One Mobikwik Systems Limited · NSE:MOBIKWIK
One Mobikwik Systems — Q4 FY26 Earnings Presentation
54 slides from One Mobikwik Systems's earnings presentation, May 12, 2026
Slide 1: Intimation: Investor Presentation on Financial Results Q4 FY26
Date: May 12, 2026 To, National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Symbol: MOBIKWIK Scrip Code: 544305 Sub: Investor Presentation on the Financial Results
Slide 2: MobiKwik Q4FY26
Mrobikwik Mrobikwik _ Official Payments Partner — im O4FY26
Slide 3: Executive Summary
Executive Summary
Slide 4: FY26 Snapshot: Profitable Core EBITDA Reinvested in Growth
FY26 Snapshot: Profitable Core EBITDA Reinvested in Growth Excluding the new business burn, the core stands on its own CORE CORE NEW BUSINESS Consumer Payments Lending Merchant Payments Profitable at scale. Growing without subsidies. Quality rebuilt. NBFC unlocks the next chapter. Large TAM. Early m
Slide 5: FY28 Outlook: New Growth Engines
FY28 Outlook: 4 New Growth Engines • FY26 was an inflection year for us. We bounced back to the green, delivering a 74 Cr EBITDA swing • For next 2 years, we will focus on scaling up the Core and building 4 New Growth Engines • Stronger margins generated by Core will fund the buildout of New Moats.
Slide 6: Offline Merchant Business: 10X Revenue Growth by FY28
Offline Merchant Business: 10X Revenue Growth by FY28 Build merchant relationship → Monetize with MDR → Generate transaction data → Deploy merchant credit USD 1,800-2,000 Bn 60M + MDR-based Lower Merchant Business GMV TAM by FY28 Small merchants in India No zero-MDR drag, every transaction generates
Slide 7: Online Merchant Business: 10X GMV Ambition by FY28
Online Merchant Business: 10X GMV Ambition by FY28 Acquire SMB E-Comm Merchant → Optimize MDR yield → Diversify revenue streams with value-added services USD 792-880 Bn 10X Ambition 99.99% Uptime 95%+ Success Rate Payment Gateway GMV TAM by FY28 FY27-28 GMV Scale By 2028 from current 99.97% In FY26
Slide 8: Governance Delivers: RBI Approves NBFC Application
Governance Delivers: RBI Approves NBFC Application From distribution economics to ownership economics: the same proven infrastructure, structurally better returns CURRENTLY: LSP MODEL NBFC: WHAT IT UNLOCKS The foundation we've built in 7 years We want to do Lending in the most regulated model Underw
Slide 9: Governance Delivers: 3 New Licenses Secured in Last 12 Months
Governance Delivers: 3 New Licenses Secured in Last 12 Months ✦ NEW LICENSES - LAST 12 MONTHS BOARD GOVERNANCE Metric MobiKwik NIFTY 500 Licenses Approved Regulator Business Date Board Size 8 Median: 9 NBFC Application RBI Lending 27-Apr-26 Board Independence 63% Min. 33% Stock Broking SEBI Wealth 0
Slide 10: AI-First Across the Board by FY28
AI-First Across the Board by FY28 What’s Already Working Where we are Going… WORKFORCE PRODUCTIVITY Own the Full Lending Lifecycle AI is compounding output across functions 01 Drive sales by enhancing productivity on funnel drops 80%+ 20% 100% code AI-generated faster time-to-hire recon automated ▸
Slide 11: Brand Ambition: Visibility Today, Velocity Tomorrow
