Bakingo Crosses Rs 400 Crore Revenue in FY26 as Losses Double to Rs 37 Crore

Bakingo's revenue from operations grew 35% year-on-year to Rs 405.8 crore in FY26, up from Rs 300.3 crore in FY25, according to its consolidated financial statements filed with the Registrar of Companies. The growth came at a steep price: losses more than doubled to Rs 36.9 crore during the fiscal year ended March 2026.

The Gururgram-based online bakery, founded in 2016 by Himanshu Chawla, Shrey Sehgal and Suman Patra, has built a genuinely national operation. It sells across 30-plus cities, runs more than 100 kitchens, and lists over 100 products — cheesecakes, gourmet cakes and jar cakes among them. Sales of bakery products remained its sole source of operating revenue in FY26.

Interest on investments and fixed deposits added another Rs 7.3 crore, taking total income to Rs 413.65 crore for the year.

What's eating the margins?

Raw material procurement was the single largest expense, at over 43% of total expenditure. That line item jumped 40% year-on-year to Rs 194.45 crore from Rs 138.7 crore in FY25 — notably, raw material costs grew faster than revenue.

The rest of the cost base moved in the same direction:

• Employee benefit expenses: up 40% to Rs 31.6 crore
• Advertising expenses: up 35% to Rs 75.4 crore
• Commission and platform fees: up over 39% to Rs 53 crore
• Other overheads, including delivery and transportation, outsourced support, and power and fuel

Add it up and total expenses climbed 38.7% to Rs 450.5 crore, against Rs 324.7 crore the year before. That 38.7% cost growth against 35% revenue growth is the whole story of the FY26 bottom line. The company spent Rs 1.11 to earn every single rupee of operating revenue. Its ROCE stood at -39%, with an EBITDA margin of -7.48%.

On the balance sheet, Bakingo held total current assets of Rs 86 crore, including Rs 30 crore in cash and bank balances.

What does this change for investors?

Bakingo has raised $26.5 million to date across two rounds. In August this year, it raised Rs 100 crore ($10.5 million) led by existing investor Faering Capital at a valuation of $173 million, as exclusively reported by Entrackr.

The valuation question is where this gets interesting. When Theobroma was acquired in FY24-25 at a valuation of close to Rs 2,600 crore, it was clocking revenues roughly in the same range as Bakingo's FY26 number. That revenue-similar, valuation-divergent comparison likely explains why Bakingo has pushed so hard on advertising and growth spending. But the gap remains significant.

The structural problem, as the source analysis notes, is the brand's positioning: Bakingo occupies a distinctly massier segment than Theobroma. That makes it tougher to deliver margins that can meet investor expectations, in a part of the market with little by way of protection.

The forward view is candid: there is a long haul ahead for Bakingo, and the firm needs to think long and hard about its next steps.