A growing number of startups turned profitable or moved closer to profitability in FY26 after years of cost rationalisation to adjust to the new funding realities
Of the 24 startups in the tracker, 17, or about 70%, reported profits in FY26 generating a cumulative net profit of ₹5,657.3 Cr
The 24 companies generated ₹1.71 Lakh Cr in operating revenue in FY26, a sharp 54% increase from ₹1.11 Lakh Cr in FY25
The Indian startup ecosystem continued to mature in FY26, with 22 new-age tech companies making their public market debut as against 13 in FY25. At the same time, a growing number of startups turned profitable or moved closer to profitability after years of cost rationalisation to adjust to the new funding realities.
Despite a tough Q4 for many startups due to geopolitical uncertainties, Indian startups are expected to improve their top and bottom line numbers in FY26.
Of the 24 startups in the tracker, 17, or about 70%, reported profits in FY26. However, the profitability picture remained uneven. Together, these 17 startups generated a net profit of ₹5,657.3 Cr, while the remaining seven posted cumulative losses of ₹8,168.7 Cr, underscoring that sustainable profitability remains a work in progress for a section of the ecosystem.
Even so, the scale of India’s startup ecosystem continued to expand. The 24 companies generated ₹1.71 Lakh Cr in operating revenue in FY26, a sharp 54% increase from ₹1.11 Lakh Cr in FY25.
To help you track the financial health of new-age tech companies, Inc42 has launched the FY26 Financial Tracker, bringing together key financial metrics in one place. The tracker will be updated periodically with the latest financial disclosures and deeper insights into the performance of India’s startup ecosystem.
So, without further ado, here’s a look at how Indian startups fared financially in FY26.
Editor’s Note: This list is not a ranking of any kind, the companies have been placed alphabetically. This is a running list and will be updated periodically.
Ather Energy Trims Loss To ₹517 Cr
EV major Ather Energy managed to trim its net loss by 36% to ₹517.2 Cr in FY26 from ₹812.3 Cr in the previous fiscal year. Operating revenue rose 62.8% to ₹3,671.8 Cr from ₹2,255 Cr in FY25.
Its expenses rose 53.7% during the period under review to ₹2,808.1 Cr from ₹1,826.88 Cr in FY25, around a quarter of which went towards employee benefits. The company reported a drag on its production line due to China’s export ban on rare earth magnets, which led to lower revenue recognition during the year.
Read More: Ather Energy Q4: Loss Declines 57% YoY To ₹100 Cr
Awfis Sees Marginal Uptick In Profit
Coworking space provider Awfis’ net profit rose 4.3% YoY to ₹70.8 Cr during the year under review from ₹67.9 Cr in FY25. Operating revenue for the full fiscal jumped around 24% to ₹1,493.5 Cr from ₹1,207.5 Cr reported in the previous year.
Total expenses rose 24.4% YoY to ₹1,514 Cr from ₹1,217.1 Cr in FY25.
Read More: Awfis Q4: Profit Doubles YoY To ₹23 Cr, Revenue Up 23%
BlueStone Reports First Profitable Year
Omnichannel jewellery brand BlueStone reported its first full year of profitability in FY26, posting a net profit ₹13.2 Cr as against a net loss of ₹221.8 Cr in the previous year.
The company’s operating revenue grew 37.6% to ₹2,436.4 Cr from ₹1,770 Cr in FY25. Its expenses during the fiscal rose 20% YoY to ₹2,467.3 Cr, while employee benefit costs jumped almost 40% to ₹282.4 Cr.
Read More: BlueStone Q4: Profit At ₹31 Cr, Revenue Jumps 48% YoY To ₹697 Cr
CarTrade’s Profit Zooms 68%
Auto classifieds platform CarTrade’s profit surged 67.6% to ₹243.5 Cr in FY26 from ₹145.3 Cr in the previous fiscal year. Operating revenue increased 21.5% to ₹779.3 Cr during the year under review from ₹641.5 Cr in FY25.
Meanwhile, total expenses rose a mere 5.6% YoY to ₹573.4 Cr during the year under review. EBITDA improved 70% to ₹257 Cr.
Read More: CarTrade Q4: Profit Jumps 53% YoY To ₹71 Cr
Delhivery’s Profit Declines 6%
Logistics major Delhivery’s net profit contracted nearly 6% to ₹152.5 Cr from ₹162.1 Cr in FY25. The decline in the bottom line came despite a 17.6% jump in its operating revenue to ₹10,508.3 Cr from ₹8,932 Cr in FY25.
