Date: August 05, 2026

Financial Results (Standalone & Consolidated)

Headline Results for Q1 FY27 (Quarter ended June 30, 2026):

  • Platform GMV (including Zaakpay): ₹587 Bn, up 50% YoY from ₹392 Bn (14th consecutive record quarter)
  • Standalone Payments GMV: ₹561 Bn, up 46% YoY from ₹384 Bn
  • Lending GMV (ZIP EMI Disbursals): ₹7,367 Mn, up 6% YoY from ₹6,931 Mn
  • Total Revenue: ₹2,892 Mn, up 3% YoY from ₹2,816 Mn
  • Contribution Profit: ₹1,286 Mn (44% margin), up 66% YoY from ₹774 Mn (27% margin)
  • EBITDA: ₹158 Mn (5.5% margin), improved from -₹312 Mn (-11% margin) in Q1 FY26 (+₹470 Mn YoY swing)
  • F&D Cost: ₹81 Mn (6-quarter low), down 24% YoY from ₹107 Mn
  • PAT: ₹76 Mn (2.6% margin), improved from -₹419 Mn (-15% margin) in Q1 FY26 (+₹495 Mn YoY swing, no exceptional items)
  • Payments Gross Margin: 37.3%, up 941 bps YoY from 27.9%
  • FS Gross Margin: 59%, up 4,571 bps YoY from 13%
  • Net Payments Margin as % of Platform Spend GMV: 13 bps (within 12-15 bps guidance)
  • Net FS Margin as % of Disbursals: 5.87% (new all-time high), up from 1.12%

Business Segment Performance:

Payments Business:

  • Merchant GMV: ₹126 Bn (up 17% QoQ)
  • Consumer GMV: ₹461 Bn (up 6% QoQ and 57% YoY)
  • UPI GMV: ₹269 Bn (up 99% YoY)
  • PPI Wallet GMV: ₹125 Bn (up 24% YoY)
  • Recharge and Bill Payments GMV: ₹89 Bn (up 37% YoY)
  • UPI transactions grew 130% YoY vs industry average of 24%
  • Payments Gross Profit: ₹777 Mn, up 31% YoY
  • Some card-based payment categories were paused in Q4 FY26 and Q1 FY27

Lending Business:

  • Financial Services Gross Profit: ₹433 Mn, up 5.6X YoY
  • Credit quality improved by ~25%
  • 60% loans to repeat customers
  • Lending-related expenses: ₹301 Mn, down 40% YoY from ₹506 Mn and down 6% QoQ
  • Top 3 lender concentration reduced from 91% in Q3 FY26 to 71% in Q1 FY27
  • 100% bureau score 700+, 74% borrowers under 40

Balance Sheet Position (as of June 30, 2026):

  • Net (unencumbered) cash: ₹4,374 Mn (up from ₹4,346 Mn at FY26 year-end)
  • Total bank cash and balances: ₹9,912 Mn (₹2,169 Mn cash & cash equivalents + ₹7,743 Mn other bank balances)
  • Escrow and Nodal balances (MobiKwik + Zaakpay): ₹3,221 Mn
  • Lien-marked Fixed Deposits: ₹2,318 Mn (secured for FLDG guarantees and working capital facilities)
  • Short-term working capital facilities: ₹3,204 Mn (all long-term loans repaid as of FY26 year-end)
  • Finance costs: ₹45 Mn in Q1 FY27, down 42% YoY from ₹78 Mn

Guidance & Outlook

Full-Year FY27 Targets:

  • Targeting full-year PAT positive with PAT of ₹400 Mn for FY27
  • Expect quarterly PAT to trend upward through FY27 with some quarter-to-quarter variability

Business Priorities for FY27:

1. Scale lending disbursals, revenue, and margin:

  • Target ₹10,000 Mn+ quarterly disbursals in upcoming quarters
  • Two new growth initiatives using AI expected to generate additional ₹3,000 Mn in disbursals every quarter:
  • Smart targeting through focussed cohorts: ₹1,500-2,500 Mn incremental disbursals per quarter
  • AI Engine for customer re-engagement: ₹1,000 Mn incremental disbursals per quarter
  • Added 2 new major lending partners in Q1 FY27 with further partnerships in queue

2. Grow consumer payments while protecting unit economics:

  • Resume select card-based payment categories with proper risk guardrails
  • Target 5% per quarter revenue growth in mature consumer categories (UPI, Wallet, Bill Payments)
  • Maintain Net Payments Margin within 12-15 bps guidance range

3. Scale merchant payments:

  • Target 25% QoQ revenue growth in merchant categories
  • Zaakpay GMV: ₹25.6 Bn in Q1 FY27 (31% QoQ growth)
  • Expected to breakeven by FY28

4. Cost management:

  • Target 38-40% fixed cost as % of income range
  • Continue disciplined treasury management to keep F&D costs low

Other Operational Disclosures

Platform Statistics:

  • 190 Mn+ existing user base
  • #1 PPI and #2nd fastest TPAP position in the industry
  • 14 consecutive quarters of record GMV

Market Opportunity Estimates (RedSeer):

  • Offline merchant TAM: $1.8-2.0 Tn by FY28
  • Online payment gateway TAM: $792-880 Bn by FY28