Brand Ambition: Visibility Today, Velocity Tomorrow National Brand Campaign RR partnership: IPL 2026 Brand & Consumer with celebrity- Jaideep Ahlawat Mass Pan-India engagement Visibility Outlook (FY27–FY28) Bank Statement ki Saza ft. Jaideep Ahlawat MobiKwik’s Pocket UPI - Make UPI transactions with
Slide 12: Payments Business
Payments Business
Slide 13: 2nd Fastest Growing UPI TPAP App in India
2nd Fastest Growing UPI TPAP App in India (1) Our UPI transactions grew faster than the Overall Industry (MobiKwik 170% YoY vs Industry 26%) UPI Transactions YoY Anchored on: 2.7 X UPI GMV YoY 77.65 Mn → 209.27 Mn 2.0 X 120 Bn → 244 Bn Platform Shifts, Differentiated Bets & Compliance Discipline TAR
Slide 14: PPI on UPI Turns Wallet into a Daily Use Payment Product
PPI on UPI Turns Wallet into a Daily Use Payment Product 433 Bn ~57% Growth 39 Mn Total Wallet GMV for FY 26 In Transactions from Q1 FY26 to Q4F Y26 Full KYC Wallets Re-accelerating every quarter Quarterly Total Wallet Transactions FY26 (in INR Mn) Transaction count grew sequentially every quarter,
Slide 15: Bill Payments: Mature B2C Business Continues Scaling
Bill Payments: Mature B2C Business Continues Scaling Anchored on category expansion, platform depth and ecosystem scale 2.2X 48% 50 Mn GMV Growth 3-year GMV CAGR FY26 Total Txn From FY25-26 Compounding growth across bill payments Across Recharges & Bill Payments PLATFORM GMV GREW 2.2× IN 3 YEARS · 4
Slide 16: Bill Payments: New B2B Business with Exponential Growth Potential
Bill Payments: New B2B Business with Exponential Growth Potential 9.2X Growth in FY 26 from Q1 → Q4, Targeting ~200 Bn in FY28 TARGETING 5X GMV GROWTH OVER THE NEXT 2 YEARS FROM KEY GROWTH LEVERS QUARTERLY GMV TREND (in Bn) FY2025-26 19 BBPS C O U Business Exp ansion Scaling existing partnerships to
Slide 17: Payments: UPI Drives the Funnel, Non-UPI Drives Revenue
Payments: UPI Drives the Funnel, Non-UPI Drives Revenue Record GMV Streak clocked 13 Straight Quarters with 58% YoY growth 524 481 432 384 331 294 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 • Explosive UPI Growth trickling down to revenue generating payment categories, showcasing strong cross s
Slide 18: Payments: Gross Margin at a New High of 39%
Payments: Gross Margin at a New High of 39% Payments Revenue (INR Mn) & Gross Margin(1)(%) 37.2% 39.1% 27.9% 29.4% Gross 23.9% Margin (%) 23.9% 27.9% 29.4% 37.2% 39.0% 2,237 2,116 2,131 2,089 2,116 Gross Profit 505 594 833 614 827 User 140 108 Incentive 137 114 cost 96 Payment 1,471 1,428 1,339 1,29
Slide 19: Payments: Unit Economics Decoupled from UPI Dilution
Payments: Unit Economics Decoupled from UPI Dilution Unit Economics of Total Payments Business (Bps) (1) Particulars Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 (in bps) Payments Revenue 64 56 48 47 40 Payments Gateway Costs (44) (37) (31) (27) (23) User Incentive costs (4) (3) (3) (2) (2) Net Payments
Slide 20: Financial Services
Financial Services
Slide 21: Portfolio matures with tilt towards repeat and super prime cohorts
Portfolio matures with tilt towards repeat and super prime cohorts Portfolio share and business channel Prime segment is catered by both distribution and FLDG offering Distribution FLDG Super Prime Prime Near Prime 32% 46% 22% Key Metrics, YoY ● Super Prime mix improved from less than 10% to 32% Sup
Slide 22: Borrower Base: Young, Salaried & Credit-Ready
