FY26 Financial Tracker: Tracking The Financial Performance Of Indian Startups

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A growing number of startups turned profitable or moved closer to profitability in FY26 after years of cost rationalisation to adjust to the new funding realities
Of the 106 startups in the tracker, 66, or about 62.3%, reported profits in FY26, generating a cumulative profit of ₹14,546.9 Cr, while the remaining 40 posted a cumulative loss of ₹31,797.2 Cr
The 106 companies generated ₹4.89 Lakh Cr in operating revenue in FY26, a sharp 33.17% increase from ₹3.67 Lakh Cr in FY25
The Indian startup ecosystem continued to mature in FY26, with 22 new-age tech companies making their public market debut as against 13 in FY25. At the same time, a growing number of startups turned profitable or moved closer to profitability after years of cost rationalisation to adjust to the new funding realities.
Despite a tough Q4 for many startups due to geopolitical uncertainties, Indian startups are expected to improve their top and bottom line numbers in FY26.
Of the 106 startups in the tracker, 66, or about 62.3%, reported profits in FY26. However, the profitability picture remained uneven. Together, these 66 startups generated a net profit of ₹14,546.9 Cr, while the remaining 40 posted a cumulative loss of ₹31,797.2 Cr, underscoring that sustainable profitability remains a work in progress for a section of the ecosystem.
Even so, the scale of India’s startup ecosystem continued to expand. The 106 companies generated ₹4.89 Lakh Cr in operating revenue in FY26, a sharp 33.17% increase from ₹3.67 Lakh Cr in FY25.
To help you track the financial health of new-age tech companies, Inc42 has launched the FY26 Financial Tracker, bringing together key financial metrics in one place. The tracker will be updated periodically with the latest financial disclosures and deeper insights into the performance of India’s startup ecosystem.
So, without further ado, here’s a look at how Indian startups fared financially in FY26.
Editor’s Note: This list is not a ranking of any kind, the companies have been placed alphabetically. This is a running list and will be updated periodically.
Inside The FY26 Financials Of Indian Startups
Note: All amount in ₹ Cr
Aakash’s Loss Narrows 15% YoY
The test-prep major managed to narrow its net loss by 15.5% to ₹186.5 Cr in FY26 from ₹220.8 Cr in the previous fiscal year. The improvement in the bottom line came despite its top line remaining flat. Operating revenue rose 0.4% to ₹2,040.5 Cr from ₹2,032.1 Cr in FY25.
Total expenses rose almost 1% to ₹2,397.8 Cr from ₹2,378 Cr in the previous fiscal year.
Read More: Aakash Trims FY26 Loss By 16% To ₹186.5 Cr, Top Line Flat At ₹2,040 Cr
AceVector Trims Loss 64% YoY To ₹45.5 Cr
Ahead of its IPO, Snapdeal parent AceVector’s restated net loss declined nearly 64% to ₹45.5 Cr in FY26 from ₹126.3 Cr in the previous year. This came as operating revenue jumped 29.2% to ₹510.3 Cr during the period under review from ₹395 Cr in FY25.
Meanwhile, total expenses rose 26.8% to ₹575.2 Cr in FY26 from ₹453.8 Cr in the previous year.
Read More: Snapdeal Parent AceVector’s FY26: Loss Declines 64% YoY To ₹46 Cr
Amagi Turns Profitable
Media SaaS company Amagi recorded a net profit of ₹71.7 Cr in FY26 as against a loss of ₹68.7 Cr in the previous year. Operating revenue grew 29.5% to ₹1,505.6 Cr from ₹1,162.6 Cr in FY25.
Its total expenses jumped 16.3% during the period under review to ₹1,482.9 Cr from ₹1,274.8 Cr in the previous year. Meanwhile, employee benefit expenses rose 11.8% YoY to ₹777.2 Cr from ₹694.8 Cr earlier.
Read More: Amagi Posts ₹34 Cr Profit In Q4, Revenue Jumps 29% YoY
ArisInfra’s Profit Jumps 10X
B2B ecommerce company ArisInfra Solutions saw its net profit grow over 10X in FY26 to ₹60.3 Cr from ₹6 Cr in FY25. Operating revenue grew 39.9% to ₹1,067.5 Cr from ₹767 Cr in the previous year.
Its expenses rose 31% to ₹998.8 Cr in FY26 from ₹762 Cr in FY25. Employee costs stood at ₹494.7 Cr during the year under review.
Read More: ArisInfra Posts ₹21.7 Cr Profit In Q4, Revenue Jumps 55% YoY
Ather Energy Trims Loss To ₹517 Cr
EV major Ather Energy managed to trim its net loss by 36% to ₹517.2 Cr in FY26 from ₹812.3 Cr in the previous fiscal year. Operating revenue rose 62.8% to ₹3,671.8 Cr from ₹2,255 Cr in FY25.
