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Joint Stock Company Kaspi.kz

Q2 FY26Consumer Finance

Joint Stock Company Kaspi.kz Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹93

Market cap₹17.6K Cr

P/E7.9

Updated29 May 2026

Read4 min read

What the Q2 FY26 call signalled

3 of 4 strong

RevenueGood growth

MarginMargins steady

CapexCapex planned

FundraiseFundraise planned

The short version

- 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.

Revenue & Sales Performance

Good growth

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.

2 more points from Joint Stock Company Kaspi.kz's call on revenue

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Profitability & Margins

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.

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Capital Expenditure Plans

Capex planned

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.

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Fundraising & Capital Structure

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.

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Order Book & Pipeline

Related insights include: - Focus is on increasing consumer engagement and frequency of purchases, particularly in Turkey, aiming to reach levels similar to Kaspi's home market (around 27 purchases per consumer). - Growth in orders is a leading indicator of progress, linked with investments in marketing, delivery, and product assortment. - Hepsiburada’s strategy involves improving delivery experience and expanding low-ticket item sales, supported by a data-driven logistics platform.

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Others in Consumer Finance this season

Ally Financial Inc. (Q2 FY26)
Ally Financial Inc. Q2 FY26 quarterly results analysis. Retail auto originations up 13% YoY despite strong competition and declining new/used industry sales, su
SoFi Technologies, Inc. (Q2 FY26)
SoFi Technologies, Inc. Q2 FY26 quarterly results analysis. Expecting full-year 2026 adjusted net revenue growth of approximately 30%. Market Cap $21,768, P/E 3
Synchrony Financial (Q2 FY26)
Synchrony Financial Q2 FY26 quarterly results analysis. Loan growth is expected to track mid-single digits in 2026, with acceleration in the second half driven

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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 the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.