The company’s revenue from operations came in at Rs 289 crore, a jump of 8% from Rs 268 crore in the same quarter last year, the company said in a regulatory filing today.

EBITDA for the March quarter stood at Rs 10 crore, compared with an EBITDA loss of Rs 56.5 crore in the year-ago period.

EBITDA margin improved to 3.5% from negative 21% a year earlier.

The management said the quarterly results capped a transformational year driven by structural margin expansion in both Payments and Financial Services, along with a deliberate shift towards higher-quality lending.

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Total income for Q4 stood at Rs 296 crore, up 6% YoY, while full-year FY26 total income came in at Rs 1,154.2 crore.
Contribution profit more than doubled, rising 112% YoY to Rs 135.1 crore in the March quarter. For the full financial year, contribution profit stood at Rs 437.4 crore, marking a 21% increase over FY25.The company also said fixed costs as a percentage of total income remained broadly stable at 40% in Q4FY26, compared with 39% in the corresponding quarter last year, despite continued investments and cost allocation towards building new businesses.

As for segmental revenue, the company said its core payments business continued to deliver strong growth, supported by rising UPI adoption and improving unit economics. It remained the number one PPI wallet player in India and ranked as the second fastest-growing third-party application provider (TPAP) in the country’s UPI ecosystem, with UPI transactions rising 170% YoY in Q4 compared with the industry average growth of 26%. The company also ranked as the sixth-largest customer operating unit in the BBPS ecosystem.

Payments GMV touched a record high for the 13th consecutive quarter, rising 58% YoY and 9% sequentially to Rs 52,400 crore in Q4FY26. For the full financial year, GMV stood at Rs 1,82,100 crore, up 57% YoY, representing a 4.8x increase from FY24 levels in just two years. The company also reported an industry-leading net payments margin of 16 basis points, driven by monetisation beyond UPI.

In the financial services segment, the company said the business continued its recovery on the back of better credit quality and stronger collection efficiency. ZIP EMI GMV grew 59% YoY to Rs 837.7 crore during the quarter, with 75% of disbursals under the FLDG model and the remaining 25% through the distribution model.

Financial services revenue rose 37% YoY and 18% quarter-on-quarter (QoQ) to Rs 77.1 crore in Q4FY26, while full-year FY26 revenue from the segment stood at Rs 261.9 crore. Gross profit from financial services surged 1,775% YoY and 21% sequentially to Rs 45.1 crore in the March quarter. For the full year, financial services gross profit came in at Rs 115.7 crore.

Following the Q4 results, MobiKwik shares declined 4% to their day’s low of Rs 218.30 on the BSE

Rolly Bustos

All right. I think to respect everybody’s time, I think we will get started here. So again, greetings, and welcome to all the shareholders and stakeholders who are joining us on today’s Draganfly 2026 Q1 Earnings Call.

My name is Rolly Bustos, and I am the Internal Investor Relations rep here at Draganfly. We appreciate you, as always, joining us. We will start with our CEO and President, Cameron Chell, recapping the first quarter. Next will be a more detailed financial review with our CFO, Paul Sun. We will then conclude, as always, by addressing the pre-submitted questions that we have received.

Though I know many of you, as always, anybody is welcome to reach out to me directly at investor.relations@draganfly.com, and I’d be happy to have a conversation. I remind everyone that this presentation may include forward-looking information and statements. These statements are not guarantees of future performance or financial results and undue reliance should not be placed on them.

Any future events or financial results may differ from what might be discussed here. The company’s results and statements are accurate as of today, May 11, 2026. We are under no obligation to update or renew these statements outside of material press release disclosure going forward. The full forward-looking disclaimer can be found on Page 2 of this presentation and on the screen right now. So Cam, if you’re ready, please go ahead.

Cameron Chell
President, CEO & Executive Chairman of the Board

Great. Thanks, Rolly, and I really appreciate everybody’s time and consideration and joining us on today’s Q1 earnings call. So I’ll start off with

Q1: 2026-05-11 Earnings Summary

EPS of -$0.19 misses by $0.32

 | Revenue of $608.10M (3.77% Y/Y) misses by $8.75M

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MINNEAPOLIS — Victor Wembanyama’s availability for Game 5 of the Western Conference semifinals remains in doubt Monday as the NBA reviews his flagrant-2 ejection from Sunday’s loss, while Golden State Warriors forward Draymond Green openly encouraged the Minnesota Timberwolves to retaliate physically against the Spurs superstar.

Green, appearing on his podcast, did not hold back when discussing the controversial play in which Wembanyama was ejected for swinging an elbow into Naz Reid’s jaw and neck area. “Who’s gonna elbow him in the face?” Green asked pointedly. “Somebody’s got to send a message. You can’t let that slide in the playoffs.”

The comments quickly went viral, adding another layer of intensity to an already physical series now tied 2-2 heading into Tuesday night’s pivotal Game 5 at the Frost Bank Center in San Antonio.

