India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/one-mobikwik-systems-ltd" target="_blank" data-smartkarma-citation="entities:33952:1" rel="noopener">One Mobikwik Systems (1235487D IN)</a> achieved PAT profitability in Q3 FY26, delivering a strong INR 593 Mn YoY swing by prioritizing unit economics over vanity growth metrics</li>
<li>Payments GMV reached an all-time high of INR 481 Bn as UPI volumes surged 3.2x, giving converting opportunity into higher-margin revenue generating categories</li>
<li>Disciplined cost management reduced people expenses to 14.0% while financial services gross profits soared 405% YoY through a focus on high-quality credit.
</li>
</ul>



One Mobikwik Systems (1235487D IN) achieved PAT profitability in Q3 FY26, delivering a strong INR 593 Mn YoY swing by prioritizing unit economics over vanity growth metrics
Payments GMV reached an all-time high of INR 481 Bn as UPI volumes surged 3.2x, giving converting opportunity into higher-margin revenue generating categories
Disciplined cost management reduced people expenses to 14.0% while financial services gross profits soared 405% YoY through a focus on high-quality credit.



MobiKwik Q3 FY26: The "Profitability" Pivot Is Real?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/one-mobikwik-systems-ltd" target="_blank" data-smartkarma-citation="entities:33952:1" rel="noopener">One Mobikwik Systems (1235487D IN)</a> is India's leading digital wallet platform, serving over 183 million users and 4.7 million merchants through integrated payments, digital credit, and investment solutions. </li>
<li>The company shifted from small-ticket Zip loans to large-ticket Zip EMI products to improve credit book quality and ensure more stable long-term unit economics. </li>
<li>Management expects an EBITDA break-even by Q3 FY26 or Q4FY26, supported by disciplined cost management, 30% loan book expansion, and normalized gross lending margins of 40%.</li>
</ul>



One Mobikwik Systems (1235487D IN) is India's leading digital wallet platform, serving over 183 million users and 4.7 million merchants through integrated payments, digital credit, and investment solutions. 
The company shifted from small-ticket Zip loans to large-ticket Zip EMI products to improve credit book quality and ensure more stable long-term unit economics. 
Management expects an EBITDA break-even by Q3 FY26 or Q4FY26, supported by disciplined cost management, 30% loan book expansion, and normalized gross lending margins of 40%.


One Mobikwik Systems Ltd ~The Next Paytm?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>The RBI did not extend the PIDF subsidy scheme beyond 2025, potentially causing a INR 200 crore annualized revenue loss for leading fintech giant <a href="https://www.smartkarma.com/entities/one-97-communications-limited-paytm" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a> .</li>
<li>This withdrawal of state support acts as a competitive moat, reinforcing the existing duopoly by pricing out new players from challenging established incumbents.</li>
<li>
Companies are nowexpected to hike merchant device rentals by INR 10 monthly to offset the subsidy cliff and sustain their long-term growth.</li>
</ul>


The RBI did not extend the PIDF subsidy scheme beyond 2025, potentially causing a INR 200 crore annualized revenue loss for leading fintech giant Paytm (PAYTM IN) .
This withdrawal of state support acts as a competitive moat, reinforcing the existing duopoly by pricing out new players from challenging established incumbents.

Companies are nowexpected to hike merchant device rentals by INR 10 monthly to offset the subsidy cliff and sustain their long-term growth.


India Fintech: Who Survives the PIDF Subsidy Cliff?

<ul>
<li>RBI and NPCI are rolling out the Credit Line on UPI (CLOU), allowing instant digital credit within UPI apps- effectively merging payments and lending.</li>
<li>CLOU leverages India’s most trusted digital infrastructure to expand formal credit access, especially for new-to-credit consumers, and could be the foundation for a data-driven lending model.</li>
<li>By combining UPI Credit Lines with a forthcoming Digital Payment Score (DPS), India may transition from a payments-led to a credit-led digital economy- redefining financial inclusion and retail lending economics.</li>
</ul>


RBI and NPCI are rolling out the Credit Line on UPI (CLOU), allowing instant digital credit within UPI apps- effectively merging payments and lending.
CLOU leverages India’s most trusted digital infrastructure to expand formal credit access, especially for new-to-credit consumers, and could be the foundation for a data-driven lending model.
By combining UPI Credit Lines with a forthcoming Digital Payment Score (DPS), India may transition from a payments-led to a credit-led digital economy- redefining financial inclusion and retail lending economics.


