Flipkart's FY26 Loss Narrows 2.1% to ₹8,468 Crore on 18% Revenue Growth
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Flipkart's FY26 Loss Narrows 2.1% to ₹8,468 Crore on 18% Revenue Growth
Logistics revenue rose 2.4 times while marketplace fees fell 43.9 percent, and Flipkart gave no amount for the one-offs that held the net result back.
Flipkart Group's consolidated net loss narrowed to ₹8,468 crore in the year to March 2026 from ₹8,646 crore a year earlier, a cut of about 2 percent on revenue that grew 18 percent, according to filings with the Registrar of Companies reported on Oct. 15.
Entrackr, which read the filing, puts revenue from operations at Rs 145,880 crore, up from Rs 123,451 crore in FY25. The company's own statement, carried by the Press Trust of India, calls the same growth 18 percent, and says Flipkart Ads grew 31 percent. Flipkart also said the results "should not be interpreted as a current trading update."
What the ₹8,468 crore loss is made of
The headline loss barely moved. The operating line moved a lot more. Flipkart said its adjusted operating loss narrowed by about ₹1,600 crore, roughly 17 percent, and that the adjusted operating margin improved to minus 5.4 percent from minus 7.7 percent. That measure sits before finance costs, tax, other income and exceptional items.
Below that line, the gains leaked away. Flipkart said finance costs rose, that deferred tax assets recognised in earlier periods were derecognised, and that "certain one-off exceptional items" moderated the improvement. PTI's report gives no rupee amount for any of the three. Entrackr's tally shows an EBITDA loss of ₹5,891 crore, down from ₹7,504 crore, a 21.5 percent cut, against a net loss that fell only 2.1 percent.
| Line | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue from operations | ₹145,880 crore | ₹123,451 crore | up 18% |
| Net loss | ₹8,468 crore | ₹8,646 crore | down 2.1% |
| EBITDA loss | ₹5,891 crore | ₹7,504 crore | down 21.5% |
| Adjusted operating margin | -5.4% | -7.7% | up 230 basis points |
Logistics revenue up 2.4 times, marketplace fees down 43.9 percent
The revenue mix shifted more than the total did. Entrackr's breakdown shows logistics, warehousing and shipping revenue at ₹23,059 crore, 2.4 times the ₹9,580 crore of FY25. Marketplace and collection services fell 43.9 percent to ₹6,719 crore from ₹11,967 crore. Sales of traded goods, the biggest line, rose 12.8 percent to ₹1,04,850 crore.
Neither report says whether the logistics jump and the marketplace drop are connected, for instance through a change in how seller fees are booked. The logistics line added ₹13,479 crore in a year while the marketplace line lost ₹5,248 crore, so the two do not offset each other.
- Logistics FY2623K ₹ crore
- Logistics FY259580 ₹ crore
- Marketplace FY266719 ₹ crore
- Marketplace FY2512K ₹ crore
Source: Entrackr, Oct. 15, 2026, from RoC filings
Costs, ESOPs and the group Flipkart now reports
Total expenses rose 16 percent to ₹1,54,781 crore from ₹1,33,400 crore, per Entrackr. Transportation cost rose 28.9 percent to ₹15,154 crore, while employee benefits grew only 1.3 percent to ₹8,376 crore, of which ₹2,922 crore was employee stock option expense. Advertising spend rose 4.7 percent to ₹4,941 crore.
The consolidated figures cover 25 subsidiaries under Flipkart Internet, including Myntra and Cleartrip, after the group's reverse flip to India. Entrackr says the Singapore entities were amalgamated into Flipkart Internet in March 2026. PTI describes the ₹8,646 crore FY25 loss as restated, so the year-on-year comparison rests on Flipkart's restatement rather than on whatever was filed a year ago.
Flipkart gave no rupee amount for the exceptional items or the derecognised deferred tax, and those two lines explain most of the gap between a 21.5 percent EBITDA improvement and a 2.1 percent net one. The notes to the accounts are where they will show. Other Indian filers are reporting on the same cycle: Jio Platforms filed a ₹30,213 crore issue that is all fresh shares, and Zetwerk drew ₹2,251 crore from anchors while its founders and investors sold.
Sources
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