upGrad’s EBITDA jumps 8X to Rs 123 Cr in FY26 as gross revenue crosses Rs 2,000 Cr

upGrad, a leading provider of integrated skilling and lifelong learning solutions in Asia, disclosed a remarkable surge in profitability for the fiscal year 2026 (FY26). The company's Ind-AS EBITDA climbed an astonishing eightfold, reaching Rs 123 crore from Rs 15 crore in the previous fiscal year. The net loss also witnessed a significant reduction, narrowing 52% to Rs 130 crore, marking the third consecutive year of halved losses since FY23.

The firm reported a gross revenue of Rs 2,070 crore, inclusive of taxes, marking a 7% year-on-year growth. Additionally, post-Ind-AS accounting showed a total income of Rs 1,732 crore. The company also holds Rs 530 crore of collected and yet-to-be-recognized revenue, slated for recognition in future periods.

The strong financial performance of FY26 is attributed to disciplined execution and effective cost management over the past three years. Mukesh Mundra, upGrad's Chief Financial Officer, attributed the success to the company's commitment to profitability, which will continue to guide its growth trajectory as it scales. The company now supports over 100,000 concurrent learners in its online skilling and degree programs, its study abroad and offline skilling initiatives.

In the B2B segment, over 700 enterprises have utilized upGrad's services for employee skilling, recruitment, and workforce development in FY26. The company's comprehensive offerings range from undergraduate and postgraduate degrees, MBAs, and doctorates to bootcamps, diplomas, and professional certificates, all delivered online and offline, covering disciplines from technology and data to AI, management, finance, and law.

AI is deeply integrated into both the curriculum and operations of upGrad. Over 80% of the company's programs incorporate AI, reflecting its growing demand across various price points. The company's own adoption of AI has led to operational efficiencies, with marketing and technology costs declining year-on-year, even as revenue increased.

Ronnie Screwvala, Co-founder and Chairperson, expressed that FY26 has positioned the company at a solid basecamp in terms of financial position and business scale. Looking ahead, Screwvala emphasized that the focus will be on organic growth and strategic acquisitions, including Internshala and Unacademy, which are nearing closure.

He stated that with these additions, upGrad aims to serve learners across their entire lifecycle, from India and global markets, ultimately driving compounded growth.