✅ At a Glance
| 📊 Metric | FY24 | FY25 | Change |
|---|---|---|---|
| 🧾 Revenue from Operations | ₹1,170.2 Cr | ₹2,677.8 Cr | 🔼 129% YoY |
| 💰 Net Profit / (Loss) | ₹(122) Cr | ₹(121.5) Cr | 🔽 Still red |
| ⚙️ Total Expenses | ₹1,312 Cr | ₹3,352 Cr | 🔥 155% YoY |
| 🧮 EPS | ₹(19.27) | ₹(8.88) | ⬆️ Less negative |
| 💵 Cash & Bank Balances | ₹969 Cr | ✅ Comfortable | |
| 📉 CMP (May 20, 2025) | ₹147.10 | Listed, BSE: 544305 |
MobiKwik’s FY25 looked like this: revenues doubled, losses halved, and valuation got humbled.
🧪 About the Company
MobiKwik is your neighbourhood fintech trying to survive in a post–Paytm IPO world. They operate:
- Digital Wallets
- BNPL (Buy Now Pay Later)
- Payment Gateways
- Lending & EMI Cards
- Merchant POS Machines
It’s not quite a bank, not quite a tech startup — it’s in the middle, shouting “Fintech is coming!” since 2014.
📊 FY25 Financial Highlights
| Particulars | FY25 (₹ Cr) |
|---|---|
| 📈 Revenue (Ops) | ₹2,677.8 |
| 💸 Other Income | ₹107.4 |
| 🔧 Employee Expense | ₹430.7 |
| 🏦 Finance Costs | ₹66.6 |
| 🧾 Other Expenses | ₹2,812.1 |
| 🧮 Total Expenses | ₹3,352.3 |
| ❌ Net Loss | ₹121.5 Cr |
| 🧾 EPS | ₹(8.88) |
Revenue up 129%. Losses down 50%. But burning cash faster than Tinder dates in Delhi winter.
💥 Segment Breakdown (Est.)
- Payment Gateway + Wallet = Majority
- BNPL & Lending = 2nd largest, but higher risk
- Other services = negligible in revenue share
🏦 Balance Sheet Snapshot
| Item | Value (₹ Cr) |
|---|---|
| 💰 Cash & Bank | ₹969 Cr |
| 🤝 Trade Receivables | ₹560 Cr |
| 💳 Short-term Borrowings | ₹2,710 Cr |
| 📄 Equity Capital | ₹155.4 Cr |
| 📉 Net Worth | ₹5,887 Cr |
| ⚠️ Debt/Equity Ratio | 0.46x |
Decent cash, manageable leverage, but receivables are chunky for a digital-first company.
📉 Cash Flow Summary
| Flow Type | FY25 (₹ Cr) |
|---|---|
| 🔴 Operating | ₹(681.6) Cr |
| 🔴 Investing | ₹(3,134.8) Cr |
| ✅ Financing | ₹5,147 Cr |
| 💸 Net Change | ₹1,330 Cr |
Burn still high. But they raised capital via equity + debt to fund it.
🧮 Forward Valuation (FV)
Let’s say they break even by FY27 and grow revenue 30% CAGR.
- Projected FY27 EPS: ₹10–12
- Reasonable P/E: 25x
- Forward FV (2027) = ₹250–300/share
CMP = ₹147.10 → Discounted, but not dirt cheap.
The question is: can they actually turn EPS positive without blowing up their burn rate?
⚠️ Risks & Red Flags
- 🔥 BNPL = NPA risk + RBI regulation sword
- ⚠️ Payment margins shrinking fast
- 📉 Still loss-making despite high scale
- 🧾 Receivables risk from merchant partners
- 🪙 High customer acquisition costs (CAC)
🧠 EduInvesting Take
“MobiKwik is doing what Paytm tried — but with better timing, less arrogance, and hopefully less investor trauma.”
Is it investable?
- Yes, if you believe India’s fintech will consolidate and MobiKwik will survive and scale BNPL + POS profitably.
- No, if you want clean profits, consistent EPS, and don’t want another Paytm-style heartburn.
But hey — at least they didn’t burn ₹2,000 Cr in branding last year.
🏁 Final Verdict
✔️ Revenue doubled
✔️ Cash reserves decent
❌ Still loss-making
❌ BNPL risk + working capital trap
“A fintech phoenix or a slow-motion crash? At ₹147, you’re betting on survival — not multibagging.”
Tags: MobiKwik FY25 Results, One MobiKwik Systems Share Price, Fintech India, BNPL Stocks, Digital Wallet EPS, IPO Watch, EduInvesting Coverage, Fintech Stocks 2025
