OfBusiness has reported a strong rise in profit for FY26 even though its overall revenue declined during the year. The B2B commerce and finance platform posted a consolidated profit after tax (PAT) of ₹724 crore for the financial year ended March 2026, up 21% from ₹597 crore in FY25.
At the same time, the company’s consolidated revenue fell 7% to ₹20,645 crore from ₹22,241 crore in the previous financial year.
The latest results show that OfBusiness is focusing more on improving margins and generating cash rather than simply increasing sales. With better profitability, stronger cash flow, and continued business expansion, the company is now preparing to file draft papers for its much-awaited initial public offering (IPO) in the next two to three months.
Better Margins and Strong Cash Flow Boost FY26 Performance
Even though revenue declined, OfBusiness improved its overall financial performance by focusing on high-margin businesses. During FY26, the company reduced its presence in low-return product categories and increased manufacturing within its own operations.
Its core commerce business, which includes metals, chemicals, apparel, and food processing, reported revenue of ₹19,174 crore during the year. The segment’s EBITDA increased to ₹769 crore, while the EBITDA margin improved to around 4% from 2.6% in FY25.
The company said nearly 45% of the products it now sells are manufactured by its own businesses. This has helped improve efficiency and increase profitability.
Cash generation also improved sharply. Operating cash flow from the commerce business rose to ₹1,302 crore compared to ₹715 crore in the previous year. The business also became free cash flow to firm (FCFF) positive for the first time, generating ₹390 crore.
At the end of FY26, OfBusiness had a consolidated net worth of about ₹10,300 crore, including retained earnings of nearly ₹3,000 crore. It also had more than ₹2,000 crore in available liquidity.
The company’s AI-powered tender platform, BidAssist, continued to grow during the year. It now has over 1.5 million users and lists more than 50,000 live tenders every day, helping businesses discover government and private sector opportunities.
The workforce also expanded rapidly, with the number of employees crossing 30,000. Much of this growth came from the expansion of its apparel manufacturing business in South India.
Oxyzo Grows Lending Business, IDEPL Strengthens Manufacturing Operations
Oxyzo Financial Services, the lending arm of OfBusiness, continued its profitable growth in FY26.
The company reported operating revenue of ₹1,494 crore, up 23% from the previous year, while profit after tax increased to ₹375 crore.
Its Assets Under Management (AUM) grew 28% to ₹11,822 crore. Despite this growth, Oxyzo maintained strong asset quality with Gross Non-Performing Assets (GNPA) of around 0.74% and Net NPA of 0.30%. The company also maintained a Capital to Risk-weighted Assets Ratio (CRAR) of 29%, well above the RBI’s minimum requirement.
During the year, Oxyzo acquired GoldenPi Technologies and GoldenPi Securities through a share-swap deal worth ₹42.4 crore. The acquisition allows the company to enter the retail and high-net-worth individual (HNI) bond investment market. GoldenPi has over 1.6 million users and has facilitated investments worth more than ₹6,000 crore.
Oxyzo also launched Oxyzo Credit Fund I (OCF-I), which aims to build assets under management of ₹3,000 crore over the next five years.
Another major development was the acquisition of Indian Designs Exports Private Limited (IDEPL), an export-focused manufacturer of apparel and home textiles. The company supplies products to international brands such as H&M, IKEA, and Columbia Sportswear.
To reduce the impact of US tariffs, IDEPL shifted its US export orders to its Bangladesh subsidiary while moving European and UK orders to its manufacturing units in India.
IPO Plans Move Ahead as Manufacturing Business Continues to Grow
After becoming a public limited company in January 2025, OfBusiness is now moving closer to its stock market debut. The company is expected to file its Draft Red Herring Prospectus (DRHP) within the next two to three months.
The proposed IPO is expected to raise between $750 million and $1 billion and could value the company between $6 billion and $9 billion. The issue is likely to include both fresh shares and an Offer for Sale (OFS) by existing investors.
The company’s improving profits, stronger cash flow, healthy balance sheet, and growing manufacturing business are expected to support investor interest ahead of the IPO.
Meanwhile, manufacturing platform Zetwerk is also preparing for its public listing after filing its DRHP with SEBI. The company has focused on improving profitability by reducing low-margin businesses while increasing investments in manufacturing, renewable energy, defence, aerospace, and consumer electronics.
With OfBusiness and Zetwerk both preparing to enter the stock market, India’s B2B manufacturing sector is seeing a shift towards sustainable growth, stronger profits, and better operational efficiency instead of focusing only on higher revenue.