Shareholders'' Letter dated August 05, 2026

Date: August 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: Shareholders’ Letter dated August 05, 2026 Dear Sir/ Madam, We are pleased to enclose the Shareholders' Letter dated August 05, 2026 for the quarter ended June 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 Key Performance Metrics MobiKwik profitable for third consecutive quarter - Q1 FY27 PAT at ₹76 Mn Q1 Financials Revenue EBITDA ₹2,892 ₹158 Mn Mn ₹ Q4FY26 3%YoY ₹470 Q1FY27 Mn YoY Swing Profit Payments Platform Spend GMV* Gross Profit 50% 31% YoY YoY ₹587 ₹777 Bn Mn Financial Services ZIP EMI GMV Gross Profit 6% 459% YoY YoY ₹7,367 ₹433 Mn Mn Includes MobiKwik standalone plus Zaakpay (payment gateway) GMV. Headline Results Q1 FY27 (April–June 2026) Metric Q1 FY27 Q1 FY26 YoY / Context +50% YoY | 14th Platform GMV (incl. Zaakpay) ₹587 Bn ₹392 Bn consecutive record Standalone Payments GMV ₹561 Bn ₹384 Bn +46% YoY Lending GMV (ZIP EMI Disbursals) ₹7,367 Mn ₹6,931 Mn +6% YoY Total Revenue ₹2,892 Mn ₹2,816 Mn 3% YoY Contribution Profit ₹1,286 Mn (44%) ₹774 Mn (27%) +66% YoY | +1,698 bps EBITDA ₹158 Mn (5.5%) -₹312 Mn (-11%) +₹470 Mn YoY swing F&D Cost ₹81 Mn ₹107 Mn 6-quarter low; -24% YoY PAT ₹76 Mn (2.6%) -₹419 Mn (-15%) +₹495 Mn YoY swing | No exceptional Payments Gross Margin 37.3% 27.9% +941 bps YoY FS Gross Margin 59% 13% +4,571 bps YoY Net Payments Margin as a % of 13 bps 15 bps Within 12–15 bps guidance Platform Spend GMV Net FS Margin as a % of Disbursals 5.87% 1.12% New all-time high Q1. What drove profitability in Q1? Q1 FY27 PAT at ₹76 Mn has been our most profitable quarter yet. Our hattrick of PAT positive quarters reinforces that profitability is structurally embedded in our business model. A PAT swing of ₹495 Mn YoY from -₹419 Mn in Q1 FY26 to ₹76 Mn in Q1 FY27 reflects a foundational shift in the business. These structural improvements drove the results this quarter: • Growth story: Platform GMV reached an all-time high of ₹587 Bn up 50% YoY, a record GMV streak for 14 straight quarters with unit economics maintained at 13 bps. Strengthened Lending business by a) improving credit quality, b) increasing Lending partners to reduce concentration risk, and c) shifting towards Super-prime and Repeat customers, resulting in 26% YoY revenue growth. • Margin expansion story: Payments Gross Profit landed at ₹777 Mn up 31% YoY whereas Financial Services Gross Profit grew 5.6X YoY to ₹433 Mn demonstrating robust credit quality. As a result, Contribution Profit rose 66% YoY to ₹1,286 Mn, reflecting disciplined cost management and strong monetization. • Cost compression at scale: Direct costs fell 21% YoY – Payment related direct costs were down 15% YoY and Lending related direct expenses were down 40% YoY. • Finance & Depreciation Cost at 6-quarter low: ₹81 Mn in Q1 FY27, down 24% YoY, reflecting disciplined treasury management. With profitability firmly re-established, the Company is well positioned to accelerate growth in a well-calibrated manner. Q2. What is happening in the Payments business? In Payments, we have delivered a record GMV streak for 14 straight quarters and retained #1 PPI and #2nd fastest TPAP position in the industry. • Platform GMV was ₹587 Bn, up 50% YoY • Merchant GMV was ₹126 Bn (up 17% QoQ) and Consumer GMV was ₹461 Bn (up 6% QoQ and 57% YoY) • UPI GMV stood at ₹269 Bn (up 99% YoY), PPI Wallet GMV stood at ₹125 Bn (up 24% YoY), and Recharge and Bill Payments GMV stood at ₹89 Bn (up 37% YoY) • UPI transactions grew 130% YoY in Q1 FY27 versus the industry average of 24% — 5x the market growth rate. Although the 50% GMV Growth has translated to 31% YoY growth in Payments Gross Profit, but it has not