General Updates

Date: November 06, 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: Shareholders’ Letter for the quarter ended September 30, 2026 Dear Sir/ Madam, We are pleased to enclose the Shareholders' Letter for the quarter ended September 30, 2026. The above information will also be hosted on the website of the Company at https://www.mobikwik.com/ir/financial-statements. We request you to kindly take the same on record. 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, 1stFloor, 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 Shareholders' Letter & Results Key Performance Metrics MobiKwik profitable for fourth consecutive quarter - Q2 FY27 PAT at ₹118 Mn Q2 Financials Revenue EBITDA ₹3,028 ₹227 Mn Mn 8%YoY ₹291 Q1FY27 Mn YoY Swing Profit Payments Platform Spend GMV* Gross Profit 35% 30% YoY YoY ₹597 ₹798 Bn Mn Financial Services Lending GMV Gross Profit 34% 123% YoY YoY ₹10,826 ₹571 Mn Mn *Includes MobiKwik standalone plus Zaakpay (payment gateway) GMV. Headline Results Q2 FY27 (July-September 2026) Metric Q2 FY27 Q2 FY26 YoY / Context +35% YoY | 15th Platform GMV (incl. Zaakpay) ₹597 Bn ₹441 Bn consecutive record Lending GMV (ZIP EMI Disbursals) ₹10,826 Mn ₹8,071 Mn +34% YoY | +47% QoQ Total Revenue ₹3,028 Mn ₹2,793 Mn +8% YoY | +5% QoQ Contribution Profit ₹1,439 Mn (48%) ₹961 Mn (34%) +50% YoY | +1,314 bps EBITDA ₹227 Mn (7.5%) -₹64 Mn (-2.3%) +₹291 Mn YoY swing | +44% F&D Cost ₹108 Mn ₹104 Mn +4% YoY | device deployments, working capital PAT ₹118 Mn (3.9%) -₹286 Mn (-10.2%) +₹404 Mn YoY swing | +55% QoQ | No exceptional Payments Gross Margin 38.2% 29.4% +884 bps YoY FS Gross Margin 65.7% 41.8% +2,388 bps YoY | highest ever Net Payments Margin as a % of 13 bps 14 bps Within 12–15 bps guidance Platform Spend GMV Net FS Margin as a % of Disbursals 5.27% 3.17% +210 bps YoY Notes: The Basic and Diluted Earnings Per Share for the quarter ended September 30, 2026, as approved by the Board of Directors and forming part of the Consolidated Financial Results is ₹1.50 per equity share. However, owing to an inadvertent error at the time of upload, there was a typo in the Consolidated Financial Results submitted to the Exchanges, in which the said EPS was reflected as ₹0.75 per equity share instead of ₹1.50 per equity share. The same has been now corrected and notified to both the stock exchanges, and has been duly captured in the Integrated Filing (Financials) submitted in XBRL format. The said discrepancy has no impact on the financial position or the financial performance of the Company. Top Of The Mind - Q&As Business Performance Q1. What drove profitability in Q2? Q2 FY27 PAT of ₹118 Mn is our most profitable quarter yet and our fourth consecutive PAT-positive quarter. PAT grew 55% QoQ, and the ₹404 Mn YoY swing from -₹286 Mn in Q2 FY26 shows that profitability is now built into the business, not a one-off. These structural improvements drove the results this quarter: • Growth story: Platform GMV reached an all-time high of ₹597 Bn, up 35% YoY, our 15th consecutive quarter of record GMV, with Net Payments Margin at 13 bps. Lending disbursals rebounded to ₹10,826 Mn, up 47% QoQ and 34% YoY, crossing the ₹10,000 Mn+ quarterly level we committed to in Q1. • Margin expansion story: Payments Gross Profit grew 30% YoY to ₹798 Mn, and Financial Services Gross Profit grew 2.2x YoY to ₹571 Mn at a record 65.7% gross margin. As a result, Contribution Profit rose 50% YoY to ₹1,439 Mn, with Contribution Margin at 47.5% of Total Income. • Cost compression at scale: Direct costs fell 13% YoY even as GMV grew 35% and disbursals grew 34%. Payment-related direct costs were down 13% YoY and lending-related expenses down 16% YoY. • Operating leverage: Contribution Profit grew ₹153 Mn QoQ against ₹84 Mn of fixed cost growth, so EBITDA rose 44% QoQ to ₹227 