On Monday, March 9, 2026, financial reports based on Registrar of Companies (RoC) filings confirmed that Navi Limited (formerly Navi Technologies), the fintech unicorn founded by Sachin Bansal, swung to a consolidated net loss of ₹126.3 crore for the fiscal year ended March 31, 2025 (FY25).
This is a significant reversal from the ₹168.9 crore profit the company reported in FY24.
Financial Performance Breakdown (FY25)
Despite the net loss, Navi saw steady growth in its core operations. The transition to the red was primarily driven by the absence of one-time gains and increased operational costs.
| Metric | FY24 (Actual) | FY25 (Reported) | Growth/Change |
| Operating Revenue | ₹2,180 Crore | ₹2,565 Crore | +18% |
| Total Expenses | ₹2,491 Crore | ₹2,730 Crore | +10% |
| Net Profit / (Loss) | +₹168.9 Crore | (₹126.3 Crore) | Swung to Red |
| Other Income | ₹614 Crore | ₹124 Crore | -80% |
- The “Other Income” Trap: The profit in FY24 was heavily bolstered by a one-time gain from the sale of its microfinance subsidiary, Chaitanya India Fin Credit. In FY25, the lack of such exceptional items, combined with an 80% drop in other income, pulled the bottom line into negative territory.
- Revenue Mix: Interest income remains the powerhouse of the business, accounting for 85% (₹2,178 crore) of total revenue, which grew by 21% year-on-year.
- Expense Surge: Finance costs (the cost of borrowing money to lend) rose 21% to ₹850 crore, while impairment on financial instruments (provisions for bad loans) hit ₹578 crore.
Key Operational Hurdles
The fiscal year was marked by a major regulatory challenge that temporarily crippled Navi’s primary engine:
- RBI Lending Ban: In October 2024, the Reserve Bank of India (RBI) ordered Navi Finserv to stop sanctioning and disbursing new loans due to concerns over “usurious” pricing and regulatory non-compliance.
- December Recovery: The restrictions were lifted in December 2024 after Navi implemented revised systems and pricing policies. While the company resumed lending, the two-month hiatus slowed its growth momentum during the second half of the fiscal year.
- Cyber Fraud Loss: In a separate incident in December 2024, the company lost ₹14.26 crore to a sophisticated payment gateway scam, where hackers exploited a flaw to change transaction amounts to ₹1.
IPO and Future Outlook
Despite the FY25 loss, Sachin Bansal has signaled that Navi is still on track for a public market debut.
- FY26 IPO: Bansal recently stated that the company eyes an Initial Public Offering (IPO) in the second half of FY26 (late 2025 or early 2026), potentially seeking to raise ₹4,000 crore.
- Leadership Pivot: To prepare for the listing, the group restructured its leadership. Rajiv Naresh is now the CEO of Navi Limited (the holding company), while Abhishek Dwivedi leads Navi Finserv. Bansal has transitioned to the role of Executive Chairman.
- Diversification: The company is aggressively moving toward a 50-50 split between secured (home loans, LAP) and unsecured loans to provide more stability and reduce the high funding costs associated with riskier personal loans.
