One MobiKwik Systems (MOBIKWIK) Q2 25/26 earnings summary

Executive summary

• Achieved record high payments GMV of ₹432.2 billion in Q2FY26, up 53% YoY and 13% QoQ, with registered users at 183.5 million (+10% YoY) and merchants at 4.71 million (+7% YoY).

• Among the top three fastest-growing UPI apps in India, with UPI transactions up 3.5x YoY and GMV up 2x YoY.

• Financial services segment saw digital credit GMV rise 16% QoQ, gross margin rebounding to 41.8%, and gross profit up 231% QoQ.

• EBITDA improved by 80% QoQ to -₹63.76 million, with contribution margin rising to 34.4% and fixed costs reduced by 5.7% QoQ.

• Unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2025 were approved by the Board and reviewed by auditors, with no material misstatements identified.

Financial highlights

• Total income for Q2 FY26 was ₹2,793.27 million, remaining stable sequentially.

• Payments revenue grew 11.3% YoY to ₹2,089 million, with gross margin at 29.4%.

• Financial services revenue rose 5% QoQ to ₹613 million, with lending expenses down 29% QoQ.

• Consolidated EBITDA loss improved to -₹63.76 million from -₹312.01 million in Q1 FY26, an 80% improvement.

• PAT improved to -₹168 million from -₹419 million YoY and -₹286 million QoQ, excluding a one-time expense.

Outlook and guidance

• Expecting further improvement in contribution margin and profitability in coming quarters.

• Anticipate EBITDA break-even soon, with PAT profitability targeted as the next milestone.

• Lending revenue recovery expected to take until next financial year to reach previous highs.

• Focus on scaling new revenue streams such as Zaakpay payment gateway and stock broking, with SEBI approval secured.

• Continued investment in AI-powered product innovations and digital rupee adoption.