Key Takeaways
- Agritech startup DeHaat reported revenue of ₹2,715 crore for FY26.
- The reported figure is below its FY25 operating revenue of approximately ₹3,010 crore, indicating a decline of around 9.8% if both figures use the same revenue basis.
- DeHaat’s business includes agricultural inputs, produce procurement, farmer advisory, exports and market-linkage services.
- In FY25, agricultural output sales contributed the majority of its operating revenue.
- DeHaat previously reported a ₹369 crore net profit in FY25, but this included a substantial non-cash gain from fair-value adjustments.
- The FY26 revenue figure alone does not establish whether the company achieved full-year profitability.
DeHaat Reports ₹2,715 Crore Revenue in FY26
Indian agritech startup DeHaat has reported revenue of ₹2,715 crore for the financial year ended March 2026, highlighting the scale of its operations across India’s agricultural supply chain.
The company connects farmers with agricultural input suppliers, buyers, exporters and other businesses. Its services include the sale of seeds, fertilisers and crop-protection products, agricultural advisory, produce procurement and market access.
The FY26 revenue figure is an important indicator of the company’s business scale. However, it should also be considered alongside its previous financial performance and the economics of its agricultural trading operations.
DeHaat reported operating revenue of approximately ₹3,010 crore in FY25. If the FY26 figure is measured on the same operating-revenue basis, it represents a decline of approximately 9.8%.
A year-on-year comparison should be treated cautiously until the underlying FY26 filing confirms the precise accounting basis and revenue classification.
How DeHaat Makes Money
Founded in 2012, DeHaat operates a technology-enabled agricultural platform that connects different participants in the farming ecosystem.
Its business model combines digital services with a physical distribution and procurement network.
The company generates revenue through several activities:
1. Agricultural input sales
DeHaat supplies farmers with seeds, fertilisers, pesticides and other agricultural products. These products are distributed through its network and help farmers access inputs needed during different stages of cultivation.
2. Agricultural output procurement
The company purchases or aggregates agricultural produce from farmers and connects it with institutional buyers, traders, processors and exporters.
This is an important part of DeHaat’s business because it generates revenue from the sale of agricultural output.
3. Farmer advisory services
DeHaat provides information on crop management, weather, soil conditions, pest control and farming practices. Some services are offered free, while specialised services such as soil testing and customised farm planning can generate additional revenue.
4. Exports and food processing
The company has been expanding its focus on agricultural exports, storage and food processing. These activities can help it participate in more stages of the agricultural value chain.
Agricultural Output Sales Dominate DeHaat’s Revenue
DeHaat’s FY25 financial disclosures provide useful insight into the company’s revenue mix.
According to figures reported by Inc42 from company filings, agricultural output products and services generated approximately ₹2,392.7 crore in FY25. Agricultural input products and services contributed around ₹606.7 crore.
| Revenue segment | FY25 revenue |
|---|---|
| Agricultural output products and services | ₹2,392.7 crore |
| Agricultural input products and services | ₹606.7 crore |
| Total operating revenue reported | Approximately ₹3,010 crore |
The two segment figures do not add up exactly to the reported operating-revenue total, reflecting differences in the reported classifications and rounding.
The figures nevertheless show that agricultural output sales accounted for the largest share of DeHaat’s business.
This business model gives the company access to a large agricultural market, but it also creates challenges. Produce procurement involves logistics, storage, quality control, working capital and exposure to fluctuations in agricultural prices.
Consequently, revenue growth does not necessarily translate into equivalent growth in operating profit.
DeHaat’s FY25 Profitability Needs a Closer Look
DeHaat’s earlier financial results illustrate why investors need to distinguish between reported net profit and operating performance.
The company reported a net profit of approximately ₹369 crore in FY25, compared with a loss of more than ₹1,100 crore in FY24.
However, the FY25 profit included a non-cash gain of approximately ₹576 crore arising from changes in the fair value of compulsorily convertible preference shares (CCPS).
Inc42 reported that excluding this accounting gain, DeHaat would have recorded a loss of approximately ₹207 crore.
The distinction is important because a non-cash fair-value gain does not represent cash generated from selling agricultural products or providing services.
| FY25 financial indicator | Reported figure |
|---|---|
| Operating revenue | Approximately ₹3,010 crore |
| Reported net profit | Approximately ₹369 crore |
| Non-cash fair-value gain | Approximately ₹576 crore |
| Loss excluding the reported gain | Approximately ₹207 crore |
The figures demonstrate why the company’s FY26 profitability is an important metric to examine alongside its revenue.
DeHaat had previously said it achieved enterprise-level profitability in the first quarter of FY26 and was targeting full-year profitability. However, the reported FY26 revenue figure by itself does not confirm that this target was achieved.
Exports and Private Labels Are Important Growth Areas
DeHaat has been trying to improve its business economics by expanding beyond traditional agricultural input distribution and produce trading.
Founder and CEO Shashank Kumar previously identified private-label products, exclusive distribution partnerships, exports, storage and food processing as important areas of focus.
Private-label products can offer companies greater control over pricing, product positioning and margins compared with simply distributing third-party products.
Exports provide another opportunity by connecting Indian agricultural produce with international buyers.
In FY25, DeHaat reported exporting goods worth approximately ₹430 crore across 32 international markets, according to earlier statements by its founder reported by Inc42.
The company had also targeted export revenue of approximately ₹800 crore in FY26, according to reporting by The Economic Times.
The FY26 export target should not be confused with a confirmed achievement. The company’s final export contribution needs to be assessed using its FY26 disclosures.
DeHaat’s Position in India’s Agritech Market
India’s agritech sector includes companies working across agricultural inputs, farm advisory, produce procurement, storage, financing, insurance and supply-chain technology.
DeHaat has built a business that combines several of these activities instead of focusing on a single digital service.
Its model attempts to address multiple problems faced by farmers, including access to quality agricultural inputs, reliable market connections and information about farming practices.
The company has also attracted investment from institutional investors, including Temasek, Prosus, Peak XV Partners, Sofina and Lightrock, according to publicly reported funding information.
However, building a large agritech platform involves significant operational challenges.
Agriculture is fragmented across regions, crops and farming practices. Businesses must also manage seasonal demand, unpredictable weather, transportation costs, price volatility and working-capital requirements.
For DeHaat, the challenge is to convert its distribution network and farmer relationships into consistent margins and cash generation.
The Bigger Picture
DeHaat’s ₹2,715 crore FY26 revenue figure highlights the scale that Indian agritech companies can achieve by combining technology with physical agricultural supply chains. The opportunity extends beyond selling farm products: companies can build businesses around procurement, exports, logistics, storage and specialised agricultural services.
But scale alone is not a measure of financial strength. DeHaat’s FY25 accounts showed how non-cash accounting gains can influence reported profitability, while its revenue mix highlighted the importance of agricultural output trading. Sustainable growth will depend on improving operating margins, controlling working-capital requirements and generating cash from core business activities.
Looking Ahead
The next important development will be DeHaat’s detailed FY26 financial disclosures, particularly operating profit, EBITDA, net profit or loss, cash flow and segment-level revenue. These figures will establish whether the company has improved its underlying financial performance alongside its reported revenue.
Its ability to expand exports, private-label products and higher-value agricultural services will also influence its longer-term business model. For DeHaat, the focus is no longer simply on building a large agritech platform; it is on demonstrating that the platform can generate consistent and sustainable profits.
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