One Mobikwik Systems Limited

7.3%

als have grown, and the real hero for me is the direct cost, which has significantly come off from 7.3% last quarter in Q1 to 4.4% in Q2 as a percentage of disbursal. As a result, total income in Q2 is

4.4%

l hero for me is the direct cost, which has significantly come off from 7.3% last quarter in Q1 to 4.4% in Q2 as a percentage of disbursal. As a result, total income in Q2 is steady at 279 crores, direc

279 crore

ter in Q1 to 4.4% in Q2 as a percentage of disbursal. As a result, total income in Q2 is steady at 279 crores, direct cost is down 10%, and contribution margin is 34%. Fixed costs are down 5.7% quarter over

10%

centage of disbursal. As a result, total income in Q2 is steady at 279 crores, direct cost is down 10%, and contribution margin is 34%. Fixed costs are down 5.7% quarter over quarter. We delivered an

34%

t, total income in Q2 is steady at 279 crores, direct cost is down 10%, and contribution margin is 34%. Fixed costs are down 5.7% quarter over quarter. We delivered an 80% improvement in EBITDA, though

5.7%

teady at 279 crores, direct cost is down 10%, and contribution margin is 34%. Fixed costs are down 5.7% quarter over quarter. We delivered an 80% improvement in EBITDA, though still negative at ₹6.4 cro

80%

, and contribution margin is 34%. Fixed costs are down 5.7% quarter over quarter. We delivered an 80% improvement in EBITDA, though still negative at ₹6.4 crore; however, we've delivered a 25 crore up

₹6.4 crore

own 5.7% quarter over quarter. We delivered an 80% improvement in EBITDA, though still negative at ₹6.4 crore; however, we've delivered a 25 crore upswing from -₹31 crores last quarter. Loss before exceptiona

25 crore

red an 80% improvement in EBITDA, though still negative at ₹6.4 crore; however, we've delivered a 25 crore upswing from -₹31 crores last quarter. Loss before exceptional items stands at -₹16 crore. We face

₹31 crore

in EBITDA, though still negative at ₹6.4 crore; however, we've delivered a 25 crore upswing from -₹31 crores last quarter. Loss before exceptional items stands at -₹16 crore. We faced a fraud incident but h

₹16 crore

livered a 25 crore upswing from -₹31 crores last quarter. Loss before exceptional items stands at -₹16 crore. We faced a fraud incident but have recovered 70% and provided for the balance. Q&A Session Ho

70%

. Loss before exceptional items stands at -₹16 crore. We faced a fraud incident but have recovered 70% and provided for the balance. Q&A Session Host: We'll begin the question and answer session.

“Payment ticket rate fell to 48 bps—do you expect it to return to 55–60 bps?”

“Expect business to normalize these margins, not one-offs; improvement should continue.”

“When do you expect to turn PAT positive?”

“When do you expect MDR or interchange fee on pocket UPI?”

“Minor reduction (~5.7%) in fixed cost; expect cost to stay stable.”

“Zaakpay is focused on onboarding and will grow from a small base.”

“Should break even soon and may consolidate to topline next year.”

Host

16

Bipin

8

Upasana

4

Ankush

2

Upasana Taku

1

Mr. Harshit Shah

1

Harshit

1

Mr. Ankush Agarwal

1

Akshay Gupta

1

Rahul Jain

1

Host

Good afternoon, ladies and gentlemen, and welcome to the MobiKwik earnings call for Q2 FY2026, hosted by Investec. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation. If you have any questions, please raise your virtual hand and I will unmute you. Joining the call from MobiKwik are Miss Upasana Taku (Chairperson, Executive Director and CFO) and Mr. Bipin Preet Singh (Managing Director and CEO). I now hand over the conference to Miss Taku and Mr. Singh. Thank you everyone, and do remember, this call is being recorded. Over to you. Financial Update

Upasana Taku

Hello and very good afternoon to everyone and good evening to those dialling in from outside India. My name is Upasana and I'm here to speak about our quarter two financial performance. I'll keep it very simple. In December 2024 we got listed. I would like to say that MobiKwik has delivered one of its best quarters from an operational discipline point of view. Since our listing a year ago, in both our businesses, payments and financial services, GMV and margin have grown nicely. We are now amongst the top three fastest growing UPI apps in India, which is no easy feat. Disbursals have grown, and the real hero for me is the direct cost, which has significantly come off from 7.3% last quarter in Q1 to 4.4% in Q2 as a percentage of disbursal. As a result, total income in Q2 is steady at 279 crores, direct cost is down 10%, and contribution margin is 34%. Fixed costs are down 5.7% quarter over quarter. We delivered an 80% improvement in EBITDA, though still negative at ₹6.4 crore; however,

Host

We'll begin the question and answer session. Anyone who wishes to ask a question, raise your virtual hand. I will first ask Mr. Harshit Shah to unmute himself.

Harshit

Thank you for the opportunity. My first question is regarding the lending business. Can we do a gold loan business through our app? Is it possible? Bipin Preet Singh (CEO): Currently most loans are unsecured personal loans given by different NBFCs and banks. We've introduced loan against mutual funds, which is live now. We do not have gold loan distribution yet, but it's being planned. We are happy to participate if a partnership emerges.

Ankush

Can you talk about the contribution from the payment business? Numbers seem stable at around ₹60 crores versus previous strong sequential improvements. Bipin Preet Singh (CEO): Payments have delivered a good contribution: gross profit has gone from ₹59 crores to ₹61 crores, margins have improved from 27.9% to 29.4%. Revenue hasn’t grown due to massive growth on UPI, which doesn’t generate revenue. Seasonality also plays a part.

Bipin

Pure UPI is about 40% of GMV; the remaining 60% is wallet and bill payments where we earn revenue. Of that, wallet is about 80% of the non-UPI share.