Fintech company MobiKwik reported a consolidated net profit of ₹4.4 Cr in the fourth quarter of FY26 (Q4 FY26) as against a loss of ₹56 Cr in the year-ago quarter. Sequentially, profit rose 10% from ₹4 Cr.

Revenue from operations grew 7.8% to ₹288.7 Cr during the quarter under review from ₹267.8 Cr in Q4 FY25. On a quarter-on-quarter basis, it was almost flat. Revenue stood at ₹288.9 Cr in Q3 FY26.

Meanwhile, expenses, excluding finance and depreciation and amortisation costs, declined 14% YoY to ₹278.6 Cr.

The company’s profit would have been higher if not for an exceptional loss of ₹3.8 Cr. The exceptional loss included an expected credit loss due to a financial fraud last year and impact of the new labour codes. 

MobiKwik posted an EBITDA of ₹17.4 Cr in the March quarter of FY26 as against an EBITDA loss of ₹45.8 Cr in the year-ago quarter. Sequentially, EBITDA rose 16.3% from ₹15 Cr. 

For the full fiscal year FY26, the company’s net loss nearly halved to ₹61.9 Cr from ₹121.5 Cr in the previous year. Revenue from operations declined 4.4% to ₹1,119.2 Cr from ₹1,170.2 Cr in FY25. 

EBITDA loss for FY26 declined to ₹5.2 Cr from an EBITDA loss of ₹79.4 Cr in FY25. 

MobiKwik operates across two main verticals — payments and financial services. The payments business earns revenue through merchant fees and convenience charges, while the financial services segment generates income from collection fees, late payment charges and penal fees.

Over the last one year, the company also secured multiple licences across payments, lending and wealth management, including RBI approval for its NBFC application, an online payment aggregator licence and a stock broking licence from SEBI.

The company is betting on merchant payments as a new growth vertical and is targeting a 10X increase in revenue from the business by FY28. The segment includes offline merchant acquisition through QR, Soundbox and EDC devices, and online payment acquisition through UPI, cards and Zaakpay payment gateway platform.

According to the company, merchant payments offer better margins and face relatively lower competition compared to consumer payments, which largely operate on zero MDR rails. MobiKwik said it has already invested ₹55 Cr in building the merchant payments business.

Let’s take a detailed look at the performance of the two verticals in Q4 FY26.

Payments Business

The revenue of MobiKwik’s payments business, which includes wallet, UPI, Pocket UPI and bill payments, remained flat at ₹211.6 Cr in Q4 FY26 as against ₹211.5 Cr in the year-ago quarter. Sequentially, it declined 5.41% from ₹223.7 Cr in Q3 FY26.

However, its gross profit rose nearly 64% YoY to ₹82.7 Cr from ₹50.5 Cr in Q4 FY25. Gross margin also touched an all-time high of 39.1% in the quarter. This was largely due to payment gateway costs coming down. During the quarter under review, it declined 19% to ₹119.3 Cr from ₹147.1 Cr in the same period last year.  

Meanwhile, payments GMV rose 9% YoY to ₹52,400 Cr in Q4 FY26. For the full fiscal year, payments GMV grew 57% YoY to ₹1.82 Lakh Cr.

Notably, the payments vertical’s take rate has declined considerably in the last few quarters. In Q4 FY26, it stood at 40 basis points (bps) compared to 54 bps in the same period last year. This was largely due to the GMV of UPI, which brings zero MDR to the business, growing 170% YoY. 

Its registered users for the quarter under review increased 7.5% YoY to 189.6 Mn, while merchants on the platform rose 6.5% to 4.92 Mn. 

MobiKwik claimed to be India’s largest wallet player by gross transaction value (GTV), the second fastest growing UPI app, and the sixth largest Bharat Bill Payment System (BBPS) customer unit in the country.

Financial Services

MobiKwik’s financial services’ revenue rose 18% YoY to ₹77.2 Cr from ₹56.2 Cr in the year-ago quarter.

Gross profit jumped 18X to ₹45.1 Cr from just ₹2.4 Cr a year ago, while gross margin improved to 59% from 4%. 

Activated ZIP EMI (instant digital loan service) users increased to 1.58 Mn in FY26 from 1.24 Mn in FY25, while ZIP EMI GMV grew 31% YoY to ₹3,238 Cr during FY26. In Q4 alone, ZIP EMI GMV rose 59% YoY.

However, its disbursed GMV reduced 6.9% to ₹837.7 Cr from ₹900 Cr in the previous quarter. 

Lending related expenses narrowed to 3.82% in Q4 FY26 from 7.90% in the corresponding quarter of the previous year. On a sequential basis, these expenses rose 14.3% from ₹280 Cr in the previous quarter.

The company also managed to trim lending-related expenses by 41% during FY26 to ₹320 Cr from ₹538 Cr in FY25. 

Total direct expenses declined 31.9% to ₹146.2 Cr from ₹214.7 Cr in FY25.

For the full fiscal year FY26, the company’s financial services revenue declined 35% YoY to ₹261.9 Cr in FY26 due to moderation in digital credit disbursals. 

It disbursed loans worth ₹3,238 Cr during FY26, with repeat customers accounting for 63% of users. MobiKwik said it focused on better credit quality, stronger collections which helped improve take rates and lower costs.

For the quarter under review, its gross take rates improved to 9.21% from 7.24% in the previous quarter. 

The company’s recently obtained NBFC licence is expected to support margin expansion and help scale lending partnerships and product offerings going forward.

Shares of MobiKwik ended today’s trading session 10.99% lower at ₹202.45 on the BSE.

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