One MobiKwik Systems Limited – Investor Presentation Summary

Key Operational Highlights

  • Total Platform Spend GMV reached ₹483 Bn in Q1 FY27, recording 50% YoY growth.
  • Wallet Transactions: 106 Mn in Q1 FY27, a 68% increase YoY.
  • Full KYC Wallets: 40 Mn in Q1 FY27, a 6% increase YoY.
  • UPI GMV: ₹269 Bn in Q1 FY27, up 99% YoY.
  • PPI Wallet GMV: ₹125 Bn in Q1 FY27, up 24% YoY; company holds ~19% market share of total PPI Wallet GMV.
  • Recharge and Bill Payments GMV: ₹89 Bn in Q1 FY27, up 37% YoY.
  • Key drivers: Growth powered by Pocket UPI (PPI on UPI), which is described as the wallet's growth engine enabling one-click payments across the UPI ecosystem. User base for interoperable wallets grew 83% from June 2025 to June 2026.

Segment-wise Performance

Payments Business:

  • Revenue: ₹630 Mn (from Payments Gross Profit calculation and margin).
  • Gross Margin: 39% in Q1 FY27.
  • Net Payment Margin: Held firm at 13 basis points (within guided range of 12-15 bps).

Financial Services (Lending) Business:

  • Disbursals: Targeting ₹10,000 Mn+ quarterly disbursals in upcoming quarters.
  • Revenue: ₹330 Mn (implied from total income of ₹1,804 Mn less payments revenue of ₹1,474 Mn).
  • Gross Margin: 76% in Q1 FY27.
  • Net Take Rate: Increased to 5.87% in Q1 FY27 from 1.12% in Q1 FY26.
  • Lending Related Expense: Decreased to 4.08% in Q1 FY27 from 7.30% in Q1 FY26.
  • Explanation: Improvement in credit quality and an increase in non-FLDG (First Loss Default Guarantee) business mix. Deferred revenue flowed in as the maturing portfolio saw lesser losses than FLDG guarantees.

Financial Highlights

  • Total Income: ₹1,804 Mn in Q1 FY27.
  • EBITDA: ₹100 Mn in Q1 FY27, resulting in an EBITDA margin of 5.5% (vs -11.1% in Q1 FY26).
  • PAT: ₹95 Mn in Q1 FY27, resulting in a PAT margin of 2.6% (vs -14.9% in Q1 FY26).
  • YoY comparison: ₹495 Mn positive swing in PAT YoY, reflecting a structural shift in the business.
  • Drivers: GMV growth, improved credit quality, cost rationalization, and treasury optimization post-IPO.
  • Key Risks: Not explicitly disclosed in the provided data.

Geographical Revenue Split

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Balance Sheet Snapshot

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Capex & Cash Flow Health

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Strategic & R&D Initiatives

Lending Business Transfer: Migrating the Lending Service Provider (LSP) business to MobiKwik Distribution Services Private Limited (MDSPL), a wholly-owned subsidiary, to activate NBFC operations.

Growth Initiatives for Lending:

  • Initiative #1: Targeting the company's large existing customer base.
  • Initiative #2: Leveraging AI engine to enhance lending funnel conversions.
  • Deploying new capabilities for aggressive growth in lending, including managing origination, servicing & collections.

Payments Growth: Focus on scaling merchant payments, with a target offline merchant TAM of ₹1.8–2.0 Tn by FY28 and online PG TAM of ₹792–880 Bn by FY28.

Industry Trends & Business Environment

  • Macro/Industry Trends: Growth in digital payments and lending in India. Regulatory framework for PPIs and UPI interoperability.
  • Impact on Company: UPI interoperability unlocked daily wallet usage, making the wallet the preferred choice for frequent, small-ticket transactions and increasing user engagement. The company leverages its BBPS COU (Bharat Bill Payment System Operating Unit) licence to power digital bill payments for multiple partner agent institutions.

Management Commentary & Growth Outlook

  • Strategic Outlook: Targeting full-year positive PAT in FY27 on the back of a strong start in Q1.
  • Growth Outlook: Expects consistent GMV growth with stable Net Payments Margin (12-15 bps). Poised to gain momentum and deliver ₹10,000 Mn+ quarterly disbursals in the upcoming quarters for the lending business.
  • Risks and Opportunities: Not explicitly highlighted in the provided data.

ESG Updates

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Digital Transformation

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