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Bottom-Line:

Rapid revenue acceleration (+74% YoY) well outpaces expense growth (+31%), driving dramatic margin improvement.

Balance-sheet conservatism (very strong current ratio, modest leverage) funds continued investment while preserving liquidity.

Adjusted profitability in FY 24 (ex-ESOP) signals that unit economics are approaching break-even on a cash-profit basis.

Continued focus on scaling new financial-services offerings and merchant solutions should drive further margin expansion over FY 25–26.

This performance profile underscores why investors have valued PhonePe at a substantial premium ($12 B pre-money in Jan 2023) despite ongoing net-loss accounting—and why the path to standalone profitability is now clearly in view.