Spinny set to top ₹6,000 crore FY26 revenue, overtaking Cars24
Spinny is projected to grow revenue by more than 28% in FY26 as its inventory-led used-car model scales. Cars24’s reported operating revenue fell 18.3% to ₹5,092 crore amid a shift toward commission-led transactions, though it posted adjusted EBITDA of ₹20 crore in Q4.
What happened
Spinny is expected to exceed ₹6,000 crore FY26 revenue, overtaking Cars24 as its inventory-led used-car model scales. Cars24 reported lower accounting revenue
Key facts
- India used-car market: ₹4 lakh crore
- Used-car market growth: 8-10% in FY26
- Combined Cars24, Spinny and Droom revenue: over ₹11,250 crore in FY26 versus roughly ₹11,059 crore in FY25
- Spinny FY26 revenue: set to exceed ₹6,000 crore
- Spinny FY26 revenue growth: more than 28%
- Cars24 operating revenue: ₹5,092 crore, down 18.3%
- Cars24 global GMV: over ₹8,000 crore in FY26
- Cars24 net revenue: about ₹1,400 crore in FY26 versus around ₹1,100 crore in FY25
- Cars24 current net-revenue growth: more than 40% in FY27
- Cars24 adjusted EBITDA: ₹20 crore in Q4 FY26
- Droom revenue: about ₹164 crore in FY26 versus ₹390 crore in FY22
Why this matters
The widening strategic split between Spinny’s inventory-led scale and Cars24’s commission-led, lower-revenue model could create partnership or acquisition opportunities in financing, inspections, refurbishment, and dealer supply.
What to watch
- Spinny's FY26 audited revenue, gross margin, EBITDA, net loss and operating cash-flow trajectory.
- Inventory days, vehicle turn rate, markdowns and write-downs at Spinny.
- Evidence that Spinny's growth is driven by higher unit sales versus higher average selling prices.
- Cars24's transaction volumes and gross merchandise value after its shift to commission-led transactions.
- Cars24's ability to sustain positive adjusted EBITDA while revenue recognition changes.
- Funding rounds, debt facilities or securitization activity indicating rising working-capital needs.
- Used-car price trends, consumer auto-loan rates and delinquency levels.
- Expansion pace of Spinny retail locations, inspection centers and refurbishment capacity.
- Spinny is likely to expand inventory sourcing, retail hubs and refurbishment capacity in major metros and high-growth tier-2 markets.
- Spinny may raise or refinance growth capital to support working capital, vehicle inventory and customer acquisition ahead of FY26.
- Cars24 is likely to emphasize adjusted EBITDA, commission-led transactions, ancillary services and lower capital intensity rather than compete solely on reported revenue.
- Both companies may increase partnerships with banks, NBFCs, insurers and warranty providers to improve conversion and capture financing and protection-service margins.
- Competitive pressure may intensify on pricing, vehicle-quality guarantees, return policies and trade-in offers, compressing per-car gross margins across organized used-car retail.