One Mobikwik Systems Highlights Profitable Core and Four New Growth Engines in FY26 Results
One Mobikwik Systems Ltd released an investor presentation detailing its financial results for the quarter and year ended March 31, 2026. The company highlighted a strategy focused on reinvesting core EBITDA into scaling up the profitable core business while simultaneously building four new growth engines.The company noted that FY26 was an inflection year, marking a bounce back and delivering a 74 Cr EBITDA swing. Looking ahead, MobiKwik plans to focus on scaling the Core business while building out four key new engines.
Core Business Pillars and Growth Engines
The company outlined its strategy around four primary engines of growth:1. Offline Merchant Acquiring: Expanding merchant relationships through QR, Soundbox, and EDC devices to build a foundational data set for merchant lending.
2. Online Merchant Acquiring: Scaling the Zaakpay enterprise General Merchandise Value (GMV) by optimizing Merchant Discount Rate (MDR) economics and reducing competitive intensity.
3. Lending with NBFC Partners: Pursuing co-lending with broader bank partners, while also focusing on own-book lending and establishing merchant credit as a primary new product.
4. AI-Powered Core Business: Implementing Artificial Intelligence across every business line to ensure sharper underwriting, better collections, and faster onboarding.
These efforts aim for the core segments' margins to fund the buildout, leading the company to expect remaining baseline profitable through the investment cycle.
Market Ambitions and Key Growth Levers
MobiKwik set ambitious targets for its major business lines:- Offline Merchant Business: Aims for 10X revenue growth by FY28. The Merchant Business Gross Merchandise Value (GMV) Total Addressable Market (TAM) is estimated to be USD 1,800-2,000 Bn by FY28 (Source: RedSeer).
- Online Merchant Business: Targets 10X GMV ambition by FY28, leveraging a Payment Gateway GMV TAM of USD 792-880 Bn by FY28 (Source: RedSeer).
Key growth levers fueling this expansion include the scaling of EDC and Sound Box devices, multi-segment GMV growth (Enterprise, O&G, and General Trade), and the deepening of revenue yield through higher-value payment instruments and banking partnerships.
Financial Performance Highlights
In terms of payments volume, the company reported that its UPI transactions grew 170% Year over Year (YoY), reaching 209.27 Mn transactions, marking 2.7X UPI Transactions YoY and 2.0X UPI GMV YoY (from 120 Bn to 244 Bn).Financial Services and Credit Quality
The Financial Services segment showed structural improvements, with the Super Prime mix improving from less than 10% to 32%. Key performance metrics included:| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Registered Users (INR million) | 155.8 | 176.4 | 189.6 |
| Payment GMV (INR million) | 381,955 | 1,158,681 | 1,820,655 |
| Revenue - Payments (INR million) | 3,171.2 | 7,673.7 | 8,573.1 |
| Payment Take Rate | 0.83% | 0.66% | 0.47% |
The company also achieved a Net Payments Margin of 16 bps for Q4 FY26, demonstrating that unit economics remained stable even as take rates compressed. The Financial Services Net Margin reached 5.39% for FY26.
Consolidated Financial Summary
The company's consolidated financial results for FY26 showed significant scale-up in both Payments and Financial Services.| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income (INR million) | 8,903.2 | 11,924.9 | 11,542.0 |
| EBITDA (INR million) | 372.2 | (794.0) | (52.0) |
| Profit/(Loss) for the period/year (INR million) | 140.8 | (1,215.3) | (621.0) |
For Q4 FY26, the EBITDA stood at 174.1 million.
Strategic Operational Developments
The company announced several governance and operational milestones:- Licensing: In the last 12 months, the company secured three new licenses: an NBFC Application (RBI, Lending, April 27, 2026), Stock Broking (SEBI, Wealth, July 1, 2025), and Online Payment Aggregator (RBI, Payments, April 30, 2025).
- NBFC Status: Obtaining NBFC status is viewed as critical, as it allows the company to design products on its own timeline, moving beyond the limitations of the Limited Service Provider (LSP) model.
- Brand Visibility: The company also reported rolling out a national multi-media campaign for Pocket UPI featuring Jaideep Ahlawat and establishing a partnership with Rajasthan Royals Cricket Team for mass pan-India engagement.
MOBIKWIK Stock Price Movement
As of 11:11 AM, shares of One Mobikwik Systems Limited are shedding 3.82% in live trading, currently registering at ₹218.93. The stock has traded a significant volume of 7.53 million shares today, finding support near its day low of ₹218.00.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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