One MobiKwik Systems Limited announced its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, approved by the Board of Directors at its meeting held on May 12, 2026. In compliance with Regulation 30 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the results were subsequently published in Financial Express (all India editions in English) and Jansatta (Delhi and NCR edition in Hindi) on May 13, 2026. The company delivered its second consecutive profitable quarter, with Q4 FY26 net profit at INR 44 million, marking a significant turnaround from the net loss of INR 560 million in Q4 FY25. Consolidated EBITDA for Q4 FY26 stood at INR 174 million, compared to a loss of INR 458 million in the same quarter of the previous year. The full-year FY26 EBITDA improved by INR 742 million year-on-year, nearing breakeven at a loss of INR 52 million.

Consolidated Financial Performance

On a consolidated basis, revenue from operations for FY26 stood at INR 11,192.32 million, while total income was INR 11,541.95 million. Total expenses decreased significantly to INR 11,593.89 million from INR 12,718.89 million in the previous year, driven by a reduction in lending operational expenses. The net loss for the year narrowed to INR 621.01 million from INR 1,215.29 million in FY25. Contribution profit grew 21% year-on-year to INR 4,374 million, with a margin of 38%, up from 30% in FY25.

The following table summarises the consolidated financial results:

Key Business Metrics

The payments business achieved an all-time high Gross Merchandise Value (GMV) of INR 524 billion in Q4 FY26, growing 58% year-on-year. The company was ranked the 2nd fastest-growing Third Party Application Provider (TPAP) in India's UPI ecosystem, with UPI transactions surging 170% year-on-year compared to an industry average of 26%. Full-year FY26 Payments GMV stood at INR 1,821 billion, up 57% year-on-year.

Financial Services revenue grew 37% year-on-year to INR 771 million in Q4 FY26, with ZIP EMI GMV increasing 59% to INR 8,377 million. Financial Services Gross Profit for the quarter stood at INR 451 million, up 1,775% year-on-year.

Strategic Context

In FY26, the company's Core business, comprising Consumer Payments and Lending, generated a positive EBITDA of INR 495 million. The company invested INR 547 million in building a new business in Merchant Payments, expected to deliver 10X growth by FY28. The second half of FY26 turned profitable, with H2 PAT at INR 84 million and EBITDA at INR 324 million, almost absorbing the entire H1 loss.

Commenting on the performance, Bipin Preet Singh, Co-founder, MD & CEO, MobiKwik, said: "FY26 was MobiKwik's inflection year — we delivered a profitable H2 as committed, and achieved a ₹742 Mn EBITDA swing that demonstrates the strength of our model. Scaling responsibly and building profitability are not at odds; they are firmly aligned."

One MobiKwik Systems Limited has filed its Monitoring Agency Report for the quarter ended March 31, 2026, with the stock exchanges on May 12, 2026, in compliance with Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report has been prepared by CARE Ratings Limited, which serves as the Monitoring Agency for the company's Initial Public Offer. The IPO, which raised Rs. 572 crore through issuance of equity shares, was open for subscription from December 11, 2024 to December 13, 2024. The report confirms that all utilisation of proceeds has been in accordance with the disclosures made in the Offer Document, with no material deviations observed.

IPO Issue and Monitoring Overview

The report covers One MobiKwik Systems Limited, a company in the Financial Services sector, with promoters including Bipin Preet Singh, Upasana Rupkrishan Taku, Koshur Family Trust, and Narinder Singh Family Trust. CARE Ratings Limited, acting as the Monitoring Agency, has confirmed that there is no deviation from the objects of the issue and that the means of finance for the disclosed objects remain unchanged. The Monitoring Agency's report is based on a Chartered Accountant certificate from M/s V P G S & Co Chartered Accountants dated April 16, 2026, along with management certificates, bank statements, expense invoices, and Fixed Deposit receipts.

IPO Proceeds Utilisation — Progress in Objects

As of the end of Q4 FY2026, the company had cumulatively utilised Rs. 384.39 crore out of the total IPO proceeds of Rs. 572.00 crore, leaving Rs. 187.61 crore unutilised. The following table summarises the utilisation progress across all objects:

During Q4 FY2026, the company utilised Rs. 17.17 crore towards providing FLDG to lending partners under Object 1, Rs. 15.97 crore towards employee payments in data, engineering, and product departments under Object 3, Rs. 2.86 crore for purchase of payment devices including Soundbox and Electronic Data Capture (EDC) machines under Object 4, and Rs. 0.67 crore towards IPO-related expenses such as brokerage fees for SBI Caps and ASBA. No funds were deployed under Object 2 (payment services business) or General Corporate Purpose during the quarter.

Delays in Implementation

The Monitoring Agency has noted delays in the utilisation of funds for Objects 1 and 3, both of which were originally required to be utilised by FY2026 as per the Offer Document. The delay in these objects is described as "Not Ascertainable" in terms of the number of days or months. Additionally, a six-month delay was recorded for General Corporate Purpose (GCP) utilisation, which was required to be completed by FY2025 but was ultimately completed by FY2026. The GCP delay involved Rs. 3.23 crore, which constitutes less than 5% of the total utilised amount. The company's management has confirmed that unutilised funds for Objects 1 and 3 will be carried forward post receipt of appropriate approvals.

The Monitoring Agency has also flagged that the company reported losses of Rs. 66.49 crore in 9MFY26 owing to changes in the industry and regulatory landscape, though in Q3FY26, the company reported a PAT of Rs. 4.05 crore on a consolidated level.

Deployment of Unutilised Proceeds

The remaining unutilised balance of Rs. 187.61 crore as on March 31, 2026 is deployed as follows:

The fixed deposits of Rs. 195.70 crore are spread across multiple scheduled commercial banks including HDFC Bank Ltd, IDFC, and Kotak Bank, with maturities ranging from April 2026 to March 2027 and returns on investment ranging from 4.75% to 6.65%.

General Corporate Purpose Utilisation

The amount earmarked for General Corporate Purpose (GCP) in the Offer Document has been fully utilised till Q2FY26, with no further deployment in Q4FY26. The Monitoring Agency noted that the utilisation towards GCP was required to be completed by FY25 but was completed by FY2026, reflecting a delay of six months. Management has further indicated its intent to reallocate surplus funds from IPO-related expenses towards GCP in FY27, subject to receipt of appropriate approvals. The report has been made available on the company's website and the submission was signed by Ankita Sharma, Company Secretary and Compliance Officer.