One Mobikwik Systems Limited — Investor Meet, 15-05-2026: Analysts/Institutional Investor Meet/Con. Call Updates

**Q4 FY26 Earnings Call Summary: MobiKwik's Profitable Turnaround & Future Growth Engines**

MobiKwik reported Q4 FY26 as a landmark quarter, achieving its second consecutive PAT-positive quarter. Total income grew 6% YoY to INR 296 crore, with contribution margin expanding to 46%. Q4 EBITDA stood at INR 17.4 crore, and reported PAT was INR 4.4 crore (INR 8.1 crore pre-exceptional charge). For FY26, EBITDA was near break-even at negative INR 5.2 crore, and PAT halved to negative INR 62.1 crore.

Management emphasized FY26 as an inflection year, with the core payments and lending businesses now generating real profits. These profits are being reinvested into four new growth engines: merchant payments (offline and online, targeting 10x revenue/GMV growth by FY28), NBFC establishment (to unlock better economics and product velocity), and AI (to be an AI-first company by FY28, enhancing efficiency and fraud detection).

Payments GMV reached an all-time high of INR 524 billion (58% YoY), with UPI growing 170% YoY. Financial services saw gross margins hit 59% in Q4, focusing on super-prime and repeat users. The company plans to maintain baseline profitability despite significant investments in these new ventures. Future growth guidance for payments and lending GMV is 30-35%. Management advises modeling payments margins conservatively at 12-15 basis points due to regulatory uncertainty and projects lending margins at a sustainable 4.5%.