upGrad, one of the largest integrators in the field of learning and continuous education in Asia, reported a significant improvement in profitability for the fiscal year 2026. The EBITDA metric under Ind-AS standards increased by more than eightfold, reaching 123 crore rupees, compared to 15 crore rupees on a similar basis in the fiscal year 2025.
Net loss decreased by 52%, amounting to 130 crore rupees. This marks the third consecutive year of losses decreasing by more than half compared to the previous year, down from a peak of 1,142 crore rupees in the fiscal year 2023.
The company reported a gross revenue of 2,070 crore rupees (including taxes), which is 7% higher compared to last year. Meanwhile, total revenue under Ind-AS accounting amounted to 1,732 crore rupees. Furthermore, upGrad has 530 crore rupees in collected but unearned revenue, which will be accounted for in future years.
Mukesh Mundra, CFO of upGrad, noted that 'FY2026 was a strong year for profitability, made possible by disciplined execution and prudent cost management. This is the result of successful work over the past three years and reflects the profitability discipline we will maintain as the company scales.'
In terms of business scale, the company serves over 100,000 active learners at any given time through its online degree and certification programs, international education, and offline training. In the B2B segment, over 700 enterprises chose upGrad Enterprise in FY2026 for their workforce development, hiring, and training needs.
The company's scale is supported by a wide range of offerings: from bachelor's and master's degrees, MBAs, and doctoral degrees provided by universities, to bootcamps, diplomas, and professional certifications. These programs are available both online and offline, covering disciplines such as technology, data, and artificial intelligence, as well as management, finance, and law.
Artificial intelligence is integrated into both upGrad's curriculum and its operational activities. AI is embedded in over 80% of upGrad's programs and is accessible across all price points, demonstrating high demand. Operationally, the company's in-house AI implementation makes the business structurally more efficient. Moreover, marketing and technology expenses decreased year-on-year despite revenue growth.
Roni Skruwala, co-founder and chairman of upGrad, stated that 'FY2026 allowed us to build a solid foundation—both financially and in terms of business scale.' He added that in the coming years, the focus will be on growth, both organic and through acquisitions, including Internshala and Unacademy, which are in the final stages of deal completion.
According to Skruwala, 'this allows us to complete the comprehensive story of upGrad: serving learners throughout their entire lifecycle. From this base, we intend to expand into the Indian market and globally.'