go-live in August 2026, with two new clients signed on 2-year contracts from July 2026.^[3]
Denave revenue reached ₹161 crores in Q1 FY27 (+18% YoY); EBITDA margin was 4.3%, pressured by mix shift toward lower-margin field marketing services.^[3]
Global Flight Handling's ASTI security training unit obtained BCAS, MoCA and IATA Authorized Training Centre accreditations during H1 FY26.^[7]

Expansion and strategic priorities

IFM business development is being reoriented to target the Global Capability Centre (GCC) segment as a new growth area alongside existing industrial and warehousing strength, targeting FY27.^[3]
Inorganic acquisitions remain a stated priority, with focus on margin-accretive, complementary BSS service lines; a deal discussed in prior quarters was put on hold on valuation grounds as of Q1 FY27.^[3][4]
Agentic AI is expected to become a meaningful revenue contributor for Athena over the next 3 years, currently at early-stage client wins as of Q1 FY27.^[3]
Statutory wage pass-through is embedded in all IFM contracts, preserving revenue visibility under evolving labour code formalisation.^[6]

Market Cap

₹1,346 Cr

High / Low

₹244 / 125

Stock P/E

15.1

Price / Book

1.3

Book Value

₹157

EPS

₹12.8

No. of Shares

6.7 Cr

ROCE

10.0%

ROE

8.5%

OPM

3.6%

Debt / Equity

0.00

Sales

₹2,940 Cr

Net Profit

₹83 Cr

Promoter holding

59.1%

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Updater Services Ltd(UDS)

About

Business segments

Services portfolio

Operations and reach

Key operating metrics

Customers and distribution

Subsidiary developments

Expansion and strategic priorities

Signal history

The analysis Screener can't give you

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Verdict

Company data

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