One Mobikwik Systems Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript One Mobikwik Systems Ltd filed with BSE on 06 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
MobiKwik reported Q1 FY27 net profit of INR76 million and EBITDA of INR158 million, both improving year-on-year, with payments gross profit up 31% YoY and financial services gross profit up 5.6x YoY. Platform GMV reached an all-time high of INR587 billion, up 50% YoY, marking the 14th consecutive quarter of GMV growth. Management attributed part of the payments revenue softness to a pause in card-linked payment categories due to regulatory pressures, while lending disbursements declined due to a business migration to a new NBFC subsidiary.
Numbers mentioned
PAT: INR76 million (Q1 FY27)
p. 3
“Q1 PAT stood at INR76 million.”
Upasana Taku, page 3 of the filed PDF · View the filing
EBITDA: INR158 million (Q1 FY27)
p. 3
“EBITDA also delivered at INR158 million with an improvement of INR470 million YoY.”
Upasana Taku, page 3 of the filed PDF · View the filing
Payments gross profit: INR777 million, up 31% YoY (Q1 FY27)
p. 3
“payments gross profit landed at INR777 million, up 31% YoY”
Upasana Taku, page 3 of the filed PDF · View the filing
Financial services gross profit: INR433 million, up 5.6x YoY (Q1 FY27)
p. 3
“the financial services gross profit grew 5.6x YoY and landed at INR433 million, demonstrating robust credit quality”
Upasana Taku, page 3 of the filed PDF · View the filing
Platform GMV: INR587 billion, up 50% YoY (Q1 FY27)
p. 3
“the platform GMV of the company reached an all-time high of INR587 billion. This is 50% up YoY.”
Upasana Taku, page 3 of the filed PDF · View the filing
Direct costs: down 21% YoY (Q1 FY27)
p. 3
“Direct costs have been brought down 21% YoY.”
Upasana Taku, page 3 of the filed PDF · View the filing
UPI GMV: INR269 billion (Q1 FY27)
p. 6
“For the quarter, it was INR269 billion in terms of UPI GMV.”
Soham Roy, page 6 of the filed PDF · View the filing
Non-UPI GMV: INR317 billion (Q1 FY27)
p. 6
“Let me correct myself. Last quarter it was INR300 billion, this quarter it is INR317 billion.”
Soham Roy, page 6 of the filed PDF · View the filing
Merchant GMV: INR125 billion (Q1 FY27)
p. 7
“We have done about INR125 billion in Q1 in merchant GMV.”
Upasana Taku, page 7 of the filed PDF · View the filing
Merchant GMV growth: 17% Q-o-Q (Q1 FY27)
p. 7
“This number was INR107 billion last quarter, so that's a 17% Q-o-Q growth in the merchant GMV.”
Upasana Taku, page 7 of the filed PDF · View the filing
Zaakpay GMV: INR25.6 billion (Q1 FY27)
p. 11
“Payment gateway GMV or Zaakpay GMV for the quarter was INR25.6 billion.”
Soham Roy, page 11 of the filed PDF · View the filing
Net Financial Services margin: 5.9% (Q1 FY27)
p. 12
“like if you see Q3 our net Financial Services margin was 4.1% and last quarter and this quarter it's now 5.4% and 5.9%.”
Upasana Taku, page 12 of the filed PDF · View the filing
Employee benefit expense: INR53 crores, up from INR46 crores (Q1 FY27)
p. 12
“And it has gone up last quarter INR46 crores to INR53 crores this quarter.”
Upasana Taku, page 12 of the filed PDF · View the filing
Net cash: INR437 crores (as of June 30)
p. 10
“So, the net cash that the company has is INR437 crores.”
Upasana Taku, page 10 of the filed PDF · View the filing
Short-term debt: INR320 crores (as of Q1 FY27)
p. 15
“the only loans that we have now are short-term working capital facilities which are from two major private banks, the total of value of which is INR320 crores or INR3,204 million and this is used for payment settlements refunding only.”
