MobiKwik Q2 FY27 PAT Reaches ₹11.8 Crore as Margin Hits 7.5%

One MobiKwik Systems Limited reported its highest quarterly profit after tax of ₹11.8 crore in Q2 FY27, reversing a ₹28.6 crore loss in Q2 FY26, while operating EBITDA rose to ₹22.7 crore and the EBITDA margin expanded to 7.5%. The results marked the company’s fourth consecutive profitable quarter.

What did MobiKwik report for Q2 FY27?

MobiKwik reported total income of ₹302.8 crore for the September quarter of FY27, up 8% year-on-year and 5% sequentially. Revenue from operations rose 9.4% from the year-earlier period and 5.1% from Q1 FY27 to ₹295.7 crore. The company reported no exceptional items during the quarter.

Profit after tax stood at ₹11.83 crore, compared with a consolidated loss of ₹28.62 crore in Q2 FY26. PAT also increased 55% quarter-on-quarter from ₹7.62 crore in Q1 FY27. MobiKwik presented the result as its highest-ever quarterly PAT and a year-on-year improvement of ₹40.4 crore.

The company reported operating EBITDA of ₹22.7 crore, up 44% sequentially and ₹29 crore higher than the year-earlier period, when EBITDA was a loss of ₹6.4 crore. Its operating EBITDA margin improved to 7.5%, from negative 2.3% in Q2 FY26 and 5.5% in Q1 FY27. This represented expansion of 977 basis points year-on-year and 204 basis points sequentially.

Which business metrics supported MobiKwik’s profit growth?

MobiKwik’s platform gross merchandise value reached an all-time quarterly high of ₹59,677 crore, up 35% year-on-year. Consumer payments GMV increased 27% to ₹46,375 crore, while merchant GMV rose 76% to ₹13,302 crore. The company said revenue from merchant payments grew 150% year-on-year.

Payments gross margin increased by 884 basis points year-on-year to 38.2%. The company had 196.3 million registered users at the end of the quarter. These metrics show that the payments business contributed both higher transaction volumes and improved unit economics during the period.

The financial services business also recorded growth. Lending disbursal GMV increased 34% year-on-year to ₹1,082.6 crore, compared with ₹807.1 crore in Q2 FY26. Credit partner assets under management rose 19% to ₹1,488 crore, while activated credit users reached 1.74 million.

How did contribution profit and financial services perform?

Contribution profit rose 50% year-on-year to ₹143.9 crore, and contribution margin increased to 47.5% from 34.4% in Q2 FY26. MobiKwik also reported that direct costs declined 13% year-on-year, supporting the improvement in contribution economics.

Financial services revenue increased 42% year-on-year to ₹86.9 crore. Gross profit from financial services more than doubled to ₹57.1 crore from ₹25.6 crore in the corresponding quarter a year earlier. Net financial services margin improved to 5.27% from 3.17%.

The financial services figures matter because lending disbursals and credit-related income are a significant part of MobiKwik’s business mix. The higher gross profit and margin indicate that this segment made a larger contribution to the quarter’s overall profitability than it did a year ago.

Why is the margin improvement important for investors?

The quarter shows a shift from losses to sustained reported profitability. MobiKwik has now recorded four consecutive profitable quarters, according to its Q2 FY27 earnings presentation. The move from a negative EBITDA margin in Q2 FY26 to 7.5% in Q2 FY27 was supported by stronger contribution profit, lower direct costs and growth in merchant payments and financial services.

Investors will also note the difference between the operating EBITDA cited in the company presentation and consolidated EBITDA in its financial statements. The presentation reported operating EBITDA of ₹22.7 crore, while the financial statements cited consolidated EBITDA of ₹15.8 crore for Q2 FY27. Both measures improved from losses in the comparable year-ago quarter, but they represent different reported calculations.

MobiKwik presented its Q2 FY27 results on November 2, 2026. The company also said it is using artificial intelligence across areas including coding, customer support, fraud detection, audits and collections. Its stated goal is to become an AI-first company by FY28, though the reported quarter’s financial performance was principally measured through revenue, contribution profit, EBITDA and PAT.

How does MobiKwik’s Q2 result affect its business outlook?

The reported numbers provide evidence that higher payment volumes and lending activity were accompanied by improved margins in the quarter. Platform GMV rose 35%, contribution profit increased 50%, and financial services gross profit grew 123%. These operating measures coincided with a return from a loss in the year-earlier quarter to positive consolidated PAT.

For customers and merchant partners, the growth in consumer and merchant GMV indicates continued transaction activity across the platform. For investors, the key disclosed indicators to track will be whether revenue growth, contribution margin and financial services margins remain supported in subsequent quarters. The company has not provided a financial forecast in the supplied results.

Conclusion

MobiKwik’s Q2 FY27 performance was defined by a ₹11.8 crore PAT, ₹22.7 crore operating EBITDA and a 7.5% operating EBITDA margin. Total income rose to ₹302.8 crore, while growth in platform GMV, merchant payments, lending disbursals and financial services gross profit supported the improvement in profitability.

The next reported milestones will be the company’s subsequent quarterly results and progress toward its stated FY28 AI-first objective. Investors can monitor whether the reported expansion in contribution margin, payments gross margin and net financial services margin continues alongside revenue and GMV growth.