MyntraThe Story
Myntra's revenue from operations fell 13.5 per cent to ₹5,242.5 crore in FY26 from ₹6,063.8 crore, and the Flipkart-owned platform swung to a net loss of ₹579.4 crore from a profit of ₹548.5 crore, according to filings with the Registrar of Companies.
The decline was driven by logistics services, where revenue fell 53.2 per cent to ₹1,119.2 crore from ₹2,390.5 crore. Marketplace services, which cover seller fees and commissions, remained the largest line at ₹2,657.3 crore, up 3 per cent and 50.7 per cent of operating revenue. Advertising services revenue rose 35.2 per cent to ₹1,236.4 crore, contributing 23.6 per cent. Other operating services added ₹229.6 crore, and non-operating revenue of ₹73.3 crore, mainly royalty income, took total revenue to ₹5,315.8 crore.
Advertising was the largest cost at ₹2,326.5 crore, up 10.5 per cent and 41 per cent of total expenses. Logistics charges fell 16.6 per cent to ₹1,666.6 crore. Employee benefits rose 4 per cent to ₹777 crore, including ₹235.4 crore of ESOP cost. IT expenses were ₹323.8 crore, payment gateway charges ₹174.4 crore and other overheads ₹455.5 crore. Total expenses were broadly flat at ₹5,757.7 crore against ₹5,726 crore.
The loss also reflected ₹137.5 crore of deferred tax and restructuring costs tied to the group's reverse flip from Singapore to India. EBITDA loss was ₹435 crore, with margin at −7.09 per cent and return on capital employed at −23.03 per cent. The company spent ₹1.1 to earn each rupee of revenue.
Cash and bank balances stood at ₹21.5 crore, with current assets of ₹4,941 crore.
Why It Matters
The loss is being explained by the revenue fall, and the revenue fall is being explained by logistics. Both are true and neither is the interesting part.
Logistics revenue dropped ₹1,271 crore. The cost of running logistics dropped ₹333 crore. Myntra stopped collecting most of what it used to charge for delivery while continuing to pay roughly four-fifths of what delivery costs. That gap is ₹938 crore, and it is substantially the whole swing from a ₹548.5 crore profit to a ₹579.4 crore loss.
Deliveries did not stop. What changed is who books the fee. In the same financial year, Flipkart Internet amalgamated twenty-five subsidiaries including Myntra following the group's reverse flip, and reported logistics, warehousing and shipping revenue rising 2.4 times to ₹23,059 crore. Myntra's figures are far too small to explain a move of that size on their own, and the two sets of accounts are not directly comparable. But a subsidiary's delivery billing halving in the year its parent's delivery billing more than doubles is consistent with the fee being recognised a level up rather than with anything changing for the customer.
If that is what happened, the ₹579.4 crore loss is substantially an artefact of where a line sits in a restructured group, not a deterioration in the business.
Which makes the genuinely poor number easy to miss. Marketplace revenue, the commission Myntra charges sellers and the only line that is purely about whether the platform is working, grew 3 per cent. Not 3 per cent after an accounting change. Just 3 per cent.
The Strategic Read
Two numbers describe what kind of company this now is.
Advertising revenue grew 35.2 per cent to ₹1,236.4 crore while marketplace revenue, the fee the platform charges for being a platform, grew 3 per cent to ₹2,657.3 crore. The business is monetising attention far faster than it is monetising commerce. That is the Amazon playbook, and on the revenue side it is working.
The problem is the other side of the ledger. Myntra is also the largest buyer of advertising in its own story, at ₹2,326.5 crore. A company whose fastest-growing income is selling ad space, and whose largest expense is buying it, is running a business where attention is both the product and the input cost. That works when you own the attention. It does not when you have to rent it back every year at a higher price.
The ₹21.5 crore of cash is the detail that frames everything else. On ₹5,242 crore of revenue that is about a day and a half of trading. Myntra is not a company managing its own balance sheet; it is a line item inside Flipkart, swept and funded from above, which is precisely why the logistics revenue could move without anyone needing to explain it.
For anyone pricing the Flipkart group ahead of a listing, that is the thing to hold onto. The subsidiary accounts describe units, not businesses, and the units can be rearranged.
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