Upasana Taku, page 15 of the filed PDF · View the filing
Carried forward losses (tax shield): INR900 crores to INR1,000 crores
p. 16
“Yes, we have substantial losses. I don't have the exact number, but it will be somewhere in the range of INR900 crores to INR1,000 crores.”
Upasana Taku, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Full-year PAT — INR40 crores · FY27
stated conditionally by Upasana Taku
p. 10
“So yes, INR75 crores EBITDA and INR40 crores PAT is the kind of numbers that we are fairly confident of achieving.”
Upasana Taku, page 10 of the filed PDF · View the filing
Full-year EBITDA — INR75 crores · FY27
stated conditionally by Upasana Taku
p. 10
“So yes, INR75 crores EBITDA and INR40 crores PAT is the kind of numbers that we are fairly confident of achieving.”
Upasana Taku, page 10 of the filed PDF · View the filing
Lending disbursements — INR1,000 crores per quarter · Q2 FY27 onward
stated firmly by Upasana Taku
p. 13
“I am happy to tell you, that we are already on the INR1,000 crores run rate in Q2, as on the day we are standing on today.”
Upasana Taku, page 13 of the filed PDF · View the filing
Mature consumer payments revenue growth — 5% to 6% · quarterly
stated as an aspiration by Upasana Taku
p. 8
“we feel comfortable that the mature consumer payment businesses, we will expect 5% to 6% quarterly growth in terms of revenue.”
Upasana Taku, page 8 of the filed PDF · View the filing
Merchant business revenue growth — 25% · quarter-on-quarter
stated as an aspiration by Upasana Taku
p. 8
“in the emerging and fast-growing merchant businesses, we expect that we'll be able to grow about 25% in terms of revenue quarter-on-quarter.”
Upasana Taku, page 8 of the filed PDF · View the filing
Net Financial Services margin — 4.5% to 5.5% · long-range
stated as an aspiration by Upasana Taku
p. 12
“but on a long-range basis we believe that this will continue to be between 4.5% to 5.5%.”
Upasana Taku, page 12 of the filed PDF · View the filing
Net payments take rate — 12 bps to 14 bps · long-range
stated as an aspiration by Soham Roy
p. 7
“But we continue to guide in the roughly 12 bps to 14 bps in terms of net payments take rate.”
Soham Roy, page 7 of the filed PDF · View the filing
Merchant business annual burn — INR50 crores to INR60 crores · FY27
stated firmly by Upasana Taku
p. 12
“we had said that we don't expect for the full year merchant business burn will be more than INR50 crores to INR60 crores and we are running on that timetable only on a quarterly basis.”
Upasana Taku, page 12 of the filed PDF · View the filing
Merchant business break-even — FY28
stated as an aspiration by Upasana Taku
p. 12
“We expect FY28.”
Upasana Taku, page 12 of the filed PDF · View the filing
Own NBFC lending launch
stated conditionally by Upasana Taku
p. 10
“I do believe that we are still some time away from that, and we should have a better update to give you in the coming quarters.”
Upasana Taku, page 10 of the filed PDF · View the filing
Capex spend on merchant equipment — INR25 crores · this year
stated firmly by Upasana Taku
p. 9
“We don't expect that we will need more than that for now for this year.”
Upasana Taku, page 9 of the filed PDF · View the filing
Disbursal mix (distribution vs FLDG) — 40/60 · by end of this year
stated as an aspiration by Soham Roy
p. 9
“As we go forward, we're looking more at a 40/60 kind of a mix potentially by the end of this year.”
Soham Roy, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management pointed to new lending partners, AI-driven funnel optimization, recoveries from the old loan book, and a re-launch of paused payment categories as growth drivers.
Answered by Upasana Taku
Asked by Divyansh Jaju: What are the key growth levers for accelerating revenue growth going forward given muted growth over recent quarters?
p. 5
“we feel very comfortable about generating at least a INR1,000 crores disbursal in every quarter going forward.”
Upasana Taku, page 5 of the filed PDF · View the filing
Management said net payments take rate guidance remains 12-14 bps despite gross take rate pressure from UPI growth.
