Decoding PhonePe FY26: The Rs 364 Cr loss behind the Rs 2,792 Cr headline

•PhonePe reported Rs 7,920 crore in operating revenue in FY26, mainly from payment services and platform fees.

•Employee benefits were the largest cost at Rs 4,386 crore, with Rs 2,390 crore booked as ESOP expense, mostly non-cash.

•Adjusted loss was Rs 364 crore after excluding non-cash ESOP expense and goodwill impairment, with PhonePe dominating India's UPI ecosystem.