One Mobikwik Systems Ltd Q3 FY26: ₹2,972 mn Revenue, ₹150 mn EBITDA, ₹40 mn PAT — After Years of Losses, Is This a Real Turnaround or Just One Good Quarter After a Fraud Hangover?

1. At a Glance

One Mobikwik Systems Ltd is currently trading at ₹233, down 43.5% YoY, with a market cap of ₹1,827 crore, and just reported a positive PAT of ₹40 million in Q3 FY26 — a sentence that itself deserves a drum roll because Mobikwik has historically treated profits like a guest appearance.

Sales for the quarter came in at ₹2,972 million, EBITDA turned positive at ₹150 million, and Payments GMV clocked ₹481 billion. For a company that reported ₹705 million H1 loss just one quarter ago and survived a ₹40 crore unauthorized merchant payout fraud, this quarter feels like a patient sitting up after ICU — not running a marathon, but at least breathing without oxygen.

ROE is still -32.4%, ROCE -14.6%, debt stands at ₹341 crore, promoter holding is a modest 25.1%, and valuation multiples still don’t make sense because TTM EPS is negative.

But the market isn’t celebrating the past — it’s staring suspiciously at Q3 and asking:
“Boss, was that real profit or accounting yoga?”

2. Introduction

Mobikwik is one of those companies that perfectly represents Indian fintech adolescence — fast growth, flashy GMV numbers, AI buzzwords, regulatory headaches, and occasional fraud disclosures that arrive at 11 pm exchange filings.

Founded in 2009, Mobikwik entered public markets with dreams of becoming a super-app — payments, credit, insurance, investments, everything except maybe grocery delivery (yet). The IPO raised ₹5,720 million, expectations were high, and reality arrived carrying losses, regulatory tightening, and margin compression.

FY24 looked promising with a rare operating profit year, FY25 punched investors in the face again, and H1 FY26 added salt with a fraud incident that forced provisions, resignations, and police complaints.

Now suddenly in Q3