CoinSwitch swings to profitability in FY26 as crypto platform’s revenue climbs 150% to Rs 324 crore
Synopsis
CoinSwitch achieved profitability based on Adjusted EBITDA for FY26, with revenue growth of 150%. The company’s revenue reached Rs 324.19 crore, leading to an Adjusted EBITDA margin increase to 27%. Operating costs increased by 37%, contributing to improved operating leverage. The platform focused on expanding its active user base and educating newcomers about crypto. CoinSwitch now serves over 2 crore users and supports more than 450 digital assets.
Crypto investing and trading platform CoinSwitch turned profitable on an adjusted EBITDA basis in FY26, as revenue surged 150% year-on-year to Rs 324.19 crore, according to the company.
Adjusted EBITDA rose more than 50-fold to Rs 86.38 crore in FY26 from Rs 1.65 crore a year earlier. The adjusted EBITDA margin consequently expanded to 27% from 1% in FY25.
The company’s revenue increased by Rs 194.49 crore during the year, while operating costs rose by Rs 73.17 crore, or 37%, to Rs 270.07 crore. CoinSwitch said the slower increase in its cost base helped drive operating leverage and allowed a larger share of incremental revenue to translate into operating profitability.
Crypto TrackerTOP COINS (₹) XRP149 (1.89%)Ethereum261,941 (1.26%)Bitcoin8,086,508 (0.62%)Tether96 (-0.04%)BNB73,428 (-0.36%)Revenue per employee more than doubled during FY26, even as the employee base expanded 11%, the company said. CoinSwitch added that it continued to invest in technology, products, security and customer experience while maintaining discipline on operating costs.
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Ashish Singhal, Co-founder of CoinSwitch, said, “Nine years of building a company teaches you that growth is only one part of the story. The harder part is building a business that can scale without losing discipline. In FY26, we grew revenue 150% while operating costs grew 37%. That is something I am particularly proud of because it reflects the choices we have made as a team over the years, where we invest, where we stay lean and what we stay focused on. We have built a much stronger business today than we had a year ago, and we are going into the next phase with a lot more confidence in what we can build.”
While the platform continued to grow its active user base, it also expanded its focus on educational initiatives designed to simplify crypto for first-time users and improve users’ understanding of the asset class, CoinSwitch said.
About CoinSwitch
CoinSwitch is an Indian crypto investing and trading platform serving over 2 crore users across the country. Founded in 2017 by Ashish Singhal, Vimal Sagar Tiwari and Govind Soni, the company offers a platform for investing in digital assets. Backed by leading global investors, including Andreessen Horowitz, Tiger Global, Ribbit Capital, Peak XV Partners and Paradigm, CoinSwitch has emerged as a recognised crypto and fintech brand. Today, users can choose from over 450 coins on the platform.
Disclosure: This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
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