upGrad achieved a significant milestone by crossing ₹2,070 crore gross revenue in FY26, representing a 7% year-on-year growth and marking the company's entry into the ₹2,000 crore club. According to company reports, the company's Ind-AS EBITDA rose more than eight-fold to ₹123 crore from ₹15 crore in FY25, demonstrating substantial improvement in profitability. The company's net loss narrowed 52% to ₹130 crore, marking the third consecutive year in which losses have more than halved year-on-year, down from a peak of ₹1,142 crore in FY23. The company also reported total income of ₹1,732 crore post Ind-AS accounting, with ₹530 crore of collected and yet to be recognized revenue to be recognized in future years.
The company has established a substantial operational footprint with more than 100,000 concurrent learners across its online skilling and degree programs, study abroad services, and offline skilling initiatives. As reported by upGrad, the company serves more than 700 enterprises through its B2B business, with upGrad Enterprise addressing employee skilling, recruitment, and workforce development needs. The platform offers a comprehensive range of programs including university-led undergraduate and postgraduate degrees, MBAs, doctorates, bootcamps, diplomas, and professional certificates, delivered both online and offline across disciplines from Technology, Data and AI to Management, Finance and Law.
AI has become a core component of upGrad's operations, with AI embedded across more than 80% of programs and spanning every price point with strong demand across the range. According to company reports, upGrad's own AI adoption is making the business structurally more efficient, with both marketing and technology costs declining year-on-year even as revenue grew. The company carries ₹530 crore of collected and yet to be recognized revenue to be recognized in future years, indicating strong future revenue potential.
Mukesh Mundra, Chief Financial Officer, attributed the strong profitability performance to disciplined execution and right cost management, describing it as a result of strong execution over the last three years. Ronnie Screwvala, Co-founder & Chairperson, emphasized that FY26 brings the company to a strong basecamp in both financial position and business scale. As reported by upGrad, the company's focus over the next few years will be on growth, both organic and through acquisitions, including Internshala and Unacademy, which they are now closing, to complete upGrad's integrated story serving learners across their entire lifecycle.
