Myntra spent 44% of FY26 revenue on advertising
Myntra spent Rs 2,326.5 crore on advertising in FY26 against Rs 5,242.5 crore of operating revenue, its largest single cost line. Entrackr does not break down what sits inside that line.
- Advertising of Rs 2,326.5 crore equals 44.4 per cent of Myntra's Rs 5,242.5 crore operating revenue, on our own arithmetic over the reported figures.
- Entrackr labels the line advertising and gives no breakdown, so whether any discount or coupon cost sits inside it is undisclosed.
- The Rs 5,242.5 crore is commission and service income, not merchandise value. No GMV figure appears anywhere in the report.
- Myntra earned Rs 1,236.4 crore selling ads to brands, a little over half what it spent advertising itself.
Entrackr reported on 20 October that Myntra’s FY26 filings with the Registrar of Companies show Rs 2,326.5 crore of advertising expense against Rs 5,242.5 crore of operating revenue. That works out to 44.4 per cent of operating revenue, and it makes advertising the company’s largest cost line.
Two things have to be said before that ratio travels. First, Entrackr calls the line advertising and gives no breakdown of it. The report does not say whether discounts, coupons or cashback sit inside the figure, and it does not mention customer incentives as an expense anywhere. Indian marketplaces often book media and promotion together, so treat Rs 2,326.5 crore as a labelled line rather than a verified media number. No legal entity name is given either.
Second, Rs 5,242.5 crore is commission and service income, not the value of clothes sold. The report splits it into marketplace revenue of Rs 2,657.3 crore, logistics of Rs 1,119.2 crore, advertising of Rs 1,236.4 crore and other operating services of Rs 229.6 crore. No GMV figure appears anywhere in the report. Myntra is not spending 44 per cent of merchandise value on ads.
The number an operator should sit with is the pair. Myntra earned Rs 1,236.4 crore selling ads to brands, up 35.2 per cent, while spending Rs 2,326.5 crore advertising itself. The Myntra ads business that sellers fund covers a little over half of what the platform spends acquiring the shopper those sellers then pay to reach.
Advertising is the biggest line but not the one that moved. It rose 10.5 per cent. Logistics revenue fell by Rs 1,271.3 crore while logistics charges fell by only Rs 332.6 crore. Myntra swung from a Rs 548.5 crore profit to a Rs 579.4 crore loss on revenue down 13.5 per cent. Nothing here changes commission or ad rates, but it tells you which way the pressure runs the next time Myntra catalog standards or fashion marketplace returns come up in a terms conversation.
Zane’s analysis draws on original reporting by Entrackr. Read the original report.