Cashfree revenue climbs 51% to ₹967 crore in FY26; net loss narrows to ₹118.5 crore
The RBI-licensed payments aggregator reported FY26 operating revenue of ₹967.4 crore, up from ₹640.1 crore, while consolidated loss narrowed from ₹154 crore. Cashfree said it reached EBITDA profitability in March 2026 and is targeting full-year EBITDA profitability in FY27, led by SMB and cross-border payments.
What happened
Cashfree Payments narrowed FY26 net loss to ₹118.5 crore as operating revenue rose 51% to ₹967.4 crore. The RBI-licensed payment aggregator achieved EBITDA
Key facts
- FY26 consolidated net loss: ₹118.5 crore
- FY25 consolidated net loss: ₹154 crore
- FY26 revenue from operations: ₹967.4 crore
- Revenue growth: 51%
- FY25 revenue from operations: ₹640.1 crore
- FY26 total revenue: ₹972.5 crore
- FY26 total expenses: ₹1,090.9 crore
- FY26 active merchant-base growth: 50% YoY
- FY27 target: EBITDA profitable for full year
- 2-3 year target: ₹3,000 crore company
Why this matters
Cashfree’s momentum in SMB and cross-border payments makes it a more credible partner or acquisition target for firms seeking RBI-licensed payment infrastructure and merchant reach.
What to watch
- Quarterly EBITDA and contribution-margin progression after the March 2026 profitability milestone.
- Cross-border payments growth, take-rate disclosure and any indication that international transactions are becoming a larger revenue mix.
- SMB merchant additions, active merchant retention and average revenue per merchant.
- Evidence of pricing pressure from Razorpay, PhonePe, PayU, banks and newer payment infrastructure providers.
- RBI notifications affecting payment aggregators, KYC, escrow, merchant onboarding, data localization or cross-border remittances.
- Fraud, chargeback, merchant-default or compliance-loss trends that could reverse the narrowing-loss trajectory.
- Whether FY27 guidance explicitly commits to full-year EBITDA profitability and whether management maintains that target.
- Prioritize cross-border collections, payouts and FX-adjacent products where take rates and merchant switching costs are typically higher.
- Expand SMB distribution through ecommerce platforms, accounting software, banks and marketplace partnerships rather than relying solely on direct acquisition.
- Use March EBITDA profitability to selectively reduce promotional pricing and focus sales resources on merchants with higher lifetime value.
- Invest further in risk controls, merchant underwriting and compliance automation to limit fraud losses and regulatory friction as volumes scale.
- Pursue enterprise and platform accounts that can increase payment volume, but protect margins through differentiated payout, reconciliation and embedded-payment services.