Is Myntra profitable in 2026?

Yes. Myntra's net profit surged roughly 18x to ₹548.3 crore in FY25 (year ended March 31, 2025) from ₹30.9 crore in FY24, on operating revenue of ₹6,042.7 crore, up 18% YoY, per filings reported September 12, 2025.

Myntra has been owned by Flipkart since a 2014 acquisition worth roughly ₹2,000 crore. Flipkart itself is majority owned by Walmart Inc., holding an estimated 77-85% stake as of July 2026, making Myntra effectively part of the Walmart group.

Will Myntra or Flipkart go public soon?

Unlikely near-term. Though Flipkart completed re-domiciliation to India in March 2026 and had discussed an $8-10 billion IPO, Walmart directed Flipkart on May 15, 2026 to shelve IPO plans and focus on EBITDA breakeven by FY2027 instead. No standalone Myntra listing exists.

Is Myntra losing market share to Ajio or Nykaa?

Not clearly yet. As of July 22, 2026 reporting, Myntra holds an estimated 35-40% share of India's organized online fashion market with 75M+ monthly active users, but Nykaa grew 26% to over $1 billion FY26 revenue and Reliance's Ajio remains a well-funded rival.

Has Myntra had layoffs?

Yes, on a small scale. On February 5, 2026, Myntra laid off about 50 employees on its Gurugram catalogue/supplier team as part of consolidating operations into its Bengaluru headquarters; the company said this was unrelated to AI or performance.

Could AI replace Myntra's business?

Not the marketplace itself. Myntra reports (company claim, July 16, 2026 mynnovAIte showcase) AI cut seller onboarding from 10-15 days to 1-2 days and catalog turnaround from 1 day to 4 hours, but its logistics, brand relationships and 75M+ user data remain the core moat.

E-commerce and marketplaces · subsidiary of Flipkart Group (majority-owned by Walmart Inc., ~77-85%) · India

Myntra

myntra.com ↗

Myntra is India's top online fashion and beauty marketplace, majority owned by Flipkart/Walmart.

Defensible for now

Assessed 22 July 2026 · Evidence as of 22 July 2026

Real protection, with named pressure against it.

On the recordSince 22 July 2026 · Checkable from late 2026 · Every call on the record Checkpoint: Flipkart Group IPO decision, currently frozen by Walmart directive

The call

Myntra's core business is profitable and dominant, but its owner's stalled IPO leaves any equity payoff for Flipkart and Walmart on hold.

Myntra sells clothes and accessories online in India and is the market leader with about one-third of all sales. It makes money and is backed by Walmart's deep pockets, so the business itself should stay strong for the next few years. However, Reliance's Ajio service is a well-funded rival doing the same thing, and in the future, AI shopping assistants could let people skip marketplaces entirely and buy straight from brands. The big unknown is whether Walmart will ever sell Flipkart (Myntra's parent company) to the public; without that liquidity event, investors who own Myntra equity have no clear way to cash out or see their stake grow.

Why

AI pressure: None apparent. Agentic shopping bots could someday route buyers straight to brands, bypassing marketplaces like Myntra, but this remains theoretical. Could AI do the core job? Unlikely.

Bigger players: Reliance's Ajio. Reliance keeps funding Ajio's fashion push with conglomerate money, pressuring Myntra's share even as Myntra still leads by a wide margin. Could a giant copy it? Probably.

What protects it. Myntra holds 35 to 40% share, 75 million-plus monthly users, and years of buyer and supplier data that rivals can't easily copy.

What would change this call

Flipkart Group announces a real IPO date or reverses the May 2026 shelving. Would unfreeze the equity upside tied to Myntra's parent liquidity event.
Reliance Ajio or Nykaa publish market-share or revenue figures showing fashion gains. Would show Myntra's 35-40% share position is eroding.
M-Now quick-commerce fashion delivery expands to new cities or stalls amid rival entrants. Would indicate whether Myntra can defend against quick-commerce fashion threats.

