Orange Health FY26: Rs 138.6 Cr revenue, Rs 146 Cr real loss

Orange Health closed FY26 with revenue from operations of Rs 138.6 Cr against Rs 84 Cr a year earlier, growth of 65%. The headline rounds revenue to Rs 139 Cr. Total income was Rs 143 Cr. Total expenses rose 36% to Rs 240.3 Cr from Rs 175.9 Cr.

Loss before tax was Rs 97 Cr, up 11% year on year. EBITDA loss was Rs 92.4 Cr. The figures tie cleanly. Total income of Rs 143 Cr less total expenses of Rs 240.3 Cr gives roughly Rs 97 Cr, which matches the stated pre-tax loss.

The headline loss is not the bottom line

The headline says the loss nears Rs 100 Cr. That is the pre-tax number. After a deferred tax expense of Rs 49 Cr, the overall loss for the year is Rs 146 Cr. Both figures are accurate. Only one of them is the bottom line, so read the tax line before you quote the loss.

The Y Combinator backed diagnostics firm added over 60 company-owned collection centres in the past year, nearly 50 of them in Bengaluru.

What that ratio means for an owned network

Expenses growing 36% while revenue grows 65% is the right direction. Operating leverage is starting to show. But the gap is still Rs 97 Cr of pre-tax loss on Rs 143 Cr of total income, which means the company spends roughly Rs 1.68 for every rupee it brings in.

Company-owned collection centres make that gap slower to close than an asset-light franchise model would. Each centre carries rent, phlebotomist salaries and equipment from day one, and fills up over months. Nearly 50 of the 60 new centres sit in a single city, so Bengaluru density is the bet. Density is what cuts cost per sample collected, and cost per sample is the only lever that closes a gap this wide.

If you run a collection or clinic network, track revenue per centre per month against the breakeven you underwrote at signing, and review any centre that misses it two quarters running.