League review underway

NBA officials are examining the incident for possible supplemental discipline. While flagrant-2 ejections do not carry automatic suspensions, contact above the shoulders in the playoffs often results in at least a one-game ban. Wembanyama, who had been dominant through the first three games, appeared stunned by the ejection and later expressed regret for the outcome while defending his physical play in a hard-fought series.

Spurs coach Mitch Johnson pushed back strongly against any suspension, calling it “ridiculous” and insisting there was no malicious intent. “He’s protecting himself out there,” Johnson said. “The physicality has been ramped up on both sides.”

Reid, who absorbed the elbow, downplayed the hit after the game, saying he was fine and that “basketball happens.” However, the Timberwolves have privately expressed frustration with what they see as repeated physical tactics targeting their big men.

Wembanyama’s playoff emergence

At just 22 years old, Wembanyama has transformed the Spurs into legitimate contenders ahead of schedule. Drafted No. 1 overall in 2023, he earned Defensive Player of the Year honors in his second season and has taken his game to another level in these playoffs. His rim protection, scoring versatility and basketball IQ have drawn comparisons to generational talents.

The ejection in Game 4 came at a critical moment. The Spurs led by as many as nine points before the incident, but struggled without their franchise cornerstone in the second half. Anthony Edwards exploded for 36 points, helping Minnesota even the series.

If Wembanyama is suspended for Game 5, the Spurs would face a massive challenge on their home floor. San Antonio’s supporting cast, including Stephon Castle and De’Aaron Fox, has shown promise, but losing the 7-foot-4 Defensive Player of the Year would shift the series dynamics dramatically.

Green’s comments ignite debate

Draymond Green’s call for retaliation struck a nerve across the league. Known for his own physical style and history of controversial plays, Green argued that young stars like Wembanyama need to be “welcomed” to the physicality of the playoffs.

“You can’t let these young bigs just throw elbows and not expect a response,” Green said. “Naz took one for the team. Now it’s time to respond the right way — within the rules, of course.”

The comments drew mixed reactions. Some praised Green for defending player safety and playoff toughness, while others accused him of encouraging dirty play. NBA players’ union representatives have stayed silent publicly, but multiple veterans privately expressed concern about escalating physicality in an already intense series.

Lakers parallel and league-wide implications

The situation echoes the scrutiny around Luka Doncic’s hamstring injury and the physical toll playoffs take on star players. With several high-profile stars dealing with injuries or ejections this postseason, league officials face growing pressure to balance player safety with the physical nature of playoff basketball.

Wembanyama’s clean reputation until Sunday’s incident makes the review particularly interesting. He has rarely lost composure, making the elbow swing appear out of character and possibly a reaction to repeated physical jostling throughout the series.

Timberwolves’ approach for Game 5

Minnesota coach Chris Finch has preached discipline and focus. While he did not directly address Green’s comments, Finch emphasized playing “within the rules” while protecting their players. The Timberwolves have shown championship-level composure, capitalizing on Wembanyama’s absence in Game 4 to even the series.

If Wembanyama sits, Edwards and the Wolves’ depth will be heavily favored at home. A victory would give Minnesota a 3-2 lead with a chance to close out the series in San Antonio.

Spurs’ resilience tested

For San Antonio, the focus remains on preparation and adaptability. Even without their defensive anchor, the young Spurs have shown fight. Coach Johnson has emphasized maintaining identity regardless of personnel. However, losing Wembanyama for Game 5 would force significant adjustments on both ends of the floor.

Broader playoff narrative

The Western Conference semifinals have lived up to their billing as a clash of styles and generations. Wembanyama represents the future of the league, while veterans like Edwards and Green bring championship experience and edge. Green’s comments have added psychological warfare to an already intense matchup.

As Game 5 approaches, the basketball world waits for the NBA’s decision. A suspension would mark a significant blow to the league’s marketing of its young stars, while no suspension could be viewed as leniency for a high-profile player.

Fan and social media reaction

Social media has been divided. Many defend Wembanyama as a young star still learning playoff physicality, while others side with Green’s call for accountability. Clips of the elbow and Green’s podcast comments have amassed millions of views, dominating basketball conversation heading into Game 5.

The incident has also sparked renewed debate about player safety, officiating consistency and the unwritten rules of playoff basketball.

What’s at stake in Game 5

Tuesday night’s game carries enormous weight. For the Spurs, a win would regain home-court advantage and shift momentum. For the Timberwolves, victory would put them one win away from the Western Conference finals and a chance to eliminate a rising powerhouse.

Regardless of Wembanyama’s status, the series has already delivered memorable moments and physical, emotional basketball. Green’s provocative comments have only heightened the drama as both teams prepare for what could be a decisive night in San Antonio.

The basketball world will be watching closely — not just for the outcome, but for how the league handles one of the most talked-about plays of the 2026 playoffs.