Juspay Revenue Rises 29% to ₹664 Crore in FY26, but Company Posts ₹90 Crore Loss

Juspay’s revenue increased approximately 29% year-on-year to ₹664 crore in the financial year ended March 31, 2026, but the Bengaluru-based payments technology company reported a net loss of ₹90 crore after posting a profit in the previous year. The company attributed the loss to investments in artificial intelligence (AI), international expansion, and payment infrastructure.

Juspay reported a net profit of ₹62 crore in FY25, when its revenue stood at ₹514 crore. Despite the return to losses, the company remained adjusted EBITDA positive at ₹33 crore in FY26, excluding employee stock ownership plan (ESOP) costs. It also reported 400 million daily transactions and annualised total payment volume exceeding $1 trillion, as it expanded its presence across international markets.

Key takeaways

• Juspay’s FY26 revenue increased to ₹664 crore from ₹514 crore in FY25, representing growth of approximately 29%.
• The company reported a net loss of ₹90 crore, compared with a net profit of ₹62 crore in the previous financial year.
• Adjusted EBITDA remained positive at ₹33 crore, excluding ESOP costs.
• Juspay said its platform processed 400 million transactions daily, with annualised total payment volume exceeding $1 trillion.
• International expansion and AI-related initiatives were among the company’s key investment priorities.
• International markets contributed less than 10% of revenue in FY26, with Juspay expecting their contribution to increase in FY27.

Juspay’s Revenue Growth Continues Despite Return to Losses

Juspay’s FY26 financial performance reflects a business expanding its revenue base while increasing spending on longer-term growth opportunities. Revenue rose by ₹150 crore from ₹514 crore in FY25 to ₹664 crore in FY26.

That translates to year-on-year growth of approximately 29.2%. Some company and media reports round the increase to 30%, so the two figures refer to the same broad performance rather than different revenue outcomes.

The company’s growth also extends beyond the latest financial year. Juspay reported revenue of ₹213 crore in FY23, meaning its revenue more than tripled over three years. The company has cited a compound annual growth rate of approximately 46% over that period.

However, revenue growth did not translate into a positive net result in FY26. Juspay’s ₹90 crore loss represents a substantial change from the ₹62 crore profit reported in FY25.

The difference highlights the importance of looking beyond revenue when evaluating a technology company. Higher sales can demonstrate growing demand for its services, but the final result also depends on operating expenses, employee-related costs, investments, and other items recognised in the financial statements.

Juspay FY26 Financial Performance: Key Numbers

Financial metric	FY25	FY26
Revenue	₹514 crore	₹664 crore
Year-on-year revenue growth	—	Approximately 29%
Net profit or loss	₹62 crore profit	₹90 crore loss
Adjusted EBITDA	Not stated in the cited FY26 announcement	₹33 crore positive, excluding ESOP costs
Daily transactions	—	400 million
Annualised total payment volume	—	More than $1 trillion

Source: Juspay’s FY26 announcement and reporting by Moneycontrol and Business Standard. Figures are rounded where appropriate.

The financial comparison shows two developments taking place simultaneously. Juspay is increasing the scale of its payments business, but it is also committing resources to new markets and technology initiatives.

The ₹90 crore net loss should not be interpreted as proof that the core payments operation itself became unprofitable. Juspay said its core India payments business continued to scale and remained profitable. However, that statement applies to the domestic business and should not be confused with the company’s consolidated net result.

Why Did Juspay Report a ₹90 Crore Loss?

Juspay identified investments in international operations, AI capabilities, and payment infrastructure as important factors behind its FY26 financial performance.

The company is pursuing growth in markets beyond India while developing products intended to serve enterprise customers in areas such as AI-powered workflows and payment intelligence. These initiatives require technology development, talent, infrastructure, and market expansion spending.

Such expenditure can weigh on short-term earnings even when a company is generating higher revenue. Whether the investments eventually create sufficient returns will depend on customer adoption, recurring revenue, pricing, and the costs of operating the new businesses.

Juspay’s leadership has described FY26 as a period of building capabilities for the company’s next phase of growth. The strategy is to strengthen its existing payments infrastructure while developing additional services that could expand the range of problems it solves for large organisations.

The company’s results do not, by themselves, establish how much of the ₹90 crore loss was caused by each investment category. The loss should therefore be understood in the context of the company’s stated spending priorities rather than attributed entirely to any single AI product or overseas market.

Adjusted EBITDA and Net Profit Measure Different Things

Juspay’s positive adjusted EBITDA of ₹33 crore is an important part of the financial picture, but it does not mean the company reported a net profit.

EBITDA stands for earnings before interest, taxes, depreciation, and amortisation. Adjusted EBITDA further excludes selected items defined by the company. Juspay’s FY26 figure excludes ESOP costs, which are expenses associated with employee stock-based compensation.

Net profit or loss, by contrast, reflects a broader set of income and expenses recognised for the period. A company can report positive adjusted EBITDA while recording a net loss after other expenses and adjustments.

The distinction matters when assessing businesses investing heavily in technology and expansion. Adjusted EBITDA can help readers examine a particular measure of operating performance, while net profit shows whether the company ended the reporting period with an overall accounting profit or loss.

Investors and analysts would need a fuller breakdown of expenses and adjustments to evaluate the precise drivers of the difference between Juspay’s positive adjusted EBITDA and its reported net loss.

AI Investments Become Part of Juspay’s Growth Strategy

Juspay is expanding beyond its traditional payments technology offering by building AI products for enterprise customers. The company’s initiatives include platforms focused on enterprise AI, voice-based workflows, AI-assisted payment operations, and shopping experiences.

