upGrad, one of Asia’s largest integrated skilling and lifelong learning majors, reported a decisive step-up in profitability for FY26. Ind-AS EBITDA rose more than eight-fold to INR 123 crore, from INR 15 crore on the same basis in FY25. Net loss narrowed 52% to INR 130 crore – the third consecutive year in which losses have more than halved year on year, down from a peak of INR 1,142 crore in FY23
The company reported Gross Revenue of INR 2,070 crore (inclusive of taxes), up 7% year-on-year and the post Ind-AS accounting closed at a total income of INR 1,732 crore. upGrad also carries INR 530 crore of collected and yet-to-be-recognised revenue to be recognised in future years. In terms of business scale, the company now has, at any given time – more than 100,000 concurrent learners across its online skilling & degree, study abroad & offline skilling programs and on the B2B business front more than 700 enterprises chose upGrad Enterprise for their employee skilling, recruitment and workforce development needs in FY26. Underpinning that scale is a wide range of offerings – from university-led undergraduate and postgraduate degrees, MBAs and doctorates to bootcamps, diplomas and professional certificates, delivered both online and offline, spanning disciplines from Technology, Data and AI to Management, Finance and Law.
AI now runs through both what upGrad teaches and how it operates. In the curriculum, AI is embedded across more than 80% of upGrad’s programs and spans every price point, with strong demand across the range. On the operating side, upGrad’s own adoption of AI is making the business structurally more efficient. Both marketing and technology costs came down year-on-year, even as revenue grew.
“FY26 has been a strong year on profitability, built on disciplined execution and right cost management. It’s a result of the strong execution over the last three years, and reflects the profitability discipline that has got us here – one we will carry forward as we scale”, said Mukesh Mundra, Chief Financial Officer, upGrad.
Adding to that, Ronnie Screwvala, Co-founder & Chairperson, upGrad, said, “FY26 has brought us to a strong basecamp – in financial position and in business scale. Over the next few years, our focus is growth – both organic and through acquisitions, including Internshala and Unacademy, which we are now closing. With these, we complete upGrad’s integrated story: serving learners across their entire lifecycle. From this base we intend to compound across India and global markets.”