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Flipkart’s marketplace revenue falls; Wipro Q2 profit takes a hit
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Flipkart’s marketplace business sees revenue decline as losses widen. This and more in today’s ETtech Top 5.
Also in the letter:
■ Anthropic’s Q3 revenue surges
■ Cisco CEO on AI winners and losers
■ Groww leads new SIP registrations
The ecommerce marketplace business of Walmart-owned Flipkart reported a 19% decline in operating revenue to Rs 16,295 crore in fiscal 2026, per financial statements sourced from the Registrar of Companies (RoC). The financials are part of Flipkart Internet, the amalgamated entity of the ecommerce group. Advertising comprised the largest chunk of the marketplace’s operating revenues, at Rs 8,213 crore.
Financials:
Group performance: On an amalgamated basis, Flipkart Internet reported an 18% increase in consolidated revenue to Rs 1,45,880 crore. This includes the financials of its wholesale arm, Flipkart India, which accounts for 78% of the total.
Myntra setback: Flipkart-owned fashion e-tailer Myntra swung to a net loss of Rs 579 crore in fiscal 2026, against a Rs 548 crore net profit in FY25. Myntra's operating revenue also fell 13% year-on-year (YoY) to Rs 5,243 crore during FY26. Myntra was the only profitable unit within the Flipkart group in FY25.
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IT major Wipro on Thursday reported a 1.9% on-year decline in its net profit to Rs 3,201 crore in Q2 FY27, while it fell 4.7% sequentially from Q1FY27. The company’s gross revenue rose 9.1% on-year to Rs 24,752.7 crore, though on a sequential basis it slipped 1.1%.
IT services: Revenue from this segment increased 0.3% on-year to $2,611.5 million. In non-GAAP constant currency terms, it rose 0.6% on-year, while it remained flat sequentially.
Deal bookings: Total bookings stood at $2,595 million, down 22.9% sequentially in constant currency terms. Large deals declined 58.6% to $674 million.
Margins: The operating margin for IT services stood at 16.5% in Q2FY27, down 0.2 percentage points on-year, while it expanded 0.5 percentage points sequentially.
Q3 outlook: Wipro expects revenue from its IT services business to range between $2,571 million and $2,625 million in Q3FY27, implying a sequential growth of -1.5% to 0.5% in constant currency terms.
Tech Mahindra CEO Mohit Joshi
Anthropic CEO Dario Amodei
Anthropic's third-quarter revenue rose 45% to $16.8 billion sequentially, according to an investor who attended a pre-IPO meeting with the company’s leadership in San Francisco on Wednesday. Revenue in the first quarter was $4.7 billion, and $11.6 billion in the second quarter.
IPO plans: The Claude maker is targeting a valuation of more than $2 trillion for its planned public listing, which is expected to follow the US midterm elections in November, Reuters reported.
High costs: The company has committed at least $518 billion over a decade for cloud services, computing, and infrastructure.
Market test: The IPO could test investor appetite for heavily unprofitable AI developers pursuing massive scale, as scrutiny of their finances intensifies amid heavy spending on chips, data centres, and computing power needed to develop and operate increasingly powerful models.
Cisco Systems CEO Chuck Robbins
Cisco Systems CEO Chuck Robbins said artificial intelligence (AI) will be bigger than the internet and that it's being driven by large companies with strong balance sheets, but warned that many startups and much capital could disappear.
Verbatim: "We've seen AI companies that have come up, whose technology is not even needed three months later. This thing is moving quickly, and you are going to see those companies fall off. Capital will be misplaced or lost. But there's going to be a lot of winners. It will be bigger than the internet," Robbins told us.
India manufacturing: Cisco Systems has exceeded its initial India production target of $1 billion and is now in discussions with the government about the next goal.
Data centre opportunity: Robbins said Cisco commands roughly 15-20% of the spend on all technology that goes into a data centre in India, including the optics, connectivity, and security.
Figma's CFO Praveer Melwani said on Thursday that it was uncertain if the design software firm would return to peak gross margin levels as it ramps up AI spending, but said the investments will help draw users and compete better with sophisticated tools from labs such as OpenAI and Anthropic.
Margin pressure: Figma's quarterly gross profit margins have shrunk to the mid-80% range over the past year, down from above 90% historically, as the company continues to spend heavily on AI features.
AI push: The company has introduced tools that generate prototypes and web applications from text prompts, alongside its AI design assistant.
Groww CEO Lalit Keshre at ET Startup Awards in Bengaluru.
Wealthtech platform Groww accounted for 43.6% of new SIP (systematic investment plan) registrations for mutual funds in the July-September quarter, the company told us.
Asset growth: Direct mutual fund assets held through Groww rose 45.9% on-year to Rs 2.06 lakh crore as of September end, and 7.8% from about Rs 1.9 lakh crore in June, a Groww spokesperson said.
Industry activity: The mutual fund industry recorded 19.1 million new SIP registrations during the September quarter, while monthly SIP contributions reached a record Rs 32,490 crore in September.
Also in the letter:
■ Anthropic’s Q3 revenue surges
■ Cisco CEO on AI winners and losers
■ Groww leads new SIP registrations
Flipkart Internet’s revenue falls 19% to Rs 16,295 crore in FY26
The ecommerce marketplace business of Walmart-owned Flipkart reported a 19% decline in operating revenue to Rs 16,295 crore in fiscal 2026, per financial statements sourced from the Registrar of Companies (RoC). The financials are part of Flipkart Internet, the amalgamated entity of the ecommerce group. Advertising comprised the largest chunk of the marketplace’s operating revenues, at Rs 8,213 crore.
