Myntra Swings to a ₹582 Crore Loss as Logistics Revenue Halves

Myntra Designs, Flipkart's fashion marketplace, lost ₹581.8 crore in FY26 after earning ₹546.3 crore the year before, Inc42 reported. Operating revenue fell 13.5 percent to ₹5,242.5 crore from ₹6,063.8 crore, according to standalone statements filed with the Registrar of Companies.

Inc42 is the only one of three outlets read for this piece that gives a net figure. Indian Retailer and Apparel Resources both report only a pre-tax loss of ₹441.9 crore, against a ₹411 crore pre-tax profit in FY25, which included a deferred tax credit. The gap between the pre-tax and net losses is therefore about ₹140 crore, and none of the three says what produced it.

Where the revenue went

The whole decline sits in one line. Logistics and shipping services brought in ₹1,119.2 crore, down 53.2 percent from ₹2,390.5 crore. Strip that line out and revenue rose 12 percent, to ₹4,123.3 crore from ₹3,673.3 crore. None of the three articles explains why logistics income halved.

Revenue line	FY26	FY25	Change
Marketplace and collection	₹2,657.3 crore	₹2,580.2 crore	+3%
Advertising services	₹1,236.4 crore	₹914.5 crore	+35.2%
Logistics and shipping	₹1,119.2 crore	₹2,390.5 crore	-53.2%

The advertising arithmetic

Advertising is the growth line, now 23.6 percent of revenue by our division of ₹1,236.4 crore into ₹5,242.5 crore. Myntra also buys advertising. Inc42 lists advertisement and promotion expense at ₹2,326.5 crore, up 10.5 percent and 40.4 percent of total expenses, which is about 1.9 times the ad revenue it sold to brands.

Total expenses were ₹5,757.7 crore, up 0.6 percent from ₹5,726 crore, so cost growth was not the cause: the filing shows a business that kept spending at its FY25 level while a fifth of its revenue base disappeared. Direct expenses, which include payment gateway and logistics charges, fell 13.9 percent to ₹1,841 crore. Employee costs rose 3.8 percent to ₹776.9 crore. Revenue dropped by ₹821.3 crore while costs stayed flat, and that is the loss.

1. Advertising and promotion expense2326.5 ₹ crore
2. Advertising services revenue1236.4 ₹ crore

Source: Inc42, accessed 2026-10-24

Group context and leadership

Flipkart Group reported a consolidated FY26 loss of ₹8,468 crore on revenue of ₹1.45 lakh crore, per Inc42, so Myntra's swing is small beside the group number. Inc42 also reports that Sharon Pais now heads Myntra, replacing Nandita Sinha, and that Pramod Adiddam, formerly at Instacart, is chief technology officer. It does not date either change.

These are standalone figures; Myntra is also folded into the consolidated statements of Flipkart Internet Private Limited. The FY27 half-year numbers, which would show whether logistics income stabilised, have no published date. For other Indian filings read this month, see the Zetwerk listing and how weekly funding totals diverge.