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PhonePe posts 11.5% FY26 revenue growth to ₹7,920 crore, net losses widen
PhonePe said it did not recognize UPI Digital Incentive revenue for FY26 because the government has not yet disbursed the incentive funds to the industry, which the company expects to affect FY27 results.
PhonePe reported consolidated revenue from operations of ₹7,920 crore for FY26, up ₹815 crore or 11.47% from the prior financial year, according to regulatory filings. The fintech firm also said it has not recognized revenue related to the UPI Digital Incentive for FY26 because the government is yet to disburse the incentive funds to the industry, with the corresponding revenue expected to show up in FY27 financial statements.
On profitability, PhonePe posted a net loss of ₹1,377 crore on a normalized operating basis in FY26. Its total consolidated net loss widened to ₹2,792 crore from ₹1,727 crore in FY25, with the company citing several one off items including an accelerated ESOP charge, a non cash goodwill impairment, gains from a partial sale of a stake in an associate, and losses from discontinued operations.
PhonePe said it continued expanding beyond its core digital payments business, securing regulatory approvals across payment aggregation, insurance broking, wealth management, and lending. The company also noted investor support, with Walmart, through WM Digital Commerce Holdings Pte Ltd, maintaining a 73.33% stake.
In its updated Draft Red Herring Prospectus, PhonePe anticipated a revenue impact of ₹550 crore to ₹600 crore in the second half of FY26 after discontinuing the option to pay rent via credit cards on its platform. The firm also said it has surpassed 700 million lifetime registered users and 50 million lifetime registered merchants, and it had previously deferred IPO plans due to the Middle East conflict and heightened market volatility, with expectations to restart the listing process later this year.