Updater Services Ltd

Updater Services Q3 FY26 Results: IFM Segment Hits Record Revenue 🚀

- IFM segment revenue grew 14% year-on-year in Q3, reaching ₹5,182 million

- Denave revenue grew ~10% in Q3

- Adjusted EBITDA for Q3 was ₹442 million (5.7% margin)

- Nine months adjusted EBITDA stood at ₹1,277 million (5.8% margin)

- Denave margins declined to 4% due to mix shift and forex impacts

- Athena margins remained strong at ~20%

- Company targets consolidated revenue growth of 9-10% for full year FY26

- IFM segment aiming for 10-12% growth supported by industry tailwinds

- UDS has cash of ₹2,053 million for potential acquisitions

- 13 new clients added in IFM segment including marquee names