One Mobikwik Q1 FY27 Results (NSE: MOBIKWIK)

3 Aug 2026 · Analysis by Alpha Inflection

Signal: Loss reversed

The read

Mobikwik delivered its second consecutive quarter of positive PAT (₹76.16 million), driven by a sharp EBITDA recovery as payment processing costs fell 17.8% YoY and finance costs declined 42%. However, revenue growth stalled at 3.7% YoY with a sequential decline, and employee costs rose 27% YoY. Critically, other income of ₹76.72 million covered 100% of PBT, meaning core operations are not yet independently profitable. The company also has an outstanding fraud recovery of ₹118.31 million. The margin expansion trend YoY continues (EBITDA margin +1710bps), but QoQ margin dipped slightly.

P&L walk

EBITDA turned positive from a loss of ₹312.01 million to ₹157.75 million, lifting EBITDA margin by 1710 bps YoY to 5.6%, as payment processing charges fell 17.8% YoY and finance costs declined 42.0%; PAT of ₹76.16 million is the second consecutive quarter of profitability.

Key positives

• Second consecutive quarter of positive PAT (₹76.16 million) after a prolonged loss-making period.
• EBITDA margin expanded 1710 bps YoY to 5.6%, driven by a 17.8% reduction in payment processing charges.
• Finance costs declined 42% YoY to ₹45.36 million due to debt reduction from IPO proceeds.
• No exceptional items this quarter, unlike prior periods (fraud and labour code charges).

Key concerns

• Revenue growth slowed to 3.7% YoY and declined 2.5% sequentially, indicating stagnating top line.
• Employee costs grew 27.3% YoY, far outpacing revenue growth, pressuring margins.
• Other income of ₹76.72 million represented 100.3% of PBT, highlighting reliance on non-operating income for profitability.
• Outstanding fraud recovery of ₹118.31 million (₹11.83 Cr) with uncertain collection timeline.

Earnings quality: includes non-operating other income

View original filing

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