Flipkart Group reported an 18% rise in revenue from operations to ₹1.46 lakh crore in the financial year ended March 2026, while its net loss narrowed only slightly. The results show that the Walmart-backed e-commerce company is expanding its business and improving operating performance, but it still has a considerable distance to cover before achieving profitability.
The company’s consolidated revenue from operations reached ₹1,45,880 crore in FY26, up from the previous financial year. Its net loss declined to ₹8,468 crore from ₹8,646 crore in FY25, an improvement of around ₹178 crore. The financial statements were filed with the Registrar of Companies under Flipkart Internet Private Limited.
The results cover the wider Flipkart Group rather than only its main shopping platform. The group includes e-commerce marketplace Flipkart, fashion platform Myntra, travel booking service Cleartrip, quick-commerce business Flipkart Minutes and other operations, including logistics and platform services.
The figures are particularly significant as Flipkart continues to strengthen its position in India’s competitive online shopping market. The company serves customers across a wide range of product categories and works with a large network of sellers. Its growth also reflects the scale of the business it must manage, from product purchases and warehousing to delivery networks and technology infrastructure.
Operating losses show bigger improvement
Although the reduction in net loss was modest, the company reported a more substantial improvement in its operating performance. Adjusted operating losses narrowed by approximately ₹1,600 crore year-on-year, a reduction of around 17%.
Adjusted earnings before interest, taxes, depreciation and amortisation, or EBITDA, improved by about ₹1,500 crore during the year. The adjusted operating margin also improved to minus 5.4% from minus 7.7% in FY25, an improvement of 230 basis points.
These measures help explain how a company is performing before accounting for certain costs and exceptional items. A narrower operating loss suggests that Flipkart is generating better returns from its business activities, even though it has not yet moved into overall profit.
Gross margins increased by 23% year-on-year, while lower overheads also supported the improvement. Better margins can help an e-commerce company retain more money from sales after accounting for the cost of goods and related expenses.
However, the progress at the operating level did not translate into a similar reduction in the final net loss. Higher finance costs, changes involving deferred tax assets recognised in earlier periods and certain exceptional items limited the improvement.
Expenses continue to weigh on the business
Flipkart’s total income rose to ₹1,46,700 crore in FY26 from ₹1,24,317 crore in the previous year. Total expenses increased by 16% to ₹1,54,781 crore, compared with ₹1,33,400 crore in FY25.
Purchases of stock-in-trade remained the largest expense. The cost rose 17% to ₹1,17,617 crore from ₹1,00,165 crore a year earlier. Other expenses increased 16% to ₹28,277 crore, while employee benefit expenses edged up to ₹8,376 crore from ₹8,268 crore.
Finance costs nearly doubled to ₹1,209 crore from ₹649 crore. Depreciation and amortisation expenses remained largely unchanged at ₹1,801 crore.
The figures highlight the challenge of growing an online retail business while keeping costs under control. Higher sales can bring in more revenue, but stocking products, running fulfilment centres, delivering orders and investing in new services also require substantial spending.
Advertising and quick commerce remain important
Flipkart’s advertising business was another area of growth, with revenue increasing 31% in FY26, faster than the group’s overall revenue growth of 18%.
Advertising has become an important part of e-commerce because sellers and brands pay to improve product visibility and reach shoppers on digital platforms. Growth in this segment can help diversify revenue beyond commissions and sales-related income.
The group is also investing in Flipkart Minutes, its quick-commerce service, which competes with platforms offering rapid delivery of groceries and other daily essentials. The segment requires spending on fulfilment infrastructure, inventory management and delivery operations as companies compete to serve customers who want products quickly.
These investments could help Flipkart strengthen its reach, but they also add to the pressure to improve efficiency and manage costs. The company must balance expansion with the need to make its operations financially sustainable.
India shift puts spotlight on future listing
The FY26 financial statements are the first consolidated results published under Flipkart Internet Private Limited following the group’s move of its corporate domicile from Singapore to India. The company said the figures provide a historical view of its performance for the year ended March 2026, rather than an update on current trading.
The restructuring is also relevant to Flipkart’s potential initial public offering (IPO). A public listing would allow investors to buy shares in the company, but profitability remains a key consideration as it prepares for any future market debut.
The group’s listing plans remain uncertain as its owner, Walmart, prioritises improving financial performance. Reports have indicated that the company has been asked to focus on reaching EBITDA breakeven before moving ahead with its IPO plans.
Flipkart’s latest results therefore present a mixed picture. Revenue is growing, advertising is expanding and adjusted operating losses are shrinking. Yet the net loss remains substantial, and rising expenses and finance costs continue to weigh on the bottom line.
The next challenge will be turning that improvement into sustained profitability without slowing the business. How effectively Flipkart manages this balance will matter not only for its future growth but also for its readiness to approach public-market investors.