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Updater Services Limited (UDS) · mywealthgrid

Updater Services Limited

NSE:UDS BSE:UDS

IndustrialsCommercial Services & Supplies

₹208.6

-0.01%1 Oct close

Mkt cap

₹1,397 Cr

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About

Updater Services Limited operates in diversified commercial services within the Industrials sector. The company maintains both standalone (₹460 Cr quarterly revenue) and consolidated operations (₹750 Cr quarterly revenue), indicating significant subsidiary or associated business involvement. The company generates consistent profits with thin operating margins.

Face value: ₹10

Market cap

₹1,397 Cr

P/E

14.6×

P/B

1.3×

Dividend yield

0.5%

ROE

8.5%

ROCE

9.5%

Debt / equity

OPM

4.6%

EPS (TTM)

₹14.3

Book value

₹157.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility: ranged from 2.7% (Dec 2025) to 5.73% (Mar 2026) — verify root causes and whether December reflects structural weakness
Stock declined 19.12% over one year despite PE of 14.84 — investigate market concerns underlying the valuation discount
Thin operating margins (4.56% average OPM) constrain profit resilience to cost inflation or revenue shocks
Subsidiary/associate operations contribute ~₹300 Cr (40% of ₹750 Cr consolidated revenue) — verify control, stability, and earnings quality of these segments

Generated analysis · source review pending

Growth drivers

Operating margins recovered from 2.7% (Dec 2025) to 5.73% (Mar 2026) — verify if improvements are sustainable and margins can be maintained at elevated levels
Consolidated revenue model (~₹750 Cr) encompasses diverse subsidiary/associate operations alongside standalone (~₹460 Cr) — verify growth trajectory and profitability contribution of each segment
Zero debt (D/E 0) provides balance-sheet flexibility to deploy capital for growth — verify if capital constraints or sector conservatism are limiting deployment

Generated analysis · source review pending

735 historical price candles were omitted because the exchange source has not been verified.

₹208.6+0.4%1Y

Quick read

rule-based

Pros

+Profit CAGR of 35.3% over the last 3 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 16.1×

Cons

−Low return on equity of 11% (3-yr avg)
−Thin operating margin of 4.6%
−Low dividend payout of 7% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

59/100

Business quality: 46
Growth: 48
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

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Inox Green Energy Services LimitedINOXGREENINOXGREEN	₹6,384 Cr	₹6,472 Cr	₹280 Cr	₹28 Cr	8.2%	₹121 Cr	36.8%	8.5%	5.6%	405
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Nirlon LimitedNIRLONNIRLON	₹5,467 Cr	₹6,614 Cr	₹317 Cr	₹237 Cr	79.1%	₹127 Cr	34.3%	23.2%	59.8%	-56
Quess Corp LimitedQUESSQUESS	₹5,023 Cr	₹5,023 Cr	₹15,835 Cr	₹327 Cr	2%	₹253 Cr	1.5%	19.2%	19.7%	19
Indiqube Spaces LimitedINDIQUBEINDIQUBE	₹4,187 Cr	₹4,477 Cr	₹1,564 Cr	₹952 Cr	60.8%	₹-93 Cr	-7.3%	5.7%	-20.7%	-273
Sanghvi Movers LimitedSANGHVIMOVSANGHVIMOV	₹3,719 Cr	₹4,393 Cr	₹1,177 Cr	₹426 Cr	37.4%	₹199 Cr	17.2%	18%	15%	77

