One Mobikwik Systems LtdQ4 FY26Financial Technology (Fintech)

One Mobikwik Systems Ltd

Q4 FY26 Earnings Call Analysis

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→Payments business is growing rapidly, with payment GMV growing over 3x in the current year and more than 100% annually over several years.
→Nine months FY25 revenue from payments (73%) has already exceeded full-year FY24 revenue from this segment.
→Distribution of financial products revenue for nine months FY25 (346 crores) has surpassed FY24 full year (317 crores), though quarterly decline is noted due to sectoral headwinds.
→Expectation of a rebound in disbursals and stronger margins in financial product distribution in upcoming quarters.
→Continuous scaling of UPI business through innovative products like RuPay Credit Card and Pocket UPI, which carry MDR and are expected to grow market share.
→Long-term bullish stance on distribution of financial products including lending, savings, and credit cards.
→Capital raised from IPO to be deployed soon to fuel growth.
→Fixed costs optimized to drive operating leverage with an aim for sustained growth and profitability.

Margin guidance

Category 3

→MobiKwik expects continued strong growth in payment GMV, having grown 3X in the current year.
→Financial product distribution had a temporary decline due to sectoral headwinds but is expected to bounce back to FY'24 levels, improving margins and bottom line in upcoming quarters.
→Long-term bullish view on distribution of financial products (loans, savings, insurance), leveraging digital DSA model.
→Fixed costs are currently controlled and expected to be further optimized, leading to operating leverage benefits.
→New insurance and savings businesses will be launched soon, supporting revenue diversification and growth.
→Contribution margins in lending expected to remain stable around 4-5% net despite FLDG contract changes.
→Scaling up UPI products like Pocket UPI and RuPay credit cards will help sustain payments revenue growth.
→Capital raised in IPO is yet to be deployed; investments planned to drive growth from Q4 FY25 onwards.

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Fundraise plans

→The company raised ₹572 crores in capital via its IPO, completed at the end of December 2024.
→As of early 2025, this capital is largely un-deployed, with only the General Corporate Purpose portion withdrawn.
→The company is currently planning how to prudently invest the raised capital to scale existing business lines and invest in new product lines.
→There is no explicit mention of any new or upcoming fundraising through debt or equity beyond the IPO.
→The management emphasizes focusing on deploying the recently raised IPO funds wisely rather than raising additional capital immediately.

Order book

The transcript does not explicitly mention the current or expected order book or pending orders. However, relevant insights related to business outlook and growth plans include: - MobiKwik is focusing on scaling its merchant network, adding about 1 to 1.5 lakh merchants every quarter. - The company is investing IPO proceeds prudently to double down on existing lines and invest in new business lines. - Distribution of financial products is expected to bounce back to FY'24 levels, indicating anticipation of increased business. - New innovative products like the RuPay Credit Card and Pocket UPI are being deployed to increase market share. - The launch of India's CBDC e-Rupee wallet reflects the company's push into new payment technologies. - Growth in wallet, bill payments, and UPI transactions indicate increasing payment volumes. No explicit order book or pending order figures are disclosed in the call.

Capex plans

Yes

→As of February 2025, MobiKwik completed its IPO capital raise of ₹572 crores at the end of December 2024.
→The capital raised from the IPO has not yet been fully deployed; only the General Corporate Purpose (GCP) portion has been withdrawn so far.
→The company is in the planning phase to prudently and smartly allocate this capital.
→Planned investments include scaling existing business lines and investing in new business lines to create future upside.
→Investments will focus on areas highlighted in the prospectus, including device and CAPEX plans, DLG portfolio allocation, and user acquisition ramp-up.
→Management expects that the benefits of these investments will start to materialize in upcoming quarters and years.
→The approach will continue to be frugal with a high bar for governance to balance profit growth with investment.

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