OfBusiness reported a 21% rise in consolidated profit after tax to ₹724 crore for FY26, even as consolidated revenue fell 7% to ₹20,645 crore. The company said stronger margins, higher self-manufacturing and improved cash generation drove the results and positioned it to file IPO papers in the coming months.
Higher margins, lower revenue
OfBusiness shifted focus from low-return categories to higher-margin products and in-house manufacturing. Commerce segment revenue stood at ₹19,174 crore in FY26, with EBITDA of ₹769 crore and an EBITDA margin of about 4%, up from 2.6% a year earlier.
Nearly 45% of the products sold are now manufactured by the company, a move management says has lifted operational efficiency and profitability. Operating cash flow from the commerce business rose to ₹1,302 crore from ₹715 crore in FY25. Free cash flow to the firm was positive at ₹390 crore.
At year-end, consolidated net worth was about ₹10,300 crore, including retained earnings near ₹3,000 crore. Available liquidity exceeded ₹2,000 crore.
Lending arm and manufacturing businesses
Oxyzo Financial Services, the lending subsidiary, posted operating revenue of ₹1,494 crore, up 23%, and profit after tax of ₹375 crore. Assets under management grew 28% to ₹11,822 crore. Asset quality remained strong with GNPA around 0.74% and Net NPA 0.30%. CRAR was 29%, well above regulatory minimums.
Oxyzo acquired GoldenPi Technologies and GoldenPi Securities via a ₹42.4 crore share-swap, opening access to retail and HNI bond markets. GoldenPi has about 1.6 million users and has facilitated investments exceeding ₹6,000 crore. Oxyzo also launched Oxyzo Credit Fund I targeting ₹3,000 crore AUM over five years.
OfBusiness strengthened its manufacturing base by acquiring IDEPL, an apparel and home-textile exporter that supplies brands such as H&M, IKEA and Columbia. To mitigate US tariffs, IDEPL routed US shipments via its Bangladesh unit and allocated European orders to Indian facilities. Headcount surpassed 30,000, driven largely by apparel manufacturing expansion in South India.
IPO on the horizon
Having converted to a public limited company in January 2025, OfBusiness plans to file a Draft Red Herring Prospectus in the next two to three months. The proposed IPO could raise $750 million–$1 billion and value the firm between $6 billion and $9 billion, through a mix of fresh issuance and Offer for Sale.
Alongside Zetwerk, which has filed its DRHP, OfBusiness’s results reflect a sectoral shift toward improved profitability, cash generation and manufacturing-led growth rather than pure top-line expansion.