Marketplace Grew. Ads Grew. Logistics Halved. Myntra Still Slipped Into a ₹582 Cr Loss

Myntra’s FY26 numbers look like a broad slowdown at first glance: revenue declined and the fashion ecommerce company moved sharply into the red. But underneath the headline, its core marketplace and advertising businesses actually grew. The biggest change came from logistics.

Myntra reported a net loss of ₹581.8 crore in FY26, reversing a ₹546.3 crore profit in the previous year, according to Inc42. Operating revenue fell 13.5% to ₹5,242.5 crore, from ₹6,063.8 crore in FY25. Other reports based on the company’s RoC filings put the net loss at about ₹579 crore, reflecting small differences in reported figures.

Marketplace and collection-services revenue remained comparatively resilient, increasing 3% to ₹2,657.3 crore. Advertising revenue grew much faster, jumping 35.2% to ₹1,236.4 crore. Excluding logistics and shipping, Myntra’s operating revenue actually increased 12% year-on- year.

The drag came from logistics and shipping services, where revenue dropped 53.2% to ₹1,119.2 crore, from ₹2,390.5 crore a year earlier. That decline of more than ₹1,270 crore explains much of the contraction in Myntra’s reported topline.

Expenses, meanwhile, barely moved. Total costs increased 0.6% to ₹5,757.7 crore. Direct expenses declined to ₹1,841 crore, but employee costs rose to ₹776.9 crore and advertising and promotion spending climbed 10.5% to ₹2,326.5 crore, making it Myntra’s largest expense category.

At the pre-tax level, Myntra moved from a ₹411 crore profit in FY25 to a ₹441.9 crore loss in FY26. The FY26 accounts also included a ₹137.5 crore write-off of deferred tax assets, adding pressure to the reported bottom line.

The filing is a historical standalone view rather than a current trading update. Myntra says FY27 has started with stronger momentum, including around 30% growth in its customer base so far this calendar year. The next question is whether that consumer growth can translate into healthier economics after a year in which the mix of revenue changed dramatically.