DeHaat FY26 revenue falls 9.8% to Rs 2,715 crore as it shifts to in-house brands

DeHaat, a full-stack agritech platform, has spent the past few years expanding its portfolio of in-house brands, moving beyond its original marketplace model. The shift appears to have involved a near-term trade-off on growth.

Revenue from operations fell 9.8% to Rs 2,715 crore in FY26 from Rs 3,010 crore in FY25, according to consolidated financial statements reviewed by Entrackr.

Net loss rose 11.4% to Rs 224 crore from Rs 201 crore, excluding a Rs 578 crore income from the change in fair value of preference shares. Total expenditure fell 8.3% to Rs 2,972 crore from Rs 3,242 crore.

Procurement of materials, the largest cost at nearly 80% of expenditure, fell 11.7% to Rs 2,390 crore. Employee benefit expenses fell 9.1% to Rs 159 crore.

The sale of agricultural inputs, including seeds, fertilisers and other farm-related products, contributed Rs 517 crore, around 19% of operating revenue. The remaining revenue came from its agricultural output business, which includes staples, chillies and consumer-facing initiatives such as Farm Plus and HonestFarms. India accounted for 83% of revenue, with the UK, Europe, the Middle East, Thailand and Russia making up the remainder.

Several agritech companies that began as marketplaces for agricultural inputs and outputs are moving towards building their own brands to improve margins, gain better control over pricing and reduce dependence on third-party products.

DeHaat spent Rs 1.09 to earn every rupee of operating revenue in FY26. Its return on capital employed was -53.9% and its EBITDA margin was 6%. It ended the year with current assets of around Rs 1,000 crore.

The agritech sector has been navigating a more measured growth phase since the funding boom of 2021-22, with startups placing greater emphasis on sustainable business models. The key question is how quickly DeHaat can scale its brands into a stronger growth and profitability engine.