Borrower Base: Young, Salaried & Credit-Ready As a % of Digital Credit GMV • Quality cohort, not mass market: 95% borrowers under 40, 100% bureau score at 700+ - disciplined underwriting, low-risk book • Stickiness proven: 63% repeat users - strong LTV expansion signal
Slide 23: Financial Services: Disciplined expansion - profitability prioritized over volume
Financial Services: Disciplined expansion - profitability prioritized over volume ZIP EMI GMV (Disbursal) (INR Mn) 9,000 8,377 8,071 6,931 5,272 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 • The company has consciously shifted focus from higher disbursals to improving margins by targeting high-profit ge
Slide 24: Financial Services: Declining delinquency across every new origination cohort
Financial Services: Declining delinquency across every new origination cohort Risk improvement is structural - driven by investment in underwriting, data, and collections infrastructure QoQ Static Pool Risk Performance Structural improvement (Cohort-wise) Every new cohort starts lower and brings in
Slide 25: Financial Services: Delivered 19X YoY Gross Profit
Financial Services: Delivered 19X YoY Gross Profit Revenue from Financial Services (INR Mn) & Gross Margin (%) (1) 1.20 70% 57% 59% 1.00 60% Gross Margin 0.80 42% 50% 40% 0.60 30% Revenue 0.40 771 Highest Quarterly Gross Margin- 13% 20% 4% up to 59% in Q4 FY26 0.20 10% 652 0.00 613 0% 583 • Revenue
Slide 26: Financial Services: Net Margin Crosses 5%
Financial Services: Net Margin Crosses 5% - A New High every quarter Unit Economics of Financial Services (1) Particulars Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Revenue from Financial 8.25 % 8.41 % 7.59 % 7.24 % 9.21 % Services(1) Lending Related Expense (1) (7.90) % (7.30) % (4.42) % (3.11) % (3.82) %
Slide 27: Quarterly Performance
Quarterly Performance
Slide 28: PAT Profitable 2 Quarters in a row
PAT Profitable 2 Quarters in a row – Strong YoY Upswing of INR 604 Mn Ranked #6 in Ranked #1 in Wallet(1) 2nd Fastest Growing UPI App (3) Bill Payments(2) Contribution Profit up 112% YoY From -₹560 Mn to +₹44 Mn in Four Quarters 1,900 50% 46% 1.4% 1.5% 43% 1,700 45% 150 44 0.0% 1,500 40% 40 1,351 50
Slide 29: Q4 FY26: Financial Waterfall
Q4 FY26 : Financial Waterfall 2,960 Q4 Vs Q3 FY26 73 Revenue - Stable (1,609) Direct Cost 4% Contribution Profit 5 2,116 (1,289) EBITDA 24.4 Mn 1,351 73 PAT 3.4 Mn (320) 827 451 (1,177) 771 (1,177) 174 174 (92) (41) 44 (51) 44 INR Mn Revenue Direct Cost Contribution Profit Fixed Cost EBITDA F&D Cost
Slide 30: Payments & FS: Improved Margins Across the Board
Payments & FS: Improved Margins Across the Board GMV Revenue Direct Cost Gross Profit Revenue Streams GM (%) (INR Bn) (INR Mn) (INR Mn) (INR Mn) Payments 524 2,116 1,289 827 39.1% Merchant Fee & +9% -5% -1% +185 - 8% Convenience fees (User) Bps 481 2,237 1,405 833 37.2% Financial Services 8.4 771 32
Slide 31: Costs Remain Stable Despite Steady Business Growth
Costs Remain Stable Despite Steady Business Growth Direct Cost (INR Mn) Fixed Cost (INR Mn) Lending Related Expense Fixed Cost 39.3% 38.6% 36.7% 38.3% 39.8% Payment Related Expense (%) 1,177 2,149 2,042 1,138 1,832 1,684 1,094 1,609 1,086 1,611 1,536 1,476 1,025 1,405 1,289 538 506 357 280 320 Q4 FY
