One Mobikwik Systems Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript One Mobikwik Systems Ltd filed with BSE on 15 May 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 Q4 FY26 total income of Rs 2,960 million, up 6% year-over-year, with EBITDA of Rs 174 million (5.9% margin) and reported PAT of Rs 44 million, which included a one-time exceptional charge related to the Labor Wage Code. Payments GMV reached an all-time high of Rs 524 billion in the quarter, up 58% year-over-year, marking the 13th consecutive quarter of record GMV in the payments business. Management described four growth engines for the future - offline and online merchant payments, an NBFC application, and AI - and said fixed costs increased quarter-over-quarter as the company invested in these new businesses.
Numbers mentioned
Total income: INR 2,960 million (Q4 FY26)
p. 3
“At a consolidated level, in Q4 the total income came at INR 2,960 million, which is a 6% increase year-over-year.”
Upasana Taku, page 3 of the filed PDF · View the filing
EBITDA: INR 174 million (5.9% margin) (Q4 FY26)
p. 4
“The EBITDA for the quarter came in at INR 174 million, which is a 5.9% margin, reflecting a INR 632 million year-over-year swing.”
Upasana Taku, page 4 of the filed PDF · View the filing
Reported PAT: INR 44 million (Q4 FY26)
p. 4
“The reported PAT of INR 44 million for the quarter includes a INR 37.6 million one-time exceptional charge due to the changes in the Labor Wage Code.”
Upasana Taku, page 4 of the filed PDF · View the filing
Payments GMV: INR 524 billion (Q4 FY26)
p. 3
“The payments GMV hit an all-time high of INR 524 billion in the fourth quarter, which is a 58% Y-o-Y improvement and a 9% Q-o-Q improvement.”
Upasana Taku, page 3 of the filed PDF · View the filing
Full year EBITDA: negative INR 5 crores (FY26)
p. 3
“We achieved an EBITDA of near break-even (negative INR 5 crores), with a total swing of INR 742 million from minus INR 794 million in FY25 to minus INR 52 million in FY26.”
Upasana Taku, page 3 of the filed PDF · View the filing
Full year PAT: minus INR 621 million (FY26)
p. 3
“The full year PAT halved to minus INR 621 million, an improvement of INR 594 million year-over-year from the previous financial year where it was negative INR1,215 million.”
Upasana Taku, page 3 of the filed PDF · View the filing
Financial services gross margin: 59% (Q4 FY26)
p. 3
“In our financial services business, we delivered our highest ever quarterly gross margin at 59% in Q4, which indicates our objective of disciplined expansion - profitability prioritized over volume.”
Upasana Taku, page 3 of the filed PDF · View the filing
Super-prime customer mix in disbursements: 32%, up from 10% (FY26 vs FY25)
p. 3
“Super-prime customer mix improved year-over-year from 10% to 32% in the total disbursements, while repeat loans went up from 20% to 63.5%.”
Upasana Taku, page 3 of the filed PDF · View the filing
Fixed costs: INR117 crores (Q4 FY26)
p. 8
“To qualify, if I tell you that in Q4 we have reported INR117 crores in fixed costs, which is about INR 4 crores higher than last quarter.”
Upasana Taku, page 8 of the filed PDF · View the filing
Finance cost: INR 5.1 crores, down from INR 7.2 crores (Q4 FY26 vs Q3 FY26)
p. 7
“Just to also explain that we are trying to bring it down. If you see that in quarter four, you know, the finance cost is INR 5.1 crores versus it was INR 7.2 crores in Q3.”
Upasana Taku, page 7 of the filed PDF · View the filing
Net owned unencumbered cash: INR 434 crores
p. 6
“You're right, we can fund it with our own cash also because our net owned unencumbered cash is about INR 434 crores.”
Upasana Taku, page 6 of the filed PDF · View the filing
Working capital debt: INR 261 crores (as of 31st March)
p. 6
“I'm happy to inform that whatever long-term debt we had, we have already paid it off. So, the only remaining debt as of 31st March is INR 261 crores of working capital lines.”
Upasana Taku, page 6 of the filed PDF · View the filing
Merchant business investment: INR 55 crores (FY26)
p. 8
“Yes, for FY26 which we are just closing, we have mentioned that we have invested INR 55 crores, and had we not invested that, our EBITDA would not be negative INR 5 crores - it would be positive INR 50 crores.”
Upasana Taku, page 8 of the filed PDF · View the filing
Lending spread: 5.3%
p. 12
“Given all of these, we have landed at the 5.3% margin.”
Upasana Taku, page 12 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.
Offline merchant payments device scale-up and revenue — 5x device scale-up enabling 10x revenue growth · by FY28
stated as an aspiration by Upasana Taku
p. 4
“Our offline merchant payment business is targeting a 5x device scale-up to enable a 10x revenue growth by FY28.”
