Licious, India’s leading D2C meat and seafood brand, has reported an EBITDA burn of ₹187 crore for the fiscal year ended March 31, 2026 (FY26). While the absolute loss widened from ₹168 crore in the previous year, the company demonstrated a significant surge in scale, with net revenue jumping 47% to reach ₹1,166 crore.
The widening loss is primarily attributed to a massive capital expenditure push into offline retail and dark store infrastructure as the company shifts from a “pure-play digital” brand to a true omnichannel powerhouse.
1. FY26 Financial Highlights
Despite the increased burn, Licious’s efficiency metrics showed improvement, with the burn rate as a percentage of revenue declining by 5.2 percentage points, signaling better operating leverage.
| Metric | FY25 (Actual) | FY26 (Actual) | Growth / Change |
| Net Revenue | ₹795 Cr | ₹1,166 Cr | ↑ 47% |
| EBITDA Loss | ₹168 Cr | ₹187 Cr | ↑ 11.3% |
| Online Revenue | ₹770 Cr | ₹1,000 Cr | ↑ 28% |
| Offline Revenue | ₹26 Cr | ₹177 Cr | ↑ 580% |
| Avg. Order Value | ~₹600 | ₹675 | ↑ 12.5% |
2. The Omnichannel Pivot
The standout figure in the FY26 results is the ₹177 crore generated from offline channels. Licious has transitioned from treating physical stores as an experiment to a core revenue driver.
- Store Count: The brand now operates over 60 physical outlets, positioned as “trust and discovery centers.”
- Micro-Market Strategy: Rather than aggressive city expansion, Licious is focusing on deep penetration in Bengaluru, Mumbai, and Delhi-NCR. It plans to build 10 dedicated micro-markets in these cities in FY27.
- Supply Chain Expansion: The company plans to scale its dark store network from 130 to 400 over the next five years, with 70 new stores slated for the upcoming fiscal year.
3. Customer Retention & “Flash” Delivery
Licious’s “moat” remains its highly loyal customer base, which allows it to spend less on customer acquisition compared to general quick-commerce rivals.
- Repeat Rate: An industry-leading 94% of the business comes from repeat purchases.
- Monthly Active Users (MAU): Crossed the 1.5 million mark in March 2026.
- Flash Delivery: Its 30-minute delivery service, ‘Flash’, now covers 55% of online users, which the company claims has significantly improved conversion rates and order frequency.
4. Roadmap to FY27 & IPO
With the appointment of Karishma Gupta as CFO earlier this year, the company is professionalizing its finance function in anticipation of a public listing.
- Revenue Target: Licious is aiming for ₹1,800 crore in revenue for FY27.
- IPO Watch: Market analysts expect the company to launch its Initial Public Offer (IPO) within the next 18–24 months, provided it can demonstrate a clear path to EBITDA neutrality.
- Valuation: Following its last major funding round, the company’s valuation is pegged at approximately ₹12,100 crore ($1.47 billion).
5. Competitive Landscape
Licious continues to face a “two-front war” in the $55 billion Indian meat market:
- Direct Rivals: Competing with funded players like FreshToHome (which reported stable losses of ~₹146 crore) and TenderCuts.
- Quick Commerce: Defending its premium niche against the rapid expansion of Blinkit, Swiggy Instamart, and Zepto, which have begun aggressive pushes into the fresh meat category.
“The gains in FY26 have come from deepening our presence and improving delivery infrastructure in existing markets rather than vanity expansion,” the company stated in its earnings release. “We are building for the next decade of meat consumption in India.”