Payment GMV
₹524B
+58% YoY
All-time high in Q4 FY26; 13th consecutive quarter of record GMV.
ONEMOBIKWIKSYSTEMS
Information Technology
2026-04-??
One MobiKwik Systems Ltd — Q4 FY26
MobiKwik delivered a landmark Q4 FY26 with back-to-back profitable quarters.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
UPI Transaction Growth
170% YoY
+144pp vs industry
Second fastest growing UPI app; grew 6.5x the industry rate of 26%.
Super-Prime Customer Mix
32%
+22pp YoY
Improved from 10% in FY25; reflects focus on credit quality over volume.
Repeat Loan Share
63.5%
+43.5pp YoY
Up from 20% in FY25; indicates strong customer retention and portfolio quality.
Management Guidance
FY27 GMV growth of 30-35%
Management expects both payments and lending GMV to grow 30-35% in FY27.
Management guidance growthEBITDA margin around 5% in FY27
Management guided EBITDA margin to remain in the ~5% range, with core business profitability reinvested into growth engines.
Management guidance marginsFixed costs to increase 15-20% in FY27
Fixed costs expected to rise 15-20% from current ~₹115-120 crore per quarter due to merchant business investments.
Management guidance capexMerchant payment businesses to break even by FY28
Offline and online merchant payment businesses targeting breakeven by FY28, with 5x device scale-up and 10x GMV growth.
Management guidance expansionKey Risks
Regulatory impact on payment take rates
Management conservatively guides 12-15 bps payment margin long-term, citing potential regulatory changes that could compress current 16 bps.
medium · management_commentaryRevenue lag vs GMV growth in payments
Despite strong GMV growth, payment revenue has been flat due to UPI mix shift and take rate compression; revenue inflection uncertain.
medium · analyst_questionExecution risk in merchant business scale-up
Merchant payment businesses require significant investment and may not achieve targeted 10x scale or breakeven timeline.
high · data_observationNBFC setup and capital allocation uncertainty
Management declined to provide target split between NBFC and LSP lending, citing early stage; capital infusion details pending board approval.
medium · analyst_questionNotable 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.
Frequently Asked Questions
What was One MobiKwik Systems's revenue in Q4 FY26?
One MobiKwik Systems reported revenue of ₹289 Cr in Q4 FY26, representing a +6% change compared to the same quarter last year.
What guidance did One MobiKwik Systems management give for FY27?
FY27 GMV growth of 30-35%: Management expects both payments and lending GMV to grow 30-35% in FY27. EBITDA margin around 5% in FY27: Management guided EBITDA margin to remain in the ~5% range, with core business profitability reinvested into growth engines. Fixed costs to increase 15-20% in FY27: Fixed costs expected to rise 15-20% from current ~₹115-120 crore per quarter due to merchant business investments. Merchant payment businesses to break even by FY28: Offline and online merchant payment businesses targeting breakeven by FY28, with 5x device scale-up and 10x GMV growth.
What are the key risks for One MobiKwik Systems in FY27?
Key risks include Regulatory impact on payment take rates — Management conservatively guides 12-15 bps payment margin long-term, citing potential regulatory changes that could compress current 16 bps.; Revenue lag vs GMV growth in payments — Despite strong GMV growth, payment revenue has been flat due to UPI mix shift and take rate compression; revenue inflection uncertain.; Execution risk in merchant business scale-up — Merchant payment businesses require significant investment and may not achieve targeted 10x scale or breakeven timeline.; NBFC setup and capital allocation uncertainty — Management declined to provide target split between NBFC and LSP lending, citing early stage; capital infusion details pending board approval..
Did One MobiKwik Systems meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full One MobiKwik Systems Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.