Ekart cuts FY26 loss 98% to Rs 26 Cr as revenue falls
Instakart Services, the Flipkart entity behind Ekart, cut its FY26 net loss to Rs 26 Cr from Rs 1,508 Cr while revenue fell 4.2 per cent. Freight accounts for 93 per cent of the cost reduction that did it.
- Loss fell to Rs 26 Cr from Rs 1,508 Cr, a 98.3 per cent cut. Revenue fell 4.2 per cent to Rs 13,194 Cr, so the gain is entirely on the cost side.
- Freight, handling and servicing fell Rs 1,902 Cr to Rs 9,191 Cr, which is 93 per cent of the Rs 2,035 Cr total expense reduction. Employee benefits fell Rs 317 Cr.
- Inc42 reports no exceptional item, no restructuring and no revenue recognition change, and does not say whether the figures are standalone or consolidated.
- The revenue mix was recut: logistics fell 39.5 per cent while warehousing rose 44 per cent, leaving roughly Rs 4,053 Cr in lines the report does not name.
Instakart Services, the Flipkart entity behind Ekart, cut its FY26 net loss to Rs 26 crore from Rs 1,508 crore, a 98.3 per cent reduction, while revenue from contracts with customers fell 4.2 per cent to Rs 13,194 crore from Rs 13,779 crore.
The arithmetic holds. Total income of Rs 13,612 crore, being Rs 13,194 crore of revenue plus Rs 418 crore of finance and other income, less total expenses of Rs 13,638 crore, gives the Rs 26 crore loss exactly. Revenue fell Rs 585 crore and other income rose about Rs 33 crore, while expenses fell Rs 2,035 crore, or 13 per cent. Those three movements bridge the Rs 1,482 crore improvement to within a crore of rounding.
So the answer to how a loss falls 98 per cent on a falling top line is freight. Freight, handling and servicing fell Rs 1,902 crore to Rs 9,191 crore, down 17.1 per cent and still 67.4 per cent of total expenses. That single line is 93 per cent of the entire expense reduction. Employee benefits fell Rs 317 crore to Rs 958 crore, down 24.9 per cent. Depreciation rose Rs 69 crore to Rs 1,456 crore. Inc42 reports no exceptional item, no restructuring charge and no change in revenue recognition, and it does not state a cause, so what the figures support is cost per shipment rather than an accounting one off.
Two absences matter. Inc42 does not say whether these are standalone or consolidated figures. And the revenue mix was recut: logistics, transportation and shipping fell 39.5 per cent to Rs 6,419 crore while warehousing rose 44 per cent to Rs 2,212 crore and collection services fell 68 per cent to Rs 510 crore. Reconstructed from those percentages, the three lines account for almost all of FY25 revenue but only about 69 per cent of FY26, leaving roughly Rs 4,053 crore in lines the report never names. Flipkart itself contributed Rs 9,112 crore, about 69 per cent of operating revenue.
For a seller this sits directly under Flipkart’s shipping fees. Nothing here announces a fee change, but Ekart taking 17 per cent out of freight cost per order resets the base your rate card is priced off, the same base the Flipkart Shadowfax stake sale and the top logistics companies in India are all working.
Zane’s analysis draws on original reporting by Inc42. Read the original report.