OfBusiness posted a consolidated profit after tax of Rs 724 crore in FY26, up 21% from Rs 597 crore in FY25, on revenue of Rs 20,645 crore.

The profit number is where the sources agree. Entrackr and Business Standard describe revenue as roughly flat year-on-year once discontinued operations are excluded. NewsBytes and Whalesbook report a 7% decline instead, with Whalesbook putting FY25 revenue at Rs 22,241 crore against FY26’s Rs 20,645 crore. OfBusiness has not published a single restated comparison to settle the gap.

Margins, Not Volume, Drove The Profit

The commerce business — metals, chemicals, apparel and food processing — brought in Rs 19,174 crore in revenue. Its EBITDA rose to Rs 769 crore in FY26, a jump Entrackr puts at 39% from Rs 575 crore in FY25, while Business Standard puts the rise at 34%. Margin expanded from 2.6% to 4% under either calculation.

NewsBytes attributes the expansion to integrating manufacturing and cutting weaker product lines, not to higher volumes.

Operating cash flow from the commerce business rose to Rs 1,302 crore from Rs 715 crore. Free cash flow turned positive for the first time, at Rs 390 crore.

A CEO Claim The Ledger Can’t Confirm

Founder and CEO Asish Mohapatra said the group crossed a milestone during the year, per Business Standard’s account of his remarks. The company did not specify the milestone in the sources reviewed, and no other outlet corroborates the statement.

Set against the revenue dispute, the FY26 result reads as a business that got leaner rather than bigger. The commerce unit added Rs 194 crore in EBITDA on flat-to-declining revenue, and cash conversion improved sharply: operating cash flow rose 82% even as the topline shrank or stalled depending on which restatement is used.

That combination — margin expansion funding profit growth while revenue direction stays contested — is unusual enough that OfBusiness’s own numbers, not outside estimates, are the thing analysts will need reconciled first.

The FY26 free cash flow figure of Rs 390 crore is the first positive print in the company’s reported history.

Sources

  • Entrackr: FY26 profit, revenue, and commerce EBITDA figures
  • Business Standard: revenue characterization, EBITDA growth rate, CEO remarks
  • NewsBytes: revenue decline figure and margin driver attribution
  • Whalesbook: FY25 revenue comparison figure

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

Originally reported by entrackr.