Amazon Pay India FY26 loss widens 33% to ₹1,148.5 crore as costs outpace revenue

Amazon Pay India’s standalone operating revenue rose 18.5% to ₹2,484.4 crore in FY26, but total expenses increased 22.2% to ₹3,741.1 crore, widening its net loss from ₹865.7 crore a year earlier.

— Source publishedWed, 23 Sept, 2026, 20:39 IST·First seen Wed, 23 Sept, 2026, 20:55 IST·Source Business Standard · Companies

What happened

Amazon Pay India’s FY26 standalone loss widened to ₹1,148.5 crore from ₹865.7 crore, while operating revenue rose 18.5% to ₹2,484.4 crore. Expenses increased

Key facts

  • FY26 standalone net loss: ₹1,148.5 crore
  • FY25 net loss: ₹865.7 crore
  • FY26 revenue from operations: ₹2,484.4 crore
  • Revenue from operations growth: 18.5%
  • FY25 revenue from operations: ₹2,096.6 crore
  • FY26 total revenue: ₹2,592.6 crore
  • Other income: ₹108.2 crore
  • Total revenue growth: 18.11%
  • FY26 total expenses: ₹3,741.1 crore
  • Total expenses growth: 22.22%
  • FY25 total expenses: ₹3,060.8 crore
  • FY26 other costs: ₹3,486.9 crore
  • FY25 other costs: ₹2,835.3 crore
  • FY26 employee costs: ₹224.9 crore
  • FY25 employee costs: ₹213.4 crore

Why this matters

Amazon Pay India’s continued investment-led losses may create opportunities for partnerships that add transaction volume or distribution without materially increasing its cost base.

What to watch

  • Whether FY27 operating-revenue growth exceeds the 22.2% expense-growth rate reported in FY26.
  • Changes in cashback, reward and merchant-discount programs that signal a profitability pivot or renewed share battle.
  • Growth in active users, merchant acceptance and transaction frequency versus UPI-focused competitors.
  • Contribution from credit, insurance, payment gateway and merchant services relative to UPI and bill payments.
  • RBI or NPCI rule changes affecting UPI economics, wallet operations, KYC, data use, lending partnerships or market-share limits.
  • Any additional Amazon capital infusion, restructuring, leadership change or strategic-partnership announcement.
  • Tighten cashback and promotional spending toward high-frequency or higher-lifetime-value Amazon customers.
  • Expand monetizable merchant offerings, including payment gateway, reconciliation, working-capital and advertising-linked tools.
  • Use Amazon checkout integration to convert payment users into Prime, marketplace and merchant-services customers.
  • Prioritize credit, insurance and partner-led financial products over low-yield payment-volume growth.
  • Increase automation and shared Amazon infrastructure usage to moderate employee, technology and compliance cost growth.