Crypto platform CoinSwitch reported a 150% revenue jump to Rs 324 crore for FY26, achieving an adjusted EBITDA of Rs 86.38 crore. The firm highlights operational discipline and controlled cost growth as key drivers. Investors remain cautious as the Indian crypto sector navigates evolving regulatory frameworks and high taxation policies.
CoinSwitch, the Indian crypto investment platform, reported a revenue of Rs 324 crore for the fiscal year ended March 2026, marking a 150 percent increase compared to the previous year. The company achieved an adjusted EBITDA—a measure of core operational profitability excluding interest, taxes, and other items—of Rs 86.38 crore. This is a notable improvement from the Rs 1.65 crore recorded in FY25. This performance suggests the firm is attempting to shift toward a more sustainable, operational-focused business model.
Operating expenses for the period grew by 37 percent to Rs 270.07 crore, a pace significantly slower than the company's revenue growth. This divergence indicates that the company has successfully increased its income while keeping costs in check. The firm also reported that revenue generated per employee more than doubled during the year, even as the total headcount increased by 11 percent.
The Indian crypto sector operates under a challenging regulatory environment, which includes a 30 percent tax on digital asset income and a 1 percent TDS (Tax Deducted at Source) on transactions. These tax policies have historically dampened trading volumes across many domestic exchanges. In this context, achieving profitability is a significant milestone for the platform, which is backed by global investors such as Andreessen Horowitz, Tiger Global, and Peak XV Partners.
Competition and sector-wide risks remain key factors to monitor. The crypto exchange business in India faces continuous scrutiny from financial regulators and significant volume volatility. Peers like CoinDCX and WazirX have faced their own set of challenges, ranging from regulatory compliance updates to security-related incidents. For stakeholders, the sustainability of this profitability will depend on the platform's ability to maintain user volumes despite the high-tax regime and evolving government policies on digital assets.
The primary monitorables for the firm include its ability to sustain user growth, compliance with future digital asset regulations, and how it handles potential sector-wide liquidity shifts. Management, led by co-founder Ashish Singhal, has indicated that the current strategy is built on fiscal accountability, moving away from the high-burn expansion patterns that were common in the sector previously. Future updates from the company regarding user acquisition costs and regulatory adherence will be important for understanding the long-term viability of this business model.