Flipkart Group Posts FY26 Revenue Growth Amid Rising Costs

Flipkart Group reported an 18.2% year-on-year increase in consolidated revenue from operations to ₹1.45 lakh crore in FY26. The group's adjusted operating margin improved by 230 basis points, from -7.7% to -5.4%, supported by higher gross margins and lower overheads. Gross margins themselves rose 23% year-on-year. The adjusted EBITDA improved by around ₹1,500 crore during the fiscal year, and adjusted operating business losses narrowed by 17%, or around ₹1,600 crore.

Flipkart Group said: "As part of its re-domiciliation to India, (the) Flipkart Group is publishing consolidated financial results under Flipkart Internet Private Limited." The group completed its reverse flip from Singapore to India in March 2026. The consolidated entity includes businesses such as Myntra and Cleartrip, alongside logistics, platform services and other specialised operations.

Losses narrowed but finance costs and other expenses rose sharply

Despite a 2.1% year-on-year reduction in net loss to ₹8,468 crore, total expenses rose 16% to ₹1.54 lakh crore. Finance costs nearly doubled, rising 86% to ₹1,209 crore in FY26 from ₹649 crore in FY25. This coincided with borrowings more than doubling to ₹13,708 crore. Logistics and storage service charges stood at ₹15,154 crore, up 28.9% year-on-year, and accounted for nearly 54% of the group's total other expenses of ₹28,277 crore. Expenses under 'Purchase of Traded Goods' climbed 17.4% to ₹1.17 lakh crore. Employee benefit expenses remained relatively flat at ₹8,376 crore.

B2C arm saw revenue decline while Myntra's advertising grew

The performance across the group's subsidiaries was mixed. Flipkart Internet Private Limited, the B2C arm, reported a 19.3% year-on-year decline in revenue from operations to ₹16,295 crore. Its total income fell 19.4% to ₹17,039 crore. While its total expenses fell 3.6% to ₹22,522 crore, its net loss widened significantly to ₹5,498 crore from ₹1,694 crore in FY25. The FY25 figures were restated to account for a business combination.

In contrast, Myntra's revenue from operations, excluding logistics and shipping, rose 12% to ₹4,123.3 crore. A key driver was advertising, where revenue increased 35.2% to ₹1,236.4 crore.

Quick-commerce and platform integration show operational scaling

Flipkart's quick-commerce service, Flipkart Minutes, has become a major scaling operation. Launched in August 2024, it now runs nearly 1,200 micro-fulfilment centres across more than 150 cities and plans to reach about 1,500 by year-end. The service has quadrupled its business over the past year. Its customer base grew nearly 25-fold year-on-year in cities such as Ambala, Kanpur and Tiruppur.

The group's FY26 results offer the first full-year financial view of its India-based consolidated structure following the reverse flip.