One MobiKwik Systems reported a landmark Q4 FY26, closing the financial year with back-to-back profitable quarters. The company's payments GMV hit an all-time high of INR 524 billion in Q4, marking a 58% year-over-year and 9% quarter-on-quarter improvement — the 13th consecutive quarter of record-high GMV. At the consolidated level, Q4 total income came in at INR 2,960 million, a 6% increase year-over-year, while EBITDA for the quarter stood at INR 174 million, reflecting a 5.9% margin and a INR 632 million year-over-year swing. The reported PAT for Q4 was INR 44 million, which includes a INR 37.6 million one-time exceptional charge related to changes in the Labor Wage Code; excluding this item, underlying PAT would have been INR 81 million.

Full Year FY26 Financial Performance

For the full year FY26, One MobiKwik achieved near break-even EBITDA at negative INR 5 crores, representing a total swing of INR 742 million from negative INR 794 million in FY25. The full year PAT halved to negative INR 621 million, an improvement of INR 594 million year-over-year from negative INR 1,215 million in the prior year. Management noted that had the company not invested INR 55 crores into building its merchant payments business during FY26, EBITDA would have been positive INR 50 crores. H2 FY26 delivered INR 84 million of cumulative PAT, with both Q3 and Q4 being EBITDA and PAT positive.

Payments Business: Record GMV and Market Position

Within the payments segment, One MobiKwik maintained its position as the largest wallet in India by GTV as of March 2026, with approximately 20% market share. In UPI, the company is now the second fastest-growing UPI app in India, with customer-initiated UPI transactions growing 170% year-over-year versus industry growth of 26% year-over-year — approximately 6.5x the market rate. In the Bharat Bill Payments ecosystem, the company ranked as the sixth largest customer operating unit (COU) by GTV as of March 2026. The recharge and bill payments business scaled total GMV to INR 269 billion for the full financial year, representing a 48% three-year CAGR.

Management acknowledged that revenue growth in the payments segment has lagged GMV growth, primarily due to the higher mix of UPI transactions, which currently generate limited MDR revenue. The company guided that revenue from current payments investments will begin reflecting in FY27, with steady revenue growth expected to follow GMV growth in the coming quarters. On payments margin, management guided 12 to 15 basis points as the mid-to-long-term range, noting that while recent performance has exceeded 16 basis points, regulatory changes could impact this.

Digital Credit Business: Quality Over Volume

In the financial services segment, One MobiKwik delivered its highest-ever quarterly gross margin of 59% in Q4, driven by a deliberate focus on disciplined expansion. Super-prime customer mix in total disbursements improved from 10% to 32% year-over-year, while repeat loans increased from 20% to 63.50%. Management confirmed that sequential digital credit GMV growth was subdued due to this intentional prioritisation of credit quality over volume.

For FY27, management guided digital credit GMV growth of 30-35%, with EBITDA margin expected to remain in the similar range of approximately 5%. On lending margin, management noted the current level of 5.30% reflects strong collections performance and deferred revenue from maturing portfolios, but guided a long-term sustainable lending margin of 4.50% as a more conservative and realistic target.

Four New Growth Engines for FY27 and Beyond

Management outlined four strategic growth engines being built using profits generated from the core payments and lending businesses. The first two are offline and online merchant payments, which operate on MDR, device, and settlement economics. The offline merchant payments business is targeting a 5x device scale-up to enable a 10x revenue growth by FY28. Zaakpay, the company's wholly owned online merchant acquiring subsidiary, is targeting 10x GMV growth and EBITDA breakeven by FY28. Management indicated that investments in the merchant business for FY27 would be in a similar range to the INR 55 crores invested in FY26, and that fixed costs are expected to increase by approximately 15% to 20% in the next year from the current INR 115 crores to INR 120 crores per quarter range.

The third growth engine is the company's NBFC approval, described as the most consequential regulatory milestone in its lending journey. The NBFC will be housed in a wholly owned subsidiary, separate from the LSP business which will be migrated to another wholly owned subsidiary. Management outlined a timeline of two to three months to complete the migration of the existing LSP business, followed by three to six months for NBFC setup, and a further six to nine months before operations and disbursals commence under the co-lending model.

The fourth growth engine is artificial intelligence. Management stated that 80% of code is AI-generated, 55% of early collections are AI-driven, and 86% of customer support is self-served by AI. The company intends to be an AI-first company by FY28, with AI expected to own the full lending lifecycle, drive user personalisation, and enable real-time fraud detection.

Balance Sheet and Working Capital

As of March 31, the company's remaining debt stood at INR 261 crores of short-term working capital lines, with all long-term debt having been repaid. Net owned unencumbered cash was approximately INR 434 crores, a significant portion of which remains part of IPO proceeds not yet fully accessible. Management noted that working capital lines are used primarily to fund merchant settlements during bank holidays and long weekends, and that finance costs declined from INR 7.2 crores in Q3 to INR 5.1 crores in Q4.

One MobiKwik Systems Limited has informed the stock exchanges of its participation in an upcoming virtual investor conference, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was filed on May 13, 2026, and signed by Ankita Sharma, Company Secretary and Compliance Officer, bearing Membership No. A37518.

Investor Conference Details

Company officials are scheduled to attend the 'Nakshatra III – Shining Stars Amid Global Turbulence' investor conference, organised by Centrum Broking. The key details of the event are outlined below:

Disclosure and Compliance

The company has noted that discussions at the event will be confined to publicly available information. One MobiKwik Systems has also stated that the date of the meeting is subject to change due to exigencies on the part of the hosts or the company. The company has confirmed that no unpublished price-sensitive information is proposed to be shared during the meeting.

The disclosure has been made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The aforesaid information will also be disclosed on the company's investor relations website at https://www.mobikwik.com/ir/stock-exchange-submission/FY2026-27 .