Mn and EBITDA margin expanded to 7.5%. With H1 FY27 PAT of ₹195 Mn and EBITDA of ₹385 Mn, we are on track for our full-year targets. Q2. What is happening in the Payments business? In Payments, we have extended our record GMV streak to 15 straight quarters. We remain the #1 PPI wallet by GTV and moved up to #5 in BBPS. • Platform GMV was ₹597 Bn in Q2 FY27, up 35% YoY • Merchant GMV was ₹133 Bn (up 76% YoY and 18% QoQ), now 22% of Platform GMV versus 17% a year ago. Consumer GMV was ₹464 Bn (up 27% YoY). • UPI GMV stood at ₹247 Bn (up 42% YoY), PPI Wallet GMV at ₹124 Bn (up 20% YoY), and Recharge and Bill Payments GMV at ₹94 Bn (up 21% YoY) • UPI transactions were 210 Mn, up 52% YoY; wallet transactions were 109 Mn, up 43% YoY Payments revenue was flat YoY at ₹2,088 Mn, but the business became more profitable: • Payments Gross Profit grew 30% YoY, and Payments Gross Margin rose 884 bps to 38.2%, as payment direct costs fell 13% YoY. • Both segments improved their unit economics QoQ: – Net Consumer Payments Margin rose 0.4 bps to 16.2 bps, and – Net Merchant Payments Margin rose ~1 bp to 3.4 bps. • Consumer Payments Gross Profit grew 26% YoY. • Merchant Payments revenue grew 150% YoY and 29% QoQ, ahead of our 25% QoQ aspiration. Growth in Payments Revenue will come from scaling merchant payments, resuming select card- based categories with proper guardrails, and MDR on eligible UPI transactions once implemented. Top Of The Mind - Q&As UPI GMV moved to ₹247 Bn from ₹269 Bn in Q1 FY27 for two reasons: • Seasonality: Q2 was a seasonally soft quarter for UPI across the industry, with industry UPI value broadly flat QoQ after stronger growth in the previous two quarters. With the festive season falling later this year, much of that spending shifts into Q3. We saw a similar pattern last year, when Q2 was also the slowest quarter. • Quality over volume: We focused on higher-quality users and on merchant-facing flows that will become revenue-generating once UPI MDR is implemented. Q3. What is happening in the Lending business? Lending delivered the stronger Q2 we expected. Disbursals were ₹10,826 Mn, up 47% QoQ and 34% YoY, after the temporary Q1 dip caused by the technology migration for the lending business transfer. The transfer of our digital lending business to our wholly owned subsidiary, MDSPL, was completed in August 2026. The growth drivers we set out in Q1 are delivering: • New initiatives: AI-led pre-approved offers, built on segmentation of 96 Mn engaged users, generated about ₹2,000 Mn of disbursals, around 18% of the quarter, and within the ₹1,500-2,500 Mn per quarter we targeted. • New partnerships: We added two more major lending partners, taking the total to 11. Newly onboarded partners added during the first half of FY27 contributed 20-25% of Q2 disbursals, and top-3 lender concentration is at 71%, down from 91% a year ago. We expect concentration to keep reducing as we diversify further. Revenue grew 42% YoY and 18% QoQ to ₹869 Mn, and Gross Profit grew 2.2x YoY to ₹571 Mn. The gross take rate moved to 8.03% from 9.96% in Q1 because of a denominator effect: revenue on loans disbursed in a quarter is recognized over the following quarters, so a 47% rise in disbursals temporarily dilutes the take rate. Revenue from Q2’s disbursals is expected to flow through over the next four quarters. As the book matures, we expect the gross take rate to stabilize at around 7-8% and the net take rate at around 5%. The quality indicators remain strong: • FS Gross Margin at a record 65.7%, up from 59% in Q1 FY27 • Lending-related expenses down 16% YoY (₹357 Mn → ₹298 Mn), at 2.76% of disbursals versus 4.42% a year ago; credit risk performance improved ~22% YoY • 59% repeat customers, 100% bureau sco [Showing first 8,000 characters — download PDF for full document]