Ekart Cut Its FY26 Loss by ₹1,482 Crore, but the Flipkart Group Cut Its by Only ₹178 Crore

Flipkart's consolidated net loss for the year ended March 2026 was ₹8,468 crore, down 2% from ₹8,646 crore a year earlier, according to MediaNama's reading of financial statements obtained from the Registrar of Companies. The group's logistics arm, Ekart, reported a loss of ₹26 crore against ₹1,508 crore the year before, Inc42 reported. Put the two next to each other and the arithmetic does not close: Ekart improved by ₹1,482 crore, the whole group by ₹178 crore.

That gap is the story inside the headline number, and it is the reason a 98% improvement at Ekart should not be read as a 98% improvement at Flipkart. Smaller Indian consumer companies are filing FY26 numbers of the same kind: Snabbit spent ₹16 for every ₹1 of revenue, and Battery Smart's top-up was priced at 11.6 times its FY26 revenue.

What the first consolidated accounts contain

The FY26 statements are the first consolidated results filed under Flipkart Internet Private Limited, after the March 2026 reverse flip that moved the group's parent to India ahead of a potential IPO, MediaNama reported. The consolidation covers Flipkart, Myntra, Cleartrip, Ekart, Flipkart Minutes, Flipkart Health+ and Pinkvilla, among others.

Operating revenue was ₹1,45,880 crore, up 18% from ₹1,23,451 crore. Total expenses were ₹1,54,781 crore, up 16%. The group therefore spent about ₹1.06 for every rupee of operating revenue. The ₹8,901 crore gap between the two is a little larger than the reported loss, because other income covers part of it.

Employee benefits cost ₹8,376 crore, of which ₹2,922 crore was ESOP expense. Cost of materials, which tracks the traded-goods business, was ₹1,15,118 crore, about 74.4% of all expenses.

Three entities, three FY26 losses

Entity	FY25 net loss	FY26 net loss	Change
Flipkart group (consolidated)	₹8,646 crore	₹8,468 crore	down 2%
Ekart	₹1,508 crore	₹26 crore	down 98.3%
Cleartrip	₹628.4 crore	₹805 crore	up 28.1%

1. Flipkart group8468 ₹ crore
2. Cleartrip805 ₹ crore
3. Ekart26 ₹ crore

Source: MediaNama and Inc42, 16 and 17 October 2026, from company financial statements

Ekart's improvement is mostly a customer relationship

Ekart's revenue from contracts with customers was ₹13,194 crore in FY26, down 4.2%. Of that, ₹9,112 crore, about 69%, came from Flipkart itself. Its expenses fell 13% to ₹13,638 crore, and freight, handling and servicing was the largest line at ₹9,191 crore.

When two-thirds of a logistics company's revenue is billed to a sister company in the same consolidation, a ₹1,482 crore swing in its loss is partly a pricing outcome between the two. On consolidation those intercompany charges net out, which is consistent with the group improving by an eighth of that amount. This is an inference from the revenue split. Neither report names a related-party note, and the notes to the accounts would confirm it.

Ekart's own revenue fell while its loss vanished, which points to cost reduction rather than growth. Employee costs dropped 24.9% to ₹958 crore, and freight costs were down 17.1%.

Cleartrip spent ₹5.27 for every rupee it earned

Cleartrip lost ₹805 crore in FY26 on operating revenue of ₹198.3 crore, Inc42 reported. Its expenses were ₹1,045.9 crore, or ₹5.27 per rupee of operating revenue. Cashbacks and discounts alone were ₹897.5 crore, up 47.5% and about 4.5 times what the business booked as revenue.

Borrowing is how the gap is financed. Cleartrip drew ₹3,964 crore from its parent during the year and repaid ₹3,653 crore, paying ₹130.4 crore in interest. Its net worth is negative ₹3,066 crore, against negative ₹2,262 crore a year earlier, and the accounts carry a going-concern dependence on Flipkart Internet's support. Cleartrip said in July 2026 that it targets operational break-even by the end of FY27.

Cleartrip's loss is about 9.5% of the group's. It is the entity whose spending is most visibly tied to a customer-acquisition budget, and its loss is growing.

A logistics growth rate that does not match its table

MediaNama lists the group's logistics, warehousing and shipping revenue at ₹23,059 crore against ₹9,580 crore, and labels the change "up 31%". Those two figures imply a rise of about 141%, an increase of ₹13,479 crore. Marketplace and collection services moved the other way, falling 44% from ₹11,967 crore to ₹6,719 crore, a drop of ₹5,248 crore.

The five revenue lines in the article sum exactly to both years' totals, so the rupee figures look right and the 31% looks like the error. A shift of revenue from marketplace commissions to logistics charges would produce this pattern. That is a hypothesis; the revenue-recognition note would settle it, and we have not read it.

Advertising revenue rose 31% to ₹9,597 crore, which may be the source of the stray percentage. Sales of traded goods rose 13% to ₹1,04,850 crore.

What would settle it

The group's draft red herring prospectus, if the IPO goes ahead, would carry the segment and related-party notes that separate Ekart's improvement from Flipkart's. Until then, the defensible reading is that the consolidated loss is flat at roughly ₹8,500 crore, that Cleartrip's next filing is the place to check its FY27 break-even target, and that Ekart's ₹26 crore says little about the group.