Its expenses rose 53.7% during the period under review to ₹2,808.1 Cr from ₹1,826.88 Cr in FY25, around a quarter of which went towards employee benefits. The company reported a drag on its production line due to China’s export ban on rare earth magnets, which led to lower revenue recognition during the year.
Read More: Ather Energy Q4: Loss Declines 57% YoY To ₹100 Cr
Atomberg’s Loss Widens 27% YoY To ₹149 Cr
IPO-bound consumer appliances maker Atomberg’s net loss widened 26.8% to ₹148.9 Cr in FY26 from ₹117.4 Cr in the previous fiscal year.
At the same time, its operating revenue jumped 34.8% YoY to ₹1,293.8 Cr from ₹959.5 Cr in FY25. Atomberg’s total expenses increased 30.6% to ₹1,460 Cr in FY26 from ₹1,118.1 Cr in the previous fiscal year.
Read More: IPO-Bound Atomberg’s Loss Widens 27% YoY To ₹149 Cr In FY26
AvenuesAI’s Profit Jumps 25% YoY
Fintech company AvenuesAI (formerly Infibeam Avenues) reported a net profit of ₹294.9 Cr in FY26, up 25% from ₹236 Cr in the previous year. Operating revenue jumped 103% to ₹8,115.9 Cr from ₹3,992.6 Cr in FY25.
The company’s expenses during the year stood at ₹7,856 Cr, up 108% from ₹3,767.8 Cr in the previous fiscal year. The company rebranded to its current name in December 2025 to position itself as an AI-driven digital payments company.
Read More: AvenuesAI Q4: Profit Jumps 63% YoY To ₹89 Cr
AVPL International’s Profit Remains Flat YoY At ₹14 Cr
The dronetech startup’s parent AITMC Ventures reported a net profit of ₹14.2 Cr in FY26, a meagre 1% increase from the previous year’s profit of ₹14.1 Cr. However, AVPL’s operating revenue jumped 26.3% to ₹106.8 Cr in FY26 from ₹84.5 Cr in the previous financial year.
Its total expenditure increased 34.7% to ₹88.3 Cr in FY26 from ₹65.6 Cr in the last fiscal year. Owing to this, the startup’s net profit margin fell to around 13.3% in FY26 from 16.7% in FY25, while EBITDA margin fell from 34.4% in FY25 to 27.2% in FY26.
Read More: AITMC’s FY26 Profit Remains Flat At ₹14.2 Cr, Revenue Up 26%
Awfis Sees Marginal Uptick In Profit
Coworking space provider Awfis’ net profit rose 4.3% YoY to ₹70.8 Cr during the year under review from ₹67.9 Cr in FY25. Operating revenue for the full fiscal jumped around 24% to ₹1,493.5 Cr from ₹1,207.5 Cr reported in the previous year.
Total expenses rose 24.4% YoY to ₹1,514 Cr from ₹1,217.1 Cr in FY25.
Read More: Awfis Q4: Profit Doubles YoY To ₹23 Cr, Revenue Up 23%
Aye Finance Posts 13% Rise In Profit
Aye Finance reported a net profit of ₹193.6 Cr in FY26, a 13% increase compared to ₹171.3 Cr in FY25. Operating revenue grew 24.3% to ₹1,814.7 Cr during the period under review from ₹1,459.7 Cr in FY25.
Total expenses grew at a marginally higher pace than the revenue, rising 26.2% to ₹1,615.9 Cr in the fiscal year from ₹1,280 Cr. Employee expenses rose 43.8% YoY during the period to ₹1,784.6 Cr.
Read More: Aye Finance Q4: Profit Zooms Over 2X YoY To ₹86 Cr
Bewakoof’s Loss Jumps 19% To ₹87 Cr
D2C streetwear brand Bewakoof’s net loss widened 19.4% to ₹87.4 Cr in FY26 from ₹73.2 Cr in FY25, despite a 40.6% rise in operating revenue to ₹243.1 Cr from ₹173 Cr. However, its EBITDA loss narrowed 7.2% to ₹54.8 Cr from ₹59 Cr in the previous year. 
Total expenses rose 35.4% YoY to ₹335.6 Cr in FY26. Employee benefit expenses grew 10.6% to ₹28.4 Cr, while the cost of materials consumed surged 67.4% YoY to ₹63.6 Cr.
Read More: Bewakoof’s FY26 Net Loss Jumps Nearly 20% To ₹87.4 Cr
BlackBuck Turns Profitable
Logistics company BlackBuck reported a net profit of ₹163.7 Cr in FY26 as against a net loss of ₹8.6 Cr in the previous year. Its operating revenue surged 52% to ₹652 Cr from ₹426.7 Cr in FY25.
Total expenses grew 31% to ₹998.8 Cr during the year from ₹147 Cr in FY25, while employee expenses grew 8.9% to ₹160 Cr.
Read more: BlackBuck Q4 Profit Slumps 77% To ₹66 Cr Despite 52% YoY Revenue Growth
BlueStone Reports First Profitable Year
Omnichannel jewellery brand BlueStone reported its first full year of profitability in FY26, posting a net profit ₹13.2 Cr as against a net loss of ₹221.8 Cr in the previous year.
