Synopsis

In FY26, upGrad witnessed remarkable profitability growth, with EBITDA skyrocketing eight times compared to previous years. The firm significantly reduced net losses for a third year, reflecting strong financial management. There was a seven percent rise in gross revenue, culminating in total income of Rs 1,732 crore. Currently, upGrad caters to over 100,000 concurrent learners and partners with 700 enterprises, aiming for acquisitions and expansion into global markets.

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​ (L-R)- Phalgun Kompalli, Ronnie Screwvala and Mayank Kumar​

upGrad, one of Asia's largest integrated skilling and lifelong learning majors, has reported a decisive step-up in profitability for FY26. Ind-AS EBITDA rose more than eight-fold to Rs. 123 crore, from Rs. 15 crore on the same basis in FY25*. Net loss narrowed by 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 a gross revenue of Rs. 2,070 crore (inclusive of taxes), up 7% year-on-year and the post Ind-AS accounting closed at a total income of Rs 1,732 crore. upGrad also carries Rs. 530 crore of collected revenue yet to be recognised in future years*. In terms of business scale, the company now has, more than 100,000 concurrent learners, at any given time across its online skilling and degree, study abroad, and offline skilling programmes. On the B2B 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.

ET Spotlight

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 programmes 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 for profitability, built on disciplined execution and effective cost management. It’s a result of 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 and 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."

Note (*): The information, data and statements in this article have been provided by upGrad.