Gurugram: India’s largest digital wallet One MobiKwik Systems Ltd. (MobiKwik) (NSE: MOBIKWIK /BSE: 544305) today announced its earnings results for the quarter and year ended March 31, 2026. The Company reported its second consecutive profitable quarter, reflecting disciplined execution across its Payments and Financial Services businesses. This marks a meaningful inflection point in MobiKwik’s growth trajectory – demonstrating that the path to scale and the path to profitability are not at odds but firmly aligned.
Key Financials:
The quarterly results cap a transformational full year. Across FY26, MobiKwik delivered a INR 742 Mn EBITDA improvement and a INR 594 Mn PAT improvement YoY – driven by structural margin expansion in both Payments and Financial Services, and a deliberate shift to higher-quality lending. H2 FY26 turned profitable (PAT stood at INR +84 Mn), almost absorbing the entire H1 loss, paving the way for a profitable FY27.
Strategic Context: A Profitable Core Funding Growth
In FY26, the Company’s Core business (Consumer Payments and Lending) generated a positive EBITDA of INR 495 Mn. During the year, the Company invested INR 547 Mn in building a new business – Merchant Payments, which is expected to deliver 10X growth by FY28. The full-year EBITDA of INR -52 Mn reflects this conscious capital allocation for growth.
Commenting on the Company’s performance, Bipin Preet Singh, Co-founder, MD & CEO, MobiKwik, said: “FY26 was MobiKwik’s inflection year – we delivered a profitable H2 as committed, and achieved a ₹742 Mn EBITDA swing that demonstrates the strength of our model. Scaling responsibly and building profitability are not at odds; they are firmly aligned. Over the next two years, we will scale up our core business while building four new growth engines: Offline & Online Merchant Acquiring, Unlocking Lending through our NBFC, and AI powering everything we do. The margins generated from our Core will fund the buildout of these New Moats. We expect to remain baseline profitable through this investment cycle, even as we compound the business for the long term.”
Headline Results for the Quarter and Year Ended March 31, 2026
Consolidated Financials
• Total income at INR 2,960 Mn in Q4, up 6% YoY; full-year FY26 total income at INR 11,542 Mn
• Contribution profit grew 112% YoY in Q4 to INR 1,351 Mn; full-year FY26 Contribution Profit at INR 4,374 Mn (+21% YoY).
• Despite cost allocation to build new businesses, Fixed Costs as a percentage of Total Income held steady at 40% in Q4 FY26 (vs. 39% in Q4 FY25)
• EBITDA at INR 174 Mn in Q4 -second consecutive profitable quarter, up INR 632 Mn YoY and INR 24 Mn QoQ; full-year FY26 EBITDA: INR -52 Mn (vs INR -794 Mn in FY25); H2 FY26 EBITDA positive at INR 324 Mn
Payments
The core payments business continues to set new benchmarks, with record-breaking GMV, accelerating UPI adoption, and best-in-class unit economics.
• Consistently ranked the #1 PPI Wallet in India
• Ranked 2nd Fastest-Growing TPAP in India’s UPI Ecosystem – 170% YoY growth in UPI transactions in Q4 vs industry average of 26%
• Ranked #6th largest Customer Operating Unit[3] in the BBPS ecosystem
• Payments GMV hit an all-time high for 13 consecutive quarters, reaching ₹524 billion in Q4, growing 58% YoY (9% QoQ); full-year FY26 GMV at ₹1,821 billion (+57% YoY), a 4.8x scale-up from FY24 in two years
• Industry leading net payments margin of 16 bps, reflecting strong monetization beyond UPI
Financial Services
The Financial Services business continues its strong recovery, delivering high-quality revenue on the back of improved credit quality and collection efficiency.
• ZIP EMI GMV grew 59% YoY to INR 8,377 Mn in Q4 with 75% disbursals in FLDG and 25% in distribution model
• Financial Services revenue grew 37% YoY and 18% QoQ to INR 771 Mn in Q4; full-year FY26 FS revenue at INR 2,619 Mn
• Financial Services Gross Profit at INR 451 Mn in Q4, up 1,775% YoY (21% QoQ); FS Gross Profit for FY26 at INR 1,157 Mn
