MobiKwik Reports Strong Q2 FY2026 Operational Discipline, 80% EBITDA Improvement, and Path to Profitability
MobiKwik reported strong Q2 FY2026 operational discipline, reducing direct costs and achieving an 80% EBITDA improvement to -₹6.4 crore, signaling a clear path to profitability despite a recent fraud incident.
The announcement provides detailed financial performance for Q2 FY2026, strategic insights into business segments, and addresses a fraud incident, all of which are crucial for investor assessment and future outlook.
The company demonstrated strong operational discipline, significant reduction in direct costs, an 80% improvement in EBITDA, and a clear path towards profitability, despite a fraud incident which is largely recovered.
* One MobiKwik Systems Limited released the transcript of its Q2 FY2026 earnings call for analysts and investors, which was held on November 04, 2025. * Since its listing in December 2024, MobiKwik has demonstrated strong operational discipline, with both payments and financial services businesses showing growth in Gross Merchandise Value (GMV) and margins. * The company is now among the top three fastest-growing UPI apps in India. * Key financial highlights for Q2 FY2026: * Direct costs significantly reduced from 7.3% in Q1 to 4.4% in Q2 as a percentage of disbursal. * Total income remained steady at ₹279 crore. * Direct cost decreased by 10%, leading to a contribution margin of 34%. * Fixed costs declined by 5.7% quarter-over-quarter. * EBITDA improved by 80%, though still negative at -₹6.4 crore, marking a ₹25 crore upswing from -₹31 crore in the previous quarter. * Loss before exceptional items stood at -₹16 crore. * A fraud incident occurred on September 12, 2025, due to a technical bug, which was exploited by 2,400 merchants in Haryana. The company has recovered 70% of the loss and made provisions for the remainder, implementing enhanced controls and hiring a new Chief Risk Officer. * In the lending business, MobiKwik offers unsecured personal loans and has introduced loans against mutual funds, with plans to explore gold loans. * The payments business saw gross profit increase from ₹59 crore to ₹61 crore, with margins improving from 27.9% to 29.4%. Pure UPI accounts for about 40% of GMV, while wallet and bill payments constitute the revenue-generating 60%. * Management expressed confidence in continued growth in payments and lending, driven by user acquisition and credit partnerships, prioritizing profitability over AUM alone. * The company anticipates revenue generation from MDR or interchange fees on pocket UPI in a couple of months, pending industry and NPCI circulars. * MobiKwik is actively working towards achieving PAT positive status, with current EBITDA improvements suggesting a clear path.
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One Mobikwik Systems Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by One Mobikwik Systems Limited. Read the original for the full detail.