MobiKwik has announced a profitable fourth quarter for FY26, reporting a profit of ₹4.4 Cr, a significant turnaround from a loss of ₹56 Cr in the same quarter last year. The fintech company’s operating revenue saw a 7.8% year-on-year increase to ₹288.7 Cr, while expenses were reduced by 14% YoY to ₹278.6 Cr. This performance was driven by improved payment margins and a stabilizing financial services arm, despite overall revenue contraction for the full fiscal year.
The company’s core payments business, while experiencing slow revenue growth, saw sharp improvements in gross profit and margins due to declining payment gateway costs and increased merchant activity, which helped offset the impact of zero-MDR UPI transactions. MobiKwik’s financial services vertical also showed promise, with gross profit jumping 18X YoY, attributed to a strategic shift towards its ‘ZIP EMI’ model focusing on repeat customers with better credit quality. The recent acquisition of an NBFC license is expected to further enhance its position in the lending value chain.
Looking ahead, MobiKwik is re-engineering its revenue strategy, aiming for a tenfold increase in its merchant business revenue by FY28, leveraging its ₹55 Cr investment in QR and PoS infrastructure. This focus on the merchant side is driven by its potential for stickier revenue streams and better margins through hardware and gateway fees.
In parallel, India’s surveillance technology market is undergoing a significant transformation. Government restrictions on uncertified internet-connected CCTV cameras have created an opening for domestic players, displacing major Chinese brands. Semiconductor startups are seizing this opportunity to develop domestic AI-powered surveillance chips, aiming to reduce reliance on foreign supply chains. At the software level, Indian companies are focusing on intelligence-led deployments, emphasizing data residency, audit logs, and AI analytics as key purchasing criteria.
Other notable financial developments include Nazara Technologies’ Q4 profit soaring multifold to ₹55.7 Cr, despite a 23.5% decline in operating revenue. Semiconductor startup HrdWyr secured $13 million in Series A funding to develop AI-native SoCs. InCred Capital expanded its global reach by acquiring Singapore-based S Cube Capital, and IT asset management platform Swish Club rebranded to SwishX, pivoting to an AI platform for pharma and medtech companies.
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