One Mobikwik Systems Ltd(MOBIKWIK)

NSE: MOBIKWIKBSE: 544305

₹ 212.15+0.07%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,671 crWebsite: www.mobikwik.comUpdated: 24 Oct 2026

About

One Mobikwik Systems Ltd is an Indian digital financial services platform offering payments, credit and emerging wealth solutions, serving 189.6 Mn registered consumers and 4.9 Mn merchant partners as of FY26. It was founded in 2009 and listed on the NSE and BSE in December 2024. It is ranked #1 by wallet GTV in India and reported total revenue of ₹11,192.32 Mn in FY26. Registered users reached 192.8 Mn in Q1 FY27.^[1][2]

Business segments

Payment Services revenue: ₹8,552.85 Mn in FY26 vs ₹7,620.44 Mn in FY25, out of total revenue of ₹11,192.32 Mn in FY26.^[1]
Financial Services revenue: ₹2,619.25 Mn in FY26 vs ₹4,028.00 Mn in FY25.^[1]
Payments handles consumer and merchant transactions via UPI, wallets, bill payments (BBPS) and card-linked categories; net payments margin was 13 bps in Q1 FY27.^[2]
Financial services: personal loans under the ZIP EMI brand; net FS margin was 5.87% in Q1 FY27, up from 1.12% in Q1 FY26.^[2]
Merchant payments (offline and online via Zaakpay): Merchant GMV was ₹126 Bn in Q1 FY27, up 17% QoQ from ₹107 Bn in Q4 FY26.^[2]

Products and licences

ZIP EMI is a tenure-based personal loan product disbursed through bank and NBFC partners; the short-tenure BNPL product was wound down in its favour (FY26).^[1]
Merchant products include offline acquiring through QR codes, soundboxes and EDC machines, and online acquiring through Zaakpay; wealth products cover mutual funds, digital gold and bonds (FY26).^[1]
Holds a PPI licence, BBPOU authorisation, AMFI and Investment Adviser registrations, and a Corporate Agent (Composite) insurance licence (FY26).^[1]
Zaakpay received the RBI Online Payment Aggregator licence on April 30, 2025; the company received a SEBI stock-broking licence on July 1, 2025.^[1]
PPI authorisation has been extended up to 30 September 2026.^[1]
Launched full-scale Digital Rupee (e₹) with RBI and an FX Retail platform with NBBL/RBI in Q2 FY26.^[3]
Card-linked payment categories were paused in Q4 FY26 and Q1 FY27 due to regulatory changes; re-launch with guardrails was planned for Q2 FY27.^[2]

Market position

Ranked #1 by wallet GTV in India (FY26).^[1]
Second-fastest-growing UPI app by transaction count and sixth-largest consumer operating unit on the Bharat Bill Payment System (FY26).^[1]

Key operating numbers

Payment GMV: ₹1,821,000 Mn in FY26; Q4 FY26 was the thirteenth consecutive quarter of record-high GMV.^[1]
Platform Spend GMV: ₹587 Bn in Q1 FY27, up 50% YoY and 8% QoQ; UPI GMV was ₹269 Bn, up 99% YoY.^[2]
Gateway GMV grew 118% YoY to ₹19.6 Bn in Q4 FY26.^[1]
ZIP EMI disbursals: ₹7,367 Mn in Q1 FY27 vs ₹8,377 Mn in Q4 FY26; FY26 disbursals were ₹32,380 Mn, up 31% YoY.^[2]
Partner AUM (credit book): ₹12,873 Mn in Q1 FY27.^[2]
Take rate: financial services 9.96% in Q1 FY27 vs 7.52% in FY25; payments 0.37% in Q1 FY27 vs 0.66% in FY25.^[2]
Contribution margin was 46% in Q4 FY26 vs 23% in Q4 FY25.^[4]
Wealth assets under advice: ₹1,39,572 Mn as of Q2 FY26.^[3]

Users, merchants and borrowers

Registered users: 192.8 Mn in Q1 FY27, up from 189.6 Mn in Q4 FY26 and 183.5 Mn in Q2 FY26.^[2]
Merchant partners: 4.9 Mn in FY26.^[1]
Offline merchant footprint expanded from 366 to 1,118 cities as of Q3 FY26, focused on Tier 2/3 markets.^[5]
Borrowers by region (FY26): South 34%, North 32%, West and Central 22%, East 12%.^[1]
95% of borrowers are under 40 and 100% have a bureau score of 700+ (FY26).^[1]
Employees: 2,759 on-roll and off-roll combined, of which 789 on-roll (FY26).^[1]

Credit quality and lending partners

Repeat loans were 60% of disbursals in Q1 FY27 vs 35% a year earlier.^[2]
Super-prime customer mix in disbursals: 32% in Q4 FY26 vs 10% a year earlier.^[4]
Top-3 lender concentration fell to 71% in Q1 FY27 from 91% in Q2-Q3 FY26.^[2]
FLDG model contributed about 80% of lending GMV and the distribution model about 20% as of Q3 FY26.^[5]
Under the LSP model, credit facilitation margin sharing is capped at 5%; credit scorecards have been tested across ₹1,80,000 Mn of disbursals over seven years (FY26).^[1]

NBFC licence and lending restructure

RBI approved the NBFC application on 27 April 2026; operations are expected within 3-6 months and co-lending within 6-9 months, once the Certificate of Registration is received.^[1]
Shareholders approved the slump sale of the LSP business to wholly owned subsidiary MDSPL on 2 July 2026.^[2]
The LSP transfer completed on 28 September 2026; MDSPL allotted NCDs worth ₹1,47,10,79,126 to MobiKwik as consideration.^[6]
Following the transfer, MobiKwik will apply to RBI for the final NBFC Certificate of Registration before starting own-book lending.^[2]

Merchant payments expansion

RBI granted in-principle authorisation to operate as a Payment Aggregator - Physical on May 25, 2026.^[1]
Plans a 5x scale-up of offline devices over two years, as stated in FY26.^[1]
Offline merchant business invested ₹55 Cr in FY26; combined merchant investment guided at about ₹55 Cr in FY27, with EBITDA breakeven targeted by FY28.^[4]
Zaakpay online GMV (ex-MobiKwik, ex-loan repayment) grew 236% YoY in Q3 FY26; 10x GMV targeted by FY28.^[5]
The objects and timeline for unutilised IPO proceeds, which include payment devices capex, were varied and extended (FY26).^[1][7]

Market Cap

₹1,671 Cr

High / Low

₹274 / 152

Stock P/E

-132.5

Price / Book

3.1

Book Value

₹68

EPS

₹-7.9

No. of Shares

7.87 Cr

ROE

-11.0%

Sales

₹1,119 Cr

Net Profit

₹-62 Cr

Promoter holding

25.2%

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