MobiKwik Reports 80% QoQ EBITDA Growth, Improved Margins
Filing Summary
One MobiKwik Systems Ltd announced an 80% quarter-on-quarter increase in EBITDA for Q2 FY26, reaching INR 248 million. The company reported a 13% growth in Payments GMV and a 231% rise in Financial Services Gross Profit. Direct costs decreased by 10%, contributing to a 24% increase in Contribution Profit. The company maintained a Payments Gross Margin of 29% and reduced its operating loss to INR 6.4 million. MobiKwik’s user base expanded to 183.5 million, with a merchant base of 4.71 million. The results reflect strong operational discipline and cost efficiency.
One MobiKwik Systems Ltd has reported an 80% quarter-on-quarter increase in EBITDA for the quarter ended September 30, 2025, amounting to INR 248 million. The company achieved a significant reduction in its operating loss, narrowing it to INR 6.4 million. The results were driven by strong performance in both its Payments and Financial Services segments, supported by effective cost management and margin improvements.
The company’s Payments GMV increased by 13% quarter-on-quarter to INR 432,167 million, while the ZIP EMI GMV grew by 16% to INR 8,071 million. Total income for the quarter stood at INR 2,793 million. Direct costs were reduced by 10%, leading to a 24% increase in Contribution Profit, which reached INR 961 million. The Payments business maintained a Gross Margin of 29%, reflecting a 71% year-on-year expansion. Financial Services Gross Profit climbed 231% quarter-on-quarter, with lending-related expenses reduced to 4.4% of GMV.
MobiKwik’s core payments business showed continued growth, with the company ranked as the #1 PPI Wallet in India. The user base expanded to 183.5 million, and the merchant base grew to 4.71 million. Payments revenue increased by 11% year-on-year, supported by higher transaction volumes and improved monetization. The net payments processing margin was maintained at 14 basis points due to reduced payment gateway costs.
The company’s digital finance business also demonstrated strong performance, with the Financial Services Margin showing a significant recovery. The gross margin for financial services rose to 42%, and the company reported a high GMV of INR 8,071 million. These metrics indicate a sustainable recovery in lending profitability, positioning MobiKwik for future growth in digital financial services.
The results for Q2 FY26 reflect MobiKwik’s focus on operational discipline and cost efficiency. The company reduced fixed costs by 5.7% quarter-on-quarter, contributing to its improved financial performance. The strategic focus on cost optimization and steady gains across both payments and lending segments has been pivotal in achieving these results.
One MobiKwik Systems Ltd is India’s largest digital wallet, offering a range of payments and financial products to consumers and merchants. Founded by Bipin Preet Singh and Upasana Taku in 2009, the company provides payment solutions such as MobiKwik Wallet, UPI, and Zaakpay, serving over 183.5 million registered users and 4.71 million merchants. MobiKwik has expanded into financial product distribution, including credit and savings products, and holds a 19% market share in the PPI wallet gross transaction value as of September 2025.