Fintech firm MobiKwik’s revenue dips to Rs 270 crore in Q2 FY26, net loss widens to Rs 28.6 crore

Indian fintech firm One MobiKwik Systems Ltd. reported consolidated revenue from operations of Rs 270 crore for the quarter ended September 30, 2025 (Q2 FY26), compared with Rs 291 crore in Q2 FY25, a year-on-year decline of 7.2%, reflecting a high base and normalization of lending volumes.

Including other income, total income stood at Rs 279.3 crore. The quarter was driven by record payments volume and disciplined cost management. The company’s Payments GMV rose 13% quarter-on-quarter to Rs 43,216.7 crore and 53% year-on-year from Rs 28,275.9 crore in Q2 FY25. Its ZIP EMI segment continued its growth trajectory, up 16% sequentially to Rs 807.1 crore.

Contribution margin improved 24% to Rs 96.1 crore, signaling higher operational efficiency, even as total income declined marginally by 1%. EBITDA loss narrowed sharply by 80% to Rs 6.4 crore (from Rs 31.2 crore in Q1 FY26), representing a QoQ improvement of Rs 24.8 crore, supported by tight cost controls and operating leverage.

However, EBITDA remained marginally negative. The company said its core payments business maintained profitability at scale, benefiting from operating leverage and higher engagement across its user base of 183.5 million and merchant network of 4.71 million.

MobiKwik claims that it remains India’s top prepaid wallet and among the top three fastest-growing UPI apps, achieving a 3.5× year-on-year growth in UPI transactions during the quarter. Payments revenue rose 11% year-on-year on strong transaction volumes and better monetization, while the gross margin for the segment hit an all-time high of 29%, a 71% jump over last year.

The digital finance business also rebounded, with ZIP EMI gross margin rising to 42% and gross profit up 231% quarter-on-quarter. Lending-related expenses fell to 4.4% of GMV from 7.3% a quarter earlier, reflecting improved risk management and portfolio performance.

On a consolidated basis, total income stood steady at Rs 279.3 crore, while direct costs fell 10% quarter-on-quarter and fixed costs declined 5.7%. Contribution profit rose 24% to Rs 96.1 crore, and EBITDA gain reached Rs 24.8 crore, bringing profitability within sight.

The company reported a net loss (PAT) of Rs 28.6 crore for Q2 FY26, compared with Rs 3.6 crore a year earlier and Rs 41.9 crore in the previous quarter, reflecting continued improvement in operating metrics but a YoY decline due to an exceptional item related to a merchant-fraud provision. 

Upasana Taku, Chairperson, Executive Director and CFO of MobiKwik, said the quarter’s performance reflected the company’s focus on sustainable profitability and strong fundamentals. She added that MobiKwik plans to accelerate its expansion in UPI and digital lending as the next phase of growth for the fintech platform.