One Mobikwik Systems Limited has informed the Exchange regarding 'Shareholders' Letter for the quarter ended June 30, 2025'.
MOBIKWIK · price
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One Mobikwik reported Q1 FY26 results with record-high payments GMV of ₹384 billion, up 53% year-on-year and 16% sequentially. Payments gross margin reached a lifetime high of 28%, up from 16% in Q1 FY25, and net payments margin improved 4 bps to 15 bps. The company's EBITDA loss narrowed 32% quarter-on-quarter to ₹312 million, supported by a 22% rise in absolute contribution margin to ₹774 million and stable fixed costs around ₹108.6 crore. ZIP EMI disbursals grew 31% QoQ to ₹693 crore with take rates improving to 8.41%, and lending-related expenses fell 6% QoQ. Management stated Q4 FY25 marked the trough in margins and disbursals, and guided to ~40% gross margin in lending by H2 FY26, with overall EBITDA breakeven and sustained profitability thereafter as the next key milestones. The user base grew to 180.2 million and merchants to 4.64 million, and the company secured a stock broking license this quarter alongside its Zaakpay payment gateway license.
The sharp improvement in payments gross margin, narrowing EBITDA losses and explicit management guidance toward EBITDA breakeven by H2 FY26 are positive signals for shareholders. However, the company remains loss-making at the net level (₹419 million loss) and the recovery in lending is still awaited, so the stock may react positively to the margin trajectory but remains a wait-and-watch on actual profitability.