One Mobikwik Systems544305Quarterly results

Q2 FY27 letter: PAT of ₹118 Mn, fourth straight profitable quarter

MobiKwik's Q2 FY27 shareholders' letter shows PAT of ₹118 Mn, its fourth consecutive profitable quarter, against -₹286 Mn a year earlier.

By ScoutQuest · Fri 6 Nov 2026, 9:45 PM IST · 3 min read

PAT: ₹118 Mn, fourth consecutive profitable quarter, against -₹286 Mn a year earlier
Revenue: ₹3,028 Mn (+8% YoY)
FY27 Guidance: maintained at PAT of ₹400 Mn and EBITDA of ₹750 Mn

Headline numbers for Q2 FY27 (July-September 2026)

Revenue: ₹3,028 Mn, up 8% YoY and 5% QoQ
EBITDA: ₹227 Mn (7.5% margin), a ₹291 Mn YoY swing from -₹64 Mn
PAT: ₹118 Mn (3.9%), the fourth consecutive profitable quarter and up 55% QoQ
Contribution Profit: ₹1,439 Mn, at 48% of income

The payments engine

Platform GMV ₹597 Bn, up 35% YoY, described as the 15th consecutive record quarter
Merchant GMV ₹133 Bn, up 76% YoY, now 22% of Platform GMV
UPI GMV ₹247 Bn (up 42% YoY); PPI Wallet GMV ₹124 Bn (up 20% YoY); Recharge and Bill Payments GMV ₹94 Bn
Payments revenue was flat YoY at ₹2,088 Mn, while Payments Gross Margin rose 884 bps to 38.2%
Net Payments Margin was 13 bps, within the guided 12–15 bps range

Lending scaled up

Disbursals ₹10,826 Mn, up 34% YoY and 47% QoQ, crossing the ₹10,000 Mn level the company had indicated
Financial services revenue ₹869 Mn, up 42% YoY; gross profit ₹571 Mn, up 2.2x YoY
FS Gross Margin at a record 65.7%; Net FS Margin 5.27% versus 3.17% a year earlier
Major lending partners now 11; top-3 lender concentration 71%, down from 91% a year ago
FLDG accounted for 79% of disbursals and distribution 21%

Costs, cash and debt

Fixed costs ₹1,212 Mn, at 40.0% of income; employee costs rose 59% YoY
Net (unencumbered) cash ₹3,827 Mn, compared with ₹4,374 Mn as of June 30, 2026
Total bank cash and balances ₹9,886 Mn; lien-marked fixed deposits ₹2,683 Mn; net worth ₹5,660 Mn
Short-term working capital facilities ₹3,490 Mn; the company states it carries no long-term loans
Operating cash flow was -₹261 Mn in H1 FY27, an improvement of about 86% from -₹1,838 Mn in H1 FY26

Guidance and new licences

FY27 guidance reiterated at PAT of ₹400 Mn and EBITDA of ₹750 Mn; H1 FY27 delivered PAT of ₹195 Mn and EBITDA of ₹385 Mn
RBI issued the final Certificate of Registration for the NBFC, received on 6 November 2026, with launch expected in the next 3 to 6 months
UPI MDR of 0.4% on select person-to-merchant UPI transactions above ₹2,000, capped at ₹300 per transaction; implementation was deferred by NPCI to immediately after Diwali, with the structure unchanged; the company estimates at least ₹1,000 Mn of payments revenue from this in FY28

One correction disclosed

The Basic and Diluted Earnings Per Share for the quarter is ₹1.50 per equity share; it had been reflected as ₹0.75 per equity share in the results submitted to the exchanges, described as an inadvertent typo, now corrected and notified, with no impact on the financial position or performance

How to read this as a shareholder

The letter is a management commentary on the quarter rather than a standalone results update. It pairs the profit numbers with segment-level detail on payments volumes and lending disbursals, restates the full-year targets, and adds two forward-looking items: the newly received NBFC registration and the pending UPI MDR framework. The EPS correction is a factual note about a corrected figure.

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