MobiKwik reported a sixfold YoY surge in net losses for Q1 FY26, reaching INR 41.9 Cr, compared to INR 6.6 Cr in Q1 FY25, mainly due to declining revenues from its lending vertical.
Operating revenue fell 20.7% YoY to INR 271.4 Cr in Q1 FY26 from INR 342.3 Cr, while total income dropped to INR 281.6 Cr from INR 345.83 Cr.
The fintech company recorded an EBITDA loss of INR 31.2 Cr, contrasting with a profit of INR 2.2 Cr in the same period last year, though it improved from the previous quarter’s INR 45.8 Cr loss.
Revenue from financial services fell sharply by 65.8% YoY to INR 58.3 Cr, with the contribution margin dropping 26.7% to INR 77.4 Cr.
Despite lending setbacks, MobiKwik’s online payments vertical grew 24.2% YoY to INR 213.1 Cr, and payments GMV surged 53% YoY to INR 38,400 Cr.
The company maintained a 15 bps net payments margin and achieved a record-high gross margin of 28% for the payments segment.
MobiKwik is betting on its ZIP EMI product, larger ticket loans, and device rollouts like SoundBox and EDC terminals to drive credit and merchant growth.
Looking ahead, MobiKwik sees the introduction of interchange fees on Pocket UPI and IPO fund utilization as potential growth drivers for its payment business.