Any current/future new fundraising through debt or equity?

The transcript does not explicitly mention any new or ongoing fundraising plans through debt or equity. It is stated that IPO proceeds were received at the end of December and started being utilized from January, primarily towards scaling the payments business. Usage of funds from IPO proceeds has been largely focused on payments—covering pre-funding of products, customer acquisition, and incentives. On lending and merchant device deployment, investments have started but remain small and are expected to scale up over time. There is no direct mention of fresh debt or equity raising planned in t

Any current/future capex/capital investment/strategic investment?

MobiKwik has started using IPO proceeds since January mainly towards lending business, specifically Fixed Deposits (FD) for new FLDG (First Loss Default Guarantee) contracts. Investments are ongoing in scaling merchant-side lending and deployment of devices like sound boxes, cards, EDC machines, but this remains a small business and will take time to scale. Payments business investments include pre-funding of products, customer acquisition, incentives, and marketing. The liquidity on the balance sheet has increased due to payment business scale-up, which involves elevated user and merchant out

Future growth expectations in sales/revenue/volumes?

Payments GMV has shown strong growth, doubling yearly from Rs. 20,000 cr (FY '23) to Rs. 1,15,000 cr (FY '25), with expectation of continued healthy growth and acceleration due to increasing digitization and expanding use cases. Pocket UPI and RuPay card are key growth drivers within payments, with large headroom to add users and increase transaction frequency. Lending business experienced some regulatory challenges but is expected to recover and grow in the second half of FY '26, with stable take rates around 4%-4.5% and contribution margins of about 40% once stabilized. ZaakPay, the B2B paym

Future growth expectations in earnings/operating earnings/profits/EPS?

Payments remain the core growth driver with accelerating GMV, having grown over 200% to cross ₹1 trillion in FY '25. Contribution margins for payments are stable above 20%, with expectations of further improvements especially post MDR implementation on UPI and PPI. Lending business, currently recovering from regulatory impacts, is expected to regain steady-state contribution margins of ~40% over the next few quarters. ZaakPay, a profitable B2B payment gateway, is poised to become an important margin and profit contributor as it scales. Overall company margins dipped slightly recently d

One Mobikwik Systems LtdQ1 FY26Financial Technology (Fintech)

One Mobikwik Systems Ltd Q1 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹203P/E: 544.8Market Cap: ₹1.6K CrSector: Financial Technology (Fintech)

Management growth scorecard

Revenue

Category 1

Margin

Category 1

Fundraise

N/A

Order

N/A

Capex

Yes

3 of 3 growth signals are positive.

Full analysis

Revenue guidance

Category 1

→Payments GMV has shown strong growth, doubling yearly from Rs. 20,000 cr (FY '23) to Rs. 1,15,000 cr (FY '25), with expectation of continued healthy growth and acceleration due to increasing digitization and expanding use cases.
→Pocket UPI and RuPay card are key growth drivers within payments, with large headroom to add users and increase transaction frequency.
→Lending business experienced some regulatory challenges but is expected to recover and grow in the second half of FY '26, with stable take rates around 4%-4.5% and contribution margins of about 40% once stabilized.
→ZaakPay, the B2B payment gateway business with a PAPG license, is poised for expansion and profitability, contributing positively as it scales.
→Overall, contribution margins may dip slightly near term but are expected to return above 30% with growth and cost optimizations, supporting improved profitability.

Margin guidance

Category 1

→Payments remain the core growth driver with accelerating GMV, having grown over 200% to cross ₹1 trillion in FY '25.
→Contribution margins for payments are stable above 20%, with expectations of further improvements especially post MDR implementation on UPI and PPI.
→Lending business, currently recovering from regulatory impacts, is expected to regain steady-state contribution margins of ~40% over the next few quarters.
→ZaakPay, a profitable B2B payment gateway, is poised to become an important margin and profit contributor as it scales.
→Overall company margins dipped slightly recently due to lending cost front-loading but expected to improve back above 30%, enabling fixed costs coverage and driving profitability.
→Management expects profitability to return and strengthen driven by payment business growth, lending recovery, and cost optimizations including AI-driven efficiencies.
→EPS growth is implied from these improving margins and accelerating GMV scaling, with confidence expressed in sustained, profitable growth ahead.

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Fundraise plans

→The transcript does not explicitly mention any new or ongoing fundraising plans through debt or equity.
→It is stated that IPO proceeds were received at the end of December and started being utilized from January, primarily towards scaling the payments business.
→Usage of funds from IPO proceeds has been largely focused on payments—covering pre-funding of products, customer acquisition, and incentives.
→On lending and merchant device deployment, investments have started but remain small and are expected to scale up over time.
→There is no direct mention of fresh debt or equity raising planned in the near term; the focus is on optimizing existing resources to drive growth and profitability.

Order book

The transcript provided from MobiKwik Limited's Q4 FY25 Earnings Call does not explicitly mention the current or expected orderbook or pending orders. The discussion primarily focuses on: - Payments GMV growth (annual GMV crossed INR 1,15,000 crores, showing strong momentum) - Lending business recovery and growth outlook with stable unit economics - ZaakPay business scaling following receipt of full PAPG license - Cost optimization and AI-driven efficiencies to improve margins - Confident outlook on profitability returning with contribution margins expected to exceed 30% No direct references or quantitative data about orderbook or pending orders were disclosed in the transcript pages provided.

Capex plans

Yes

→MobiKwik has started using IPO proceeds since January mainly towards lending business, specifically Fixed Deposits (FD) for new FLDG (First Loss Default Guarantee) contracts.
→Investments are ongoing in scaling merchant-side lending and deployment of devices like sound boxes, cards, EDC machines, but this remains a small business and will take time to scale.
→Payments business investments include pre-funding of products, customer acquisition, incentives, and marketing.
→The liquidity on the balance sheet has increased due to payment business scale-up, which involves elevated user and merchant outstanding balances but these are short-term liabilities cleared daily.
→The company is investing in AI to optimize customer journeys and cost structures.
→Strategic focus on scaling ZaakPay, leveraging the recently received full Payment Aggregator (PA) license to expand the payment ecosystem role.
→Overall capex/investment is aimed at scaling growth across payment, lending, and B2B payment gateway businesses with an emphasis on long-term profitability.

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