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

Executive summary

• Achieved back-to-back profitable quarters at the PAT level in Q4 FY26, marking a significant turnaround year with a YoY PAT swing of INR 604 Mn and EBITDA near breakeven for FY26.

• Full-year EBITDA nearly breakeven at INR -5 crore, a swing of INR 74.2 crore YoY, with core business EBITDA of 50 Cr reinvested in merchant payments.

• PAT loss halved to INR 62.1 crore, improving by INR 59.4 crore YoY, with Q4 PAT at INR 4.4 crore (including exceptional charge) and underlying PAT at INR 8.1 crore.

• Payments GMV grew 4.8x in two years to INR 1,821 Bn, with 57%-58% YoY growth and 189.6 Mn registered users.

• IPO completed 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.

Financial highlights

• Q4 total income reached INR 296 crore, up 6% YoY, with FY26 revenue at INR 11,192 Mn, down 3% YoY.

• Contribution margin expanded to 46% in Q4, nearly double from 23% in Q4 FY25; payments gross margin reached 39.1% in Q4FY26.

• Q4 EBITDA at INR 17.4 crore (5.9% margin), a swing of INR 63.2 crore YoY; consolidated EBITDA loss for FY26 improved to INR 51.94 million from INR 793.99 million in FY25.

• Payment GMV hit all-time high of INR 52,400 crore in Q4, up 58% YoY and 9% sequentially.

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

Outlook and guidance

• FY27 GMV growth expected at 30%-35% for both payments and lending businesses; digital credit GMV guided to grow 30%-35%.

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

• EBITDA margin expected to remain around 5% as investments continue; merchant payment businesses targeted for EBITDA breakeven by FY28.

• Continued focus on organic growth in financial and payment services, R&D in data, ML, AI, and technology.