PayU India’s Adjusted EBITDA Loss Declines 95% In H1 FY26

SUMMARY

In H1 FY26, PayU’s revenue grew 20% to $397 Mn from $332 Mn in the same period last fiscal

The Prosus-owned fintech’s adjusted EBITDA loss reduced substantially by 95% to $1 Mn in H1 FY26 from $19 Mn in the same period last fiscal year

The fintech major has achieved break-even at its core operational level, recording a 0% aEBIDTA margin during the period under review

Prosus-owned fintech major PayU India managed to improve its profitability in the first six months of the financial year ending March 31, 2026 (FY26). Amsterdam-based investor Prosus, in its investor presentation for H1 FY26, said that PayU India’s adjusted EBITDA (aEBITDA) loss reduced substantially by 95% to $1 Mn during the period under review from $19 Mn in the same period last fiscal year.

The fintech major achieved break-even at its core operational level, recording a 0% aEBIDTA margin.

PayU India’s adjusted EBIT loss (aEBIT) in H1 FY26 stood at $15 Mn, down almost 55% from $33 Mn in H1 FY25. aEBIT margin stood at -4% for the period under review.

These improvements came on the back of PayU India’s growing top line. In H1 FY26, its revenue grew 20% to $397 Mn from $332 Mn in the same period last fiscal, on the back of strong performance of its payments and credit verticals.

Prosus did not disclose the bottom line numbers for the company.

PayU’s Payments Business Turns Profitable

PayU India’s payments business’ revenue grew 20% to $301 Mn during the period under review from $250 Mn in H1 FY25. It also achieved adjusted EBITDA profitability by recording an aEBITDA profit of $2 Mn in H1 FY26 as against an aEBITDA loss of $3 Mn a year ago.

The vertical’s aEBIT loss declined 36% to $9 Mn during the period under review from $14 Mn in H1 FY25. aEBIT margin improved by 3 percentage points YoY.

PayU India’s payments business also includes the numbers of Singapore-based Red Dot Point (RDP). PayU acquired a majority stake in RDP in 2019.

LazyPay Sees Steady Growth

Though PayU’s top line is majorly driven by its payments business, the lending vertical is also seeing good growth. LazyPay, the company’s buy-now-pay-later (BNPL) and personal loans platform, saw its revenue increase 17% to $96 Mn in H1 FY26 from $86 Mn in H1 FY25.

Its aEBITDA loss fell more than 80% to $3 Mn during the period under review from $19 Mn in H1 FY26. aEBIT margin improved 17 percentage points. The credit business’ assets under management stood at $204 Mn at the end of September 2025.

Notably, PayU India has been eyeing a public listing since 2023. However, Prosus has deferred the IPO multiple times, most recently in June 2025. At the time, it was reported that Prosus was looking to work on enhancing PayU’s India business over the next 6-12 months.

Last week, PayU secured ‘integrated authorisation’ from the RBI to operate as a payment aggregator across online, offline, and cross-border transactions.

For the entire FY25, PayU India managed to cut its net loss by 42% to INR 248.1 Cr from INR 429.5 Cr in the previous fiscal, while operating revenue surged 23% YoY to INR 5,563 Cr.

Meanwhile, the investor presentation also said that Prosus’ portfolio startup, ride-hailing unicorn Rapido, saw its gross merchandise value (GMV) grow 111% YoY in H1 FY26. Notably, Prosus increased its stake in the unicorn to 10% this year from 5% earlier.