Walmart-Backed PhonePe Reports ₹7,920 Crore Revenue Amid Multi-Sector Expansion
India's payment leader achieved an 11.47% revenue increase in FY26 while navigating significant one-time losses. The company continues to diversify its operations across insurance, lending, and wealth management.
Top-Line Growth and Financial Performance
Regulatory filings with the Registrar of Companies reveal that PhonePe generated ₹7,920 crore in consolidated revenue from operations for the 2026 fiscal year. This figure represents an increase of ₹815 crore over the prior year's performance. Despite this 11.47% growth in top-line momentum, the company's total consolidated net loss expanded to ₹2,792 crore, up from ₹1,727 crore in FY25.
Several specific financial factors influenced the bottom line during this period. The FY26 loss accounts for non-recurring items such as a non-cash goodwill impairment and an accelerated ESOP charge. Additionally, the figures include losses from discontinued operations and a gain from selling a partial stake in an associate. On a strictly normalized operational level, the net loss was contained at ₹1,377 crore.
Missing UPI Incentives and Institutional Support
A notable absence in the current financial statement is the UPI Digital Incentive (DI) funds. Because the government has not yet distributed these payments for FY26, PhonePe has deferred recognizing this revenue. The company anticipates these funds will instead be accounted for in the FY27 fiscal cycle. Ownership remains stable, with Walmart maintaining its majority control at 73.33% through WM Digital Commerce Holdings Pte Ltd.
Expanding the Fintech Ecosystem
Since its inception in late 2015, PhonePe has transitioned from a pure-play payments provider into a diversified financial hub. The firm now holds regulatory approvals that allow for a wide range of market activities, including:
- Payment aggregation and merchant processing
- Insurance brokerage services
- Wealth management and investment products
- Direct lending operations
The company's scale now includes 700 million lifetime registered users. Furthermore, its network has grown to include 50 million registered merchants, with significant penetration into Tier 2, 3, and 4 cities across India.
Source: The Hindu — Home
