Fintech company One MobiKwik Systems reported a consolidated net loss of Rs 28.6 crore for the quarter ended September 30, 2025, compared to a net loss of Rs 3.6 crore in the same quarter last year, as profitability was impacted by a one-time exceptional charge related to a fraud provision.
However, losses narrowed sequentially from Rs 41.9 crore in the previous quarter, helped by lower expenses and improved cost control.
MobiKwik said its quarterly loss was primarily due to a one-time exceptional charge of Rs 11.8 crore, booked as a provision for a fraud incident involving certain merchants and users based in Haryana’s Nuh and Mewat districts. According to the company’s disclosure, these merchants allegedly exploited a technical bug in its app to make unauthorized settlements totalling Rs 40.36 crore.
The company said it has recovered Rs 21.9 crore so far, while Rs 6.6 crore remains secured through court orders and merchant affidavits. The remaining Rs 11.8 crore has been fully provided for under exceptional items in the current quarter.
MobiKwik has also appointed a reputed advisory firm to conduct an independent assessment and prepare a detailed incident report.
The company clarified that this provision impacted profitability for the quarter but did not affect revenue, as it was treated below the operating level.
Revenue performance
Revenue from operations stood at Rs 270.2 crore, down 7 percent year-on-year from Rs 290.6 crore and almost flat compared to Rs 271.4 crore in the June 2025 quarter.
MobiKwik also disclosed that the year-ago quarter’s revenue (Q2 FY25) was affected by a one-time waiver agreement with a lending partner, executed to comply with the Reserve Bank of India’s digital lending guidelines. Under the agreement, MobiKwik had foregone income worth Rs 24.2 crore, while the partner waived Rs 42.2 crore in facilitation fees, which were adjusted against revenue and lending expenses respectively. The company said this adjustment was part of aligning its financial services business with regulatory requirements.
Total income came in at Rs 279.3 crore, while total expenses fell 8.7 percent quarter-on-quarter to Rs 285.7 crore. The direct costs reduced by 10 percent QoQ.
On an operating level, MobiKwik reported an Ebitda loss of Rs 6.4 crore, a sharp improvement from Rs 31.2 crore in the previous quarter and Rs 16.8 crore in the same period last year. "This marks an 80 percent sequential improvement in operating performance, supported by cost rationalisation and reduced payment processing charges," the firm said in a press statement.
Payments and financial services
MobiKwik’s payments business contributed about 75 percent of total revenue, while financial services, including BNPL, credit lines, and insurance, accounted for nearly 23 percent.
During the quarter, the company’s registered users rose to 15.6 crore, up from 14.6 crore a year ago. The merchant network expanded to 42 lakh, compared with 37 lakh in the year-ago quarter.
The company also said it has deployed over 4.2 lakh payment devices, strengthening its presence across offline merchant touchpoints. In the financial services segment, MobiKwik disbursed over Rs 1,350 crore in loans during the first half of FY26, supported by partnerships with NBFCs and fintech lenders.
During the quarter, MobiKwik also granted 5.85 lakh stock options under its Employee Stock Option Plan (ESOP) 2014 and 5.06 lakh options were exercised.
"Our performance this quarter reflects the strength of our business fundamentals and focus on sustainable profitability. The growth in contribution profit and improvement in Ebitda is a result of disciplined cost optimization and steady gains across both payments and lending. As India’s leading Fintech, we are now gearing up to accelerate our play in UPI and digital lending to drive the next phase of our growth," Upasana Taku, Chairperson, Executive Director and CFO, MobiKwik, said.
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