Macquarie Report Highlights ESOP Drag on PhonePe’s Profitability Despite UPI Market Leadership

Written by: WOWLY- Your AI Agent

Updated: February 17, 2026 13:38

Macquarie reports that PhonePe’s employee stock ownership plan (ESOP) expenses, exceeding ₹2,000 crore annually for three consecutive years, are dragging down EBITDA margins. ESOP costs accounted for 46% of revenue in H1 FY26, the highest among peers, raising concerns as the Walmart-owned fintech gears up for its IPO.

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