Updater Services Limited (UDS) is a leading, focused, and integrated business services platform in India, offering integrated facilities management services and other services to its customers with a pan India presence. The company was originally incorporated in Chennai, Tamil Nadu as Updater Services Private Limited on November 13, 2003, following the conversion of Updater Services partnership firm into a Private Limited Company. The business took shape as a partnership firm in 1990 and became a public limited company in 2022.
UDS went public on October 4, 2023, raising ₹400 crore through a fresh issue and issuing 13,300,000 equity shares through an offer for sale. The company is chaired by Raghunandana Tangirala and has established itself as a prominent player in the integrated business services sector with over three decades of industry experience.
Updater Services is an integrated business services player offering services in two main segments: Integrated Facilities Management (IFM) services and Business Support Services (BSS). In the IFM Services segment, UDS has been the preferred choice of 1,300+ customers for the past three decades and is the second largest entity in the IFM Market with the most extensive service offering portfolio in the industry.
The company's portfolio of services has evolved over the years to cater to the needs of diverse customer segments across a range of sectors including FMCG, manufacturing and engineering, banking, financial services, and insurance (BFSI), healthcare, information technology/information technology enabled services (IT/ITeS), automobiles, logistics and warehousing, airports, ports, infrastructure and retail, among others.
The IFM services are delivered to industries like Manufacturing, Auto, IT, BFSI, Infrastructure, and Retail. The company also offers other services such as Warehouse Management, General Staffing, Institutional Catering, Technology Services, and Procurement Services to some of its marquee customers.
Updater Services has broadened its range of services through multiple well-thought-out acquisitions, acquiring various businesses and companies to cater to a wider customer base and add more value-added services to their offerings. The company got into an agreement for providing and managing human resource services at a hospital in Ahmedabad in 2018 and acquired 70% stake in Global Flight Handling Services Private Limited, acquired 75% shareholding in Matrix Business Services India Private Limited in April 2019, and 74% shareholding in Washroom Hygiene Concepts Private Limited in September 2019.
In 2022, the company acquired 57% shareholding in Athena BPO Private Limited. A good example is Denave which added capabilities like demand generation, lead management, inside sales while also facilitating the company's entry into South-East Asia and certain European geographies. Similarly, Matrix provides Audit and Assurance services to customers in India as well as outside India.
The company's financial performance has shown consistent growth.
For Q1 FY25 (March 2025), the company reported revenue of ₹709.02 crore and net profit of ₹34.19 crore. Updater Services announced a 33.28% increase in Q4 net profit to ₹34.44 crore, with revenue up 12.23% to ₹709.02 crore.
For the full year FY25, net profit rose 74.83% to ₹118.80 crore as against ₹67.95 crore in the previous year. Sales rose 11.93% to ₹2,736.06 crore in FY25 as against ₹2,444.36 crore in the previous year.
• Market Capitalization: ₹2,281.77 crore (as of May 27, 2025)
• Revenue FY25: ₹2,736.06 crore
• Net Profit FY25: ₹118.80 crore
• P/E Ratio: 19.21
• P/B Ratio: 2.70
• 52-week High: ₹438.60
• 52-week Low: ₹244.50
Net profit has been up for the last 4 quarters, from ₹25.36 crore to ₹34.44 crore, with an average increase of 9.7% per quarter. Revenue has been up for the last 5 quarters, from ₹637.33 crore to ₹725.6 crore, with an average increase of 3.2% per quarter.
The company is experiencing robust growth, with a reported 17% year-on-year revenue increase and strong margin improvements, particularly in the Integrated Facilities Management and Business Support Services segments. Strategic mergers are underway to enhance operational efficiency, while a focus on technology adaptation, including AI-driven tools, aims to bolster deal closure rates and overall performance.
Despite challenges in the BFSI segment and the need for contract rationalization, management remains optimistic about future growth opportunities, particularly in sectors like audit and assurance. The commitment to improved financial reporting and transparency reflects a proactive approach to stakeholder engagement, ensuring clarity amid evolving market conditions. Overall, the sentiment remains positive, with expectations for continued expansion and profitability.
The promoter holding stands at 58.9%, indicating strong promoter commitment to the business. The company's business growth is attributable to strong management culture fostered by an entrepreneurial spirit and ownership mindset, supported by a robust management and operations team of well-qualified and experienced individuals who have demonstrated their ability to manage and grow operations organically and assist in acquiring and integrating other businesses.
At UDS, technology is viewed as a huge enabler in driving speed, accuracy, efficiency, customer satisfaction, better service delivery and as a result, deriving revenue and profitability. The company leverages decades of real-world experience, extensive domain knowledge and technology-enabled platforms, powered by a desire to demonstrate innovation in thought and excellence in action to help customers meet their goals.
The company was registered by Intertek as conforming to the requirements of ISO 9001:2015, demonstrating its commitment to quality management systems and operational excellence.
