One MobiKwik Systems (MOBIKWIK) Q3 25/26 earnings summary

Executive summary

• Achieved net profitability in Q3 FY26 with PAT of INR 40 million and EBITDA of INR 150 million, marking a significant turnaround from prior losses.

• Contribution profit rose 76% year-over-year, and EBITDA improved by INR 576 million YoY, reflecting strong operating leverage.

• User base reached 186.6 million and merchant base 4.79 million, maintaining leadership in digital wallet and UPI growth.

• Strong execution in both Payments and Financial Services segments drove results, with disciplined cost control and margin expansion.

Financial highlights

• Consolidated revenue for Q3 FY26 was INR 2,972 million, up 8% year-over-year and 6% sequentially.

• Payments GMV reached an all-time high of INR 481 billion, up 63% YoY and 11% QoQ, marking the 12th consecutive record quarter.

• Payments revenue for the quarter was INR 223.7 crore, with a net margin of 17 basis points.

• Financial services (ZIP EMI) GMV grew 126% YoY to INR 9,000 million, with gross profit up 405% YoY to INR 372 million.

• Contribution profit increased 76% year-over-year to INR 1,288 million.

Outlook and guidance

• Focus remains on sustainable, stable growth with a risk-first approach in lending and continued investment in payments, especially UPI and wallet products.

• Net payments margin expected to remain between 12-15 basis points; lending margin projected at 3-4%.

• New revenue streams in loans against mutual funds, co-branded credit cards, and merchant lending expected to contribute from FY27.

• Profitability is expected to be maintained in H2 FY26, with continued momentum in both payments and financial services.