Monitoring Agency Report for the quarter ended September 30, 2025
MOBIKWIK · price
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Awaiting price reaction for this filing.
One Mobikwik Systems has filed its Q2 FY2026 Monitoring Agency Report from CARE Ratings for its Rs. 572 crore IPO (conducted in December 2024). So far, Rs. 275.37 crore of IPO proceeds have been utilized, while Rs. 261.96 crore remains unutilized, mostly parked in fixed deposits across HDFC, ICICI, Kotak and Axis Bank, earning Rs. 4.83 crore in interest. There is no material deviation from the stated IPO objects, though the General Corporate Purpose (GCP) allocation of Rs. 68.23 crore was deployed with a 6-month delay (originally to be used by FY2025, completed in Q2 FY2026). The report flagged several adverse points: the company has reported losses in recent quarters, a technical glitch on September 11–12, 2025 led to unauthorized payouts and fraudulent transactions of about Rs. 40 crore (71% secured, 29% provided for), and two senior executives — VP (Data-Shared Services) and COO (Operations, Payments) — resigned in October 2025. Capital expenditure on the payment devices business remains significantly underutilized, with only Rs. 5.12 crore used out of the Rs. 70.29 crore allocated.
This is a routine compliance filing, but the highlighted ongoing losses, the Rs. 40 crore fraud incident from the September technical glitch, and senior-level resignations could dent investor confidence despite no major misuse of IPO funds. Shareholders should watch for updates on fraud recovery and management stability.