MOBIKWIK - One Mobikwik

📊 NSE: MOBIKWIK 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 10:42

💰 Financial Performance

Revenue Growth by Segment

Payments segment gross profit grew from INR 59 Cr to INR 61 Cr (3.4% growth) in Q2 FY2026. UPI GMV grew 28% QoQ, though it generates no revenue. Wallet and bill payments represent 60% of GMV and are the primary revenue drivers.

Geographic Revenue Split

100% of revenue is derived from India, specifically focusing on the 'Bharat' market (Tier 2 and Tier 3 cities).

Profitability Margins

Payments margins improved from 27.9% to 29.4% in Q2 FY2026. Lending margins for credit products like ZIP EMI and MCA are historically between 40-50%. Distribution-only lending margins are lower at approximately 2-3%.

EBITDA Margin

The company is focused on operational discipline to drive EBITDA profitability; fixed costs and employee costs were reduced by approximately 5.7% in the most recent quarter.

Capital Expenditure

Total IPO proceeds of INR 530.517 Cr are being deployed: INR 150 Cr for financial services growth, INR 135 Cr for payment services, INR 107 Cr for R&D, and INR 70.285 Cr for the payment devices business.

⚙️ Operational Drivers

Raw Materials

Technology infrastructure (cloud services), customer acquisition costs (marketing), and capital for lending (DLG and distribution models) represent the primary operational costs.

Import Sources

Primarily domestic (India) for technology services and regulatory partnerships.

Key Suppliers

NBBL (partner for Instant Forex), RBI (Digital Rupee partner), and various banking partners for lending and DLG (Default Loss Guarantee) arrangements.

Capacity Expansion

Registered user base reached 183.5 Mn as of September 30, 2025, with 3.3 Mn new users added in Q2 FY2026. Merchant base stands at 4.71 Mn.

Raw Material Costs

Fixed costs were reduced by 5.7% through automation and operational discipline. IPO proceeds allocate INR 107 Cr (20.2% of total) specifically for technology and product R&D.

Manufacturing Efficiency

Operational efficiency is measured by GMV growth (28% QoQ in UPI) and margin improvement (1.5% increase in payment margins).

Logistics & Distribution

Distribution costs are primarily digital; however, the company is investing INR 70.285 Cr in physical payment devices.

📈 Strategic Growth

Expected Growth Rate

38%

Growth Strategy

Achieving growth through scaling UPI (Top 3 fastest-growing app), expanding high-margin lending (ZIP EMI, MCA), and pioneering new products like Instant Forex and Digital Rupee. The company is also investing INR 107 Cr in AI/ML (Lens.AI) to improve risk scoring and customer engagement.

Products & Services

MobiKwik Wallet, UPI, Pocket UPI, Zaakpay (Payment Gateway), ZIP EMI, MCA (Merchant Credit), Fixed Deposits, Mutual Funds, Digital Gold, Lens.AI, and Instant Forex.

Brand Portfolio

MobiKwik, Zaakpay, Pocket UPI, Lens.AI, ZIP, ZIP EMI.

New Products/Services

Instant Forex (partnership with NBBL), Digital Rupee, and Lens.AI (AI-led financial solutions).

Market Expansion

Targeting 'Bharat' (India's digital finance users) with a focus on high-frequency categories like Retail, Groceries, Food, and Fuel.

Market Share & Ranking

19% market share of PPI wallet gross transaction value (GTV) as of September 2025; ranked among the Top 3 fastest-growing UPI apps.

Strategic Alliances

Partnership with NBBL for Forex and RBI for Digital Rupee rollout.

🌍 External Factors

Industry Trends

Massive shift toward UPI (3x YoY growth in October 2025) which is currently non-revenue generating, forcing fintechs to pivot toward lending and financial product distribution for monetization.

Competitive Landscape

Competes with top 20 TPAPs (Third Party Application Providers) in the UPI ecosystem and other digital wallets.

Competitive Moat

Network effect moat with 183.5 Mn users and 4.71 Mn merchants. Brand trust in 'Bharat' and a 19% share in the PPI wallet market provide sustainable competitive advantages.

Macro Economic Sensitivity

Highly sensitive to Indian consumer spending and digital payment adoption rates in Tier 2/3 cities.

Consumer Behavior

Shift toward high-frequency digital payments in Groceries, Food & Dining, and Fuel.

Geopolitical Risks

Minimal due to domestic focus, though global fintech trends and funding environments impact valuation.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RBI regulations on PPI, Digital Lending, and NPCI circulars regarding UPI MDR and interchange fees for Pocket UPI.

Environmental Compliance

Published Business Responsibility and Sustainability Report (BRSR) for FY 2024-25 in compliance with NGRBC guidelines.

Taxation Policy Impact

Standard Indian corporate tax rates apply; specific fiscal impacts not disclosed.

Legal Contingencies

The company is pursuing recovery for instances of significant fraud; insurance coverage is in place for digital frauds. Specific case values in INR are not disclosed.