Cashfree Payments reported Rs 967 crore in operating revenue for FY26, up 51% from Rs 640 crore in FY25, according to consolidated financial statements filed with the Registrar of Companies.

Net losses narrowed 23% to Rs 118.5 crore from Rs 154 crore. Entrackr’s initial report cited losses of Rs 119 crore; Business Standard, Inc42 and Viestories put the figure at Rs 118.5 crore — a rounding gap, not a substantive conflict. Including roughly Rs 5 crore of other income, total income came to Rs 972 crore.

Gateway Commissions Still Carry The Business

Payment gateway commissions, 92% of operating revenue in FY25, rose 85% to Rs 889.7 crore and remained the core driver. Payout commissions added Rs 69 crore and cross-border payment commissions contributed Rs 8 crore — the company’s first meaningful revenue split beyond its core gateway.

Payment gateway processing costs, 64% of total expenses, rose 66% to Rs 698 crore, tracking the revenue surge. Employee benefits expenses slipped marginally to Rs 239 crore and advertising spend fell 10% to Rs 18 crore even as the business scaled. Total expenditure climbed 37% to Rs 1,091 crore, slower than the 51% revenue growth, which drove the margin improvement.

EBITDA came in at Rs 90.5 crore for the year, with an EBITDA margin of -9.36%. Cashfree spent Rs 1.13 to generate every rupee of operating revenue, still short of full-year breakeven despite the narrower loss.

The Rs 3,000 Crore Target Sits Against A Flat FY25

CEO and co-founder Akash Sinha told Business Standard that Cashfree turned EBITDA-positive in March 2026. That means the full-year EBITDA loss reflects a business that crossed into profitability only in the closing month, not across FY26 as a whole.

Sinha has set a target of scaling to a Rs 3,000 crore company within two to three years — roughly triple the current revenue base. That target implies compounding growth well above the 51% rate posted in FY26, a year that followed flat revenue growth in FY25.

The jump from flat to 51% growth in a single year lends Sinha’s multi-year target some credibility. It also raises the bar: sustaining anything close to FY26’s pace for three straight years is a harder ask than one strong year.

Cashfree closed FY26 with total current assets of Rs 1,891 crore. Cash and bank balances stood at just Rs 22 crore — a detail that will matter if the company funds its push toward Rs 3,000 crore from internal reserves rather than fresh capital. The company has raised $95 million to date from backers including Y Combinator, Apis Partners, SBI and Krafton.

Sources

  • Entrackr: initial FY26 financial figures, including loss estimate.
  • Business Standard: revised loss figure and CEO Akash Sinha’s comments on EBITDA-positive status and growth target.
  • Inc42: corroborating financial figures.
  • Viestories: corroborating financial figures.

Reporting compiled and contextualised by TechScoop India. Figures reconciled across the sources above.

Originally reported by entrackr.