The stock gave up some of the gains later and was trading 4.04% higher at ₹209.85 on the BSE at 11:35 IST. The company's market capitalisation stood at ₹1,650 Cr (about $181.4 Mn) at the time.

Yesterday, MobiKwik said that the BSE approved its subsidiary Mobikwik Securities Broking Private Limited (MSBPL) to commence stock broking operations.

"BSE has enabled MSBPL on its platform with effect from February 24, 2026. The BSE nod follows the grant of stock broking registration to MSBPL by the Securities & Exchange Board of India in July 2025," the company said.

MSBPL can conduct activities like buying, selling, dealing, clearing and settlement of equity trades.

"The approval by BSE to commence our stock broking business in its platform is a pivotal step in MobiKwik's evolution into a scaled financial services platform. India has witnessed incredible growth in retail investor participation, and we believe our platform can help demystify investing for users taking their first steps into the markets," MobiKwik cofounder and CEO Upasana Taku said.

Notably, the company has been taking steps to diversify its revenue stream and turn into a full-stack fintech platform spanning payments, lending and wealthtech, after starting as a wallet-led payments platform.

It set up MSBPL in March last year to take on the likes of Groww and Zerodha. In April last year, it also set up an NBFC subsidiary - Mobikwik Financial Services Pvt Ltd (MFSPL). In October, the company said it would infuse ₹9.99 Cr in MFSPL.

MobiKwik's Profitable Q3

The BSE approval comes after the fintech company turned profitable in the December quarter of 2025 (Q3 FY26). It posted a consolidated net profit ₹4 Cr as against a loss of ₹55.3 Cr in the same quarter last year.

Operating revenue grew 7.2% to ₹288.9 Cr in Q3 FY26 from ₹269.5 Cr in the year-ago period.

MobiKwik divides its business into payments and financial services verticals. For the payments vertical, it earns revenue by charging merchant fees and convenience fees. For financial services, it generates revenue from collection fee, late payment fee and penal charges.

Stock broking is a part of its financial services suite. Notably the segment saw its revenue decline 10.6% to ₹65.2 Cr in the December quarter from ₹72.9 Cr in the same quarter last year. However, the segment's gross profit rose 405% YoY to ₹37.2 Cr during the quarter under review.

MobiKwik also offers credit via ZIP EMI, as part of the financial services vertical. However, financial services' take rate declined to 7.24% in the December quarter from 10.36% in Q3 FY25 and 7.59% in Q2 FY26.

In its earnings call, Taku said that MobiKwik is currently focusing on scaling its wealth management and stock broking offerings in the near-term, which would ultimately result in improvement in the financial services segment's take rate.