OfBusiness FY26 profit rises 21% to ₹724 Cr as EBITDA margin reaches 4%

IPO-bound B2B commerce platform OfBusiness reported largely flat FY26 operating revenue of ₹20,645 Cr, while EBITDA rose 34% to ₹769 Cr. Margin expansion followed manufacturing integration and exits from lower-return categories; lending arm Oxyzo also grew assets 28%.

— Source publishedWed, 29 Jul, 2026, 15:44 IST·First seen Wed, 29 Jul, 2026, 16:27 IST·Source Inc42 · Buzz

What happened

Indian B2B ecommerce firm OfBusiness posted FY26 profit growth and margin expansion despite flat revenue, aided by manufacturing integration and lower-return

Key facts

  • FY26 consolidated profit: ₹724 Cr, up 21% YoY from ₹597 Cr
  • FY26 operating revenue: ₹20,645 Cr, largely flat YoY
  • Commerce-business revenue: ₹19,174 Cr
  • EBITDA: ₹769 Cr, up 34% YoY from ₹575 Cr
  • EBITDA margin: 4%, versus 2.6% in FY25
  • Oxyzo asset base: ₹11,822 Cr, up 28% YoY
  • Oxyzo net profit: ₹375.5 Cr, up 11% YoY
  • Oxyzo operating revenue: ₹1,488.8 Cr, up 23% YoY
  • Workforce: over 30,000 employees
  • Target IPO raise: $750 Mn-$1 Bn
  • Target IPO valuation: $6 Bn-$9 Bn

Why this matters

OfBusiness’s improved profitability and expanding Oxyzo asset base make it a more credible strategic partner or competitor across integrated procurement, manufacturing, and trade finance.

What to watch

  • Whether FY27 operating revenue returns to growth without EBITDA margin falling below 4%.
  • Gross margin and contribution-margin disclosure by manufacturing-integrated versus traded categories.
  • Oxyzo loan-book growth, GNPA/credit-cost trends, capital adequacy and funding costs.
  • Cash conversion, inventory days and receivable days, especially as manufacturing exposure increases.
  • Evidence of category exits stabilizing and new higher-return categories gaining share.
  • IPO filing timing, use-of-proceeds mix, governance disclosures and valuation expectations.
  • Industrial commodity-price volatility and demand trends among SME and enterprise buyers.
  • Expand owned or tightly integrated manufacturing capacity in categories with repeat institutional demand and stronger gross margins.
  • Continue exiting low-return commodity and trading segments, even if this keeps top-line growth muted in the near term.
  • Use Oxyzo's larger lending book to deepen supplier and buyer retention, while tightening underwriting to prevent credit losses from offsetting operating gains.
  • Frame the IPO story around profitable scale, integrated supply chains and credit-enabled customer stickiness rather than headline revenue growth alone.
  • Invest in procurement, demand forecasting and working-capital controls to convert EBITDA gains into durable operating cash flow.

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