One Mobikwik Systems Ltd. Reports Narrower FY26 Losses, Secures NBFC License

Consolidated PAT Loss FY26: ₹(621.01) Mn (vs ₹(1,215.29) Mn FY25)
Consolidated EBITDA Loss FY26: ₹(51.94) Mn (vs ₹(793.99) Mn FY25)

Reader Takeaway: Improved financials and NBFC license offer path to profitability, but execution and regulatory risks remain.

What just happened

One Mobikwik Systems Ltd. has reported a significant reduction in its consolidated net loss for the fiscal year 2025-26 (FY26) to ₹621.01 million, compared to a loss of ₹1,215.29 million in the previous fiscal year. The company also saw its consolidated EBITDA loss narrow to ₹51.94 million from ₹793.99 million in FY25. Revenue from operations stood at ₹11,192.32 million for FY26, a slight decrease from ₹11,701.74 million in FY25.

A key development is the in-principle approval received from the Reserve Bank of India (RBI) in April 2026 for an NBFC license. This allows Mobikwik to transition from a Lending Service Provider (LSP) model to an own-book lending model, enabling it to retain full net interest margins. The company also secured an Online Payment Aggregator (PA-O) license for its subsidiary Zaakpay in April 2025 and an in-principle authorization for a Payment Aggregator - Physical (PA-P) in May 2026.

Mobikwik also deliberately exited its short-tenure Buy Now Pay Later (BNPL) product, previously disbursing ₹2,500 crore quarterly, to focus on its sustainable, tenure-based ZIP EMI personal loan product.

Why this matters

The improved financial performance, particularly the reduced losses, suggests the company's strategic pivot is gaining traction. The NBFC license is a significant step, empowering Mobikwik to generate higher margins from its lending business. Enhanced payment aggregator licenses bolster its merchant payment capabilities. These moves collectively position the company for potential long-term profitability and sustained growth in a competitive fintech landscape.

The backstory

One Mobikwik Systems operates in the fast-evolving digital payments and fintech sector in India. The company has been focusing on optimizing its business model to achieve profitability. In FY26, its payments business saw Gross Merchandise Volume (GMV) grow by 57% year-on-year, with gross profit increasing by 90% due to cost efficiencies and a shift towards higher-margin transactions. Financial services also saw a substantial gross margin expansion. The company leveraged AI significantly, with 86% of customer support interactions self-served and 80% of code generated by AI in FY26, contributing to operating leverage by maintaining fixed costs while scaling operations.

What changes now

The company is set to operationalize its NBFC subsidiary, moving to an own-book lending model. This is expected to significantly enhance its revenue and profitability from financial services. The strengthening of its payment aggregation licenses is also expected to drive growth in its merchant payments business. Management has set an ambitious target of 10x revenue growth by FY28.

Risks to watch

Key risks include the execution of the NBFC transition, which carries inherent credit risk and requires successful scaling of operations. The company operates in a highly regulated sector, and dynamic compliance requirements remain critical. Additionally, there is an ongoing insolvency petition filed by Fusion CX Private Limited before the NCLT, Chandigarh, concerning a dispute over invoice payments, to which the company is filing a reply.

Peer comparison

Mobikwik operates in a competitive space alongside players like Paytm, PhonePe, and BharatPe, among others, who are also expanding their financial service offerings and payment solutions. While detailed financial comparisons require specific disclosures, Mobikwik's focus on own-book lending via an NBFC license differentiates its strategy within the digital lending segment compared to some peers who primarily operate as platforms.

Context metrics (time-bound)

• AGM Date: September 22, 2026
• Cut-off Date: September 15, 2026
• Remote E-voting: September 19, 2026 (9:00 AM) to September 21, 2026 (5:00 PM)
• FY26 Payments GMV: ₹1,821 Bn (up 57% YoY)
• FY26 Payments Gross Profit: Up 90% YoY
• FY26 AI Self-Service Rate (Customer Support): 86%
• FY26 AI Code Generation Rate: 80%

What to track next

Investors will be closely watching the successful operationalization and performance of the NBFC subsidiary, the growth trajectory of the merchant payment segment, and the company's ability to navigate regulatory hurdles and the ongoing legal matter. Progress towards the ambitious 10x revenue growth target by FY28 will also be a key focus.