Upasana Taku, page 4 of the filed PDF · View the filing
Zaakpay GMV — 10x GMV · by FY28
stated as an aspiration by Upasana Taku
p. 4
“Our online merchant acquiring business (Zaakpay) housed in our wholly owned subsidiary, is targeting a 10x GMV by FY28.”
Upasana Taku, page 4 of the filed PDF · View the filing
Merchant payments EBITDA breakeven — EBITDA breakeven · by FY28
stated firmly by Upasana Taku
p. 4
“Both merchant payment businesses are on track for EBITDA breakeven by FY28.”
Upasana Taku, page 4 of the filed PDF · View the filing
AI-first company — AI-first company · by FY28
stated as an aspiration by Upasana Taku
p. 5
“MobiKwik as a company intends to be an AI-first company by FY28.”
Upasana Taku, page 5 of the filed PDF · View the filing
Merchant business investment continuation — next at least 18 months
stated firmly by Upasana Taku
p. 7
“We will continue investing into this for the next at least 18 months.”
Upasana Taku, page 7 of the filed PDF · View the filing
Fixed cost growth — 15% to 20% increase · next year
stated conditionally by Soham Roy
p. 10
“So you can roughly assume a 15% to 20% increase in fixed costs in the next year.”
Soham Roy, page 10 of the filed PDF · View the filing
NBFC business migration to subsidiary — next two to three months
stated firmly by Upasana Taku
p. 11
“currently the TAT from the regulator is that we have to first move our existing digital lending LSP business to a wholly owned subsidiary of MobiKwik, which we intend to finish in the next two to three months.”
Upasana Taku, page 11 of the filed PDF · View the filing
NBFC setup — three to six months
stated conditionally by Upasana Taku
p. 11
“Post which we will start the NBFC setup work, which we expect that, if I count from today, then at least three to six months is the time frame in which the NBFC will be set up.”
Upasana Taku, page 11 of the filed PDF · View the filing
NBFC co-lending launch — six to nine months
stated conditionally by Upasana Taku
p. 11
“And after that in the six to nine month timeframe is when I expect that we will launch the operations and start disbursals in the co-lending model.”
Upasana Taku, page 11 of the filed PDF · View the filing
Digital credit GMV growth — 30%-35% · FY27
stated as an aspiration by Upasana Taku
p. 11
“I think broadly 30%–35% growth is what you can assume.”
Upasana Taku, page 11 of the filed PDF · View the filing
EBITDA margin — around 5% · FY27
stated as an aspiration by Upasana Taku
p. 11
“Similar to the 5% range that we are at. Just to clarify Smit, we are saying that we will make better margins but we will be making more investments and therefore the net EBITDA margin that will be reported will be in the same broad range of 5%, where we are.”
Upasana Taku, page 11 of the filed PDF · View the filing
Payments and lending GMV growth — 30% to 35%
stated as an aspiration by Upasana Taku
p. 12
“So we do expect that our GMV growth will be in the range of 30% to 35% in both of our businesses - payments and lending.”
Upasana Taku, page 12 of the filed PDF · View the filing
Lending margin sustainability — 4.5% · long-term
stated as an aspiration by Upasana Taku
p. 12
“I think 4.5% still sounds more sustainable.”
Upasana Taku, page 12 of the filed PDF · View the filing
Payments margin — 12 to 15 basis points · mid to long-term
stated conditionally by Upasana Taku
p. 13
“which is why from a mid to long-term perspective we are guiding 12 to 15 basis points, even though every quarter so far we've been doing better than that.”
Upasana Taku, page 13 of the filed PDF · View the filing
Merchant partner scale relative to market leader — 10% to 20% of market leader's size · next 18 to 24 months
stated as an aspiration by Bipin Preet Singh
p. 13
“Our aim is that we get to like maybe between 10% to 20% of the market leader's size in the next 18 to 24 months, or perhaps before that.”
Bipin Preet Singh, page 13 of the filed PDF · View the filing
Bottom-line profitability — profitable
stated as an aspiration by Upasana Taku
p. 9
“And at all times we intend to be profitable at the bottom line. That is definitely our intention, is what we are saying.”
Upasana Taku, 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 explained that revenue lags GMV growth due to UPI mix and pending PPI-over-UPI MDR, but expects revenue to follow GMV growth in coming quarters.
Answered by Bipin Preet Singh
Asked by Raj Shah: Will payments revenue cross Rs 220-210 crores per quarter soon, and any long-term guidance?
p. 5
“But you will see consistent growth in the revenue follow the GMV growth in the next few quarters.”
Bipin Preet Singh, page 5 of the filed PDF · View the filing
Management clarified FLDG is not simply refunded, but functions as ongoing collateral against future losses, released only if the book de-grows.