translated into revenue growth. This is because: • Significant GMV growth has come from Consumer UPI and Merchant Business, where the take rates are low. For example, Merchant take rate is typically less than 10 bps and Consumer UPI take rate is practically nil dragging down the overall revenue pie. • Further, some Card based payment categories were paused in Q4 FY26 and Q1 FY27, because of which there was a drop in both Payments Revenue as well as Gateway Costs. Going forward, we expect to resume these categories with proper guardrails in place. • Despite these headwinds, Payments Gross Margin was stable at 37.3%, up from 27.9% in Q1 FY26. In FY27, we aspire to grow 25% QoQ in our fast-growing Merchant payment business, and 5% QoQ in our mature Consumer payment business. Q3. What is happening in the Lending Business? In Lending, we grew Gross Profit 5.6X YoY to ₹433 Mn, demonstrating robust credit quality and strong portfolio recoveries. Credit quality improved by ~25% and 60% loans were given to Repeat customers. Lending GMV was ₹7,367 Mn in Q1 FY27, up 6% YoY from Q1 FY26’s ₹6,931 Mn. There was a temporary QoQ dip in disbursals in Q1 FY27 owing to technology infrastructure migration for the lending business transfer, along with a conscious effort to reduce top 3 lender concentration- down from 91% in Q3 FY26 to 71% in Q1 FY27. Despite this temporary dip in disbursals, lending revenue was stable. We expect to deliver a much stronger Q2 FY27 on the back of the following: • New Initiatives: We have deployed 2 new growth initiatives in Lending, using AI and existing customer data to generate an additional ₹3,000 Million in disbursals every quarter: 1. Smart targeting through focussed cohorts to bring existing payment users into the lending journey using Pre-Approved (PA) and Pre-Qualified (PQ) Offers – expected to generate additional ₹1,500-2,500 Million disbursals per quarter. 2. Leverage AI Engine to detect and re-engage customers at key milestones in the lending funnel – Generating incremental offers and increasing quarterly disbursals by an additional ₹1,000 Million. • New Partnerships: 2 New Major Lending partners were added in Q1 FY27, with further partnerships in queue for upcoming quarters. As these new partnerships mature and the growth initiatives play out, the business is poised to gather momentum and deliver ₹10,000 Mn+ quarterly disbursals in the upcoming quarters. The quality indicators remain strong: • FS Gross Margin sustained at 59%, consistent with Q4 FY26. • Lending-related expenses down 40% YoY (₹506 Mn → ₹301 Mn) and 6% QoQ, reflecting improving cohort performance across the portfolio. • 60% repeat customers, 100% bureau score 700+, 74% borrowers under 40. Q4. What are your key priorities going forward? Four priorities anchor our FY27 plan — each with a specific, numbers-backed execution path: 1. Scale lending disbursals, revenue, and margin: Lending business has undergone a transition phase in Q1 FY27, with the company focused on building capabilities to scale consumer lending. The following initiatives are expected to bring lending disbursals back on track while maintaining strong revenue and net margins: • Two new growth initiatives launched this quarter: (1) targeting our 190 Mn+ existing user base with personalised PA/PQ offers, aiming for ₹1,500–2,500 Mn of incremental disbursals per quarter; (2) an AI engine that detects and recovers drop-offs across the lending funnel, targeting a further ₹1,000 Mn per quarter. • Added 2 new major lending partners in Q1 FY27 with further in queue the upcoming quarters. As these partnerships mature, we expect momentum toward ₹ [Showing first 8,000 characters — download PDF for full document]