Umiya Mobile management trips over its own B2B revenue figures
Revenue rose 47% to ₹884 cr, but management offered contradictory data on B2B contributions during the FY26 earnings call.
What's new
- Revenue rose 47% to ₹884 cr; net profit nearly tripled to ₹19.2 cr.
- Management corrected B2B revenue contribution from 73% to 26-27% during the call.
- Targeting 3% EBITDA margins by 2028 and 10% revenue from insurance/services by FY27.
Why this matters
Conflicting data on a core business segment suggests poor internal alignment. Investors should view guidance with caution when the current-year baseline is presented with such inconsistency.
What we're watching
- Whether the company clarifies the B2B revenue mix in future filings.
- Progress on the 35% B2B revenue target set for three years out.
- Actual EBITDA margin performance against the 3% target for 2028.
The full read
Umiya Mobile reported a strong FY26, with revenue climbing 47% to ₹884 crore and net profit nearly tripling to ₹19.2 crore. The earnings call contained a significant discrepancy in management's reporting. While prepared remarks cited a 73% B2B revenue contribution, management later corrected this to 26-27% during the Q&A session. This internal contradiction undermines the credibility of the company's forward-looking targets, which include a 35% B2B revenue share in three years and a push for insurance and value-added services to hit 10% of revenue by FY27. Management also targets an increase in EBITDA margins from the current 1.8-1.9% to 3% by 2028. The company cited its Astron Chowk store in Rajkot as a top performer, generating ₹14-15 crore annually. When management cannot keep its own core metrics straight, guidance becomes secondary to the governance risk. Skepticism is the correct stance until the company demonstrates better control over its data.
Questions answered
- What is the actual B2B revenue contribution according to management?
- Management initially stated 73% in prepared remarks but later clarified the figure is 26-27%.
- How did the company perform financially in FY26?
- Revenue grew 47% to ₹884 crore, while net profit nearly tripled to ₹19.2 crore.
- What are the company's targets for insurance and value-added services?
- Management expects these segments to reach 10% of total revenue by FY27.
- What is the significance of the Astron Chowk store?
- The Rajkot-based store generates ₹14-15 crore annually, which management claims is a national record for a single-premise store.
- What is the guidance for EBITDA margins?
- Management targets an increase from the current 1.8-1.9% range to 3% by 2028.