Total expenses during the year stood at ₹10,707.8 Cr, up 16.2% from ₹9,216.7 Cr in FY25.
Read More: Delhivery Q4: Profit Flat At ₹72.4 Cr Despite 30% YoY Revenue Growth
EaseMyTrip Slips Into The Red
Online travel aggregator EaseMyTrip posted a net loss of ₹47.5 Cr in FY26 as against a profit of ₹108.6 Cr in the previous fiscal year. Revenue from operations also declined 8.8% to ₹535.7 Cr from ₹587.3 Cr in FY25.
The company’s EBITDA tanked more than 85.8% YoY to ₹22.9 Cr in FY26, while EBITDA margin shrank to 4% from 26.7% in FY25. Its expenses during the year stood at ₹572.7 Cr, up 24% YoY.
Read More: EaseMyTrip Bleeds In Q4, Posts ₹15 Cr Loss
Eternal’s Profit Declines 31%
Zomato parent Eternal’s net profit declined 31% to ₹366 Cr in FY26 from ₹527 Cr in the previous year, as the company continued its investment in quick commerce platform Blinkit.
Its operating revenue jumped over 168.6% to ₹54,364 Cr from ₹20,243 Cr in FY25, driven largely by growth in Blinkit and its transition to an inventory-led model. Total expenses grew 167.4% to ₹55,145 Cr during the year under review from ₹20,623 Cr in FY25.
Read More: Eternal Q4: Profit Surges 4.5X YoY To ₹174 Cr
Groww’s Profit Crosses ₹2,000 Cr Mark
Discount broker Groww’s net profit surged 14% to ₹2,083 Cr in FY26 from ₹1,824.4 Cr in the previous fiscal year. Operating revenue for the year grew 19% to ₹4,644.6 Cr from ₹3,901.7 Cr in FY25.
Total expenses in FY26 stood at ₹1,992 Cr, up nearly 25% from ₹1,597 Cr in the previous year. Meanwhile, employee benefit expenses grew 87.4% YoY to ₹590.8 Cr during the period under review.
Read More: Groww Q4: Profit Zooms 122% To ₹686 Cr
Honasa’s Profit Surpasses ₹200 Cr Mark
Mamaearth parent Honasa Consumer recorded a net profit of ₹200.2 Cr in FY26, up 175.4% from ₹72.7 Cr in the previous fiscal year. Operating revenue grew 15.7% to ₹2,391.9 Cr from ₹2,066.9 Cr in FY25.
EBITDA skyrocketed 237% to ₹231 Cr from ₹69 Cr in FY25, while total expenses declined almost 2% YoY to ₹2,213 Cr. The beauty and personal care company credited its younger brands like The Derma Co., Aqualogica, Dr Sheth’s, BBlunt, Staze and Reginald Men for the growth momentum.
Read More: Honasa Q4: Profit Surges 178% To ₹69 Cr, Declares ₹3/Share Dividend
Lenskart’s Profit Crosses ₹500 Cr Mark
Eyewear giant Lenskart’s net profit jumped 69% to ₹500.9 Cr in FY26 from ₹297.3 Cr in the previous year. Operating revenue rose 33% to ₹8,814 Cr during the year under review from ₹6,652.5 Cr in FY25, driven by strong operating leverage, premiumisation, and international growth.
Total expenses increased 25.2% to ₹8,288 Cr from ₹6,619.5 Cr in FY25. Employee costs, which made up more than a quarter of the company’s total expenses, jumped 48% YoY to ₹2,043.5 Cr.
Read More: Lenskart Q4: PAT Slips 8% YoY To ₹204 Cr Despite 46% Revenue Jump
Meesho’s Loss Narrows 66%
Ecommerce giant Meesho managed to trim its net loss by 65.6% to ₹1,357.7 Cr in FY26 from ₹3,942 Cr in the previous fiscal year. Operating revenue rose 35% to ₹12,626 Cr from ₹9,390 Cr in FY25.
Total expenses jumped 41.5% YoY to ₹14,167 in FY26, even as employee benefit costs rose only 7.5% to ₹912 Cr.
The adjusted EBITDA loss of the company’s marketplace vertical soared 906% to ₹1,178 Cr from to ₹117 Cr in FY25. According to Meesho, this was due to consolidation in the third-party logistics space, high customer acquisition costs and its aggressive AI push driving up expenses.
