upGrad crosses Rs 2,000 Cr gross revenue, EBITDA up about 8X

upGrad reported gross revenue of Rs 2,070 Cr for FY26, up 7 percent year on year. Its Ind-AS total income for the same year was Rs 1,732 Cr.

Ind-AS EBITDA came in at Rs 123 Cr against Rs 15 Cr the year before, roughly 8X. Net loss narrowed to Rs 130 Cr, down about 52 percent. The company says this is the third straight year in which losses more than halved, and points back to FY23, when the loss stood at Rs 1,142 Cr.

Why there are two revenue figures

The gap between Rs 2,070 Cr and Rs 1,732 Cr is not an error, and it is not spin. upGrad says Rs 530 Cr of collected revenue has not yet been recognised.

That is deferred revenue. A learner pays upfront for a programme that runs across months. The cash lands now. Under Ind-AS, the revenue is recognised as the course is actually delivered, not when the payment clears. Until the teaching happens, the money sits as a liability.

Gross revenue counts what was collected. Ind-AS total income counts what was earned. Both are honest numbers. They answer different questions.

upGrad also reports more than 100,000 concurrent learners, and claims over 80 percent of its programmes now include AI in the curriculum.

The operator point

This gap is not an edtech quirk. It flatters any prepaid or subscription model, and that covers plenty of Indian D2C brands running annual plans, prepaid refill packs and paid membership tiers.

Judge the business on recognised revenue. Collected revenue tells you how good the sales motion is, which is useful but incomplete. Recognised revenue tells you whether the thing you sold actually got delivered and kept. If your own investor deck leads with collections, put the recognised figure beside it before somebody else asks for it.