Slide 32: Costs Remain Stable Despite Steady Business Growth
Costs Remain Stable Despite Steady Business Growth Direct Cost (INR Mn) Fixed Cost (INR Mn) Lending Related Expense Fixed Cost 39.3% 38.6% 36.7% 38.3% 39.8% Payment Related Expense (%) 1,177 2,149 2,042 1,138 1,832 1,684 1,094 1,609 1,086 1,611 1,536 1,476 1,025 1,405 1,289 538 506 357 280 320 Q4 FY
Slide 33: PAT commitment delivered - 2 Quarters in a Row
PAT commitment delivered- 2 Quarters in a Row Finance and Depreciation Cost PAT & EBITDA (INR Mn) PAT(1) 110 107 104 109 92 (20.1)% (14.9)% (10.2)% 1.4% 1.5% Margin (%) 29 37 174 43 32 150 81 40 44 41 -64 -168 78 67 72 72 -312 -286 51 -419 -458 -560 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Q1
Slide 34: Annual Performance
Annual Performance
Slide 35: Annual Snapshot: Core Businesses Supporting New High-growth Opportunities
Annual Snapshot: Core Businesses Supporting New High-growth Opportunities India’s leading digital financial services platform offering Payments, Credit and Wealth Offerings to 189.6 Mn+ users Payments Financial Services New Businesses 2-sided payments platform serving consumers via UPI, Consumer cre
Slide 36: FY26: Full Year Financial Waterfall
FY26 : Full Year Financial Waterfall 11,542 FY26 Vs FY25 350 Revenue -3% (7,168) Direct Cost 14% Contribution Profit 21% 8,573 (5,706) EBITDA 742 Mn 4,374 350 PAT 594 Mn (1,462) 2,867 1,157 (4,426) 2,619 (4,426) (52) (52) (411) (138) (274) (621) (621) INR Mn Revenue Direct Cost Contribution Profit F
Slide 37: Payments & FS: Annual Snapshot
Payments & FS: Annual Snapshot GMV(1) Revenue Direct Cost Gross Profit Revenue Streams GM (%) (INR Bn) (INR Mn) (INR Mn) (INR Mn) Payments 1,821 8,573 5,706 2,867 33.4% Merchant Fee & +57% +12% - 7% +90% +1,370 bps Convenience fees (User) 1,159 7,674 6,162 1,512 19.7% Financial Services 32 2,619 1,4
Slide 38: Payments GMV Crossed INR 1.8 Tn+: 4.8X Growth in 2 Years
Payments GMV Crossed INR 1.8 Tn+ : 4.8X Growth in 2 Years Payments GMV (INR Bn) Revenue from Payments (INR Mn) & Gross Margin (%) Gross 33.4% Margin 1,821 19.4% 19.7% 8,573 7,674 2,867 Gross 1,159 1,512 Profit 622 455 User Incentive cost 3,171 382 614 5,540 5,251 540 Payment Gateway Cost 2,017 FY24
Slide 39: Quality Over Volume - FS Margins
Quality Over Volume - FS Margins ZIP EMI GMV (Distribution) (Mn) 1.20 Revenue from Financial Services (Mn) and Gross Margin (%) 60% 55% 1.00 47% 50% 0.80 46% 44% 45% 0.60 5,579 40% 35% 0.40 Gross 30% Margin 0.20 2,550 4,028 25% 0.00 20% 32,380 1,881 30,232 2,619 24,774 Gross 1,157 Profit 3,029 2,147
Slide 40: Core Business Delivering Strong Net Margins for 3 years
Core Business Delivering Strong Net Margins for 3 years Unit Economics of Payments Business Unit Economics of Financial Services (as a % of Payments GMV) (as a % of Digital Credit GMV) Particulars FY 24 FY 25 FY 26 (in bps) Particulars FY 24 FY 25 FY 26 Payments Revenue 83 66 47 Revenue from 6.14% 7
Slide 41: FY26: The Inflection Year - EBITDA Near Breakeven, PAT Loss Halved
FY26: The Inflection Year - EBITDA Near Breakeven, PAT Loss Halved Total Revenue (Mn) & CM (%) EBITDA & PAT (INR Mn) 37% 38% 4% 30% 0% EBITDA Margin 372 (%) 11,925 11,542 141 -7% - - 8,903 -52 -465 EBITDA -621 PAT Excl. Exceptional Item -794 PAT -1,215 FY24 FY25 FY26 FY 24 FY 25 FY 26 H2 FY26 Turned
