One MobiKwik Systems Limited – Investor Presentation Summary

Key Operational Highlights

  • Registered Users reached 196.3 million in Q2 FY27, up from 192.8 million in Q1 FY27.
  • Merchants increased to 5.1 million in Q2 FY27, up from 5.0 million in Q1 FY27.
  • Platform Spend GMV (Consumer Payments GMV + Merchant Payments GMV) grew 35% YoY.
  • Activated ZIP EMI Users reached 1.74 million in Q2 FY27, up from 1.64 million in Q1 FY27.

Key drivers of operational performance: Accelerating AI adoption across engineering, lending, customer experience and risk management; recovery in lending disbursals post technology migration; expansion of merchant payment services including EDC terminals, Sound Box and QR.

Segment-wise Performance

Payments Segment:

  • Payment GMV (including ZaakPay) was ₹596,767 Mn in Q2 FY27, up 2% QoQ.
  • Revenue from Payments was ₹2,087.9 Mn in Q2 FY27, flat QoQ.
  • Gross Margin for Payments was 38.2% of revenue in Q2 FY27.

Financial Services (Lending) Segment:

  • MobiKwik ZIP EMI GMV (Disbursals) was ₹10,826.1 Mn in Q2 FY27, up 47% QoQ and 34% YoY.
  • Revenue from Financial Services was ₹869.1 Mn in Q2 FY27, up 18% QoQ and 42% YoY.
  • Gross Margin for Financial Services was 66% of revenue in Q2 FY27, the highest quarterly gross margin.

Explanation of significant changes in segment performance: The sharp recovery in lending disbursals followed a temporary dip in Q1 FY27 caused by technology infrastructure migration for the lending business transfer. Payments growth was driven by expansion in merchant payment services.

Financial Highlights

Revenue: Rs. 3,027.6 Mn (Total Income)

Revenue From Operations: Rs. 2,957.0 Mn

EBITDA: Rs. 226.8 Mn

PAT: Rs. 118.7 Mn

EPS: Not Specified

Margins:

  • EBITDA Margin: 7.5% (▲977 bps YoY | ▲204 bps QoQ)
  • PAT Margin: 3.9% vs (10.2)% in Q2 FY26
  • Contribution Margin: 47.5% from 34.4% in Q2 FY26

YoY/QoQ comparison:

  • Total Income: ▲8% YoY | ▲5% QoQ
  • Revenue From Operations: ▲₹291 Mn YoY | ▲44% QoQ
  • PAT: ▲55% QoQ | ₹404 Mn YoY turnaround from a ₹286 Mn loss in Q2 FY26

Drivers of financial performance: 50% YoY increase in Contribution Profit to ₹1,439 Mn; 13% YoY reduction in Direct Costs; improved credit quality in lending business reducing lending related expenses by 16% YoY.

Comparison to market estimates: Not Specified

Key Risks: Not explicitly disclosed in the presentation.

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not Specified

Balance Sheet Snapshot

Net Debt/Equity: Not Specified

Reserves: Not Specified

Current Assets/Liabilities: Not Specified

Working Capital/Leverage Metrics: Not Specified

Financial Health Insights: The company noted higher working capital usage due to one-time increase in trade receivables as a result of LSP Slump Sale, expecting this to reduce by 15-20% in coming quarters.

Capex & Cash Flow Health

Capital Expenditure: Not Specified

Free Cash Flow: Not Specified

Operating Cash Flow: Not Specified

Net Debt Movement: Not Specified

Investment Rationale: Increased device deployments in merchant payments; technology infrastructure investments; AI development initiatives.

Strategic & R&D Initiatives

Investments in Innovation: AI-led software development with 92% of code generated through AI; AI-led monitoring and investigation with 100% PRDs assessed by AI Agent and 100% AI-led fraud detection; 40-70% of fraud-related grievances solved by AI.

Expected impact on growth: 30-40% higher connect rates; faster integrations with merchants, lenders and banks; lower cost per user connect as the user base scales; faster go-to-market.

Strategic Rationale: On track to becoming AI-first across the organization by FY28; expanding merchant payment services which have fewer competitors and easier merchant retention; scaling up new business segments.

Industry Trends & Business Environment

Macro/Industry Trends: Not explicitly discussed beyond the company's operational context.

Impact on Company: Not Specified

Management Commentary & Growth Outlook

Strategic Outlook: The company aims to sustain disbursal momentum above ₹10,000 Mn+ as new lending partnerships mature and new product categories are launched.

FY Guidance: Company expects consistent GMV growth with stable Net Payments Margin (within guided range of 12-15 bps), with potential UPI MDR to add further upside.

Market Share Targets: Not Specified

Risks and Opportunities: Not explicitly highlighted beyond the forward-looking statements disclaimer.

Regulatory Compliance Update

The presentation detailed the company's regulatory licenses:

  • PPI License: Last renewed 30-Sep-26 (RBI)
  • BBPOU License: Last renewed 27-Jan-26 (RBI)
  • Online Payment Aggregator (PA-O): Perpetual validity from 30-Apr-25 (RBI)
  • Offline Payment Aggregator (PA-P): In-Principle Approval 25-May-26 (RBI)
  • NBFC License: Application Approved 27-Apr-26 (RBI)
  • AMFI Registration: Last renewed 06-Mar-25 (SEBI)
  • Investment Adviser Registration: Perpetual validity from 21-Aug-23 (SEBI)
  • Stock Broking: Perpetual validity from 01-Jul-25 (SEBI)
  • Corporate Agent (Composite): Last renewed 15-Dec-23 (IRDAI)