Licious Posts Rs 1,166 Crore in Revenue for FY26, Maintains Net Loss

Licious Posts Record Revenue Growth in FY26

Licious, the Bengaluru-based omnichannel meat and seafood player, has closed its financial year 2025-26 with a net revenue of Rs 1,166 crore, representing a 47 percent year-on-year growth. This marks the company's highest-ever single-year absolute revenue growth, up from Rs 795 crore reported in FY25.

The company's focus on deeper penetration within existing urban markets has driven growth, particularly in core markets such as Bengaluru, Mumbai, and the National Capital Region (NCR). Licious improved delivery speed and increased density in these areas, rather than expanding aggressively into new cities. The firm is now targeting Rs 1,800 crore in revenue for FY27, driven by repeat consumption and expansion across micro markets in key cities.

While Licious did not disclose its net loss, sources close to the firm reported a loss of Rs 200-210 crore in FY26, relatively flat compared to Rs 218 crore in the previous year. The company is planning to build out 10 additional micro markets in its core cities in FY27, while identifying 120 such clusters across the top seven cities over the next five years.

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To support this strategy, Licious plans to significantly scale its dark store network, expanding from 130 currently to around 400 over the same period. Approximately 70 new dark stores are slated to be added in FY27. The company's online channel continues to anchor the business, with revenue growing from Rs 770 crore to nearly Rs 1,000 crore in FY26, reflecting a 28 percent increase.

At the same time, its offline presence scaled up meaningfully, with revenue from physical stores rising from Rs 26 crore in FY25 to Rs 177 crore in FY26. The firm now operates over 60 outlets, which function more as a trust-building and discovery layer complementing its digital business rather than a primary revenue driver.

Licious reported an EBITDA burn of Rs 187 crore in FY26, up from Rs 168 crore in the previous year, as it continued to invest in infrastructure and offline expansion. However, as a proportion of net revenue, burn declined by 5.2 percentage points, indicating improving operating leverage. The company highlighted strong customer metrics, with repeat consumption accounting for 94 percent of the business and monthly active users crossing 1.5 million. Its 30-minute delivery offering, 'Flash', now serves about 55 percent of its online customer base, helping improve conversion and order frequency, while average order value rose to Rs 675.

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