UPI’s Next Act: How Credit Lines Could Reshape India’s Retail Lending Landscape

<ul>
<li>By June 2025, shares worth INR 4.02 trillion across 73 IPOs will become tradeable post lock-in expiry, including major names like Hyundai, Swiggy, and NTPC Green.</li>
<li>This massive unlock could flood markets with fresh float, increasing supply dramatically and potentially causing short-term price corrections, especially in already weak or overvalued stocks.</li>
<li>Investors should prepare for near-term volatility but also watch for dips in strong businesses as potential accumulation opportunities once initial selling pressure subsides.</li>
</ul>


By June 2025, shares worth INR 4.02 trillion across 73 IPOs will become tradeable post lock-in expiry, including major names like Hyundai, Swiggy, and NTPC Green.
This massive unlock could flood markets with fresh float, increasing supply dramatically and potentially causing short-term price corrections, especially in already weak or overvalued stocks.
Investors should prepare for near-term volatility but also watch for dips in strong businesses as potential accumulation opportunities once initial selling pressure subsides.


₹4.02 Lakh Crore IPO Lock-In Expiry Wave in H1 2025 in Indian Markets

India

One Mobikwik Systems Pvt. Ltd. provides software solutions. The Company offers mobile application for online mobile recharge and payments. One Mobikwik Systems is based in India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

One Mobikwik Systems (1235487D IN)

MobiKwik Q3 FY26: The "Profitability" Pivot Is Real?

One Mobikwik Systems prioritizes unit economics over vanity growth, achieving PAT profitability in Q3 FY26 with record GMV and strong financial...

Sudarshan Bhandari

One Mobikwik Systems Ltd ~The Next Paytm?

India's leading digital wallet platform, One Mobikwik Systems, is transitioning to large-ticket Zip EMI products to enhance credit quality and...

Sudarshan Bhandari

India Fintech: Who Survives the PIDF Subsidy Cliff?

RBI's decision not to extend PIDF subsidy scheme leads to potential INR 200 crore annual revenue loss for Paytm, causing fintech stocks to tumble...

Nimish Maheshwari

UPI’s Next Act: How Credit Lines Could Reshape India’s Retail Lending Landscape

RBI and NPCI introduce Credit Line on UPI (CLOU) to merge payments and lending, expanding formal credit access and potentially transitioning India...

Nimish Maheshwari

₹4.02 Lakh Crore IPO Lock-In Expiry Wave in H1 2025 in Indian Markets

By June 2025, INR 4.02 trillion worth of shares from 73 IPOs will become tradeable, potentially causing short-term price corrections and increased...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MobiKwik Q3 FY26: The "Profitability" Pivot Is Real?

​One Mobikwik Systems prioritizes unit economics over vanity growth, achieving PAT profitability in Q3 FY26 with record GMV and strong financial...

Sudarshan Bhandari

One Mobikwik Systems Ltd ~The Next Paytm?

​India's leading digital wallet platform, One Mobikwik Systems, is transitioning to large-ticket Zip EMI products to enhance credit quality and...

Sudarshan Bhandari

India Fintech: Who Survives the PIDF Subsidy Cliff?

​RBI's decision not to extend PIDF subsidy scheme leads to potential INR 200 crore annual revenue loss for Paytm, causing fintech stocks to tumble...

Nimish Maheshwari

UPI’s Next Act: How Credit Lines Could Reshape India’s Retail Lending Landscape

​RBI and NPCI introduce Credit Line on UPI (CLOU) to merge payments and lending, expanding formal credit access and potentially transitioning India...

Nimish Maheshwari

₹4.02 Lakh Crore IPO Lock-In Expiry Wave in H1 2025 in Indian Markets

​By June 2025, INR 4.02 trillion worth of shares from 73 IPOs will become tradeable, potentially causing short-term price corrections and increased...

Sudarshan Bhandari

One Mobikwik Systems prioritizes unit economics over vanity growth, achieving PAT profitability in Q3 FY26 with record GMV and strong financial...

India's leading digital wallet platform, One Mobikwik Systems, is transitioning to large-ticket Zip EMI products to enhance credit quality and...

RBI's decision not to extend PIDF subsidy scheme leads to potential INR 200 crore annual revenue loss for Paytm, causing fintech stocks to tumble...

RBI and NPCI introduce Credit Line on UPI (CLOU) to merge payments and lending, expanding formal credit access and potentially transitioning India...

By June 2025, INR 4.02 trillion worth of shares from 73 IPOs will become tradeable, potentially causing short-term price corrections and increased...