MUMBAI — Skilling and lifelong learning company upGrad has reported its financial results for the fiscal year 2026, highlighting significant improvements in profitability and a cross-over of the ₹2,000 crore gross revenue milestone.
For the fiscal year, the company posted gross revenue of INR 2,070 crore, which is inclusive of taxes and represents a 7% increase year-on-year. Post Ind-AS accounting closed at a total income of INR 1,732 crore. Additionally, the company carries INR 530 crore of collected yet unrecognized revenue slated for future recognition.
upGrad recorded a sharp step-up in profitability, with Ind-AS EBITDA rising more than eight-fold to INR 123 crore, compared to INR 15 crore on the same basis in FY25. Net losses narrowed by 52% to INR 130 crore. This marks the third consecutive year that the company's losses have halved year-on-year, down from a peak of INR 1,142 crore in FY23.
Reflecting on the financial performance, Mukesh Mundra, Chief Financial Officer at upGrad, stated that the results were built on disciplined execution and cost management, noting that the profitability discipline will be carried forward as the company scales.
Operationally, upGrad maintained a scale of more than 100,000 concurrent learners at any given time across its online skilling, degree, study abroad, and offline programs. On the B2B side, over 700 enterprises utilized upGrad Enterprise for employee skilling and workforce development needs during FY26. The company's curriculum spans university-led undergraduate and postgraduate degrees, MBAs, doctorates, bootcamps, diplomas, and professional certificates across various disciplines.
The company noted that AI is embedded across more than 80% of its programs. On the operational front, internal AI adoption contributed to lower marketing and technology costs year-on-year despite revenue growth.
Looking ahead, Ronnie Screwvala, Co-founder and Chairperson of upGrad, outlined plans centered on organic and inorganic growth. He stated that the company is currently closing acquisitions including Internshala and Unacademy to complete its integrated lifecycle offering for learners, with intentions to compound growth across India and global markets.
"upGrad's financial performance in FY26 demonstrates a clear strategic shift across the Indian edtech sector toward sustainable unit economics and operational discipline. By narrowing its net losses for three consecutive years while growing gross revenue past the ₹2,000 crore mark, the company illustrates that scale and profitability can go hand in hand when backed by controlled marketing and technology costs. Integrating artificial intelligence into both curriculum delivery and internal operations has evidently optimized their cost structure. As they pursue further expansion through organic growth and upcoming acquisitions, maintaining this financial rigor will be crucial for long-term value creation." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
