Key Highlights:
● Top 3 Fastest Growing UPI Apps[1] in India’s UPI Ecosystem
● Consistently delivers Industry’s best Payments Gross Margin 29%
● Financial Services Gross Profit climbs 231% QoQ
● Contribution Profit up 24% QoQ driven by 10% drop in direct costs
● EBITDA Improved by 80% (₹24.8 Cr) QoQ; driven by cost discipline
Gurugram, India, Nov 4, 2025: One MobiKwik Systems Ltd. (MobiKwik) (NSE: MOBIKWIK/ BSE: 544305), India’s largest Digital Wallet[2] announced its earnings results (standalone and consolidated) for the quarter ended September 30, 2025. The company delivered record performance across its Payments and Financial Services businesses, building on its robust growth momentum and marking a strong step forward on its profitability journey.
Key Financials:
| Q2FY26 Vs Q1FY26 Highlights | Q2FY26 vs Q2FY25 | |||||
| Payments GMV | ZIP EMI | Total Income | Contribution Margin | EBITDA | Payments GMV | |
| Q2FY26 | 432,167 | 8,071 | 2,793 | 961 | (64) | 432,167 |
| Q1FY26 | 383,882 | 6,931 | 2,816 | 774 | (312) | 282,759 |
| 13% | 16% | (1%) | 24% | 80% | 53% | |
| All amounts in INR Mn | ||||||
Quarterly Performance
The company delivered a strong operating quarter in Q2 FY26 through sharp cost control and healthy margin expansion. Operational discipline led to a 24.8 Cr EBITDA gain with 80% QoQ upswing narrowing the operating loss to ₹6.4 Cr.
Headline Results for the Quarter Ended September 30, 2025:
Payments:
The company’s core payments business continues to deliver strong growth with profitability at scale and high operating leverage.
● Consistently ranked as the #1 PPI Wallet in India .
● Top 3 Fastest Growing UPI Apps in India’s UPI Ecosystem. Also achieved 3.5X YoY growth in UPI transactions.
● Highest-ever quarterly GMV, grew 53% YoY and 13% QoQ, driven by high platform engagement.
● User base grew to 183.5 Mn and merchant base to 4.71 Mn in Q2 FY26. ● Payments revenue increased 11% YoY, supported by growing transaction volumes and improved monetization.
● Net Payments processing margin was maintained at 14 bps, due to reduction in payment gateway costs.
● Consequently, Gross Margin for the payments business reached an all-time high of 29%, reflecting an impressive 71% YoY expansion.
Financial Services:
MobiKwik’s digital finance business continues its momentum, reflecting scalability and strong economics.
● ZIP EMI GMV continued to witness strong growth, growing 16%+ QoQ regaining prior highs owing to growing optimism in lending partners.
● The quarter witnessed high GMV INR 8,071 Mn, with gross margin rising to 42%.
● Financial Services Margin marks a strong comeback, Gross Profit climbs 231% QoQ growth
● Lending-related expenses significantly reduced to 4.4% of GMV as compared to 7.3% last quarter, reflecting sharper cost discipline, better portfolio performance and improved risk management practices.
Together, these metrics signal a sustainable recovery in lending profitability, positioning the company well for the next phase of growth in digital financial services.
Consolidated Financials:
● The company delivered strong operating performance with steady total income at INR 2,793 Mn.
● Direct costs reduced by 10% QoQ, reflecting cost efficiency.
● Thereby, Contribution profit rose by 24% QoQ to INR 961 Mn.
● The company demonstrated a strong foothold on cost control; Fixed costs reduced by 5.7% QoQ
● Q2 EBITDA gain at INR 248 Mn with profitability in sight
Commenting on the Company’s financial performance and recent developments, Upasana Taku, Chairperson, Executive Director and CFO, MobiKwik, said, “Our performance this quarter reflects the strength of our business fundamentals and focus on sustainable profitability. The growth in contribution profit and improvement in EBITDA is a result of disciplined cost optimization and steady gains across both payments and lending. As India’s leading Fintech, we are now gearing up to accelerate our play in UPI and digital lending to drive the next phase of our growth.”
Source:
[1] Based on NPCI data for top 20 TPAPs as per transaction count for Q2FY26 Vs Q1FY26
[2] MobiKwik is the largest digital wallet in India with a 19% market share of the PPI wallet gross transaction value (GTV) as of September 2025.