Rentomojo FY26 Results (NSE: RENTOMOJO)
Signal: Margin pressure
The read
The key FY26 inflection is scale rather than incremental profitability: revenue grew 45.51% and live subscribers reached 253,825, while EBITDA grew 38.01% and the derived margin compressed 229bps to 42.24%; operating cash flow of Rs. 1,728.71 million and 83.34% occupancy nevertheless support the asset-reuse economics.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹386.99 Cr | 45.51% | N/A |
| Net profit | ₹104.3 Cr | 142.07% | |
| EBIT margin | 42.24% |
P&L walk
FY26 revenue increased 45.51% to Rs. 3,869.88 million and EBITDA increased 38.01% to Rs. 1,634.62 million, while the derived EBITDA margin declined 229bps to 42.24%; PAT rose 142.07% to Rs. 1,042.99 million.
Key positives
- Revenue from operations reached Rs. 3,869.88 million, up 45.51% YoY, alongside 253,825 live subscribers and 851,184 live items.
- Operating cash generation of Rs. 1,728.71 million was 1.66 times PAT of Rs. 1,042.99 million, indicating strong cash conversion in FY26.
- Occupancy was 83.34% and repeat rate was 50.41%, supporting the model's focus on recurring subscription utilisation.
- Total contracted revenue of Rs. 7,069.02 million and unrecognised contracted revenue of Rs. 2,925.73 million provide revenue visibility beyond reported FY26 revenue.
Key concerns
- EBITDA grew 38.01%, trailing revenue growth of 45.51%, and the derived EBITDA margin declined 229bps to 42.24%; the filing excerpt does not identify the cost drivers.
- The asset-backed model requires continued product procurement and operating investment before additional subscription cycles generate revenue; the supplied excerpt does not quantify FY26 capex or asset additions.
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