Walmart backed Flipkart Group reported an 18% year on year increase in consolidated revenue from operations to Rs 1,45,880 crore in FY26, while its net loss narrowed marginally to Rs 8,468 crore from Rs 8,646 crore in FY25. The figures were disclosed in consolidated financial statements filed under Flipkart Internet Private Limited following the group’s redomiciliation from Singapore to India.
The results show an improvement in operating performance, but the reduction in net loss was limited to about Rs 178 crore. Higher finance costs, tax related adjustments and exceptional items offset part of the gains from improved margins and tighter overheads.
Flipkart said the filings provide a historical view of the group’s performance for the year ended March 2026, rather than a current trading update. The consolidated figures cover businesses including the Flipkart marketplace, fashion platform Myntra, travel service Cleartrip and quick-commerce operation Flipkart Minutes.
- Operating Margins Improve as Advertising Business Grows
Flipkart total income rose to Rs 1,46,700 crore in FY26 from Rs 1,24,317 crore a year earlier. Total expenses increased 16% to Rs 1,54,781 crore.
Purchases of stock in trade, the group’s largest expense, rose 17% to Rs 1,17,617 crore. Other expenses increased 16% to Rs 28,277 crore, while employee benefit expenses edged up to Rs 8,376 crore. Finance costs climbed 86% to Rs 1,209 crore, and depreciation and amortisation remained broadly flat at Rs 1,801 crore.
There were clearer signs of improvement in underlying operations. Flipkart reported that adjusted EBITDA improved by approximately Rs 1,500 crore, while adjusted operating business losses narrowed by around Rs 1,600 crore, or 17%. Its adjusted operating margin improved 230 basis points to -5.4%, from -7.7% in FY25.
Gross margins grew 23% year on year, which the company attributed to better unit economics. Its advertising business also expanded 31%, growing faster than the group overall.
The distinction matters: improving operating margins suggests the core business is becoming more efficient, but the group is still far from reporting a consolidated net profit.
- Quick Commerce and IPO Plans Remain Key Priorities
Flipkart continues to invest in newer businesses, particularly Flipkart Minutes, as competition intensifies against Blinkit, Zepto, Swiggy Instamart and Amazon Now. The company’s financial performance will increasingly depend on whether these growth investments can expand sales without delaying the path to profitability.
The group has also been preparing for a potential Indian stock market listing after completing its move back from Singapore in March 2026. However, May that Walmart had asked Flipkart to prioritise EBITDA breakeven before the end of FY27 and defer its IPO plans.
For investors, the FY26 results offer two contrasting signals: stronger revenue, advertising growth and better operating margins on one side, and a substantial net loss alongside rising finance costs on the other. Sustaining the improvement in unit economics while controlling cash outflows will be central to Flipkart’s readiness for public markets.
Editing by Dhiraj Shaw