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,099	2,444	2,736	2,940
COGS	80	102	91	95
Gross profit	2,019	2,342	2,645	2,845
	1,926	2,208	2,478	2,711
	93	134	167	134
OPM %	4.4%	5.5%	6.1%	4.6%
Depreciation	37	54	47	47
Interest	15	19	10	7
	13	24	36	15
Profit before tax	54	85	145	96
Tax	20	18	26	13
Tax %	36.1%	21.7%	17.8%	13.9%
	35	66	119	83
PAT margin %	1.7%	2.7%	4.4%	2.8%
EPS (₹)	6.8	11.4	17.7	12.8
EPS adjusted (₹)	6.5	10.2	17.7	12.8
Annual report	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	53	53	67	67	67
Reserves	—	328	773	891	985
Minority interest	—	7	6	6	3
	—	177	53	48	0
	—	653	636	575	584
Total equity & liabilities	—	1,217	1,535	1,588	1,640
	64	319	357	357	147
CWIP	—	0	10	1	195
Investments	—	4	6	43	78
	—	894	1,161	1,187	1,219
Total assets	—	1,217	1,535	1,588	1,640

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	31	115	-150	51	144
	-47	-153	-63	19	22
	29	96	182	-35	-76
Net cash flow	13	57	-31	35	90
Free cash flow	31	63	-190	37	124
CFO / Operating profit %	—	124%	-111.9%	30.5%	107.1%

Compounded sales growth

7 years: —
5 years: —
3 years: 12%
1 year: 7%

Compounded profit growth

7 years: —
5 years: —
3 years: 34%
1 year: -30%

Return on equity

7 years: —
5 years: —
3 years: 9%
Last year: 8%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Integrated Facility Management Services	2,048.02	84.7	1,380.96	409.24	971.72	8.72
Business Support Services	967.82	37.15

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	96.2%	95.8%	96.7%	96.8%
EBITDA margin %	4.4%	5.5%	6.1%	4.6%
EBIT margin %	2.6%	3.3%	4.4%	3%
PAT margin %	1.7%	2.7%	4.4%	2.8%
Working capital
Receivable days	74	83	81	75
Inventory days	32	25	32	40
Payable days	361	284	359	256
NWC days	-255	-176	-246	-142
Leverage
Current ratio	1.17	1.75	2.07	2.32
Debt to EBITDA	1.91	0.39	0.29	0
Debt to equity	0.46	0.06	0.05	0
Interest coverage	4.7	5.4	15	16.1
Asset turnover	1.72	1.59	1.72	1.79
Return ratios
Return on assets %	2.8%	4.3%	7.5%	5%
Return on capital employed %	11.1%	13.1%	15%	9.5%
Return on equity %	9.1%	7.9%	12.4%	7.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.47%	58.74%	58.64%	58.89%	58.89%	58.89%	58.88%	58.88%	58.91%	59.09%	59.09%	59.09%
	12.16%	7.26%	5.05%	3.86%	3.54%	3.12%	2.73%	3.69%	3.56%	3.33%	4.03%	3.51%
	12.38%	15.25%	14%	13.49%	15.26%	15.04%	15.34%	12.78%	13.14%	13.04%	12.96%	9.41%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	16.99%	18.75%	22.31%	23.76%	22.31%	22.95%	23.05%	24.65%	24.39%	24.54%	23.92%	27.99%
No. of shareholders	—	—	—	—	—	—	—	—	52,923	51,721	49,007	47,531

Promoter holding up 0.62 percentage points since Sep 2023.

2 disclosures

Person	Deal	Shares	Value	Holding	Filed
Raghunanadana TangiralaPromoters	BuyMarket Purchase	36,000	₹70.2 L	23.94% → 24.00%	11 Nov 20257(2)
RAGHUNANDANA TANGIRALAPromoters	BuyMarket Purchase	20,000	₹49.32 L

20 deals · 13 Dec 2023 – 3 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
3 Sept 2026	SIS LIMITED	Bulk	NSE	Buy	10,12,731	₹234.59	₹23.76 Cr
19 Aug 2026	SIS LIMITED	Bulk	NSE	Buy	5,25,000	₹216.37	₹11.36 Cr
17 Jul 2026	EAST BRIDGE CAPITAL MASTER FUND I LTD	Bulk	NSE	Sell	8,17,731	₹193.27	₹15.80 Cr
17 Jul 2026	SIS LIMITED	Bulk	NSE	Buy	6,53,960	₹193.71	₹12.67 Cr
5 Jun 2026	SIS LIMITED	Bulk	NSE	Buy	22,63,000	₹188.31	₹42.61 Cr
7 May 2026	BANDHAN MUTUAL FUND	Bulk	NSE	Buy	3,79,862	₹162.71	₹6.18 Cr
28 Jan 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	3,37,001	₹340.12	₹11.46 Cr
28 Jan 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	3,33,213	₹340.88	₹11.36 Cr
21 Aug 2024	INDIA BUSINESS EXCELLENCE FUND IIA	Bulk	NSE	Sell	4,63,689	₹323.95	₹15.02 Cr
21 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	4,15,118	₹345.19	₹14.33 Cr