One of these initiatives is Xyne, which Juspay describes as an open-source, model-agnostic enterprise AI platform. It is designed to let organisations develop AI applications and agents using their own organisational context while retaining control over their data and flexibility in their choice of AI models.

The company has also introduced Breeze Buddy, a no-code AI voice platform intended to help enterprises create conversational workflows for tasks such as customer support, feedback collection, and verification.

Another product, Breeze Universal, is designed to support agentic commerce experiences. The broader idea behind agentic commerce is that AI systems may increasingly help users discover products, compare options, and complete shopping-related tasks. For businesses, this creates potential opportunities to reach customers through AI-enabled interfaces, although adoption and commercial outcomes remain uncertain.

Juspay’s Genius product focuses on payment intelligence. It is intended to help enterprise teams analyse payment data and manage payment operations through AI-enabled tools.

These initiatives extend the company’s ambitions beyond payment processing and orchestration. They also place Juspay in a wider enterprise technology market where companies are developing AI tools to automate workflows and improve business operations.

However, launching products does not automatically establish a meaningful revenue contribution. The commercial impact of these investments will depend on how quickly customers adopt the products, whether they pay for them at scale, and whether the resulting revenue exceeds development and operating costs.

International Expansion Is Another Major Priority

Juspay expanded its international presence during FY26, with operations spanning the Asia-Pacific region, Europe, the United States, Latin America, and the Middle East.

The company provides payment technology to enterprises and banks, including infrastructure that supports digital payments and payment orchestration. Its customers and platforms include businesses such as Amazon, Flipkart, Google, HSBC, IKEA, IndiGo, Swiggy, and Zepto, according to company disclosures.

Juspay says its platform supports more than 500 enterprises and banks globally. It also reported 400 million daily transactions and annualised total payment volume above $1 trillion.

These figures indicate the scale of transactions moving through the platform, but they need to be interpreted correctly. Total payment volume is the value of payments processed, not the company’s revenue. Juspay does not earn the entire value of the transactions it handles; its revenue comes from the services and commercial arrangements it provides to customers.

International markets are an important part of the company’s future plans, but they remained a relatively small contributor to its revenue base in FY26. Moneycontrol reported that less than 10% of Juspay’s revenue came from overseas markets during the year.

The company expects the international contribution to reach double digits in FY27. That is a stated expectation, not a confirmed outcome. Progress will depend on customer acquisition, the pace of expansion, competition, and the time required to establish payment infrastructure and commercial relationships in different countries.

Why Payment Infrastructure Matters in Overseas Markets

Payment systems differ across countries in terms of regulations, banking networks, payment methods, settlement processes, and consumer behaviour. Enterprises operating across multiple markets may therefore need technology that connects different payment providers and helps manage payment performance.

Juspay’s experience with India’s digital payments ecosystem, including the technology surrounding Unified Payments Interface (UPI), is part of its pitch to international customers. The company has said its experience building consumer- and merchant-side payment technology helps it establish credentials with banks and other large organisations.

Countries and financial institutions developing real-time payment systems may require reliable infrastructure for account-to-account transfers and related services. This creates a potential market for payment technology providers, although each market has its own regulatory and technical requirements.

For Juspay, the opportunity is to turn its existing technology and experience into repeatable business across multiple countries. The challenge is that international expansion can require substantial upfront investment before new markets contribute significantly to revenue.

What Juspay’s FY26 Results Mean for the Fintech Sector

Juspay’s results illustrate a broader question facing technology businesses: how much should a company invest today to build capabilities that may generate revenue in the future?

The answer depends on the quality of the opportunity and the company’s ability to convert spending into commercial growth. Investment in AI and overseas markets can create new revenue streams, but it can also increase operating costs and delay profitability if customer adoption takes longer than expected.

For payment technology companies, scale is particularly important. They must maintain reliable systems, manage complex integrations, and meet the operational requirements of large enterprises and financial institutions. Product development and infrastructure investment can therefore be central to competing for larger customers.

At the same time, companies need to demonstrate that growth is financially sustainable. Revenue growth, transaction volumes, and customer numbers provide useful indicators of business activity, but they do not fully answer questions about margins, customer concentration, cash generation, or the returns earned on investment.

Juspay’s FY26 figures offer a mixed but informative picture: revenue continued to rise, the company maintained positive adjusted EBITDA under its stated definition, and the consolidated business reported a net loss. Its next challenge is to demonstrate that expansion and AI spending can support stronger financial results over time.

The Bigger Picture

Juspay is attempting to build on its payments technology business by entering adjacent enterprise software opportunities and expanding internationally. Its existing scale—400 million daily transactions and more than $1 trillion in annualised payment volume—provides a foundation for pursuing larger enterprise relationships. But these operating metrics are not substitutes for revenue, profit, or cash flow, and they do not guarantee that newer products will become significant businesses.

The key question is whether Juspay can turn its investment cycle into sustained commercial returns. Growth in overseas revenue, paid adoption of its AI products, and the performance of its core Indian payments business will help determine whether the company can expand while improving its consolidated financial position.

Looking Ahead

In FY27, Juspay expects international markets to contribute a double-digit share of revenue, up from less than 10% in FY26. The company’s ability to achieve that goal will depend on winning and expanding enterprise relationships in overseas markets while managing the cost of establishing operations and supporting customers across different payment ecosystems.

Its AI strategy will also be important to watch. Products such as Xyne, Breeze Buddy, Breeze Universal, and Juspay Genius represent opportunities to diversify beyond its established payments business, but their long-term significance will depend on customer adoption and revenue contribution. Future financial disclosures should help clarify whether the company’s spending is translating into stronger growth and whether it can maintain operating momentum while narrowing the gap between adjusted EBITDA and net profit.