Answered by Soham Roy
Asked by Ankur Gulati: What is the take rate outlook for payments given regulatory pauses in card-linked categories?
p. 7
“But we continue to guide in the roughly 12 bps to 14 bps in terms of net payments take rate.”
Soham Roy, page 7 of the filed PDF · View the filing
Management described a 10x ramp-up ambition over two years and gave GMV growth data, but declined to share merchant count, device count or revenue figures citing early stage.
Answered by Upasana Taku
Asked by Ankur Gulati: Can you give colour on the merchant business roll-out plans and targets?
p. 8
“we don't feel comfortable about sharing any of those numbers right now. It is too early.”
Upasana Taku, page 8 of the filed PDF · View the filing
Management reaffirmed confidence in achieving INR75 crores EBITDA and INR40 crores PAT for the year using Q1 as baseline.
Answered by Upasana Taku
Asked by Ankur Gulati: Is the prior EBITDA guidance of INR75 crores for FY27 still achievable given Q1 operating EBITDA was lower?
p. 10
“I think that we feel very comfortable and confident in the current financial numbers as the baseline.”
Upasana Taku, page 10 of the filed PDF · View the filing
Management cited a deliberate reduction in lender concentration and a technology migration of the lending business to a new NBFC subsidiary as the causes.
Answered by Upasana Taku
Asked by Dikshit Doshi: Why did lending disbursements degrow over the last two quarters?
p. 13
“we had to move our digital lending business from the parent company to a wholly-owned subsidiary”
Upasana Taku, page 13 of the filed PDF · View the filing
Management said merchant acquiring allows monetization through MDR, device rental and lending cross-sell, unlike UPI consumer transactions which are not monetizable.
Answered by Upasana Taku
Asked by Ankush Agarwal: Will the merchant business be profitable at scale compared to the consumer payments business?
p. 14
“the first advantage in the merchant business is that it is possible to make money.”
Upasana Taku, page 14 of the filed PDF · View the filing
Management said the decision rests with the government/NPCI and that PPI-on-UPI MDR mandated by RBI has still not been implemented by NPCI.
Answered by Upasana Taku
Asked by Ankush Agarwal: When might UPI become monetizable for the company?
p. 15
“The instrumentation of that seems to keep getting pushed back or delayed on NPCI's end, and NPCI runs the UPI stack as you are aware.”
Upasana Taku, page 15 of the filed PDF · View the filing
Management said extrapolating Q1 PAT and adding incremental quarterly improvement should get to the full-year target.
Answered by Upasana Taku
Asked by Darshil Jhaveri: How will the company reach its INR40 crores full-year PAT target given the current quarterly run-rate?
p. 15
“if we just improve it by INR2-3 crores every quarter, then also we should be able to land at around INR40 crores.”
Upasana Taku, page 15 of the filed PDF · View the filing
Risks flagged
Regulatory pressure led to a pause in high-revenue card-linked payment categories
p. 6
“those segments we have seen a de-growth because of regulatory pressures.”
Soham Roy, page 6 of the filed PDF · View the filing
High concentration of lending disbursements among top three lending partners
p. 12
“the lending concentration in the top three lenders was about 91%, which we saw as a risk and we wanted to consciously bring it down.”
Upasana Taku, page 12 of the filed PDF · View the filing
NPCI has delayed implementation of RBI-mandated PPI-on-UPI MDR, causing revenue loss
p. 11
“Although RBI had mandated it, but NPCI has still not rolled it out despite 2.5 years. So there again, we are losing revenue.”
Upasana Taku, page 11 of the filed PDF · View the filing
Cumbersome migration of digital lending business to new NBFC subsidiary disrupted disbursements
p. 13
“it is a fairly cumbersome project to move all your pipes, novate all your agreements, and redo everything again with all the lenders, with all the bureaus, in a new company, from a new tech stack.”
Upasana Taku, page 13 of the filed PDF · View the filing
Operating in a highly regulated fintech market delays monetization opportunities
p. 15
“I guess this is one of the disadvantages of being a fintech company in a very regulated market like India.”
Upasana Taku, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.