MobiKwik swings to ₹11.8 Cr consolidated PAT in Q2 FY27, from ₹28.6 Cr loss YoY

One MobiKwik Systems reported consolidated PAT of ₹11.83 Cr for Q2 FY27, swinging from a ₹28.62 Cr loss a year ago and up 55% QoQ from ₹7.62 Cr in Q1 FY27 — its second straight profitable quarter at the consolidated level. Revenue from operations rose 9.4% YoY and 5.1% QoQ to ₹295.70 Cr, with no exceptional items in the quarter. The margin trend is the real driver: NPM (PAT/total income) turned to +3.9% from -10.2% a year ago and +2.6% in Q1 FY27, while EBITDA excluding other income rose to roughly 5.3% of revenue from about -5.7% YoY. The year-ago quarter had carried an ₹11.83 Cr exceptional ECL charge tied to a merchant-fraud matter (note 5 of the filing) that widened that quarter's loss; even stripping that one-off out, the adjusted year-ago result is still a loss of roughly ₹16.8 Cr, so this quarter's turnaround to profit is a genuine operating improvement rather than a base effect from the one-off rolling off. No analyst consensus or street estimate for this specific quarter turned up in public searches, so vsStreet is unknown; no company press release was supplied for this result either, so management's own framing of the print isn't available to cross-check against the numbers. Against the FY27 guidance given on the Q1 call (₹75 Cr EBITDA, ₹40 Cr PAT for the full year), H1 FY27 consolidated EBITDA of ₹38.46 Cr and PAT of ₹19.45 Cr are tracking at about 51% and 49% of the full-year target at the halfway mark — broadly on plan, though H2 needs to at least match H1's pace to land on guidance. The guided 5-6% QoQ growth for the 'mature payments' business can't be checked directly since the filing discloses only a single operating segment (note 8), but total revenue's 5.1% QoQ growth sits inside that band. The ₹1,000 Cr/quarter lending-disbursal target is likewise unverifiable here: the LSP business was carved out of the parent into wholly-owned subsidiary MobiKwik Distribution Services via a ₹147.11 Cr slump sale effective 18 August 2026, funded through ₹147 Cr NCDs allotted on 28 September 2026 — the reason standalone PAT (₹14.70 Cr, including ₹9.37 Cr of parent-level discontinued-operations profit from the LSP business) runs about 24% above the consolidated figure. Going into H2 FY27, the run-rate needs to extend past H1's pace to hit the ₹75 Cr EBITDA/₹40 Cr PAT guidance. NPCI's 16 September 2026 move introducing MDR on UPI P2M transactions above ₹2,000 is a sector-wide change worth watching against the current margin trajectory. A promoter bought 1.07 lakh shares on 30 September 2026 and a director resigned on 18 September 2026 during the quarter; neither ties to a specific number in this statement.