upGrad FY26 Financial and Operational Highlights
upGrad reported FY26 gross revenue of INR 2,070 crore, inclusive of taxes, representing a 7 % year‑on‑year increase. Under Ind‑AS accounting, total income for the year stood at INR 1,732 crore. EBITDA on an Ind‑AS basis rose more than eight‑fold to INR 123 crore, up from INR 15 crore in FY25. Net loss narrowed 52 % to INR 130 crore, marking the third consecutive year in which losses have more than halved YoY and a sharp decline from the FY23 peak loss of INR 1,142 crore. The company also carries INR 530 crore of collected revenue that remains unrecognised and will be recognised in future periods.
At any point, upGrad serves over 100,000 concurrent learners across its online skilling, degree, study‑abroad, and offline programmes. Its B2B segment counts more than 700 enterprises that have chosen upGrad Enterprise for employee skilling, recruitment, and workforce‑development needs. AI is embedded in more than 80 % of upGrad’s programmes and is also deployed internally, contributing to lower marketing and technology costs year‑on‑year despite revenue growth.
Chief Financial Officer Mukesh Mundra said the strong profitability results stem from disciplined execution and cost management that the company will maintain as it scales. Co‑founder and Chairperson Ronnie Screwvala added that FY26 provides a solid financial base and that the firm will pursue both organic growth and acquisitions, specifically closing deals with Internshala and Unacademy to complete its integrated learner‑lifecycle offering and to expand further in India and global markets.