Slide 42: Focus on Cost Discipline - Expenses kept in check
Focus on Cost Discipline – Expenses kept in check despite explosive GMV growth Total Direct Expense Fixed Cost Finance and Depreciation Cost (Mn) 4,410 4,426 231 402 411 5,586 8,309 7,168 128.7 139.2 2,945 6,162 43.2 2,557 5,706 273.0 274.4 188.3 3,029 2,147 1,462 FY24 FY25 FY26 FY 24 FY 25 FY 26 FY
Slide 43: Corporate Overview
Corporate Overview
Slide 44: Our Business Model
Our Business Model (UPI, Wallet, (Personal Loans, (FD, Mutual Funds, Bill Payments & more) ae Card Digital Gold & more)
Slide 45: Payments: 2-Sided Payments Business: Consumers <==> Merchants
Payments: 2-Sided Payments Business: Consumers <==> Merchants Consumer payments solutions for everyday expenses and bill payments
Slide 46: Payments: 2-Sided Payments Business: Consumers <==> Merchants
Payments: 2-Sided Payments Business: Consumers <==> Merchants Merchants accept payments via our Checkout, QR, Soundbox and EDC products
Slide 47: Financial Services: Diversified Credit Offerings
Financial Services: Diversified Credit Offerings A diversified, risk-aligned credit platform serving users across the credit spectrum. A. FLDG Model - High Control, Higher Yield • Operates in Moderate-ROI segments (22–36%) with short- tenure, small-ticket loans • Co-created filtration parameters wit
Slide 48: Our Stakeholders
Our Stakeholders Bajaj Finance Times Internet Bajaj Life Government FLC INVESTCO SI Investments Limited Limited Insurance Pension Fund Global HDFC Mutual American Cisco Societe General Axis Mutual Elimath Advisors Fund Express Fund As on 11.May.2026
Slide 49: Key Performance Indicators
Key Performance Indicators
Slide 50: Payment Services - Key Performance Indicators (KPIs)
Payment Services – Key Performance Indicators (KPIs) INR million, unless otherwise mentioned FY24 FY25 FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Registered Users 155.8 176.4 189.6 176.4 180.2 183.5 186.6 189.6 Merchants 4.1 4.6 4.9 4.6 4.6 4.7 4.8 4.9 Payment GMV 381,955 1,158,681 1,820,655 330,663 38
Slide 51: Financial Services - Key Performance Indicators (KPIs)
Financial Services – Key Performance Indicators (KPIs) INR million, unless otherwise mentioned FY24 FY25 FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Activated ZIP EMI Users 0.94 1.24 1.58 1.2 1.3 1.4 1.51 1.58 MobiKwik ZIP EMI GMV 30,231.5 24,774.0 32,379.8 5,271.5 6,931.4 8,070.7 9,000.4 8,377.3 % Grow
Slide 52: Consolidated Financials - Key Performance Indicators (KPIs)
Consolidated Financials – Key Performance Indicators (KPIs) INR million, unless otherwise mentioned FY24 FY25 FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Revenue from Operations 8,750.0 11,701.7 11,192.3 2,677.8 2,713.6 2,702.1 2,889.5 2,887.1 Other Income 153.1 223.2 349.6 107.4 102.5 91.2 82.7 73.2 To
Slide 53: Disclaimer
Disclaimer By attending the any earnings-related event or by reading the presentation slides you agree to be bound as follows: This Presentation is prepared by One MobiKwik Systems Limited (“Company”) are solely for information purposes, without regard to any specific objectives, financial situation
Slide 54: Thank You