Published: [October 21, 2026]
StartupFeed Quick Take
- upGrad FY26 loss: Rs 131 crore, down from Rs 274 crore a year earlier
- Revenue from operations: Rs 1,687 crore, up 7.5%
- Expenses fell Rs 83 crore; Unacademy joins the accounts from FY27
Mumbai-based upGrad cut its net loss to Rs 131 crore in FY26, less than half the Rs 274 crore it lost a year earlier.
The audited consolidated statements filed with the Registrar of Companies show revenue from operations of Rs 1,687 crore. That is 7.5% more than the Rs 1,569 crore of FY25.
Costs did the work, not sales. Total expenses fell 4.3% to Rs 1,860 crore from Rs 1,943 crore, a drop of Rs 83 crore. upGrad still spent Rs 173 crore more than it earned.
This is the third year running that the loss has more than halved. It was Rs 1,142 crore in FY23 and Rs 560 crore in FY24.
The upGrad FY26 Loss Fell Because Costs Fell
Four cost lines moved. Depreciation and amortisation dropped 31% to Rs 194 crore. Technology spending nearly halved to Rs 21 crore.
Advertising and promotion came down 4% to Rs 292 crore. Pay went the other way, rising 5% to Rs 738 crore, the single biggest line in the business.
| Cost head | FY26 | Change from FY25 |
|---|---|---|
| Employee benefits | Rs 738 Cr | Up 5% |
| Advertising and promotion | Rs 292 Cr | Down 4% |
| Depreciation and amortisation | Rs 194 Cr | Down 31% |
| Information technology | Rs 21 Cr | Nearly halved |
| Total expenses | Rs 1,860 Cr | Down 4.3% |
The consumer side carried the year. Revenue from higher education, university tie-ups and study-abroad services rose 13% to Rs 1,337 crore.
That segment made Rs 151 crore before depreciation, finance costs and taxes. A year earlier it lost Rs 13 crore. The enterprise arm, which sells training and hiring services to companies, saw revenue fall.
upGrad’s Gross Revenue and Audited Revenue Differ by Rs 383 Crore
In August, upGrad’s own results statement led with gross revenue of Rs 2,070 crore, a figure that includes taxes. The audited filing counts revenue from operations at Rs 1,687 crore.
The gap is Rs 383 crore. StartupFeed checked FY25 and found the same pattern there: Rs 1,943 crore gross against Rs 1,569 crore audited, a gap of Rs 374 crore.
Mukesh Mundra, who is upGrad’s chief financial officer, put it this way when the company announced the year in August.
“FY26 has been a strong year on profitability”
Mukesh Mundra, chief financial officer, upGrad. From the company’s FY26 results statement, August 18, 2026.
FY26 is the last clean year. upGrad closed its purchase of Unacademy in September, so FY27 numbers will carry that business too.
What this means for you: If you work at upGrad or Unacademy and hold ESOPs, FY26 is the last year that shows the two businesses apart. Read the FY27 filing next year against this Rs 1,687 crore base, not against the Rs 2,070 crore gross number.
Disclaimer: This article is for information only and is not investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. Please speak to a SEBI-registered advisor before investing.
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