It is now expected to revive its IPO plans later this year as market conditions improve
| Photo Credit:
Kesavan A N 1612@Chennai
IPO-bound PhonePe reported an 11 per cent increase in consolidated revenue to ₹7,920 crore in FY26 from ₹7,115 crore in the previous fiscal, even as its consolidated net loss widened 62 per cent to ₹2,792 crore from ₹1,727 crore, according to regulatory filings with the Ministry of Corporate Affairs.
The fintech major, which commands over 45 per cent share of UPI transactions in India, attributed the wider losses to continued investments in newer businesses, including equity trading platform Share.Market, hyperlocal commerce platform Pincode, insurance and Indus Appstore. These ventures remain in the investment phase and contributed to the increase in consolidated losses.
The filings also noted that part of the reported losses stemmed from non-recurring and non-operational accounting adjustments, including a significant portion of employee stock ownership plan (ESOP) expenses and losses incurred by subsidiaries.
PhonePe’s adjusted operating revenue for the first half of FY26 stood at ₹3,162 crore after excluding around ₹756 crore from discontinued or policy-driven revenue streams such as real-money gaming, rent payment services and Payment Infrastructure Development Fund (PIDF) incentives linked to UPI. Revenue in the second half rose to about ₹3,746 crore, indicating stronger business momentum during the latter part of the year.
Total expenses increased 13 per cent year-on-year to ₹10,588.5 crore, driven primarily by higher operating costs, including advertising and business expansion expenses.
The Walmart-backed company had earlier deferred its initial public offering due to geopolitical tensions in the Middle East and volatile equity markets. It is now expected to revive its IPO plans later this year as market conditions improve.
Published on July 25, 2026
