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Revenue
₹288.71 Cr
verified against source
Revenue YoY
6%
reported change
EBITDA
₹17.4 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
MobiKwik delivered a landmark Q4 FY26 with back-to-back profitable quarters. Total income grew 6% YoY to ₹296 crore, while EBITDA margin expanded to 5.9% (₹17.4 crore). PAT came in at ₹4.4 crore, including a ₹3.8 crore one-time wage code charge. The core payments and lending business generated ~₹50 crore EBITDA, deliberately reinvested into four new growth engines: offline/online merchant payments, NBFC lending, and AI. Payment GMV hit an all-time high of ₹524 billion (+58% YoY), with UPI transactions growing 170% YoY (6.5x industry). Digital credit GMV reached ~₹3,200 crore, with super-prime mix improving from 10% to 32% and repeat loans from 20% to 63.5%. Management guided for 30-35% GMV growth in FY27 and maintained EBITDA margin guidance of ~5%. Key risk: regulatory changes could compress payment take rates, which management flagged as a conservative assumption.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects both payments and lending GMV to grow 30-35% in FY27.
- Management guided EBITDA margin to remain in the ~5% range, with core business profitability reinvested into growth engines.
- Fixed costs expected to rise 15-20% from current ~₹115-120 crore per quarter due to merchant business investments.
- Offline and online merchant payment businesses targeting breakeven by FY28, with 5x device scale-up and 10x GMV growth.
Risks flagged
- Management conservatively guides 12-15 bps payment margin long-term, citing potential regulatory changes that could compress current 16 bps.
- Despite strong GMV growth, payment revenue has been flat due to UPI mix shift and take rate compression; revenue inflection uncertain.
- Merchant payment businesses require significant investment and may not achieve targeted 10x scale or breakeven timeline.
- Management declined to provide target split between NBFC and LSP lending, citing early stage; capital infusion details pending board approval.
Key quotes
- The trajectory entering financial year 27 is therefore much stronger than what our full-year numbers indicate.
- AI will own the full lending life cycle. It will identify funnel drops, drive user personalization at scale and acquire better cohorts at lower spend.
- We are not obsessing about the number of merchants. Our aim is to get to between 10 to 20% of the market leader size in the next 18 to 24 months.
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