MobiKwik posts Rs 11.832 crore September-quarter profit

ONE MOBIKWIK SYSTEMS LIMITED, referred to as MobiKwik, reported a consolidated profit of Rs 11.832 crore for the quarter ended 30 September 2026, compared with a Rs 28.615 crore loss a year earlier. Revenue from operations rose to Rs 295.702 crore, while total expenses fell to Rs 280.084 crore from Rs 285.703 crore.

How did MobiKwik return to profit in the September quarter?

MobiKwik returned to profit as total income increased to Rs 302.764 crore in the quarter ended 30 September 2026 from Rs 279.327 crore a year earlier, while total expenses declined by Rs 5.619 crore. Revenue from operations increased by Rs 25.491 crore year on year to Rs 295.702 crore, although other income fell to Rs 7.062 crore from Rs 9.116 crore.

Earnings before finance cost, depreciation, amortisation and tax, or EBITDA, turned to a profit of Rs 22.680 crore from a loss of Rs 6.376 crore in the September 2025 quarter. Profit before exceptional items and tax was Rs 11.871 crore, compared with a Rs 16.749 crore loss a year earlier, before finance costs of Rs 6.502 crore and depreciation and amortisation of Rs 4.307 crore.

The prior-year quarter included Rs 11.830 crore of exceptional items, which increased the reported loss before tax to Rs 28.579 crore. MobiKwik reported no exceptional item in the September 2026 quarter and recorded current tax expense of Rs 0.039 crore, resulting in profit after tax of Rs 11.832 crore.

MobiKwik also increased profit sequentially from Rs 7.616 crore in the quarter ended 30 June 2026. Revenue from operations rose from Rs 281.481 crore in that preceding quarter to Rs 295.702 crore, while total income increased from Rs 289.153 crore to Rs 302.764 crore.

Which MobiKwik costs changed most during the quarter?

MobiKwik reduced payment processing charges and lending operational expenses compared with the year-earlier quarter. Payment processing charges fell to Rs 119.473 crore from Rs 133.912 crore, while lending operational expenses fell to Rs 1.521 crore from Rs 12.781 crore.

The expense reductions were partly offset by higher financial guarantee and employee costs. Financial guarantee expenses increased to Rs 28.309 crore from Rs 22.885 crore, and employee benefits expense rose to Rs 56.188 crore from Rs 35.348 crore. Other expenses declined to Rs 74.593 crore from Rs 80.777 crore.

Finance costs declined year on year to Rs 6.502 crore from Rs 7.206 crore, though they increased from Rs 4.536 crore in the June 2026 quarter. Depreciation and amortisation rose to Rs 4.307 crore from Rs 3.167 crore a year earlier, while total expenses nevertheless remained below total income by Rs 22.680 crore.

What do MobiKwik's half-year results show?

MobiKwik reported consolidated profit of Rs 19.448 crore for the half year ended 30 September 2026, reversing a Rs 70.535 crore loss in the corresponding six months of 2025. Revenue from operations increased to Rs 577.183 crore from Rs 541.574 crore, while total expenses fell to Rs 553.462 crore from Rs 598.520 crore.

First-half EBITDA was Rs 38.455 crore, compared with a Rs 37.577 crore loss a year earlier. Profit before tax reached Rs 19.516 crore against a Rs 70.464 crore loss in the prior-year half, which included Rs 11.830 crore of exceptional items; MobiKwik reported none in the current half-year period.

MobiKwik operates in a single financial and payment services segment, so the filing does not provide separate revenue or profit figures for payments and financial services. Basic and diluted earnings per share were Rs 1.23 for the half year and Rs 0.75 for the September quarter, against losses per share of Rs 9.05 and Rs 3.67 respectively a year earlier; these figures are not annualised.

What changed in MobiKwik's balance sheet and working capital?

MobiKwik's total assets increased to Rs 1,582.755 crore at 30 September 2026 from Rs 1,408.568 crore at 31 March 2026. Trade receivables more than doubled to Rs 157.672 crore from Rs 73.076 crore, an increase of Rs 84.596 crore over the six-month period.

Cash and cash equivalents rose to Rs 296.086 crore from Rs 239.135 crore, while bank balances other than cash equivalents rose to Rs 692.557 crore from Rs 654.000 crore. Total current assets increased to Rs 1,438.325 crore from Rs 1,262.348 crore, whereas non-current assets declined slightly to Rs 144.430 crore from Rs 146.220 crore.

Current borrowings rose to Rs 348.701 crore from Rs 261.168 crore, and other financial liabilities increased to Rs 543.739 crore from Rs 463.327 crore. Total current liabilities reached Rs 1,006.277 crore, compared with Rs 856.298 crore at 31 March 2026, while total equity increased to Rs 566.255 crore from Rs 538.896 crore.

Why did MobiKwik use operating cash despite reporting profit?

MobiKwik used Rs 26.138 crore in operating activities during the half year ended 30 September 2026, compared with Rs 183.807 crore used in the prior-year period. Profit before tax was Rs 19.516 crore and operating profit before working-capital changes was Rs 28.800 crore, compared with a Rs 49.941 crore operating loss before those changes a year earlier.

Working-capital movements consumed cash, led by a Rs 85.373 crore increase in trade receivables and a Rs 46.772 crore increase in other bank balances classified as escrow and nodal accounts. These movements were partly offset by an Rs 82.286 crore increase in other financial liabilities and a Rs 10.699 crore decrease in other assets.

Investing activities generated Rs 10.278 crore, versus Rs 8.011 crore a year earlier, while financing activities generated Rs 21.362 crore against Rs 31.987 crore. Borrowing proceeds were Rs 4,208.642 crore and repayments were Rs 4,172.579 crore; cash and cash equivalents for cash-flow purposes ended at Rs 119.565 crore after deducting a Rs 176.521 crore bank overdraft.

Conclusion

MobiKwik's September-quarter profit reflected a year-on-year increase in revenue from operations and lower total expenses, reversing the prior-year loss. The half-year result showed the same shift, with Rs 19.448 crore of profit after a Rs 70.535 crore loss a year earlier, while receivables, current borrowings and other financial liabilities increased during the period.

The next items to watch are the deployment of Rs 49.012 crore of unutilised net initial public offering proceeds as at 30 September 2026 and the 31 March 2027 deadline for two revised funding objects. MobiKwik also disclosed that it is pursuing recovery of Rs 11.831 crore remaining from alleged unauthorised merchant settlements and transferred its Lending Service Provider business to a wholly owned subsidiary with effect from 18 August 2026.