upGrad crosses Rs 2,000 crore FY26 gross revenue as EBITDA rises eightfold

The edtech platform reported FY26 gross revenue of Rs 2,070 crore, up 7% year on year, while Ind-AS EBITDA climbed to Rs 123 crore from Rs 15 crore. upGrad is also closing acquisitions of Unacademy and Internshala to broaden its education, skilling and test-prep portfolio.

— Source published Tue, 18 Aug, 2026, 08:00 IST · First seen Tue, 18 Aug, 2026, 08:01 IST · Source Entrackr · Newsletter

What happened

Indian edtech platform upGrad reported FY26 gross revenue of Rs 2,070 crore and an eightfold EBITDA increase to Rs 123 crore. It is closing acquisitions of

Key facts

  • FY26 gross revenue: Rs 2,070 crore, up 7% YoY
  • FY26 total income: Rs 1,732 crore
  • Unrecognised collected revenue: Rs 530 crore
  • Ind-AS EBITDA: Rs 123 crore, versus Rs 15 crore in FY25
  • Net loss: Rs 130 crore, down 52% YoY
  • FY23 loss: Rs 1,142 crore
  • More than 100,000 concurrent learners
  • upGrad Enterprise served more than 700 enterprises
  • Over 80% of programmes include AI
  • Reported Unacademy transaction value: around Rs 1,955 crore

Why this matters

The Unacademy and Internshala deals broaden upGrad’s reach across higher education, skilling and test prep, creating cross-sell potential but raising integration and overlap risks.

What to watch

  • Final acquisition terms, regulatory approvals and any disclosed purchase consideration or contingent liabilities.
  • Post-deal learner retention, paid enrollments, average revenue per learner and course-completion metrics.
  • Evidence that EBITDA improvement is driven by recurring operating efficiencies rather than one-time cost cuts or accounting effects.
  • Marketing spend as a percentage of revenue and customer-acquisition payback periods.
  • Growth in enterprise, university and international revenue relative to consumer course sales.
  • Cash burn, debt obligations, working-capital movements and timeline to net-profit breakeven.
  • Complete Unacademy and Internshala acquisitions and announce integration, leadership and brand architecture plans.
  • Bundle test-prep, internships, job placement services and professional certificates into full learner-lifecycle offerings.
  • Consolidate sales, marketing, content production, technology and support functions to protect the improved cost base.
  • Prioritize enterprise skilling and university partnerships that provide recurring revenue and lower customer-acquisition costs.
  • Use improved EBITDA profile to pursue refinancing, selective fund-raising or additional distressed edtech acquisitions.

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