One MobiKwik Systems (MOBIKWIK) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 marked a fourth consecutive profitable quarter, with record EBITDA of INR 227 Mn and PAT of INR 118 Mn; platform GMV grew 35% YoY.

• Contribution profit rose 50% YoY as payments and lending grew; merchant payments and financial services supported gross-margin expansion.

Financial highlights

• Total income was INR 3,028 Mn; revenue from operations was INR 2,957.02 Mn, versus INR 2,702.11 Mn in Q2 FY26.

• EBITDA was INR 227 Mn in the operating presentation; consolidated EBITDA in the financial statements was INR 157.75 Mn, versus a loss of INR 63.76 Mn in Q2 FY26.

• PAT was INR 118.32 Mn, versus a net loss of INR 286.15 Mn in Q2 FY26; H1 FY27 consolidated profit was INR 194.48 Mn.

• Contribution profit reached INR 1,439 Mn, up 50% YoY; direct costs fell 13% YoY.

• Consolidated H1 FY27 operating cash flow was negative INR 261.38 Mn, compared with negative INR 1,838.07 Mn in H1 FY26.

Segment performance

• Payments GMV was INR 597 Bn, up 35% YoY; merchant GMV rose 76% to INR 133 Bn and consumer GMV grew 27% to INR 464 Bn.

• Payments gross margin reached 38.2%, up 884 bps YoY, while payments revenue was flat YoY and direct costs declined 13%.

• Financial Services revenue was INR 869 Mn, up 42% YoY; disbursals rose 34% to INR 10,826 Mn and gross profit grew 123% to INR 571 Mn.

• Financial Services gross margin increased to 65.7% from 41.8%; lending-related expenses fell 16% YoY.

• Lending disbursals rose 47% QoQ following the Q1 technology migration; two partners were added, bringing the total to 11.