One MobiKwik Systems (MOBIKWIK) Q4 25/26 earnings summary

Executive summary

• Achieved profitability at the PAT level for two consecutive quarters, with a YoY PAT swing of INR 604 Mn and EBITDA near breakeven for FY26, marking an inflection year with a 74 Cr EBITDA swing.

• Payments GMV grew 4.8x in two years to INR 1,821 Bn, with 57% YoY growth and 189.6 Mn registered users.

• Consolidated revenue from operations for FY26 was INR 11,192.32 million, a slight decrease from INR 11,701.74 million in FY25, with a consolidated net loss of INR 621.01 million, significantly reduced from INR 1,215.29 million in FY25.

• The company completed its IPO in December 2024, raising INR 5,305.17 million (net of expenses), with proceeds allocated to business growth, R&D, capital expenditure, and general corporate purposes.

• Secured three new licenses in the last 12 months, including NBFC, enabling broader lending and product velocity.

Financial highlights

• FY26 revenue was INR 11,192 Mn, down 3% YoY, with direct costs down 14% YoY to INR 7,168 Mn.

• Contribution profit rose 21% YoY to INR 4,374 Mn; EBITDA improved to INR 742 Mn, and PAT loss halved to INR 621 Mn.

• Payments gross margin reached an all-time high of 39.1% in Q4FY26, up from 23.9% YoY, driven by cost discipline.

• Financial services gross margin hit 59% in Q4FY26, with gross profits up 1,775% YoY and lending expenses down 41% YoY.

• Cash and cash equivalents (consolidated) increased to INR 2,391.35 million as of March 31, 2026, from INR 560.42 million a year earlier.

Outlook and guidance

• Targeting 10x revenue growth in merchant payments and 10x GMV in online merchant business by FY28.

• Four new growth engines: offline merchant acquiring, online merchant acquiring, NBFC-powered lending, and AI-driven business optimization.

• Expecting to remain baseline profitable through the investment cycle, with break-even for new merchant businesses by FY28.

• Focus on organic growth in financial and payment services, R&D in data, ML, AI, and technology, and capital expenditure for payment devices.