1–10 of 20

1 / 2

Mr. RAGHUNANDANA TANGIRALAExecutive Director-Chairperson-MD
Mr. AMITABH JAIPURIAExecutive Director
Mr. AMIT CHOUDHARYNon-Executive - Independent Director
Mr. SUNIL REWACHAND CHANDIRAMANINon-Executive - Independent Director
Mrs. SANGEETA SUMESHNon-Executive - Independent Director
Mrs. JIGYASA SHARMAExecutive Director
Mr. Ram Praveen RadhakrishnanChief Financial Officer
Ms. Sandhya SaravananCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

2.39%

of the company's equity

All mutual funds

8.58%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

2 schemes

		Shares
ELSS – Tax Saver Fund	ICICI Prudential Mutual Fund	13.26 L	29.79	0.21%	1.979%	-0
Technology Fund	ICICI Prudential Mutual Fund	2.79 L	6.26	0.05%	0.416%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Jul 2026TranscriptAI SummaryPPT REC
May 2026Transcript AI SummaryPPTREC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Analyst / investor meeting28 Sept 2026 · 3 days agomeeting

1

Interim dividend5 Aug 2026 · ex-date₹1

1

Board meeting to consider results30 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

53 announcementsExport CSV

1 Oct 2026, 6:25 pmCompany Update

Updater Services Limited Has Informed The Exchanges Regarding The Proposed Closures Of Step Down Subsidiaries Namely M/S. Denave Europe Limited And M/S. Denave Korea Limited.

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Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	96.2%	95.8%	96.7%	96.8%
EBITDA margin %	4.4%	5.5%	6.1%	4.6%
EBIT margin %	2.6%	3.3%	4.4%	3%
PAT margin %	1.7%	2.7%	4.4%	2.8%
Working capital
Receivable days	74	83	81	75
Inventory days	32	25	32	40
Payable days	361	284	359	256
NWC days	-255	-176	-246	-142
Leverage
Current ratio	1.17	1.75	2.07	2.32
Debt to EBITDA	1.91	0.39	0.29	0
Debt to equity	0.46	0.06	0.05	0
Interest coverage	4.7	5.4	15	16.1
Asset turnover	1.72	1.59	1.72	1.79
Return ratios
Return on assets %	2.8%	4.3%	7.5%	5%
Return on capital employed %	11.1%	13.1%	15%	9.5%
Return on equity %	9.1%	7.9%	12.4%	7.9%

Date	Category	Subject	Filing
1 Oct 2026, 6:25 pm	Company Update General	Updater Services Limited Has Informed The Exchanges Regarding The Proposed Closures Of Step Down Subsidiaries Namely M/S. Denave Europe Limited And M/S. Denave Korea Limited.	PDF
29 Sept 2026, 6:50 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
29 Sept 2026, 6:36 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
21 Sept 2026, 3:50 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
19 Sept 2026, 2:22 pm	Insider Trading / SAST Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011	PDF
18 Sept 2026, 5:18 pm	Company Update General	Disclosure Under Regulation 7(2) Of SEBI (Prohibition Of Insider Trading) Regulations, 2015.	PDF
8 Sept 2026, 1:40 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
5 Sept 2026, 2:47 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF

Updater Services Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Upcoming and recent1

Dividends1

Board meetings1

Announcements

Upcoming and recent1

Dividends1

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Adjustments and Eliminations · revenue

1

1

1

1

1

1