upGrad’s EBITDA jumps 8X to Rs 123 Cr in FY26 as gross revenue crosses Rs 2,000 Cr
Edtech major upGrad reports a 52% decline in net loss to Rs 130 Cr, marking its third consecutive year of more than halving losses, while AI adoption helped drive greater operating efficiency.
upGrad, one of Asia's largest integrated skilling and lifelong learning majors, reported a decisive step-up in profitability for FY26. Ind-AS EBITDA rose more than eightfold to Rs 123 crore, from Rs 15 crore on the same basis in FY25. Net loss narrowed 52% to Rs 130 crore, the third consecutive year in which losses have more than halved year on year, down from a peak of Rs 1,142 crore in FY23.
The company reported gross revenue of Rs 2,070 crore (inclusive of taxes), up 7% year-on-year, and the post-Ind-AS accounting closed at a total income of Rs 1,732 crore. upGrad also carries Rs 530 crore of collected and yet-to-be-recognized revenue to be recognized in future years.
"FY26 has been a strong year for profitability, built on disciplined execution and right cost management. It’s a result of the strong execution over the last three years, and reflects the profitability discipline that has got us here — one we will carry forward as we scale”, said Mukesh Mundra, Chief Financial Officer, upGrad.
In terms of business scale, the company now has, at any given time, more than 100,000 concurrent learners across its online skilling & degree, study abroad & offline skilling programs. On the B2B business front, more than 700 enterprises chose upGrad Enterprise for their employee skilling, recruitment, and workforce development needs in FY26.
Underpinning that scale is a wide range of offerings, from university-led undergraduate and postgraduate degrees, MBAs and doctorates to bootcamps, diplomas and professional certificates, delivered both online and offline, spanning disciplines from technology, data, and AI to management, finance, and law.
AI now runs through both what upGrad teaches and how it operates. In the curriculum, AI is embedded across more than 80% of upGrad's programs and spans every price point, with strong demand across the range. On the operating side, upGrad's own adoption of AI is making the business structurally more efficient. Both marketing and technology costs came down year-on-year, even as revenue grew.
Ronnie Screwvala, Co-founder and Chairperson, upGrad, said, "FY26 has brought us to a strong basecamp — in financial position and in business scale.” He added that over the next few years, the focus will be on growth, both organic and through acquisitions, including Internshala and Unacademy, now closing.
“With these, we complete upGrad's integrated story: serving learners across their entire lifecycle. From this base, we intend to compound across India and global markets,” Screwvala said.