Joint Stock Company Kaspi.kz Q2 FY26 Results — Earnings Call Analysis
Published 29 May 2026 | Consumer Finance | Market Cap: ₹17.6K Cr
- Marketplace GMV expected to grow around 20% for the full year, on track and unchanged. - Consolidated revenue grew 31% YoY in Q1 2026; adjusted EBITDA up 9% YoY, in line with expectations.
From Joint Stock Company Kaspi.kz's Q2 FY26 earnings-call transcript · updated 29 May 2026.
Price
₹92.8
Market Cap
₹17.6K Cr
P/E Ratio
7.9
Revenue Rank
Margin Rank
How does Joint Stock Company Kaspi.kz rank in Consumer Finance?
Compare Joint Stock Company Kaspi.kz against every Consumer Finance company this quarter on revenue, margins and earnings-call signals.
📊 Revenue & Sales Performance
Rank 2- →Marketplace GMV expected to grow around 20% for the full year, on track and unchanged.
- →E-commerce GMV showing strong growth at 41% year-on-year, driven by increased consumer purchases (+43% YoY).
- →TPV (Total Payment Volume) up 14%, close to guidance of 15%.
- →Focus on increasing consumer engagement and frequency of purchases, targeting 7 purchases per consumer in Turkey and higher in Kazakhstan (27 purchases per consumer).
- →Growth fueled by expanding value-added services such as advertising, delivery, and fintech offerings.
- →Continued innovation in technology and data-driven logistics expected to improve delivery speed and customer experience.
- →Emphasis on profitable growth through sustainable customer acquisition and risk management in consumer finance.
- →EBITDA growth guided around 5% for the year, with some investments impacting short-term profitability but positioning for long-term growth.
📈 Profitability & Margins
Rank 3- →Consolidated revenue grew 31% YoY in Q1 2026; adjusted EBITDA up 9% YoY, in line with expectations.
- →EBITDA growth is above the full-year guidance of around 5%, implying slower growth in subsequent quarters.
- →Guidance remains unchanged; focus on sustainable profitable growth rather than short-term spikes.
- →E-commerce GMV up 41% YoY; transactions grew 43% YoY, indicating strong consumer engagement.
- →Marketing investments are focused on long-term profitable growth and customer engagement, not short-term targets.
- →Turkey segment is progressing towards EBITDA breakeven and free cash flow positive, aiming for profitability in coming years.
- →Fintech yield stable; portfolio shifting to longer-duration, higher-revenue loans impacting earnings growth.
- →Interest rate pressures have affected EBITDA growth, but rates are expected to have peaked, benefitting profitability next year.
- →Overall outlook is optimistic with growth driven by e-commerce, fintech, and payments, supported by innovative services and strong risk management.
🏗️ Capital Expenditure Plans
Yes- →The recently raised $600 million capital at a 5.9% rate is for general corporate purposes, providing flexibility to fund multiple growth initiatives across both Kazakhstan and Turkey.
- →Investments focus on enhancing technology, data organization, and real-time decision-making systems to improve consumer and merchant experience, delivery speed, and payment options in Turkey.
- →Continued investment in the Hepsiburada marketplace includes improving delivery experience, reducing delivery fees, and rolling out a data-driven logistics platform supported by LLM and forecasting models.
- →Marketing investments aim to build sustainable, engaged consumer traffic rather than short-term gains.
- →Fintech growth initiatives target car finance and merchant loans with stable pricing, focusing on longer-duration loans.
- →Strategic emphasis on innovation and consumer engagement, supported by high-quality data from payments and fintech businesses, sustained by ongoing investments in AI and technology development.
💰 Fundraising & Capital Structure
Yes- →Recently raised $600 million debt at a 5.9% interest rate.
- →The capital raised is intended for general corporate purposes.
- →Funds will provide flexibility for multiple growth initiatives across both Turkey and Kazakhstan.
- →No specific large project identified for this funding deployment.
- →No new updates on other fundraising such as equity noted.
- →The company emphasizes the cost-effectiveness and strategic value of the recent debt raise.
📋 Order Book & Pipeline
No informationKey Metrics
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Margin
Capex
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Order Book
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Frequently Asked Questions
What were Joint Stock Company Kaspi.kz Q2 FY26 results?
- Marketplace GMV expected to grow around 20% for the full year, on track and unchanged. - Consolidated revenue grew 31% YoY in Q1 2026; adjusted EBITDA up 9% YoY, in line with expectations.
What is Joint Stock Company Kaspi.kz share price analysis?
Joint Stock Company Kaspi.kz currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 7.9 with a market cap of $17,570. Investors should review the full earnings analysis for detailed insights.
Is Joint Stock Company Kaspi.kz planning capital expenditure?
- The recently raised $600 million capital at a 5.9% rate is for general corporate purposes, providing flexibility to fund multiple growth initiatives across both Kazakhstan and Turkey.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.