Transcript of the Earnings Call for Analysts and Investors held on November 02, 2026

Date: November 05, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Symbol: MOBIKWIK Scrip Code: 544305 Sub: Transcript of the Earnings Call for Analysts and Investors held on November 02, 2026 Ref: Disclosure under Part A of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, Pursuant to Part A of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Earnings Call, which was held on Monday, November 02, 2026. The same will be hosted on the Company’s website at https://www.mobikwik.com/ir/financial-statements. This is for your information & records. Thanking you, For One MobiKwik Systems Limited Ankita Sharma Company Secretary and Compliance Officer Membership No.: A37518 ONE MOBIKWIK SYSTEMS LIMITED Registered Office: Unit No. 102, 1st Floor, Block-B, Pegasus One, Golf Course Road, Sector-53, Gurugram, Haryana-122003, India. Ph: +91 (124) 490-3344 | CIN: L64201HR2008PLC053766 | www.mobikwik.com | cs@mobikwik.com “One MobiKwik Systems Limited (“MobiKwik”) Q2 FY 2027 Earnings Conference Call” November 02, 2026 MANAGEMENT: MR. BIPIN PREET SINGH – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – ONE MOBIKWIK SYSTEMS LIMITED MS. UPASANA RUPKRISHAN TAKU – EXECUTIVE DIRECTOR AND CHIEF FINANCIAL OFFICER – ONE MOBIKWIK SYSTEMS LIMITED MR. SOHAM ROY – ASSOCIATE DIRECTOR - CORPORATE DEVELOPMENT – ONE MOBIKWIK SYSTEMS LIMITED MODERATOR: MR. RAHUL JAIN – DOLAT CAPITAL MARKETS PRIVATE LIMITED Page 1 of 12 One MobiKwik Systems Limited (“MobiKwik”) November 02, 2026 Moderator: Ladies and gentlemen, good day, and welcome to One MobiKwik Systems Limited Q2 FY 2027 Earnings Conference Call hosted by Dolat Capital Markets Private Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Jain from Dolat Capital Markets Private Limited. Thank you, and over to you, sir. Rahul Jain: Thank you, Arshi. Good evening, everyone. On behalf of Dolat Capital, I would like to thank One MobiKwik Systems Ltd. for giving us the opportunity to host the Earnings Call. I welcome the senior management of One MobiKwik, represented by Mr. Bipin Preet Singh, who is MD and CEO of the company; Ms. Upasana Rupkrishan Taku, who is Executive Director and CFO of the company; and Mr. Soham Roy, who is Associate Director of Corporate Development. I would like the management to take us through Q2 FY'27 results and now request management to take it over from here. Over to you. Upasana Taku: Hello, everyone. My name is Upasana Taku. I'm one of the co-founders of MobiKwik. Welcome to our Q2 FY27 Earnings Call. It gives me great pleasure to report that it has been yet another excellent quarter for the company. This is the fourth consecutive profitable quarter for the company. We have also posted our highest-ever PAT and EBITDA in this quarter. Starting with total income, which has come in at INR 302 crores, which is 8% up Y-o-Y and 5% up Q-o-Q. Revenue from operations is INR 295 crores, which is 9% up Y-o-y. Reported EBITDA is INR 22.7 crores, which is a jump of INR 29 crores Y-o-Y and 44% quarter-on- quarter improvement. EBITDA margin is 7.5%, our best yet, which is a 977 bps improvement Y-o-Y and 204 bps Q-o-Q. We have been able to achieve this EBITDA performance on the back of accelerating GMV growth, along with margin expansion in both of our verticals, which is payments as well as lending. Profit after tax is INR 11.8 crores, which is INR 40 crores improvement Y-o-Y and a 55% jump Q-o-Q. The more important thing this quarter is that the strength and sustainability of our business is playing out. Contribution Profit has jumped 50%, while at the same time GMV growth in both the verticals have clocked in about 34% to 35% Y-o-Y. So with expanding GMV in both businesses with contribution margin improvement, while fixed costs have grown to about 40% of total income, the gains in contribution have outpaced the increase in the fixed cost, which is resulting in the bottom line coming out strong. We feel confident that in the upcoming quarters, we should be able to deliver even stronger revenue growth on the back of both the payments and the lending business growth, as well as Page 2 of 12 One MobiKwik Systems Limited (“MobiKwik”) November 02, 2026 keeping in mind our strong focus on cost efficiency, usage of AI, as well as continuously improving the pace of product development and innovation. With that, I hand it back to you, Rahul. Moderator: Thank you, ma'am. We will now begin with the question-and-answer session. The first question is from the line of Mr. Vikash Agarwal, an Individual Investor. Vikash Agarwal: Congratulations on very good results and delivering as per your promise to everyone. I just want your help on 2 things. I think first question would be that as our Merchant segment would be our next leg of growth, so given the current situation where UPI would become chargeable, so acquisition of merchants - would it become more competitive in the going time? And second thing, just as a clarification, I think the EPS on the results is showing INR 0.75. Is it correct? Or am I missing something? Upasana Taku: Let me answer your first question on the merchant piece first. I think your question is that with UPI MDR coming in, will competitive intensity increase? And how are we thinking about the Merchant Payments business. Is that right? Vikash Agarwal: Yes, correct. Upasana Taku: Yes. So thanks for bringing that up. Of course, competitive intensity will go up given the huge upside that UPI MDR has to offer to every player in the payment sector. But that said, we keep highlighting this every quarter that the level of competitive intensity on the consumer UPI side is extremely high. We ourselves, despite participating in the overall Consumer Payments ecosystem for so many years, are currently tracking at number 11 among the TPAPs, despite having grown very well the last entire year in terms of consumer side UPI. So there is a very large number of players fighting for the user on the consumer UPI side. On the merchant side, we see 2 to 3 clear competitors, and that's it. I don't think that there is too much depth in terms of number of competitors in the Merchant Payments side. This is a business we know and understand, and which is why if you will see slide 14 of our earnings presentation, you will notice that we have delivered absolutely amazing growth in terms of Merchant GMV having grown 76% Y-o-Y, and Merchant revenue has grown 150% Y-o-Y. At the same time, on a quarterly basis also, the GMV has clocked an 18% improvement and revenue has clocked a 29% improvement. Even the net margin in Merchant Payments has improved by 1 bps and landed at 3.4 bps in the current quarter. So in totality, locking in the merchant with a device subscription, generating card-related MDR, wallet-related MDR, RuPay credit card MDR, and then the highly anticipated potential UPI MDR - I think these are all going to be amazing tailwinds for our sector. And we feel very confident that we can continue to grow with the same level of pace and intensity that we have demonstrated in Q2 going forward for several quarters in terms of Page 3 of 12 One MobiKwik Systems Limited (“MobiKwik”) November 02, 2026 Merchant Payments. So our confidence and our commitment to scaling up Merchant Payments is absolutely there. Merchant Payments is currently about 22% of our total payment GMV, and we expect this to grow even further fro [Showing first 8,000 characters — download PDF for full document]