One MobiKwik Systems posts ₹11.8 crore Q2 FY27 profit

One MobiKwik Systems Limited reported consolidated profit after tax of ₹11.8 crore in Q2 FY27, compared with a ₹28.6 crore loss a year earlier, while revenue from operations rose 9% year on year to ₹295.7 crore. The company said this was its fourth consecutive profitable quarter and its highest quarterly PAT and EBITDA.

What did MobiKwik report for Q2 FY27?

MobiKwik reported total income of ₹302 crore for the September quarter, up 8% year on year and 5% sequentially. Revenue from operations was ₹295 crore in the management presentation, while the exchange filing cited consolidated operating revenue of ₹295.7 crore, representing 9.4% growth from the year-earlier quarter.

The company reported PAT of ₹11.8 crore, reversing a consolidated loss of ₹28.6 crore in Q2 FY26. PAT was also 55% higher than the ₹7.6 crore reported in Q1 FY27. For the first half of FY27, consolidated profit stood at ₹19.4 crore, according to the earnings summary.

Management attributed the quarterly improvement to higher gross merchandise value, or GMV, in payments and lending, as well as stronger contribution margins in both businesses. It said contribution profit grew 50% year on year, while GMV in the two verticals rose by about 34% to 35%.

How did MobiKwik's margins improve during the quarter?

MobiKwik said EBITDA in its operating presentation reached ₹22.7 crore, a year-on-year improvement of ₹29 crore and a 44% sequential increase. The corresponding EBITDA margin was a record 7.5%, up 977 basis points year on year and 204 basis points quarter on quarter.

The reported financial statements used a different consolidated EBITDA measure of ₹15.8 crore, compared with a loss of ₹6.4 crore in Q2 FY26. Investors should therefore distinguish between the operating-presentation EBITDA cited by management and the consolidated EBITDA disclosed in the financial statements.

Contribution profit rose to ₹143.9 crore and contribution margin expanded to 47.5%, based on the investor presentation. Management said fixed costs rose 40%, but the increase in contribution exceeded fixed-cost growth, supporting the move to quarterly profitability.

Which businesses supported MobiKwik's growth?

MobiKwik's platform GMV rose 35% year on year to ₹59,677 crore, its highest quarterly level, according to the company presentation. Consumer payments GMV increased 27% to ₹46,375 crore, while revenue from merchant payments grew 150% year on year.

The payments business recorded gross margin of 38.2%, an increase of 884 basis points from a year earlier. MobiKwik also reported 196.3 million registered users. These figures indicate that payment activity and merchant monetisation both contributed to the quarter's reported margin expansion.

In financial services, lending GMV grew 34% year on year to ₹1,082.6 crore. Credit partner assets under management rose 19% to ₹1,488 crore, and activated credit users reached 1.74 million. Financial services gross profit more than doubled to ₹57.1 crore, while net financial services margin improved to 5.27%.

Why is the quarter relevant for MobiKwik investors?

The quarter is relevant because MobiKwik has moved from a consolidated loss in Q2 FY26 to a reported profit in Q2 FY27 while maintaining growth in payments and lending volumes. The company described Q2 FY27 as its fourth straight profitable quarter, though the available materials also separately note the consolidated result for the quarter and the half year.

The financial results also show a difference between standalone and consolidated performance. Standalone revenue was ₹204.8 crore, down 1.1% year on year, while standalone net profit was ₹14.7 crore. Consolidated operating revenue, by contrast, grew 9.4% to ₹295.7 crore, reflecting the broader group-level result.

No exceptional items were reported, and the auditor's limited-review conclusion was unmodified. That gives investors a clearer view of the reported operating performance, although comparisons of EBITDA should use the same reporting basis because the management presentation and financial statements cited different EBITDA figures.

Conclusion

MobiKwik's Q2 FY27 results showed a shift to consolidated profitability, led by ₹11.8 crore of PAT, 9% growth in revenue from operations and higher contribution from both payments and financial services. The company also reported record operating-presentation EBITDA of ₹22.7 crore and a 7.5% EBITDA margin.

Investors will watch whether GMV growth, merchant payments monetisation and lending margins remain supportive in subsequent quarters. The available disclosures also make it important to track the company’s reported consolidated financial-statement metrics alongside the operating measures presented by management.