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.

One MobiKwik Systems Limited's Board of Directors, at its meeting held on May 12, 2026, approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The results, audited by B S R and Co, Chartered Accountants, reflect a significant improvement in financial performance, with the consolidated net loss narrowing sharply year-on-year and the company delivering its second consecutive profitable quarter. The statutory auditors have issued audit reports with an unmodified opinion on both standalone and consolidated financial results. Following the board meeting, the company also held an Earnings Call for Analysts and Investors on May 12, 2026; the audio recording of the call is available on the company's website at https://www.mobikwik.com/ir/financial-statements , pursuant to Part A of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Consolidated Financial Performance

On a consolidated basis, One MobiKwik Systems reported revenue from operations of INR 11,192.32 million for the year ended March 31, 2026, compared to INR 11,701.74 million in the previous year. Total income stood at INR 11,541.95 million against INR 11,924.90 million in the prior year. Despite the marginal decline in revenue, total expenses fell significantly from INR 12,718.89 million to INR 11,593.89 million, driven by a sharp reduction in lending operational expenses from INR 1,758.06 million to INR 450.93 million. The consolidated net loss for the year narrowed to INR 621.01 million from INR 1,215.29 million in FY25, reflecting meaningful operational improvement. Contribution Profit grew 21% year-on-year to INR 4,374 million for the full year, with a margin of 38%, up from 30% in FY25.

The following table summarises the consolidated financial results:

Notably, Q4 FY26 turned profitable at the net level, with a profit of INR 43.84 million, compared to a net loss of INR 560.37 million in Q4 FY25. Consolidated EBITDA for Q4 FY26 stood at INR 174.11 million versus a loss of INR 457.61 million in the same quarter of the previous year, translating to an EBITDA margin of 6%. The second half of FY26 also turned profitable, with H2 FY26 PAT at INR 84 million and EBITDA at INR 324 million, almost absorbing the entire H1 loss. Exceptional items of INR 155.94 million for the full year relate primarily to a fraud incident involving merchants in the Nuh and Mewat regions of Haryana, and the impact of newly notified Labour Codes.

Key Business Metrics: Payments and Financial Services

The following table presents key operating metrics across quarters and the full year:

Payments

The payments business continued to set new benchmarks across key operating metrics. Payments GMV reached an all-time high for 13 consecutive quarters, hitting ₹524 billion in Q4 FY26, growing 58% year-on-year and 9% quarter-on-quarter. Full-year FY26 GMV stood at ₹1,821 billion, up 57% year-on-year, representing a 4.8x scale-up from FY24 in two years. The company was ranked the 2nd fastest-growing TPAP in India's UPI ecosystem, with UPI transactions surging 170% year-on-year in Q4 versus an industry average of 26%. MobiKwik maintained its position as the number one PPI Wallet in India and ranked 6th largest Customer Operating Unit in the BBPS ecosystem based on gross transaction value as of March 2026. The company reported an industry-leading net payments margin of 16 basis points, reflecting strong monetisation beyond UPI.

Financial Services

The Financial Services business delivered strong recovery on the back of improved credit quality and collection efficiency. ZIP EMI GMV grew 59% year-on-year to INR 8,377 million in Q4 FY26, with 75% of disbursals in the FLDG model and 25% in the distribution model. Financial Services revenue grew 37% year-on-year and 18% quarter-on-quarter to INR 771 million in Q4, with full-year FY26 Financial Services revenue at INR 2,619 million. Financial Services Gross Profit stood at INR 451 million in Q4 FY26, up 1,775% year-on-year and 21% quarter-on-quarter, while full-year FY26 Financial Services Gross Profit reached INR 1,157 million.

Standalone Financial Performance

On a standalone basis, One MobiKwik Systems reported revenue from operations of INR 11,064.94 million for FY26, compared to INR 11,639.79 million in FY25. The standalone net loss for the year was INR 541.54 million, a significant improvement from INR 1,223.66 million in the prior year. Standalone EBITDA turned positive at INR 61.69 million for FY26, compared to a loss of INR 770.73 million in FY25. The key standalone financial metrics are presented below:

Strategic Context and Management Commentary

In FY26, the company's Core business — comprising Consumer Payments and Lending — generated a positive EBITDA of INR 495 million. During the year, the company invested INR 547 million in building a new business in Merchant Payments, which is expected to deliver 10X growth by FY28. The full-year EBITDA of INR -52 million reflects this conscious capital allocation for growth.

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. Over the next two years, we will scale up our core business while building four new growth engines: Offline & Online Merchant Acquiring, Unlocking Lending through our NBFC, and AI powering everything we do. The margins generated from our Core will fund the buildout of these New Moats. We expect to remain baseline profitable through this investment cycle, even as we compound the business for the long term."

Consolidated Balance Sheet Highlights

As at March 31, 2026, the consolidated total assets stood at INR 14,085.68 million compared to INR 13,603.71 million as at March 31, 2025. Total equity declined to INR 5,388.96 million from INR 5,886.50 million, reflecting the net loss for the year. Cash and cash equivalents on a consolidated basis were INR 2,391.35 million, while bank balances other than cash equivalents stood at INR 6,540.00 million.

IPO Proceeds Utilisation

The company, which completed its IPO in December 2024 at an issue price of INR 279 per share, received net proceeds of INR 5,305.17 million. As of March 31, 2026, INR 3,483.62 million had been utilised, with INR 1,821.55 million remaining unutilised. The utilisation summary is as follows:

Exceptional Items and Other Developments

During the year, the company filed a First Information Report (FIR) on September 13, 2025, alleging that certain registered merchants and users in the Nuh and Mewat regions of Haryana colluded to exploit a technical bug in the company's application, fraudulently claiming unauthorized settlements totalling INR 403.59 million. As of March 31, 2026, the company had recovered INR 276.02 million, with INR 9.26 million secured through merchant affidavits and a court order. The remaining balance of INR 118.31 million has been recognised as an expense for Expected Credit Loss and classified as an exceptional item. Additionally, the Government of India notified the Labour Codes effective November 21, 2025, resulting in an exceptional charge of INR 20.08 million for gratuity and INR 15.33 million for leave provisions on a consolidated basis. During Q4 FY26, the company also granted 53,000 stock options under the MobiKwik Employee Stock Option Plan 2014, with 71,804 options exercised during the quarter. The company operates in a single segment — financial and payment services.