Snapdeal’s FY26 Revenue Rose 17.5% but Adjusted EBITDA Loss Widened

Snapdeal’s revenue from operations rose 17.5% to Rs 293.675 crore in FY26, but its adjusted earnings before interest, taxes, depreciation and amortisation (adjusted EBITDA) loss widened to Rs 50.251 crore from Rs 48.006 crore in FY25. The adjusted loss margin narrowed to negative 17.11% from negative 19.21%, showing revenue grew faster than the loss but did not produce adjusted profitability.

Did Snapdeal’s FY26 revenue growth translate into adjusted profitability?

No. Snapdeal’s FY26 adjusted EBITDA loss increased by Rs 2.245 crore, or 4.7%, while revenue from operations increased by Rs 43.808 crore from FY25. Revenue was Rs 293.675 crore in FY26, compared with Rs 249.867 crore in FY25 and Rs 252.887 crore in FY24. FY26 revenue was therefore Rs 40.788 crore above FY24 after the business recorded a decline in FY25.

The loss margin improved even though the absolute adjusted EBITDA loss increased. Adjusted EBITDA as a percentage of revenue was negative 17.11% in FY26, versus negative 19.21% in FY25 and negative 14.52% in FY24. The FY26 margin was 2.10 percentage points better than FY25 because revenue increased faster than the adjusted loss, but it remained 2.59 percentage points below the FY24 margin.

How is Snapdeal’s adjusted EBITDA loss calculated?

Snapdeal’s adjusted EBITDA is a company-defined measure rather than the same measure as marketplace EBITDA. The source defines adjusted EBITDA by starting with marketplace EBITDA and adjusting for specified items, including exceptional items, sublease income, liabilities written back, business-support service, share-based payment expense, provisions for doubtful deposits and intercompany loans, and provisions for diminution in subsidiary investments.

The calculation also reduces marketplace other income and payments of both principal and interest on lease liabilities. Marketplace EBITDA is derived from the marketplace segment result by adding depreciation and amortisation expense, subject to the source’s operational-adjustment treatment. In FY26, the Rs 50.251 crore adjusted EBITDA loss was Rs 15.715 crore greater than the Rs 34.536 crore EBITDA loss, demonstrating that the defined adjustments materially affect the reported comparison.

This distinction is relevant to Snapdeal’s asset-light, zero-inventory marketplace model, which the source describes as designed for cost efficiency and scale. The benchmark nevertheless shows a negative adjusted EBITDA margin in FY24, FY25 and FY26. For FY26’s margin improvement to continue, revenue growth would need to outpace the costs and adjustment items included in the adjusted EBITDA calculation.

What operating measures accompanied Snapdeal’s FY26 revenue growth?

Snapdeal’s net merchandise value (NMV) rose to Rs 1,093.11 crore in FY26 from Rs 869.555 crore in FY25 and Rs 633.337 crore in FY24. NMV is the total list price, including taxes and discounts, of units delivered through the marketplace, excluding units cancelled or returned by customers. The Rs 223.555 crore rise in NMV in FY26 was larger than the Rs 43.808 crore increase in revenue from operations.

Annual transacting customers or users increased to 12.16 million in FY26 from 10.43 million in FY25 and 7.85 million in FY24. Order frequency rose to 3.93 in FY26 from 3.31 in FY25 and 3.03 in FY24. The source does not provide FY26 delivered-order volume, but records 25.98 million delivered orders in FY25 and 14.81 million in FY24, limiting a direct FY26 volume comparison.

Logistics expense was 16.85% of NMV in FY26, up from 15.97% in FY25 but below 16.99% in FY24. Marketing expense was 7.72% of NMV in FY26, compared with 7.27% in FY25 and 9.24% in FY24. Since both cost ratios increased from FY25 while the adjusted EBITDA margin narrowed, the supplied figures do not identify a single cost or adjustment that caused the absolute adjusted loss to widen.

How does Snapdeal compare with other marketplace businesses?

Snapdeal was among the top two pure-play value marketplace platforms in India by revenue in FY26, FY25 and FY24, according to the supplied benchmark. Its FY26 revenue of Rs 293.675 crore was smaller than Meesho Limited’s marketplace revenue of Rs 12,614.239 crore and FSN E-Commerce Ventures Limited’s consolidated revenue of Rs 10,022.350 crore. These revenue figures are not market-share measures because the companies have different structures, categories and reporting bases.

Meesho, identified by the source as the largest pure-play value lifestyle marketplace by marketplace revenue, reported FY26 marketplace revenue about 43 times Snapdeal’s revenue. Meesho’s FY26 marketplace adjusted EBITDA was a loss of Rs 1,177.840 crore, against Snapdeal’s Rs 50.251 crore loss. The source does not provide Meesho’s adjusted EBITDA margin, so it does not support a margin comparison between the two value-marketplace operations.

Brainbees Solutions Limited, which operates FirstCry across baby and kids’ categories through an omnichannel model, reported FY26 revenue of Rs 8,547.944 crore, adjusted EBITDA of Rs 486 crore and an adjusted EBITDA margin of 5.70%. Snapdeal’s corresponding FY26 margin was negative 17.11%. The benchmark cautions that peer companies differ in scale, business model, customer segment and the definitions used for adjusted EBITDA.

Conclusion

Snapdeal’s FY26 result combines higher marketplace activity with a wider adjusted EBITDA loss. Revenue rose 17.5%, NMV increased from Rs 869.555 crore to Rs 1,093.11 crore, and annual transacting customers or users reached 12.16 million. However, adjusted EBITDA loss increased to Rs 50.251 crore, meaning the better FY26 loss margin did not translate into positive adjusted profitability.

The next measure to watch is whether the FY26 increase in order frequency to 3.93 can continue while logistics expense remains at or below 16.85% of NMV and marketing expense at or below 7.72%. Snapdeal’s disclosed operating approach is an asset-light, zero-inventory value marketplace focused on value-conscious consumers, including Tier 2-plus urban and rural markets. The unresolved matter is whether that operating design can convert the negative 17.11% adjusted EBITDA margin into positive adjusted profitability as the marketplace scales.