Updater Services Ltd
NSE:UDS
Updater Services Ltd
Updater Services Ltd is a IN-based company operating in industry. The company is headquartered in Chennai, Tamil Nadu. The company went IPO on 2023-10-04. Updater Services Limited is an India-based integrated business services platform offering integrated facilities management (IFM) services and business support services (BSS). Its segments include IFM & Other Services and BSS Segment. Its IFM services segment primarily comprises soft services such as housekeeping and cleaning services, disinfecting and sanitizing services, pest control, horticulture, and facade cleaning; production support services, such as material handling, material movement, on-site warehouse management, stores and inventory management; engineering services, such as mechanical, electrical and plumbing (MEP) services; and washroom and feminine hygiene care solutions. Its other services segment primarily comprise warehouse management, institutional catering, staffing, and others. Its BSS segment includes sales enablement services, employee background verification check, audit and assurance, airport ground handling, and mailroom management and niche logistics solutions.
Updater Services Ltd is a IN-based company operating in industry. The company is headquartered in Chennai, Tamil Nadu. The company went IPO on 2023-10-04. Updater Services Limited is an India-based integrated business services platform offering integrated facilities management (IFM) services and business support services (BSS). Its segments include IFM & Other Services and BSS Segment. Its IFM services segment primarily comprises soft services such as housekeeping and cleaning services, disinfecting and sanitizing services, pest control, horticulture, and facade cleaning; production support services, such as material handling, material movement, on-site warehouse management, stores and inventory management; engineering services, such as mechanical, electrical and plumbing (MEP) services; and washroom and feminine hygiene care solutions. Its other services segment primarily comprise warehouse management, institutional catering, staffing, and others. Its BSS segment includes sales enablement services, employee background verification check, audit and assurance, airport ground handling, and mailroom management and niche logistics solutions.
EBITDA & Margins: Adjusted Q3 EBITDA was INR 450 million with a margin of 5.8%, stable over nine months, despite a one-off loss at Avon.
IFM Growth: IFM segment reported record high quarterly revenue of INR 5,182 million, growing 14% year-over-year, with a strong outlook.
Avon Provision: Full provision of INR 230 million was taken against Avon's receivables in the logistics business, which has now been halted.
BSS Segment: Denave grew around 10% over nine months with margins under pressure (now 4% vs. 5.2% last year), but expects margin stabilization and improvement in coming quarters.
Athena Performance: Athena's revenue has stabilized after previous declines; margins remain strong at 20% (down from 24% YoY).
Guidance: Company targets 9–10% consolidated revenue growth for FY '26 and 10–12% growth for IFM segment next year.
Acquisition Plans: INR 2,053 million in cash available for acquisitions; company is in advanced talks with potential targets.
Corporate Governance: Management characterized recent Avon losses as a one-off and stated that corrective controls are being implemented.
