Financial Analysis
Financial Performance Overview
PhonePe achieved a significant financial turnaround, swinging from Adjusted EBITDA loss of ₹3.2 billion (-12.9% margin) in FY23 to profit of ₹14.77 billion (+20.76% margin) in FY25. This 33.7pp margin improvement was driven by revenue growth (+40.50% YoY) coupled with operating leverage. Revenue from operations reached ₹71.15 billion in FY25, with Payment Services contributing ~83% and Financial Services emerging as the fastest-growing segment at 60%+ YoY. The company monetizes at 5.4 basis points of TPV, comparable to mature digital payment platforms globally.
Analyst View
FY25 Revenue: ₹71.1B (+40.5% YoY).
3-year CAGR: ~74% (FY22-FY25).
H1 FY26: ₹40.4B (annualized ₹80.8B).
Revenue per user: ₹115 (FY25).
Analyst View
Payment Services: ~83% of FY25 revenue.
Financial Services: Fastest growing at 60%+ YoY.
Other revenue: ~3% (Indus Appstore, etc.)
Insurance premium: ₹22.9B Lifetime to Date (Sep 2025).
Analyst View
FY23 margin: -12.9% (₹-3.2B EBITDA).
FY25 margin: +20.76% (₹14.77B EBITDA).
Margin swing: +33.7pp in 2 years.
H1 FY26 margin: 6.48% (seasonality + investments).
Analyst View
Take rate expanding: 5.4bps monetization up from 4.2bps — pricing power emerging.
Revenue per MAC 2x in 2 years: ₹140 → ₹309 shows deepening engagement.
Smaller tickets, more volume: Avg. value ↓16% but transactions ↑105% — everyday payments habit.
Merchant engagement surging: 379 txns/MAM vs 148 in FY23 — stickier relationships.
| Metric | FY23 | FY24 | FY25 | Trend |
|---|---|---|---|---|
| Revenue / Customer TPV (bps) | 4.2 | 5.1 | 5.4 | ↑ +1.2bps |
| Revenue per Registered User (₹) | 64 | 95 | 115 | ↑ +80% |
| Revenue per MAC (₹) | 140 | 201 | 309 | ↑ +121% |
| Transactions per MAC | 191 | 247 | 392 | ↑ +105% |
| Avg. Transaction Value (₹) | 1,754 | 1,605 | 1,469 | ↓ -16% |
| Transactions per MAM | 148 | 254 | 379 | ↑ +156% |
Calculation Methodology (Datum Analysis):
Revenue / Customer TPV (bps): (Revenue from Operations ÷ Customer TPV) × 10,000
Revenue per Registered User: Revenue from Operations ÷ Registered Users (end of period)
Revenue per MAC: Revenue from Operations ÷ Monthly Active Customers (end of period)
Transactions per MAC: Customer Transactions ÷ Monthly Active Customers
Avg. Transaction Value: Customer TPV ÷ Customer Transactions
Transactions per MAM: Merchant Transactions ÷ Monthly Active Merchants
Financial Summary
| Metric (₹ Billion) | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|
| Revenue from Operations | 29.14 | 50.64 | 71.15 | 39.19 |
| Payment Services | 27.07 | 47.89 | 63.00 | 32.32 |
| Lending & Insurance | 0.28 | 1.81 | 5.58 | 4.53 |
| Other Services | 0.40 | 0.22 | 0.57 | 0.60 |
| Other Operating Revenue | 1.39 | 0.72 | 2.00 | 1.74 |
| YoY Growth (%) | +73.7% | +73.8% | +40.5% | +36.2% |
| Adjusted EBITDA | -3.24 | +6.87 | +14.77 | +2.54 |
| Adj. EBITDA Margin (%) | -12.9% | +13.4% | +20.76% | +6.48% |
| Net Loss | -17.91 | -8.14 | -3.40 | -7.54 |
Note: The metrics included in the table above are for the overall PhonePe Group.
Revenue from Operations: Revenue generated from sale of services and other operating revenue.
YoY Growth (%): Calculated as (current period revenue - prior period revenue) / prior period revenue.
Adjusted EBITDA: Restated profit/(loss) before other income, finance costs, depreciation & amortisation, share of profit of associate (net of taxes), exceptional items, tax expense/(credit), and share-based payments.
Adj. EBITDA Margin (%): Adjusted EBITDA divided by revenue from operations.
Net Loss: Restated profit/(loss) for the relevant fiscal period/year.