Read More: Meesho Q4: Loss Narrows 88% To ₹166 Cr
Mobikwik Halves Net Loss To ₹62 Cr
Fintech company Mobikwik reported a 48.9% reduction in its net loss to ₹61.9 Cr in FY26 from ₹121 Cr in the previous fiscal year. This was despite its revenue from operations declining 4.4% to ₹1,119.2 Cr from ₹1,170.2 Cr in FY25.
EBITDA loss for FY26 declined to ₹5.2 Cr from ₹79.4 Cr in FY25. Meanwhile, total expenses fell 8.8% YoY to ₹1,159.4 Cr. The company is betting on merchant payments as a new growth vertical and is targeting a 10X increase in revenue from the business by FY28.
Read More: MobiKwik Posts ₹4.4 Cr Profit In Q4, Revenue Up 8% YoY
Nykaa’s Revenue Crosses ₹10,000 Cr Mark
Beauty and personal care major Nykaa’s operating revenue grew 26% to ₹10,022 Cr in FY26 from ₹7,949.8 Cr reported in the year-ago period. Total expenses grew 23.7% YoY to ₹9707.5 Cr.
As a result, the Falguni Nayar-led company’s net profit zoomed 182.8% to ₹203.9 Cr from ₹72.1 Cr in FY25, driven by offline expansion, launch of over 200 new beauty brands and more than 1,200 brands for its fashion vertical.
Read More: Nykaa Q4: Profit Zooms 4X To ₹79 Cr, Revenue Up 28%
Ola Electric’s Loss Narrows 20%
EV major Ola Electric trimmed its net loss by 19.5% to ₹1,833 Cr from ₹2,276 Cr reported in FY25.
This was despite a 50% reduction in its operating revenue to ₹2,253 Cr in FY26 from ₹4,514 Cr in the previous year on the back of a slowdown in customer demand for its escooters amid complaints about after-sales services.
The OEM trimmed its total expenses by 48% to ₹3,245 Cr in FY26, while employee benefit costs declined 36.5% YoY.
Read More: Ola Electric Q4: Loss Declines 43% YoY To ₹500 Cr, Revenue Plummets 57
Paytm Posts First Full Profitable Year
Fintech major Paytm reported a net profit of ₹552 Cr in FY26 as against a net loss of ₹663 Cr in the previous year. Its operating revenue in FY26 jumped 22.3% to ₹8,437 Cr from ₹6,900 Cr in FY25.
EBITDA stood at ₹502 Cr during the fiscal under review as against an EBITDA loss of ₹1,506 Cr in FY25. Total expenses during the year declined over 6% to ₹8,521 Cr ₹9,096 Cr in FY25, while employee benefit costs contracted over 15% YoY to ₹2,765 Cr.
Read More: Paytm Posts ₹183 Cr Profit In Q4, Revenue Up 18% To ₹2,264 Cr
PB Fintech’s Profit Almost Doubles To ₹670 Cr
Policybazaar parent PB Fintech’s net profit zoomed over 90% to ₹670 Cr in FY26 from ₹352 Cr in the previous year, with PAT margin expanding to 10% from 6%.
Its operating revenue during the fiscal year stood at ₹6,794 Cr, up 36.5% from ₹4,977 Cr in FY25. Meanwhile, total expenses rose over 28% YoY to ₹6,458 Cr.
Read More: PB Fintech Q4: Profit Jumps 54% To ₹261 Cr
PhysicsWallah Narrows Net Loss by 90%
Edtech major PhysicsWallah trimmed its net loss by 90% to ₹24.2 Cr from ₹243.3 Cr in FY25. Operating revenue jumped 35% YoY to ₹3,899.5 Cr from ₹2,886.6 Cr, with a 31% increase in revenue generated from offline business. The offline business now accounts for 45% of the top line. Uptake in courses beyond JEE and NEET also drove revenue growth during the fiscal.
In FY26, PhysicaWallah’s total expenses grew 24.6% to ₹4,068.8 Cr. Employee costs accounted for about half of the total expenses, rising 36% YoY to ₹1,906 Cr.
Read More: PhysicsWallah Q4: Loss Declines 76% YoY To ₹69 Cr, Revenue Up 51%
Pine Labs Posts ₹113 Cr Profit
Fintech major Pine Labs turned profitable in FY26, posting a net profit of ₹112.5 Cr as against a loss of ₹145.5 Cr in FY25. Its revenue grew 19% to ₹2,710.6 Cr from ₹2,274.3 Cr in FY25.