Financials:
- Marketplace services, which primarily comprise commissions, transaction fees charged to sellers, and fulfilment fees, had been the biggest revenue contributor until FY25.
- Revenue from this segment fell 53% to Rs 4,295 crore in FY26 as Flipkart removed the seller fee for fashion products across all price points this April, and also for items priced below Rs 1,000 last November, to onboard more sellers.
- Net loss of the marketplace business nearly tripled to Rs 5,498 crore in FY26 from Rs 1,694 crore in the previous fiscal.
Group performance: On an amalgamated basis, Flipkart Internet reported an 18% increase in consolidated revenue to Rs 1,45,880 crore. This includes the financials of its wholesale arm, Flipkart India, which accounts for 78% of the total.
Myntra setback: Flipkart-owned fashion e-tailer Myntra swung to a net loss of Rs 579 crore in fiscal 2026, against a Rs 548 crore net profit in FY25. Myntra's operating revenue also fell 13% year-on-year (YoY) to Rs 5,243 crore during FY26. Myntra was the only profitable unit within the Flipkart group in FY25.
Wipro Q2 results: Net profit declines 2% to Rs 3,201 crore
IT major Wipro on Thursday reported a 1.9% on-year decline in its net profit to Rs 3,201 crore in Q2 FY27, while it fell 4.7% sequentially from Q1FY27. The company’s gross revenue rose 9.1% on-year to Rs 24,752.7 crore, though on a sequential basis it slipped 1.1%.
IT services: Revenue from this segment increased 0.3% on-year to $2,611.5 million. In non-GAAP constant currency terms, it rose 0.6% on-year, while it remained flat sequentially.
Deal bookings: Total bookings stood at $2,595 million, down 22.9% sequentially in constant currency terms. Large deals declined 58.6% to $674 million.
Margins: The operating margin for IT services stood at 16.5% in Q2FY27, down 0.2 percentage points on-year, while it expanded 0.5 percentage points sequentially.
Q3 outlook: Wipro expects revenue from its IT services business to range between $2,571 million and $2,625 million in Q3FY27, implying a sequential growth of -1.5% to 0.5% in constant currency terms.
Tech Mahindra Q2 results: Key highlights
- Net profit: 32.7% on-year rise in consolidated net profit to Rs 1,585.6 crore.
- Revenue from operations: Rose 15.6% on-year to Rs 16,180.2 crore.
- Ebitda: Up 32.8% on-year to Rs 2,878.5 crore.
- Interim dividend: Rs 15 per equity share of face value Rs 5.
- Bonus issue: 1:1 bonus issue recommended, subject to shareholder approval.
Anthropic’s Q3 revenue surges to $16.8 billion as it gears up for $2 trillion IPO
Anthropic's third-quarter revenue rose 45% to $16.8 billion sequentially, according to an investor who attended a pre-IPO meeting with the company’s leadership in San Francisco on Wednesday. Revenue in the first quarter was $4.7 billion, and $11.6 billion in the second quarter.
IPO plans: The Claude maker is targeting a valuation of more than $2 trillion for its planned public listing, which is expected to follow the US midterm elections in November, Reuters reported.
High costs: The company has committed at least $518 billion over a decade for cloud services, computing, and infrastructure.
Market test: The IPO could test investor appetite for heavily unprofitable AI developers pursuing massive scale, as scrutiny of their finances intensifies amid heavy spending on chips, data centres, and computing power needed to develop and operate increasingly powerful models.
AI to create many winners as large companies lead funding: Cisco CEO Chuck Robbins
Cisco Systems CEO Chuck Robbins said artificial intelligence (AI) will be bigger than the internet and that it's being driven by large companies with strong balance sheets, but warned that many startups and much capital could disappear.
Verbatim: "We've seen AI companies that have come up, whose technology is not even needed three months later. This thing is moving quickly, and you are going to see those companies fall off. Capital will be misplaced or lost. But there's going to be a lot of winners. It will be bigger than the internet," Robbins told us.
India manufacturing: Cisco Systems has exceeded its initial India production target of $1 billion and is now in discussions with the government about the next goal.
Data centre opportunity: Robbins said Cisco commands roughly 15-20% of the spend on all technology that goes into a data centre in India, including the optics, connectivity, and security.
Figma CFO says design platform willing to put margins on the line to boost AI demand
Figma's CFO Praveer Melwani said on Thursday that it was uncertain if the design software firm would return to peak gross margin levels as it ramps up AI spending, but said the investments will help draw users and compete better with sophisticated tools from labs such as OpenAI and Anthropic.
Margin pressure: Figma's quarterly gross profit margins have shrunk to the mid-80% range over the past year, down from above 90% historically, as the company continues to spend heavily on AI features.
AI push: The company has introduced tools that generate prototypes and web applications from text prompts, alongside its AI design assistant.
Groww accounted for 44% of new SIP registrations in September quarter
Wealthtech platform Groww accounted for 43.6% of new SIP (systematic investment plan) registrations for mutual funds in the July-September quarter, the company told us.
Asset growth: Direct mutual fund assets held through Groww rose 45.9% on-year to Rs 2.06 lakh crore as of September end, and 7.8% from about Rs 1.9 lakh crore in June, a Groww spokesperson said.
Industry activity: The mutual fund industry recorded 19.1 million new SIP registrations during the September quarter, while monthly SIP contributions reached a record Rs 32,490 crore in September.
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