Headline Results for the Quarter Ended June 30, 2025:
Payments:
- Highest ever quarterly Payments GMV at INR 384 Bn, up 53% YoY
- Lifetime high Payments Gross Margin at 28% vs 16% in Q1 FY25
- Consistently ranked as the #1 PPI Wallet in India
Financial Services:
- Uptick in disbursals: 30%+ ZIP EMI GMV growth in two consecutive quarters
- 6% decline in lending-related expenses QoQ
Consolidated Financials:
- Payments revenue grew 24% YoY
- 22% QoQ growth in absolute Contribution Margin, driven by a reduction in all three direct costs
- 32% QoQ EBITDA growth, driven by improved contribution margin and fixed costs
Gurugram, India, July 31, 2025: One MobiKwik Systems Ltd. (MobiKwik) (NSE: MOBIKWIK/ BSE: 544305), India’s largest digital wallet, announced its earnings results (standalone and consolidated) for the quarter ended June 30, 2025.
Quarterly Performance
The Q1 FY26 results highlight continued progress across its four strategic pillars: Payments, Financial Services, New Growth Areas and Operational Efficiency.
Payments: The Company’s core payments business continues to demonstrate strong growth and resilience:
- Payments GMV grew 53% YoY and 16% QoQ this quarter to reach INR 384 Bn, driven by high engagement and a growing registered user and merchant base.
- User base grew to 180.2 Mn and merchant base to 4.64 Mn in Q1 FY26.
- Net Payments margin was maintained at 15 bps, validating the strength of the platform.
- Consequently, Gross Margin for the payments business reached an all-time high of 28%, reflecting an impressive 12% YoY expansion in margin percentage.
Financial Services: MobiKwik’s digital finance business has entered a phase of renewed momentum.
- Following 32%+ growth in EMI disbursals last quarter, this quarter saw a further 31% QoQ increase, with total disbursals reaching INR 6,931 Mn, with take rates improving to 8% and gross margin rising to 13.3%.
- The company believes that Q4 FY25 marked the bottom in terms of both disbursal volumes and margins. With recovery signals now visible, this business is at a clear inflection point, with upside potential across both revenues and profitability.
- In addition to the DLG model, the Company will also focus on distribution-led scale-up in the financial services business.
New Growth Areas: The Company continues to strategically invest in adjacent opportunities that complement its core payments and financial services businesses, building toward an integrated financial services platform for Bharat.
- Following the receipt of the full Payment Gateway license for Zaakpay last quarter, the company achieved another key milestone this quarter by securing a Stock Broking license.
- These additions reflect MobiKwik’s vision of evolving into a single trusted platform that addresses the entire spectrum of financial needs for users, from payments to credit to savings.
Cost Efficiency: Operational discipline remains a key focus for the company, as it scales with efficiency:
- 32% QoQ EBITDA growth, driven by improved direct and fixed costs
- 5% QoQ decline in Payment Gateway and User Incentive
- 6% QoQ reduction in Lending-related expenses
- Fixed costs remained steady at INR 1,086 Mn. Costs have remained steady over the last five quarters.
Commenting on the Company’s financial performance and recent developments, Upasana Taku, Executive Director, Co-founder and CFO, MobiKwik, said, “We are pleased with the consistent progress across our core business. Payments demonstrated strong growth and Financial Services recovered resulting in an improved Q1 EBITDA, which reinforces our path to profitability. We remain focused on driving operating leverage and building for long-term value creation.”