Easebuzz revenue hits Rs 716 Cr, profit falls 42%
The payment aggregator grew revenue 9.1% in FY26 but expenses rose faster, cutting profit to Rs 11 crore and EBITDA margin to under 2%.
- Easebuzz FY26 operating revenue was Rs 716 crore, up 9.1% from Rs 656 crore in FY25; total income was Rs 723 crore.
- Profit fell 42.1% to Rs 11 crore from Rs 19 crore, and EBITDA margin narrowed to 1.96% from 4.27%.
- Payment processing charges of Rs 557 crore made up 78.67% of total expenses of Rs 708 crore, which rose 11.7%.
- Employee benefit expenses rose 82.7% to Rs 95 crore and return on capital employed fell to 3.52% from 18.25%.
Payment aggregator Easebuzz reported operating revenue of Rs 716 crore in FY26, up 9.1% from Rs 656 crore in FY25. Profit fell 42.1% to Rs 11 crore from Rs 19 crore. Total income, including Rs 7 crore of other income, was Rs 723 crore. The company attributed the slowdown to the ban on real money gaming apps, which cut payment volumes.
Transaction fees supplied Rs 697 crore, or 97.35% of operating revenue. Information technology and support fees added Rs 14 crore and SaaS fees Rs 5 crore. Total expenses rose 11.7% to Rs 708 crore, outpacing revenue growth. Payment processing charges of Rs 557 crore made up 78.67% of that. Employee benefit expenses jumped 82.7% to Rs 95 crore, IT costs rose 68.8% to Rs 27 crore, and advertising and promotional spend rose 350% to Rs 9 crore.
The margin picture is the story. EBITDA halved to Rs 14 crore from Rs 28 crore, and EBITDA margin fell to 1.96% from 4.27%. Return on capital employed dropped to 3.52% from 18.25%. Easebuzz now spends Rs 0.99 to earn a rupee of operating revenue, against Rs 0.97 a year earlier. The company has raised $34 million to date, with 8i Ventures holding 10.88%, Varanium Capital 8.48% and Bessemer Venture Partners 8.47%.
For a D2C brand the useful read is on your own gateway negotiation. A payment aggregator running a 1.96% EBITDA margin, with 78.67% of its cost base going straight through to banks and networks, has almost no room left to cut your rate. Chasing two more basis points on MDR is the wrong ask. Push instead on settlement cycle, on payment success rate and on the cost of refunds, all of which move working capital and topline by more than a fee tweak.
The gaming ban detail is the sharper warning. Easebuzz lost growth because a large slice of its volume sat in a category the state could switch off. Your gateway’s concentration is now your operational risk, since a processor losing a chunk of its throughput reprices support, roadmap and appetite for custom work. Ask what share of total payment volume comes from its single largest merchant category before you sign a two year contract.
Zane’s analysis draws on original reporting by Entrackr. Read the original report.