PhonePe posts ₹7,920 crore FY26 revenue; non-cash charges widen reported loss to ₹2,792 crore

PhonePe said its FY26 operating revenue reached ₹7,920 crore. The reported ₹2,792 crore loss included major ESOP and goodwill charges; excluding these, the adjusted loss was about ₹364 crore. The company has shut Pincode and temporarily paused its proposed ₹12,000 crore IPO.

— Source publishedSun, 26 Jul, 2026, 16:01 IST·First seen Sun, 26 Jul, 2026, 16:01 IST·Source Entrackr · Newsletter

What happened

PhonePe reported FY26 operating revenue of Rs 7,920 crore and a Rs 2,792 crore net loss, largely driven by non-cash ESOP and goodwill charges. Its adjusted loss

Key facts

  • FY26 operating revenue: Rs 7,920 crore
  • FY26 total income: Rs 8,388 crore
  • Reported net loss: Rs 2,792 crore
  • Adjusted loss excluding non-cash ESOP and goodwill charges: about Rs 364 crore
  • ESOP expense: Rs 2,390 crore; non-cash portion: Rs 2,197 crore
  • Exceptional goodwill impairment: Rs 231 crore
  • Pincode discontinued-operations loss: Rs 364 crore
  • June UPI volume: 10.48 billion transactions
  • UPI volume share: 46.15%; value share: 49.07%
  • June UPI payment value: Rs 14.19 lakh crore
  • Proposed IPO size: about Rs 12,000 crore ($1.5 billion)

Why this matters

PhonePe’s retreat from Pincode may create partnership or acquisition openings in commerce enablement, while its core payments platform remains a high-scale strategic asset.

What to watch

  • Quarterly adjusted EBITDA or contribution-margin improvement and any guidance toward operating break-even.
  • Growth rate and mix of revenue from merchant services, financial services, lending, insurance and wealth products versus payments.
  • Cash burn, ESOP expense, goodwill-related charges and any further exceptional items.
  • Formal IPO resumption, appointment of bankers, draft filing activity or revised valuation expectations.
  • Evidence that Pincode closure produces measurable cost savings without merchant or user-engagement deterioration.
  • UPI market-share movement, merchant-device expansion and regulatory changes affecting payment monetization or market-share caps.
  • Reallocate capital and management attention from Pincode toward payments, merchant acquiring, insurance, lending distribution and wealth products.
  • Provide clearer disclosures separating operating losses, ESOP charges, goodwill impairment or amortization, and cash-flow impact.
  • Prioritize high-margin merchant and financial-services revenue over low-yield payment-volume growth.
  • Defer IPO preparation until reported-loss optics, governance disclosures and profitability trajectory improve.
  • Potentially seek additional strategic capital or internal shareholder support if growth investments remain elevated before a listing window reopens.

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