IPO-bound fintech startup Navi saw its net loss for the fiscal year FY26 widen by 268.7% to  ₹465.99 from ₹126.4 Cr in the prior fiscal year.

The bottom line swelled despite a 16.2% uptick in Navi’s top line, with its operating revenue for the fiscal increasing to ₹2,981.7 Cr from ₹2,565 Cr in the year-ago fiscal. Including other income of ₹108.9 Cr, Navi’s total income for the year stood at ₹3,090.6 Cr. 

While the company’s total expense for the fiscal crossed the ₹3,500 Cr mark, its tax expenses halved YoY to ₹42.2 Cr. 

Further, Navi said it broke even on a profit before tax (PBT) basis in Q4 FY26 and earned ₹104 Cr in PBT in Q1 FY27.

In terms of operational metrics, Navi claims its FY26 lending book grew 57.2% YoY to ₹13,138 Cr. Meanwhile, its monthly transacting users more than doubled to 2.9 Cr. 

Loan disbursements in the fiscal also grew 73% YoY to ₹23,332 Cr while its assets under management amounted to ₹19,740 Cr. Furthermore, its gross and net NPA ratios also declined to 1.25% and 0.16% respectively. 

Important to note that Navi is India’s fourth largest UPI player, commanding 3.5% market share and processing about 80 Cr transactions monthly. 

Based on the company’s improving QoQ profitability status, CareEdge Ratings upgraded Navi’s credit rating to CARE A+. 

“Ratings continue to derive strength from Navi’s experienced promoter, Sachin Bansal, its scalable technology-led business model and integrated financial services ecosystem, supported by adequate capitalisation and a diversified resource profile,” the ratings agency said. 

However, it flagged asset quality risks due to high concentration of personal loans, comprising 92% of Navi’s AUM. 

Founded by Sachin Bansal and Ankit Agarwal in 2018, Navi offers financial products across lending, insurance, mutual funds and UPI payments. Its lending business provides home loans, personal loans and loans against property through its NBFC and partner institutions.

Bansal stepped down as the startup’s CEO in February 2025 and transitioned into the role of executive chairman while Rajiv Naresh took over as CEO. Abhishek Dwivedi was named CEO of its NBFC arm Navi Finserv. 

Notably, the fintech startup raised its maiden institutional funding round for the first time last month when it announced that it was raising $100 Mn from global tech investor Prosus, subject to regulatory approval. 

According to reports, it is also gearing up to file its IPO papers by December as it seeks to raise ₹3,000 Cr through a fresh issue of shares. Notably, the startup earlier filed for an IPO in 2022, but eventually deferred its plans to list on the bourses. 

Where Did Navi Spend In FY26?

In FY26, Navi’s total expenses grew faster than its top line, surging 28.8% YoY to ₹3,514.4 Cr from ₹2,729.1 Cr in FY25. 

Finance Costs: Finance costs increased 32.7% to ₹1,123.2 Cr from ₹846.6 Cr.

Other Expenses: Navi’s other expenses grew 79.5% to ₹1,111.6 Cr from ₹619.3 Cr.

Employee Benefits Expense: Navi’s staff-related expenditure grew 13.4% to ₹619.2 Cr from ₹546 Cr.

Impairment On Financial Instruments: Impairment costs decreased 29.4% to ₹407.9 Cr from ₹577.6 Cr.

Policyholders’ Expense In Insurance Operations: Spending under this line item more than doubled to ₹199.7 Cr from ₹79.3 Cr.

Depreciation And Amortisation: Depreciation expenses slipped 12.7% to ₹52.8 Cr from ₹60.3 Cr.

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