Monitoring Agency Report for the quarter ended March 31, 2026
MOBIKWIK · price
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CARE Ratings, the Monitoring Agency for MobiKwik's IPO (Rs. 572 crore raised in December 2024), has filed its Q4FY26 report. Of the Rs. 572 crore raised, Rs. 384.39 crore (67%) has been deployed, leaving Rs. 187.61 crore unutilized, largely parked in Fixed Deposits (Rs. 195.70 crore) with scheduled banks. The agency flagged delays in utilization of proceeds for Objects 1 (Funding organic growth in financial services business, Rs. 60.85 crore unutilized) and Object 3 (R&D in data, ML and AI, Rs. 25.26 crore unutilized), which were supposed to be deployed by FY26 as per the Offer Document. Object 4 (Capital expenditure for payment devices business) has only seen Rs. 11.63 crore deployed out of Rs. 70.29 crore (Rs. 58.66 crore unutilized). The company reported a net loss of Rs. 66.49 crore in 9MFY26, though it turned profitable in Q3FY26 with a PAT of Rs. 4.05 crore on a consolidated basis, attributed to changes in the industry and regulatory landscape.
The significant unutilized IPO proceeds (33% of the issue size) with delays in deployment beyond stated timelines raises concerns about execution capability. However, the company has turned PAT positive in Q3, suggesting improving fundamentals. Shareholders should monitor the stated plan to deploy unutilized funds after obtaining necessary approvals.