Answered by Bipin Preet Singh
Asked by Raj Shah: Is FLDG cost recoverable if the lender doesn't default?
p. 6
“This is basically against the future losses that are coming, so you have to keep depositing more and more FLDG.”
Bipin Preet Singh, page 6 of the filed PDF · View the filing
Management said targeting a larger scale upfront avoids repeated investment cycles, and 10x was chosen based on execution readiness and competitiveness.
Answered by Bipin Preet Singh
Asked by Raj Shah: Why does the merchant business need to scale 10x before reaching breakeven?
p. 7
“We have taken this call that the right level to target is 10x.”
Bipin Preet Singh, page 7 of the filed PDF · View the filing
Management said investment will continue for at least 18 months, funded partly from IPO proceeds, and will hit the P&L except for device depreciation.
Answered by Upasana Taku
Asked by Sunil Jain: How much investment is planned for merchant acquisition and will it be capitalized or hit the P&L?
p. 8
“So outside of the device capitalization which goes into the depreciation cost, everything else is directly hitting the P&L.”
Upasana Taku, page 8 of the filed PDF · View the filing
Management explained fixed cost increases were deliberate investments in new businesses, and that the company intends to remain PAT profitable overall while reinvesting scale-business profits.
Answered by Upasana Taku
Asked by Ankush Agarwal: Why did fixed costs rise and merchant breakeven timeline shift to FY28, and what does 'baseline profitable' mean?
p. 9
“And despite making that investment, we have ensured that we are PAT profitable for the quarter by INR 4.4 crores.”
Upasana Taku, page 9 of the filed PDF · View the filing
Management said take rates have moderated due to product mix changes and new lower-margin categories, keeping non-UPI revenue growth muted despite volume growth.
Answered by Bipin Preet Singh
Asked by Ankush Agarwal: Why hasn't non-UPI GTV growth of over 30% translated into revenue growth?
p. 10
“So that's what I can tell you today. And so, because of that, the revenue growth in the non-UPI part is also not as much as we would have expected in the past.”
Bipin Preet Singh, page 10 of the filed PDF · View the filing
Management said the company is prioritizing quality and profitability by shifting mix toward repeat and super-prime borrowers rather than maximizing disbursal volume.
Answered by Upasana Taku
Asked by Smit Shah: Why was digital credit GMV growth subdued this quarter?
p. 11
“So we are moving a lot of our lending focus towards prime and super-prime customers, and of course we have about 22% near-prime customers also.”
Upasana Taku, page 11 of the filed PDF · View the filing
Management said the current margin benefited from strong collections and maturing cohorts but is not viewed as the long-term sustainable rate.
Answered by Upasana Taku
Asked by Shlok Akolia: Is the current 5.4% lending spread sustainable long term?
p. 12
“But from a long-term perspective, we are not guiding 5%, we are comfortable with the 4% range.”
Upasana Taku, page 12 of the filed PDF · View the filing
Management said a large share of cash remains restricted as IPO proceeds and that short-term facilities are needed to cover weekend settlement gaps.
Answered by Soham Roy
Asked by Divyansh Thakur: Why isn't the company using cash instead of working capital facilities?
p. 12
“Secondly, the working capital is required more so to fund during the weekends, when 2 to 3 days we do not get the funds from the banks, but we have to make the payments to the merchants and our customers.”
Soham Roy, page 12 of the filed PDF · View the filing
Risks flagged
PPI-over-UPI MDR has not yet been introduced, delaying expected revenue growth from wallet/UPI interoperability
p. 5
“And that PPI over UPI MDR, which was supposed to come, has not yet come and, we are expecting it to come.”
Bipin Preet Singh, page 5 of the filed PDF · View the filing
Not all cash is available for use because a portion remains locked in IPO proceeds
p. 6
“However, not all of our cash has been available to us at all times. Like out of this, a good chunk of cash is still in the IPO proceeds, and therefore not all of that cash is available to us as yet.”
Upasana Taku, page 6 of the filed PDF · View the filing
Payments take rates could be affected by regulatory changes given India's heavily regulated payments market
p. 13
“So the various regulatory changes can impact that, which is why from a mid to long-term perspective we are guiding 12 to 15 basis points, even though every quarter so far we've been doing better than that.”
Upasana Taku, page 13 of the filed PDF · View the filing
Working capital is required due to settlement funding gaps during weekends and holidays
p. 7
“Because you have to fund it with bank-based debt lines. Like say for example you have two days bank holidays, then the volume of settlements runs into hundreds of crores.”
Bipin Preet Singh, page 7 of the filed PDF · View the filing
Gross take rates in payments have declined due to product mix change and addition of lower-margin categories
p. 10
“No, so look I mean there's been obviously moderation of the take rates in some of the existing business also that we have seen.”
Bipin Preet Singh, page 10 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.