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

Executive summary

• Payments GMV grew over 200% year-over-year to INR 1,158.7 billion in FY25, with wallet and UPI as key drivers and a 13.2% increase in registered users to 176.4 million.

• Lending business faced regulatory headwinds, with digital credit GMV down 41.1% year-over-year and the short-duration ZIP product discontinued.

• Merchant base expanded 13.1% to 4.6 million, and total income for FY25 increased 33.9% to INR 11,924.9 million.

• Profitability was impacted by a shift in revenue mix, higher costs, and one-time adjustments, resulting in a net loss for FY25.

• Statutory auditors issued unmodified opinions on all results, 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% and contribution margin at 30.3%.

• 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, with EBITDA at INR -794 million; PAT for FY25 was INR -1,215.3 million.

• Payments GMV for Q4 FY25 was INR 33,100 crore; full-year GMV reached INR 115,000 crore.

• Digital Credit GMV fell to INR 53.6 billion in FY25, reflecting a pause in the Zip product and lower lender appetite.

Outlook and guidance

• Payments GMV expected to continue strong growth, with potential to double or triple user base over the next 3-5 years.

• Growth revival in financial services anticipated post Q2FY26, with new product launches and AI-driven efficiencies to drive profitability.

• Lending business expected to return to 40% contribution margin as portfolio stabilizes and regulatory impacts subside.

• IPO proceeds earmarked for organic growth, R&D, payment device capex, and general corporate purposes, with significant unutilized funds remaining.