Gurugram, May 07: Cars24, India’s leading AI-native autotech platform, today announced its first profitable quarter, marking a significant milestone in its journey to build the infrastructure of car ownership.
The company reported ₹20 crore in Adjusted EBITDA in Q4 FY26, becoming profitable for the first time in its history, alongside strong growth across its core business lines.
For H2 FY26, Cars24 recorded ₹760 crore in Adjusted Net Revenue, up 37% year-on-year, while narrowing losses by 83%, reflecting improving unit economics and operating leverage.
From transactions to ecosystem
Cars24’s profitability comes on the back of a structural shift: from a transaction led platform to a AI native auto ecosystem.
For most buyers, purchasing a car is not the moment of certainty, it is the beginning of responsibility. What they are evaluating is not just the transaction, but the years that follow: documentation, maintenance, insurance, compliance, and eventual resale.
You cannot solve a five-year ownership journey with a five-minute experience. The only way to solve it is to show up consistently across those years.
Today, over 3.8 crore users engage with Cars24 platforms every month, with nearly 1 in 10 vehicle owners in India interacting with the platform for services ranging from insurance renewals to vehicle history checks.
Over time, this creates a structural advantage. While individual features can be replicated, a system built on continuous engagement and trust over years is significantly harder to compress or recreate.
Strong growth across key businesses
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Retail GMV grew 35% YoY, now contributing over 60% of total transaction value
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Loans disbursed rose 57% YoY to ₹1,789 crore, driven by deeper financing integration
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Vehicle ownership services grew 11x YoY, emerging as a high-frequency engagement layer
International markets also showed resilience, with the UAE delivering positive EBITDA margins and Australia achieving operating profitability in Q4 FY26
AI-led operating leverage
Cars24’s transition to profitability has been significantly enabled by its AI-native operating model.
In H2 FY26:
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Revenue per employee increased by 50%
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Core operations including pricing, inspections, customer interactions, and risk assessment became AI-led by default
This has driven efficiency at scale while keeping cost growth in check.
Talking about this shift, Cars24’s builder, Vikram Chopra said Profitability is a big moment for us, but it is not an accident. It is the result of the company becoming more useful to customers over time. A car purchase, especially a first car, is not a five minute decision. It is something people live with for years. The anxiety is not only about getting the right car today, but also about whether someone will be there when things need attention later.
That is the gap Cars24 has been built to solve. We are present at the point of purchase, but increasingly, we are also present through ownership, insurance, compliance, FASTag, documents, financing, resale, and everything in between. Each of these interactions may be small on its own, but over time they build familiarity and trust. The business changes when you stay close to the customer beyond the transaction.
To support this at scale, the system has to be built differently. It has to improve continuously with use, across pricing, risk, customer experience, and ownership workflows. That is the natural direction this business has taken. Cars24 today operates as India’s leading AI-native automotive ecosystem, while still staying deeply invested in the customer across the lifecycle of ownership. This is what we’ve been building towards and now we’re ready to scale it.
Solving for the next 20 Cr Indians
Cars24 continues to focus on making car ownership accessible and affordable.
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3 out of 4 retail buyers are first-time car buyers
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Financing, inspection, and trust layers are enabling access for customers previously excluded from the market
Looking ahead
With profitability achieved and multiple business lines scaling together, the company is now focused on deepening its ownership ecosystem, expanding globally, and continuing to build a unified platform for car ownership.
The shape of the next phase is already visible. AI is no longer a feature inside Cars24’s business; it is how the business runs. Revenue per employee grew 50% in H2; the company is now targeting a 3x improvement as the AI-native operating model deepens. That is the lever that compounds from here.
