MobiKwik posts Q4 profit, invests in merchant growth engines
Core payments and lending are profitable, but reinvestment into merchant payments will keep near-term margins modest.
What management said
- Q4 EBITDA positive at INR 174M, full year near break-even
- Merchant payment business targeted for 10x revenue by FY28, investment ~INR 50-60 Cr annually
- NBFC application approved, operations within 6-9 months
The brief
MobiKwik reported a profitable Q4 with EBITDA of INR 174M (5.9% margin) and PAT of INR 44M, excluding a INR 37.6M one-time wage code charge. FY26 full-year EBITDA nearly broke even at -INR 52M, a INR 742M improvement from FY25. Payments GMV hit a record INR 524B in Q4, up 58% YoY. The company is redirecting core profits into merchant payments, targeting 10x revenue by FY28 with annual opex of INR 50-60 Cr. Lending disbursals shifted to repeat (63.5%) and super-prime (32%) customers. NBFC application approved; operations expected in 6-9 months. Management guided for 30-35% GMV growth in FY27 and maintained an EBITDA margin of ~5% as reinvestment continues. The call signals a deliberate trade-off: near-term margin compression for long-term scale in merchant payments.
In their words
“Q4FY26 was a landmark quarter for Mobiquik. We ended the year with back to back profitable quarters.”— Upasana Rupkrishan Taku — Chief Financial Officer
“50 crore of EBITDA is what our core business payments and lending has generated and now we are deliberately reinvesting these profits towards building new growth engines.”— Upasana Rupkrishan Taku — Chief Financial Officer
“We will deploy it to grow the company overall.”— Upasana Rupkrishan Taku — Chief Financial Officer
Summarised from the One MobiKwik Systems Ltd Q4 2026 earnings-call transcript. View transcript.