Date: November 06, 2026

Financial Results (Consolidated)

Q2 FY27 Performance (July-September 2026):

  • Platform GMV (including Zaakpay): ₹597 Bn, up 35% YoY (15th consecutive record quarter)
  • Lending GMV (ZIP EMI Disbursals): ₹10,826 Mn, up 34% YoY and 47% QoQ
  • Total Revenue: ₹3,028 Mn, up 8% YoY and 5% QoQ
  • Contribution Profit: ₹1,439 Mn (47.5% of Total Income), up 50% YoY
  • EBITDA: ₹227 Mn (7.5% margin), improved from -₹64 Mn (-2.3%) in Q2 FY26
  • PAT: ₹118 Mn (3.9% margin), improved from -₹286 Mn (-10.2%) in Q2 FY26 (55% QoQ growth)
  • Basic and Diluted EPS: ₹1.50 per equity share (corrected from initial typo of ₹0.75)
  • No exceptional items

Margin Performance:

  • Payments Gross Margin: 38.2%, up 884 bps YoY
  • Financial Services Gross Margin: 65.7%, up 2,388 bps YoY (highest ever)
  • Net Payments Margin as % of Platform Spend GMV: 13 bps (within 12-15 bps guidance)
  • Net FS Margin as % of Disbursals: 5.27%, up 210 bps YoY

H1 FY27 Performance:

  • PAT: ₹195 Mn
  • EBITDA: ₹385 Mn

Business Performance

Payments Business:

  • Platform GMV reached all-time high of ₹597 Bn
  • Merchant GMV: ₹133 Bn (22% of Platform GMV), up 76% YoY and 18% QoQ
  • Consumer GMV: ₹464 Bn, up 27% YoY
  • UPI GMV: ₹247 Bn, up 42% YoY
  • PPI Wallet GMV: ₹124 Bn, up 20% YoY
  • Recharge and Bill Payments GMV: ₹94 Bn, up 21% YoY
  • UPI transactions: 210 Mn, up 52% YoY
  • Wallet transactions: 109 Mn, up 43% YoY
  • Payments Revenue: ₹2,088 Mn (flat YoY)
  • Payments Gross Profit: ₹798 Mn, up 30% YoY
  • Net Consumer Payments Margin: 16.2 bps (up 0.4 bps QoQ)
  • Net Merchant Payments Margin: 3.4 bps (up ~1 bp QoQ)

Lending Business:

  • Disbursals rebounded to ₹10,826 Mn after Q1 technology migration
  • Revenue: ₹869 Mn, up 42% YoY and 18% QoQ
  • Gross Profit: ₹571 Mn, up 2.2x YoY
  • Gross take rate: 8.03% (from 9.96% in Q1 due to denominator effect)
  • FLDG accounted for 79% of disbursals, distribution for 21%
  • Quality indicators: 59% repeat customers, 100% bureau score 700+, 72% borrowers under 40
  • Added two new lending partners, total now 11 partners
  • Top-3 lender concentration at 71% (down from 91% a year ago)

Strategic Updates

NBFC License:

  • Received final Certificate of Registration (CoR) from RBI on November 6, 2026
  • Expected to launch in next 3-6 months
  • Will be capitalized in stages as book scales
  • Primary growth engine: co-lending alongside banks and larger NBFCs

Technology & AI Implementation:

  • 92% of code generated through AI (usage up 12% QoQ)
  • Voice AI handles 55% of early-stage collections (33% higher collection rates)
  • Vernacular AI chatbot resolves 91% of customer queries
  • 100% fraud detection AI-led
  • 100% user connects audited by AI

Financial Position

As of September 30, 2026:

  • Net (unencumbered) cash: ₹3,827 Mn (vs ₹4,374 Mn as of June 30, 2026)
  • Total bank cash and balances: ₹9,886 Mn (₹2,961 Mn cash & cash equivalents + ₹6,926 Mn other bank balances)
  • Escrow and Nodal balances: ₹3,376 Mn
  • Lien-marked Fixed Deposits: ₹2,683 Mn (secured for FLDG guarantees and working capital facilities)
  • Net Worth: ₹5,660 Mn
  • Short-term working capital facilities: ₹3,490 Mn (vs ₹1,980 Mn as of June 30, 2026)
  • No long-term loans

Cash Flow:

  • H1 FY27 cash operating profit: ₹288 Mn (vs cash loss of ₹499 Mn in H1 FY26)
  • Operating cash flow: -₹261 Mn (working capital absorbed ₹628 Mn, mainly from ₹854 Mn increase in trade receivables)
  • Operating cash outflow improved by 86% from -₹1,838 Mn in H1 FY26
  • Received ₹465 Mn from partners in October 2026 as receivables normalize

Guidance & Outlook

  • Reiterated FY27 guidance: PAT of ₹400 Mn and EBITDA of ₹750 Mn
  • H1 FY27 achieved nearly half of full-year targets
  • Expect GMV and revenue to continue compounding while fixed costs stay anchored
  • Priority is to invest in growth initiatives while delivering on guidance
  • UPI MDR implementation expected to add at least ₹1,000 Mn of payments revenue in FY28
  • Merchant business expected to break even by FY28

Other Operational Disclosures

EPS Correction:

  • Basic and Diluted EPS for Q2 FY27 is ₹1.50 per equity share
  • Initial filing had typo showing ₹0.75 per equity share
  • Corrected and notified to stock exchanges
  • No impact on financial position or performance

Lending Business Transfer:

  • Transfer of digital lending business to wholly owned subsidiary MDSPL completed in August 2026
  • Technology migration caused temporary Q1 dip in disbursals