Amazon Pay India’s FY26 loss widens 33% to ₹1,148.5 crore despite revenue growth

Amazon Pay India’s operating revenue rose 18.5% to ₹2,484.4 crore in FY26, but higher payment-processing and promotional costs pushed its net loss to ₹1,148.5 crore. Its August UPI market share stood at 0.39%.

— Source publishedThu, 24 Sept, 2026, 16:22 IST·First seen Thu, 24 Sept, 2026, 16:23 IST·Source Entrackr

What happened

Amazon Pay India reported FY26 revenue growth of 18.5% to Rs 2,484.4 crore, but net losses widened 33% to Rs 1,148.5 crore as processing and marketing costs

Key facts

  • FY26 operating revenue: Rs 2,484.4 crore, up 18.5% YoY
  • FY26 total expenditure: Rs 3,741.1 crore, up 22% YoY
  • FY26 net loss: Rs 1,148.5 crore, up 33% YoY
  • FY26 EBITDA loss: Rs 1,227.4 crore; EBITDA margin: -49.4%
  • August 2026 UPI transactions: 95.93 million; market share: 0.39%

What changed

Amazon Pay India reported FY26 revenue growth of 18.5% to Rs 2,484.4 crore, but net losses widened 33% to Rs 1,148.5 crore as processing and marketing costs outpaced income. Its UPI share fell to 0.39% amid intensifying competition.

Why this matters

The 33% widening in FY26 losses to ₹1,148.5 crore despite revenue growth signals that Amazon Pay India remains in an investment-heavy, low-scale phase with profitability still distant.

What to watch

  • Monthly UPI market-share movement from the 0.39% August level.
  • Cashback, reward, and merchant-incentive campaign intensity during festive-season sales.
  • Growth in payment-processing costs relative to operating revenue.
  • Evidence that Amazon Pay use lifts Amazon.in checkout conversion, repeat purchase rates, or Prime retention.
  • New partnerships or launches in credit, merchant payments, bill pay, insurance, or offline acceptance.

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