Key numbers

FY25 revenue ₹6,042.7 crore, up 18% YoY (2025-03-31)
FY25 net profit ₹548.3 crore, up 18x YoY (2025-03-31)
Fashion market share estimated at 35-40% (2026-07-22)

Named risks

Flipkart Group IPO shelved by Walmart directive (May 2026) freezes any equity liquidity event for Myntra. Severity: high
Reliance-backed Ajio's conglomerate capital could erode Myntra's fashion market share over time. Severity: medium
New CEO Sharon Pais (since April 2026) betting heavily on unproven M-Now quick-commerce growth model. Severity: medium
Quick-commerce startups reportedly raising capital specifically to compete with Myntra's M-Now. Severity: medium
Regulatory FDI scrutiny under FEMA, though April 2026 case was closed with a token penalty. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Reliance Ajio	contesting	Deep-pocketed conglomerate rival named as key incumbent threat to Myntra as of July 2026
Nykaa	gaining on	Nykaa grew revenue 26% to ₹10,022 crore in FY26, crossing $1B, expanding into fashion per July 2026 reports
Amazon India	contesting	Amazon's fashion vertical competes but is assessed as poorly fit for fashion curation vs Myntra
Meesho	gaining on	Increasingly cited alongside Myntra and Nykaa in AI-driven fashion e-commerce coverage, July 2026

Questions people ask

Is Myntra profitable in 2026?: Yes. Myntra's net profit surged roughly 18x to ₹548.3 crore in FY25 (year ended March 31, 2025) from ₹30.9 crore in FY24, on operating revenue of ₹6,042.7 crore, up 18% YoY, per filings reported September 12, 2025.
Who owns Myntra?: Myntra has been owned by Flipkart since a 2014 acquisition worth roughly ₹2,000 crore. Flipkart itself is majority owned by Walmart Inc., holding an estimated 77-85% stake as of July 2026, making Myntra effectively part of the Walmart group.
Will Myntra or Flipkart go public soon?: Unlikely near-term. Though Flipkart completed re-domiciliation to India in March 2026 and had discussed an $8-10 billion IPO, Walmart directed Flipkart on May 15, 2026 to shelve IPO plans and focus on EBITDA breakeven by FY2027 instead. No standalone Myntra listing exists.
Is Myntra losing market share to Ajio or Nykaa?: Not clearly yet. As of July 22, 2026 reporting, Myntra holds an estimated 35-40% share of India's organized online fashion market with 75M+ monthly active users, but Nykaa grew 26% to over $1 billion FY26 revenue and Reliance's Ajio remains a well-funded rival.
Has Myntra had layoffs?: Yes, on a small scale. On February 5, 2026, Myntra laid off about 50 employees on its Gurugram catalogue/supplier team as part of consolidating operations into its Bengaluru headquarters; the company said this was unrelated to AI or performance.
Could AI replace Myntra's business?: Not the marketplace itself. Myntra reports (company claim, July 16, 2026 mynnovAIte showcase) AI cut seller onboarding from 10-15 days to 1-2 days and catalog turnaround from 1 day to 4 hours, but its logistics, brand relationships and 75M+ user data remain the core moat.

Timeline

2026-07-22Reported Myntra holds 35-40% online fashion share, 75M+ MAU, scaling AI
2026-07-16mynnovAIte showcase unveils Maya, Meera, Saarthi, BIRA, Scout AI tools
2026-06-05RBI closes FEMA probe against Myntra via compounding order
2026-05-15Walmart tells Flipkart to shelve IPO, target EBITDA breakeven by FY2027
2026-04-20RBI compounding order closes FEMA case with ₹2.88 lakh penalty
2026-04-13Sharon Pais becomes Myntra CEO, replacing Nandita Sinha after 13 years
2026-03-11Flipkart begins talks with banks for $8-10B IPO
2026-03-01Flipkart completes re-domiciliation from Singapore to India
2026-02-05Myntra lays off ~50 staff, consolidates Gurugram ops into Bengaluru HQ
2025-12-16NCLT approves Flipkart's domicile shift to India ahead of planned IPO

Revision history

22 July 2026

First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.

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