We have announced our financial results for the quarter ending September 2025 (Q2 FY26), reporting growth across revenue, profitability, and operating metrics. Our robust business model and AI-led opportunities are driving profitable growth and margin improvement.
You can read the Q2FY26 results here:
In the September quarter, our operating revenue rose 24% year-on-year to ₹2,061 crore, driven by an increase in subscription paying merchants, higher payments gross merchandise value (GMV), and growth in the distribution of financial services. We reported a Profit After Tax (PAT) of ₹21 crore, which includes a one-time impact of ₹190 crore for full impairment of loan to our JV, First Games Technology Private Limited. Excluding this one-time impact, PAT stood at ₹211 crore, marking a sharp improvement from the previous quarter.
EBITDA surged to ₹142 crore with 7% margin, on account of revenue growth and operating leverage. Contribution profit grew 35% YoY to ₹1,207 crore, with a margin of 59%, reflecting improved net payment revenue, a higher share of financial services revenue, and lower DLG expenses. Our cash balance stood at ₹13,068 crore, providing capital flexibility to expand business.
Payment Services revenue, including other operating revenue, rose 25% YoY to ₹1,223 crore, with net payment revenue up 28% YoY to ₹594 crore. GMV grew 27% YoY to ₹5.67 lakh crore, supported by improved payment processing margins on account of higher growth of credit card on UPI and affordability offerings (such as EMI). Merchant subscriptions reached an all-time high of 1.37 crore, up 25 lakh YoY, underscoring our continued innovation-led leadership in merchant payments.
Revenue from distribution of financial services grew 63% YoY to ₹611 crore, led by continued growth in merchant loan distribution and improved collection performance experience for our lending partners. Around 6.5 lakh consumers and merchants availed our financial services during the quarter.
Indirect expenses (including ESOP Costs) were down 18% YoY and 1% quarter-on-quarter to ₹1,064 crore. Marketing costs for consumer acquisition decreased 42% YoY to ₹72 crore, reflecting better retention cohorts and improved monetisation. We will continue to invest strategically to further drive market share gains, while maintaining a disciplined approach to spending.
We remain grateful for your continuous support and remain committed to our mission to building a profitable company and creating shareholder value while driving digitisation and inclusive financial access
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