Flipkart Revenue Jumps 18% in FY26 as Losses Narrow

Flipkart Group reported an 18% year-on-year increase in consolidated revenue from operations to ₹1,45,880 crore in FY26, reflecting continued growth in India's e-commerce sector. The Walmart-backed company also reduced its net loss, although it remains far from profitability at the consolidated level.

The financial results, published on October 15, 2026, cover the financial year ended March 2026. They were released under Flipkart Internet Private Limited following the group's redomiciliation to India and provide a historical view of its performance.

According to Flipkart Group's consolidated financial results, the company improved gross margins and reduced adjusted operating losses during the year, indicating progress in managing the economics of its business.

Flipkart's Revenue Crosses ₹1.45 Lakh Crore

Flipkart's consolidated revenue from operations increased to ₹1,45,880 crore in FY26, compared with ₹1,23,451 crore in FY25 on the reported comparative basis.

The increase reflects the scale of the group's operations across e-commerce, fashion, logistics, travel and other services. Its businesses include the Flipkart marketplace, Myntra, Cleartrip and specialised platform and supply-chain operations.

The group also reported a 23% increase in gross margins during FY26. This suggests that revenue growth was accompanied by an improvement in the difference between operating revenue and the cost of traded goods and inventory changes.

Flipkart's advertising business was another growth area, expanding by 31% during the financial year. Advertising can provide marketplaces with an additional revenue stream by allowing sellers and brands to promote products to shoppers already using the platform.

Losses Narrow, but Profitability Remains a Challenge

Despite stronger revenue, Flipkart continued to report a substantial net loss.

The group's consolidated net loss declined to ₹8,468 crore in FY26 from ₹8,646 crore in FY25, a reduction of approximately ₹178 crore.

Its adjusted EBITDA improved by around ₹1,500 crore, while adjusted operating business losses narrowed by approximately ₹1,600 crore. The adjusted operating margin improved from negative 7.7% to negative 5.4%.

These changes indicate better underlying operating performance. However, the difference between improving operating metrics and the much larger net loss highlights the continuing impact of financing costs, exceptional items and other accounting factors.

The group therefore faces a dual challenge: sustaining revenue growth while converting improvements in unit economics into more substantial reductions in overall losses.

Rising Costs Remain Under Watch

Flipkart's total expenses increased by 16% to ₹1,54,781 crore in FY26. Purchases of stock-in-trade, its largest expense category, rose by 17% to ₹1,17,617 crore.

Other expenses increased to ₹28,277 crore, while finance costs nearly doubled to ₹1,209 crore. These figures illustrate the scale of the costs associated with running a large marketplace and investing in new business opportunities.

The company is also expanding in quick commerce through Flipkart Minutes, a segment that requires investment in fulfilment infrastructure, inventory availability and delivery operations.

Quick commerce could create additional growth opportunities, but its long-term contribution will depend on order volumes, delivery efficiency, customer retention and the cost of serving each order.

What the Results Mean for Flipkart's IPO Plans

Flipkart's financial performance comes as the company prepares its Indian corporate structure for a potential public listing. However, an improved financial year does not automatically mean an IPO is imminent.

Investors will likely examine revenue growth, gross margins, advertising income, cash requirements and the path towards profitability. They will also need to distinguish between the group's consolidated performance and the results of individual businesses such as Myntra.

The group's return to an Indian corporate structure also makes clear financial reporting important as it prepares for its next phase.

Conclusion: Growth Is Only Half the Story

Flipkart's 18% revenue increase demonstrates the scale of its business, while stronger gross margins and lower adjusted operating losses point to progress in its financial performance.

The next test is whether the group can sustain growth without allowing operating and financing costs to undermine those improvements. Advertising, logistics efficiency and newer businesses may create opportunities, but they must contribute to a more sustainable financial model.

For Flipkart, the defining milestone will not simply be crossing ₹1.5 lakh crore in revenue. It will be demonstrating that its scale can translate into durable profitability.