MobiKwik Achieves Record Q1 FY26 Payments GMV, 32% EBITDA Growth

Ahmedabad | Gujarat — MobiKwik, India’s largest digital wallet and a leading fintech player, has delivered its strongest-ever performance in the first quarter of FY26, achieving a lifetime-high Payments Gross Merchandise Value (GMV) of ₹384 billion, a 53% year-on-year jump, alongside a record 28% gross margin in its payments business. The company also posted a 32% quarter-on-quarter growth in EBITDA, signalling robust operational and financial momentum.

“We are pleased with the consistent progress across our core business. Payments demonstrated strong growth and Financial Services recovered, resulting in an improved Q1 EBITDA, which reinforces our path to profitability,” said Upasana Taku, Executive Director, Co-founder and CFO of MobiKwik.

The payments segment remained the company’s growth engine, with a 16% sequential rise in GMV and steady net payments margin of 15 basis points. The user base expanded to 180.2 million, while the merchant network reached 4.64 million, underscoring MobiKwik’s deepening reach across India.

The financial services arm also recorded a sharp rebound, with ZIP EMI disbursals rising 31% quarter-on-quarter to ₹6.93 billion. Improved take rates of 8% and a 13.3% gross margin in the lending portfolio suggest a clear turnaround after Q4 FY25 marked the bottom in disbursal volumes and margins. “With recovery signals now visible, this business is at a clear inflection point,” Taku added.

Beyond its core verticals, MobiKwik continued to diversify its offerings. Following a full Payment Gateway licence for Zaakpay last quarter, the company secured a stock broking licence this quarter—expanding its ecosystem to cover payments, credit, savings, and investments.

Operational discipline was another highlight, with direct costs declining across all categories, including a 6% reduction in lending-related expenses and a 5% drop in payment gateway and user incentives. Fixed costs remained steady at ₹1.086 billion for the fifth consecutive quarter, strengthening the company’s operating leverage.