Bengaluru: CoinSwitch, India’s leading crypto investing and trading platform, turned profitable on an Adjusted EBITDA basis in FY26, delivering a sharp improvement in operating performance as revenue surged 150% year-on-year to ₹324.19 crore. Adjusted EBITDA increased more than 50-fold to ₹86.38 crore from ₹1.65 crore in FY25, while Adjusted EBITDA margin expanded sharply to 27% from 1%.
The company’s revenue growth significantly outpaced the expansion of its cost base. Revenue increased by ₹194.49 crore during FY26, while operating costs rose by ₹73.17 crore, or 37%, to ₹270.07 crore. Revenue therefore grew more than four times faster than operating costs, creating significant operating leverage and enabling a substantially larger share of incremental revenue to translate into operating profitability.
The company’s cost increase was significantly lower than revenue growth. Revenue per employee more than doubled in FY26, even as the employee base grew 11%, reflecting disciplined scaling and stronger operating leverage. The company continued to invest in technology, product, security and customer experience, while maintaining tight discipline on operating costs.
Ashish Singhal, Co-founder, 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 focus on educational initiatives designed to simplify crypto for first-time users and improve understanding of the asset class for users.