ShareChat Parent Lost ₹1,978 Crore in FY26, and ESOPs Plus Forex Explain ₹1,306 Crore of It

Mohalla Tech, the parent of ShareChat and Moj, reported a consolidated net loss of ₹1,978.4 crore for the year ended March 2026, up 78.5%, on operating revenue of ₹1,016.3 crore, up 40.4% from ₹723.4 crore, according to Inc42's reading of the FY26 results. The company lost about ₹1.95 for every rupee of revenue.

Two non-operating lines account for most of it. Share-based payments were ₹739 crore, up 302% from ₹183.8 crore, and foreign-exchange losses were ₹566.9 crore, up from ₹128 crore. Together they come to ₹1,305.9 crore, about 66% of the net loss. Inc42 says the forex hit was almost entirely unrealised, at ₹566 crore.

EBITDA loss narrowed to ₹91 crore

Entrepreneur India reports EBITDA losses narrowed to ₹91 crore in FY26, against adjusted EBITDA losses of ₹219 crore in FY25. That is a 58.4% improvement, matching the 58% that Inc42 cites. Total expenses still rose 65.6% to ₹3,083 crore from ₹1,862.1 crore.

Expense line (₹ crore)	FY26	Earlier year
Employee benefits	959.5	445.8
of which share-based payments	739	183.8
Foreign exchange losses	566.9	128
Business development	334.8	43.4

Business development, which covers marketing and customer acquisition, rose 7.7 times to ₹334.8 crore, per Inc42, which labels the ₹43.4 crore base year inconsistently. The spend sits behind QuickTV, the microdrama subscription app the company launched in February 2025 and which Inc42 says has more than 5 crore Google Play downloads.

Subscriptions now outweigh advertising

The revenue mix explains why the company is leaning on ads. Subscriptions from QuickTV, Moj+ and Moj Blue brought in ₹292.7 crore, about 30% of revenue. Advertising fell 13% to ₹251.8 crore, which Inc42 links to real-money gaming advertisers pulling spend. Livestreaming was the largest line at ₹471.8 crore, up about 9%.

1. Livestreaming471.8 ₹ crore
2. Subscriptions292.7 ₹ crore
3. Advertising251.8 ₹ crore

Source: Inc42, 10 November 2026

Chief Financial Officer Manohar Charan told Entrepreneur India: "We also favor ad revenue because it carries significantly higher profit margins than a subscription business." He said Q2 FY27 ad revenue grew 40% year on year and that Q3 should be up by more than 40%.

What the company says comes next

The company says Q1 FY27 was its first EBITDA-positive quarter, at ₹9.5 crore and a 0.3% margin, and that the margin rose above 2% in Q2. Inc42 reports a FY27 EBITDA target of ₹25 crore, with at least ₹15 crore in the second half, and a Q2 annualised revenue run rate of about ₹1,500 crore. Entrepreneur India adds that the company reached cash-flow break-even in the middle of FY26.

Those are company statements, not audited results, and no bottom-line figure was given for the half. The ₹25 crore EBITDA target is about 1.7% of the ₹1,500 crore run rate, so a small miss on subscriber costs would erase it. Inc42 puts the cost of acquiring a QuickTV paying subscriber at several hundred rupees, against more than ₹1,000 at some rivals.

The checkpoint is the Q3 FY27 update, where the 40% ad growth guidance can be checked. For other Indian FY26 filings read the same way, see Sugar Cosmetics and PhysicsWallah.