One MobiKwik Systems Limited: Q4 FY26 Earnings Call Transcript Released
One MobiKwik Systems released its Q4 FY26 earnings call transcript. The company reported near break-even EBITDA of negative ₹5 crore for FY26 and PAT of negative ₹621 crore. Payments GMV hit a record ₹524 billion in Q4 FY26. MobiKwik is focusing on four growth engines: merchant payments, NBFC, AI, and online/offline payment expansion.
The announcement details the company's financial performance and strategic direction, including new growth initiatives like NBFC and AI, which are crucial for its future growth trajectory. The focus on profitability and market expansion will significantly impact investor perception and the company's market position.
The company reported significant improvements in its financial performance, including near break-even EBITDA and record GMV. The strategic focus on new growth engines like merchant payments, NBFC, and AI indicates a positive outlook for future growth and profitability.
One MobiKwik Systems Limited has released the transcript of its Earnings Call for Analysts and Investors held on May 12, 2026. The call focused on the company's Q4 FY26 results and its strategic outlook.
During the call, management highlighted that FY26 was an inflection year, achieving near break-even EBITDA of negative ₹5 crore, a significant improvement from FY25. Full-year PAT also halved to negative ₹621 crore. The payments GMV reached an all-time high of ₹524 billion in Q4 FY26, marking the 13th consecutive quarter of record GMV. In the wallet segment, MobiKwik remains the largest in India by GTV with a 20% market share. In UPI, customer-initiated transactions grew 170% YoY, significantly outpacing industry growth.
The financial services business achieved its highest quarterly gross margin at 59% in Q4 FY26, with a focus on increasing disbursements to super-prime and repeat users. Consolidated total income in Q4 FY26 was ₹2,960 million, a 6% increase YoY, with contribution margin expanding to 46%. EBITDA for the quarter was ₹174 million (5.9% margin), and reported PAT was ₹44 million, including a one-time exceptional charge.
MobiKwik outlined four new growth engines: merchant payments (offline and online) targeting 5x device scale-up and 10x revenue growth by FY28, with both aiming for EBITDA breakeven by FY28. The NBFC application approval is a key regulatory milestone to scale lending operations under a regulated model, unlocking better economics and product velocity. The fourth engine is AI, with the company aiming to be AI-first by FY28, leveraging AI for code generation, collections, customer support, and fraud detection.
Management also addressed questions on revenue lag in payments due to UPI mix, the FLDG mechanism, and debt levels, clarifying that long-term debt has been paid off, with only ₹261 crore of short-term working capital lines remaining. Future investments in merchant business are expected to be in a similar range to FY26, impacting the P&L. The NBFC operations are expected to launch within six to nine months post-setup, with initial funding from the company. The company anticipates 30%-35% growth in both payments and lending GMV for FY27, with a sustainable lending margin around 4%-4.5%. Payments margin is guided at 12-15 basis points for the mid to long-term due to regulatory considerations.
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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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