Indian crypto investing platform CoinSwitch reported an improvement in its financial performance in FY26, with revenue rising 150% year-on-year as the company moved into adjusted EBITDA profitability. The results show revenue expanding much faster than operating costs as CoinSwitch improved its operating performance.
Revenue Reaches Rs. 324 Crore
CoinSwitch generated Rs. 324.19 crore in revenue during FY26, up from Rs. 129.7 crore in FY25, according to the company. That represents an increase of Rs. 194.49 crore.
Adjusted EBITDA climbed to Rs. 86.38 crore from only Rs. 1.65 crore a year earlier, an increase of more than 50 times. The adjusted EBITDA margin consequently expanded from 1% in FY25 to 27% in FY26.
Operating expenses increased at a slower pace. Costs rose 37% to Rs. 270.07 crore, meaning revenue grew more than four times faster than operating costs.
Productivity Improves Alongside Expansion
CoinSwitch also reported stronger employee productivity. Revenue per employee more than doubled year-on-year even though its workforce increased 11%. The company continued investing in technology, products, security and customer experience while controlling expenditure.
CoinSwitch now serves more than two crore users and provides access to over 450 digital assets, according to The Economic Times. Its services include crypto investing and trading alongside systematic investment plans for recurring crypto investments.
Singhal Highlights Operating Discipline
CoinSwitch co-founder Ashish Singhal said the results reflected the company’s focus on scaling without allowing expenses to rise at the same rate as revenue.
“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,” Singhal said.
He added, “In FY26, we grew revenue 150% while operating costs grew 37%.”
The performance comes as Indian crypto platforms continue operating under India’s VDA tax framework, which has affected domestic trading activity.
CoinSwitch’s FY26 numbers indicate that stronger revenue growth and controlled cost expansion can improve operating leverage. However, adjusted EBITDA excludes items and should not be interpreted as equivalent to statutory net profit.
Also Read: Why Crypto Continues to Attract Indian Investors
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