MobiKwik turns profitable again: Q1 consolidated PAT ₹7.6 Cr vs ₹41.9 Cr loss year ago
PAT +118.2% YoY · revenue +3.73% · margins expanding
₹281.48 Cr
+3.73% YoY
₹7.62 Cr
+118.2% YoY
2.63%
+17.5pp YoY
₹0.97
MobiKwik reported its second consecutive profitable quarter, swinging to a consolidated net profit of ₹7.62 Cr in Q1 FY27 from a ₹41.92 Cr loss a year ago, while revenue from operations rose a modest 3.7% YoY to ₹281.48 Cr. Sequentially revenue slipped 2.5% off the ₹288.71 Cr March quarter, but profit still grew (₹4.38 Cr → ₹7.62 Cr) as the cost base fell faster — total expenses dropped 12.6% YoY, led by lower payment-processing charges (₹117.4 Cr vs ₹142.8 Cr) and a sharp cut in lending operational expenses (₹1.76 Cr vs ₹29.2 Cr). Crucially, this is a clean print: there are no exceptional items this quarter, unlike the FIR-fraud ECL and labour-code provisions that dented intervening quarters. Standalone tells the same story — PAT ₹8.23 Cr on ₹273.55 Cr revenue — so basis divergence is immaterial.
Q1 FY-2027 vs prior quarters
The profit is powered by the operating line rather than other income: consolidated EBITDA came in at ₹15.78 Cr (a ~5.6% margin), reversing a ₹31.2 Cr EBITDA loss a year earlier and comfortably clearing management's own guidance of 'baseline profitability' with EBITDA margins around 5% for FY27. That squares with the confident, cautiously-optimistic tone from the Q4 concall — the quarter confirms, rather than contradicts, what was projected. The GMV-growth ambition (30–35% in lending and payments) can't be verified from this filing, which carries no volume disclosures. The quarter's board actions align with the reinvestment-for-growth thesis management set out: the ₹61.84 Cr July investment into subsidiaries MDSPL and MSBPL is funded by a reallocation of ₹60.85 Cr of IPO proceeds toward the MDSPL lending-service-provider vehicle, and the May RBI nod for an offline payment-aggregator licence underpins the 10x merchant-scale target. No brokerage consensus is published for this newly-listed small-cap, so the print can't be graded against a formal street bar.
The stock went into the print at ₹214.02, up 5.6% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 5 consecutive quarters.
Management guides for continued 'baseline profitability' in FY27, with EBITDA margins around 5%, as profits from the core payments and lending businesses are deliberately reinvested into new growth engines. The company projects 30-35% GMV growth in both lending and payments, while targeting a 10x scale-up of its mercha
— This quarter: met
W1
GMV trajectory vs the guided 30–35% growth in lending and payments — not disclosed this quarter, needs verification next print
W2
Whether the ~5.6% EBITDA margin holds as IPO proceeds (₹182 Cr still unutilised) are deployed into new growth engines
W3
Progress on the new NBFC management guided as operational within 6–9 months, incremental to the existing LSP business
Source in INR millions; converted to ₹ Cr (÷10). Current quarter (30 Jun 2026) has NO exceptional items on either basis (clean print); prior-year Q1 FY26 also had none, so YoY loss→profit is a genuine turnaround, not one-off-driven. totalExpenses shown as full expenses incl. finance cost & depreciation (reported 'Total expenses' line of ₹273.38 Cr cons excludes finance ₹4.54 Cr + dep ₹3.59 Cr). Tax nil on standalone; ₹0.03 Cr current tax on consolidated. Single operating segment (financial & payment services). Limited review, unmodified.
Informational and educational content only. Not investment advice.