Umiya Mobile triples profit, but can't explain its own B2B number
FY26 revenue rose 47% to ₹884 cr. On the concall, management gave two different figures for B2B revenue within minutes of each other.
— 6 earlier stories on Umiya Mobile Ltd. →What's new
- Revenue rose 47% to ₹884 cr; net profit nearly tripled to ₹19.2 cr.
- Management gave two contradictory B2B revenue shares in the same call: 73% and 26-27%.
- Rajkot flagship store generates ₹14-15 cr a year, which Umiya calls a national single-premise record.
Why this matters
The results are strong, but the B2B fumble undermines the narrative. Management first claimed B2B was 73% of revenue, then walked it back to 26-27%. For a company building its growth story on a B2B pivot, that fourfold discrepancy on the record is a credibility problem.
What we're watching
- Whether the clarified B2B figure of 26-27% holds up in next quarter's segment reporting.
- Progress toward the target of 35% B2B mix in three years.
- Actual margin improvement toward the 3% EBITDA target by 2028.
The full read
Umiya Mobile put up strong headline numbers for FY26. Revenue rose 47% to ₹884 crore and net profit nearly tripled to ₹19.2 crore. But the concall's lasting impression is the B2B fumble. Prepared remarks pegged the B2B share at 73%. Minutes later, in Q&A, management clarified it was actually 26-27% and set a target to hit 35% in three years. The flagship Rajkot store is a bright spot, generating ₹14-15 crore annually. Management is guiding for EBITDA margins to reach 3% by 2028 from 1.8-1.9% now, and wants insurance and value-added services at 10% of revenue by FY27. The execution targets are clear. So is the communication problem.
Questions answered
- What was the contradiction in management's B2B remarks?
- Prepared remarks stated 73% of revenue came from B2B. During Q&A, management clarified the actual figure is 26-27%. That is a major discrepancy corrected on the same record.
- How significant is the Rajkot store's performance?
- The Astron Chowk flagship in Rajkot generates ₹14-15 cr annually. Umiya claims this is a national record for a single retail premise.
- What are the key margin and diversification targets?
- Management guided EBITDA margins to 3% by 2028, up from 1.8-1.9% now. It also expects insurance and value-added services to reach 10% of revenue by FY27.
Story so far
All notes on UML →- 25 May 2026 · 5:18 PM IST Umiya Mobile triples profit, but can't explain its own B2B number
- today Umiya Mobile plans 23 new stores but says nothing about the cost.
- 12d ago Umiya Mobile's concall transcript adds detail but no new catalyst
- 15d ago Umiya Mobile's FY26 press release adds nothing to what the market already knew.
- 16d ago Umiya Mobile files FY26 audited results. They're the same ones from the prior filing.