CoinSwitch posts adjusted EBITDA profit of Rs 86.38 crore in FY26

⚡ Key Financial Takeaways

Adjusted EBITDA rose nearly 50‑fold to Rs 86.38 crore in FY26, up from Rs 1.65 crore in FY25.

Revenue surged 150% YoY to Rs 324 crore, while operating expenses grew 37% to Rs 270.07 crore.

Revenue per employee more than doubled despite an 11% increase in headcount.

Co‑founder Ashish Singhal credited operating discipline and selective investment for the turnaround.

CoinSwitch, founded in 2017, remains backed by investors such as Andreessen Horowitz and Tiger Global.

💡 Why It Matters

CoinSwitch’s shift to profitability signals that crypto‑related services can achieve sustainable business models in India, a market where regulatory clarity has been evolving. The strong revenue growth coupled with disciplined cost control may encourage further venture capital inflows into the sector and could set a benchmark for peer platforms seeking to balance expansion with financial health.

CoinSwitch achieves adjusted EBITDA profitability

On 29 September, Indian crypto‑investment platform **CoinSwitch** disclosed that it posted an adjusted EBITDA profit of **Rs 86.38 crore** for the fiscal year ending 2026. The figure represents a near‑50‑fold increase from the Rs 1.65 crore recorded in FY25.

Revenue and cost dynamics

The company’s revenue climbed **150 % year‑on‑year** to **Rs 324 crore**, while operating costs rose **37 %** to **Rs 270.07 crore**. This disparity allowed the EBITDA margin to expand dramatically. Additionally, **revenue per employee more than doubled**, even though the workforce grew by **11 %** during the same period.

Management’s view on disciplined growth

Co‑founder **Ashish Singhal** said the results reflect a strategic focus on scaling without sacrificing discipline. “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,” he explained. Singhal highlighted that the company deliberately chose where to invest, where to stay lean, and where to concentrate effort.

Background and backing

Founded in 2017 by Singhal, Vimal Sagar Tiwari and Govind Soni, CoinSwitch offers a platform for buying and selling a range of cryptocurrencies. The firm is backed by global venture capital firms including **Andreessen Horowitz, Tiger Global, Ribbit Capital, Peak XV Partners** and **Paradigm**.

Outlook

The profitability milestone positions CoinSwitch as one of the few Indian crypto platforms to demonstrate sustainable earnings. The company’s next financial reporting cycle and any regulatory developments in India’s crypto space will be closely watched by investors and industry observers.

--- *All figures are as reported by CoinSwitch in its FY26 financial update.*

🏛️ Background & Context

CoinSwitch entered the Indian market in 2017, offering a user‑friendly gateway to multiple cryptocurrencies. Over the past nine years, the firm has raised capital from prominent global investors, positioning itself among the country’s leading crypto aggregators. The Indian crypto ecosystem has faced periodic regulatory scrutiny, making the achievement of adjusted EBITDA profit noteworthy for both the company and the broader industry.

👁️ What To Watch Next

Investors should monitor CoinSwitch’s FY27 results to see if the growth trajectory continues, especially in light of any new Indian regulations on digital assets. Additional indicators include the company’s plans for product expansion, potential partnerships, and any changes in its investor base.