Meanwhile, total expenses increased 11% to ₹2,706.4 Cr from ₹2,426.9 Cr in FY25. The company’s growth in FY26 was driven by the execution of multiple landmark contracts and international expansion.
Read More: Pine Labs Posts ₹59 Cr Profit In Q4, Revenue Up 15% YoY
Shadowfax’s Profit Skyrockets 19X
Logistics firm Shadowfax’s net profit surged to ₹115.2 Cr from ₹6.2 Cr in FY25, an uptick of 1,758% YoY. Its adjusted EBITDA for the year stood at ₹159 Cr with a margin of 3.8%.
The company’s operating revenue zoomed 65.4% to ₹4,080.3 Cr from ₹2,467.2 Cr in FY25.
The growth was largely driven by increase in customer order volume, especially in the hyperlocal and express segments, focus on premium offerings, and expansion across pincodes.
Total expenses grew over 60% YoY to ₹4,001.8 Cr in FY26, while employee benefit costs jumped 37.7% to ₹357.4 Cr.
Read More: Shadowfax Posts ₹56 Cr Profit In Q4, Revenue Jumps 74% YoY
Swiggy’s Loss Crosses ₹4,000 Cr Mark
Food delivery major Swiggy’s net loss jumped 33% to ₹4,154 Cr in FY26 from ₹3,117 Cr in the previous year. Operating revenue rose 51% to ₹23,053 Cr from ₹15,227 Cr in FY25.
Meanwhile, total expenses grew 48% YoY to ₹27,701 Cr, driven largely by the expansion of its quick commerce arm Instamart, which lost significant market share over the year.
Read More: Swiggy Q4: Loss Narrows 26% To ₹800 Cr, Revenue Up 45% YoY
Urban Company Slips Into The Red
Home services unicorn Urban Company slipped into the red in FY26, posting a net loss of ₹234.8 Cr AS against a net profit of ₹239.8 Cr in previous year. Its operating revenue grew 35.9% to ₹1,555.5 Cr from ₹1,144.5 Cr in FY25.
Total expenses during the fiscal year jumped over 50% YoY to ₹1,835.7 Cr, as it poured cash into its newest offering ‘Insta Help’ offering. The cash burn in the new vertical is expected to remain elevated in the coming quarters amid intense competition.
Read More: Urban Company’s Q4 Loss Surges Multifold To ₹161 Cr
Wakefit Posts ₹189 Cr Profit
Mattress brand Wakefit reported a net profit of ₹189.2 Cr in FY26 as against a net loss of ₹35 Cr in the previous year. Its operating revenue for the fiscal rose 17% to ₹1,488.9 Cr from ₹1273.7 Cr in FY25.
Total expenses rose 7.6% YoY to ₹1,307 Cr, while employee benefit costs remained almost flat at ₹166 Cr.
Read More: Wakefit Q4: PAT Skyrockets To ₹122 Cr, Revenue Up 14% YoY
WeWork India Profit Declines 41% YoY
Coworking space provider WeWork India reported a net profit of ₹74.9 Cr during the year under review, down 41.6% from ₹128.2 Cr in FY25. Operating revenue during the fiscal year rose 25% to ₹2,440 Cr from ₹1,949 Cr in FY26. Free cash flow from operations rose 44.3% YoY to ₹585.5 Cr during FY26.
Meanwhile, total expenses grew 14.2% YoY to ₹2,435.3 Cr, while employee benefit costs jumped 28% to ₹198.5 Cr.
Desk sales in FY26 jumped 19.8% YoY to a record 48,000, translating into 3.3 Mn sq ft of leasing activity. The company claimed to have opened FY27 with ₹1,885 Cr of locked-in core revenue, up 38.1% from the start of FY26.
Read More: WeWork India Q4: Profit Jumps 79% To ₹66 Cr, Revenue Up 29% YoY
Yatra’s Profit Rises 28%
Online travel aggregator Yatra’s net profit jumped nearly 28% to ₹46.8 Cr from ₹36.6 Cr in FY25. Revenue from operations rose 27.2% to ₹1,006.5 Cr from ₹791.4 Cr in FY25.
Total expenses grew 24.3% to ₹979.8 Cr in FY26 from ₹788 Cr in the previous year.
Read More: Yatra Q4 Profit Tanks 46% YoY To ₹8.2 Cr
Source: Inc42 - Startups
