upGrad Grows EBITDA 8x in FY26, Gross Revenue at $219 Million

MUMBAI, India, August 18, 2026 (EZ Newswire) — upGrad, one of Asia’s largest integrated skilling and lifelong learning companies, today reported a decisive step-up in profitability for fiscal year 2026 (FY26). Indian Accounting Standards (Ind-AS) EBITDA rose more than eightfold to $13 million, up from $1.6 million on the same basis in FY25. Net loss narrowed 52% to $13.8 million — marking the third consecutive year in which losses have more than halved year-on-year, down from a peak of $121 million in FY23.

The company reported gross revenue of $219.5 million (inclusive of taxes), up 7% year-on-year, and the post-Ind-AS accounting closed at a total income of $184 million. upGrad also carries $56 million of collected and yet-to-be-recognised revenue to be recognised in future years. In terms of business scale, the company now has, at any given time, more than 100,000 concurrent learners across its online skilling and degree, study abroad, and offline skilling programs. On the B2B front, more than 700 enterprises chose upGrad Enterprise for their employee skilling, recruitment, and workforce-development needs in FY26. Underpinning that scale is a wide range of offerings — from university-led undergraduate and postgraduate degrees, MBAs and doctorates, bootcamps, diplomas, and professional certificates — delivered both online and offline, spanning disciplines from technology, data, and AI to management, finance, and law.

AI now runs through both what upGrad teaches and how it operates. In the curriculum, AI is embedded across more than 80% of upGrad’s programs and spans every price point, with strong demand across the range. On the operating side, upGrad’s own adoption of AI is making the business structurally more efficient. Both marketing and technology costs came down year-on-year, even as revenue grew.

“FY26 has been a strong year on profitability, built on disciplined execution and right cost management. It’s a result of the strong execution over the last three years, and reflects the profitability discipline that has got us here — one we will carry forward as we scale,” said Mukesh Mundra, Chief Financial Officer of upGrad.

Adding to that, Ronnie Screwvala, co-founder and chairperson of upGrad, said, “FY26 has brought us to a strong basecamp — in financial position and in business scale. Over the next few years, our focus is growth, both organic and through acquisitions, including Internshala and Unacademy, which we are now closing. With these, we complete upGrad’s integrated story: serving learners across their entire lifecycle. From this base, we intend to compound across India and global markets.”

Exchange rate conversion note: $1 USD = 94.31 INR

About upGrad

Founded in 2015, upGrad is Asia’s leading integrated skilling and workforce development company, powering the complete learning cycle for individuals. It offers a range of online and hybrid skilling programs and certifications through its B2C portfolio and partners with top Indian and global universities to offer diploma, master’s, and executive doctorate programs, with all degrees awarded solely by the respective universities. The company supports learners at every career stage — from first job to boardroom. Additionally, select programs are tailored for enterprise clients through its corporate skilling division, along with recruitment and staffing services. For more details, visit www.upgrad.com.

Media Contact

upGrad
richa2.sharma@upgrad.com

SOURCE: upGrad