One MobiKwik Systems (MOBIKWIK) Q4 24/25 earnings summary

Executive summary

• Payments business drove growth, with GMV reaching INR 1,158.7 billion in FY25, up 203.4% year-over-year.

• Registered user base grew 13.2% to 176.4 million, and merchant base expanded 13.1% to 4.6 million in FY25.

• Lending business faced regulatory headwinds, with digital credit GMV down 41.1% year-over-year, but recovery is expected in H2 FY26.

• Profitability declined, with FY25 net loss at INR 1,215.3 million, impacted by higher costs and one-time adjustments.

• Audited results post-IPO received unmodified opinions, confirming compliance with Indian Accounting Standards and SEBI regulations.

Financial highlights

• Payments revenue surged 142% year-over-year in FY25, with gross margin at 19.7%.

• Standalone revenue from operations for FY25 was INR 11,639.79 million; consolidated revenue was INR 11,701.74 million.

• EBITDA margin dropped to -6.7% in FY25; EBITDA was INR -794 million.

• PAT for FY25 was INR -1,215.3 million; EPS was (19.40) standalone and (19.27) consolidated.

• Digital Credit GMV fell to INR 53.6 billion in FY25.

Outlook and guidance

• Growth in financial services expected post Q2FY26, with new product launches and early signs of improvement.

• IPO proceeds are earmarked for organic growth, R&D in data/ML/AI, payment device capex, and general corporate purposes, with significant unutilized funds.

• Operating leverage from fixed cost reductions and AI initiatives anticipated to drive future profitability.

• Payments GMV is expected to continue strong growth, with management confident in doubling user base over the next 3-5 years.