PhonePe's revenue in FY26 rises 11% to ₹7,920cr
What's the story
PhonePe, India's largest digital payments platform, reported an 11% rise in consolidated revenue for FY26, reaching ₹7,920 crore from ₹7,115 crore in FY25. The slower growth came after halted rent payments during the fiscal year and the government's ban on Real Money Games (RMG). Additionally, PhonePe faced financial strain due to the absence of UPI subsidies last year.
Financial performance
Consolidated net loss for FY26 rises by 62%
PhonePe's consolidated net loss for FY26 increased by 62%, reaching ₹2,792 crore compared to ₹1,727 crore in FY25.
The company cited the discontinuation of RMG and halted rent payments as key factors.
PhonePe had earlier informed investors that stopping RMG payments would result in an annual revenue loss of ₹150 crore.
Revenue breakdown
PhonePe's 2nd-half revenue surpasses 1st-half earnings
PhonePe's second-half revenue for FY26 reached ₹3,746 crore, surpassing its first-half earnings of ₹3,162 crore.
The company's adjusted operating revenue for the first half excluded ₹756 crore from discontinued streams like real money gaming, rent services, and PIDF (UPI subsidies) incentives.
On a normalized operational basis, PhonePe's net loss stood at ₹1,377 crore for the fiscal year.
Lending momentum
Lending operations boost performance in FY26
PhonePe's lending operations significantly boosted its performance in FY26 and are expected to have hit a monthly credit disbursement run rate of ₹2,600 crore.
This translates to an estimated total disbursement of ₹30,000 crore for FY27.
This figure aligns with Paytm's projected disbursements for FY26.
PhonePe maintains a strong position in the UPI market with over a 45% share and serves approximately 15 crore active consumers.