The company’s operating revenue grew 37.6% to ₹2,436.4 Cr from ₹1,770 Cr in FY25. Its expenses during the fiscal rose 20% YoY to ₹2,467.3 Cr, while employee benefit costs jumped almost 40% to ₹282.4 Cr.
Read More: BlueStone Q4: Profit At ₹31 Cr, Revenue Jumps 48% YoY To ₹697 Cr
Bombay Shaving Company’s Loss Narrows 97% YoY
D2C grooming and personal care brand Bombay Shaving Company’s parent, Visage Lines Personal Care, saw its net loss narrow 97.4% to ₹9 Cr in FY26 from ₹58.2 Cr in the previous fiscal. Its operating revenue jumped 139% to ₹634.7 Cr from ₹265.6 Cr in FY25.
Total expenses during the year stood at ₹649.6 Cr, up 97.7% from ₹329.1 Cr in the previous year. The largest expense head during the fiscal was the purchase of goods, which jumped 159% YoY to ₹404.9 Cr, even as employee costs rose just 9% YoY to ₹47.3 Cr.
Read More: Bombay Shaving Company Claims Adjusted EBITDA Profitability In FY26
Captain Fresh’s Profit Slides 54% YoY To ₹19.6 Cr
B2B seafood brand Captain Fresh’s consolidated net profit declined 54% to ₹19.6 Cr in FY26 from ₹42.4 Cr in FY25. The fall in profit came despite a 52% jump in operating revenue to ₹5,093 Cr from ₹3,352.3 Cr in FY25.
The startup’s bottom line was weighed down by multiple one-time costs and higher expenses, which rose over 50% to ₹5,063 Cr from ₹3,369.5 Cr in FY25. Notably, employee benefit expenses jumped 120% YoY to ₹426 Cr from ₹194.8 Cr in the previous year.
Read More: Captain Fresh’s FY26 Profit Halves To ₹20 Cr Despite 52% YoY Revenue Jump
Capillary Technologies’ Profit Crosses ₹50 Cr Mark
SaaS major Capillary Technologies’ net profit skyrocketed 271% to ₹52.4 Cr in FY26 from ₹14.1 Cr in the previous fiscal year. Operating revenue grew 25.1% to ₹748.3 Cr from ₹598.2 Cr in FY25.
Total expenses during the year stood at ₹641.7 Cr, up 20.3% from ₹533.3 Cr in FY25.
Read More: Capillary Technologies Q4: PAT Jumps 341% YoY To ₹43.3 Cr
CarTrade’s Profit Zooms 68%
Auto classifieds platform CarTrade’s profit surged 67.6% to ₹243.5 Cr in FY26 from ₹145.3 Cr in the previous fiscal year. Operating revenue increased 21.5% to ₹779.3 Cr during the year under review from ₹641.5 Cr in FY25.
Meanwhile, total expenses rose a mere 5.6% YoY to ₹573.4 Cr during the year under review. EBITDA improved 70% to ₹257 Cr.
Read More: CarTrade Q4: Profit Jumps 53% YoY To ₹71 Cr
Cult.fit Halves Loss Ahead Of IPO
Fitness startup Cult.fit’s net loss narrowed 47.6% YoY to ₹252 Cr in FY26 from ₹481 Cr in FY25. Operating revenue zoomed 41.5% in FY26 to ₹1,720.6 Cr from ₹1,215.5 in the previous fiscal year.
The gym operator incurred ₹2,027.6 Cr in expenses during the year, up 15.8% from ₹1,751.6 Cr a year ago. Cult.fit’s employee benefit costs dropped 12.2% in FY26 to ₹347.4 Cr from ₹305.2 Cr in FY25.
Read More: Cult.fit Files Draft Papers For ₹4,000 Cr IPO
Cashfree Payments Trims Loss 23% YoY To ₹119 Cr
Fintech startup Cashfree Payments managed to trim its net losses by 23% to ₹118.5 Cr in FY26 compared to ₹154.1 Cr in the year ago period. Its operating revenue zoomed 50% to ₹967 Cr during the year from ₹640.1 Cr in FY25.
In line with the top line growth, the fintech soonicorn’s total expenses zoomed 37% to ₹1,090.9 Cr in FY26 from ₹794.7 Cr in the year ago fiscal.
Read More: Cashfree FY26: Revenue Inches Closer To ₹1,000 Cr Mark
Cleartrip’s Loss Widens 28% To ₹805 Cr
The online travel aggregator, housed under the Flipkart Group, reported a 28.1% rise in its net loss to ₹805 Cr in FY26 from ₹628.4 Cr in FY25. Its operating revenue grew 20.8% to ₹198.3 Cr during the year from ₹164.1 Cr in the previous fiscal.
Cleatrip’s total expenses increased 21.9% to ₹1,045.9 Cr in FY26 from ₹858.2 Cr in FY25, translating in

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