Mos Utility Limited (MOS)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Mos Utility's revenue was ₹151 Cr (-5.5% year on year, -1.5% on the previous quarter), and net profit ₹4.4 Cr (+6.1% year on year); the operating margin was 4.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹151 | -5.5% | -1.5% |
| Operating profit | ₹6.6 | +20.9% | -14.1% |
| Net profit | ₹4.4 | +6.1% | -11.2% |
| EPS (₹) | 0.17 | +6.3% | -5.6% |
| Operating margin | 4.3% | — | — |
MOS delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 65.22% of the MOS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 83.45%. That is lower than usual for this stock. Turnover was only ₹47 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal. It closed at its upper price band (circuit) on 16 Oct, one of 15 band closes in about the last 20 sessions. 14 bulk or block deals were reported in MOS in the last 60 days: ₹18 Cr bought and ₹27 Cr sold.
Delivery in the last 5 sessions: 71.0% · 100.0% · 81.8% · 64.5% · 65.2%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 23 Sep | Sell | Ashok Investors Trust Limited | ₹4.37 Cr | ₹7.30 | 5,988,000 | Bulk |
| 23 Sep | Buy | L7 Hitech Private Limited | ₹2.56 Cr | ₹7.30 | 3,500,000 | Bulk |
| 22 Sep | Sell | Ashok Investors Trust Limited | ₹9.02 Cr | ₹6.65 | 13,564,000 | Bulk |
| 22 Sep | Buy | Sb Opportunities Fund I | ₹2.57 Cr | ₹6.65 | 3,864,000 | Bulk |
| 22 Sep | Buy | Megha Agrawal | ₹2.23 Cr | ₹6.65 | 3,352,000 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
MOS Utility Limited has declared the voting results and Scrutinizer's Report for its 17th Annual General Meeting held on September 30, 2026. All five resolutions were approved with 100% of polled votes in favour, representing 10,29,77,890 votes cast (40.0% of total outstanding shares). Key approvals include the adoption of FY26 financial statements, reappointment of Director Santosh Ramrao Mijgar, and the MOS Utility Limited Employee Stock Option Scheme 2026 covering up to 2,57,44,041 options for employees of the company and its subsidiaries.
- All resolutions passed with 100% favourable votes out of 10,29,77,890 total votes polled
- Overall voter turnout stood at 40.0007% across 25,74,40,410 total outstanding shares
- Approved ESOP Scheme 2026 allowing grant of up to 2,57,44,041 stock options (~10% dilution potential)
- Appointed M/s Pooja M Patel & Associates as Secretarial Auditor for a 5-year term from 17th to 22nd AGM
- AGM was attended by 21 members (6 promoter group, 15 public) via Video Conferencing
MOS Utility held its 17th Annual General Meeting on September 30, 2026, passing ordinary and special resolutions including the approval of the Employee Stock Option Scheme 2026. The Chairman recapped FY26 performance, noting consolidated revenue of ₹635.24 crore and net profit growth of 37.5% to ₹18.53 crore, with annual processed transaction volume reaching ₹14,557 crore. Key strategic developments highlighted include subsidiary Samvriddhi Inclusive Growth Network receiving in-principle authorisations from the RBI for Online Payment Aggregator and Prepaid Payment Instrument licenses.
- Annual transaction volume processed across the network reached ₹14,557 crore in FY26
- Consolidated revenue stood at ₹635.24 crore with PAT rising 37.5% to ₹18.53 crore in FY26
- Subsidiary received RBI in-principle approval to operate as an Online Payment Aggregator and issue Prepaid Payment Instruments
- Shareholders voted on 5 resolutions, including adoption of FY26 financials and ESOP Scheme 2026
Lender Ashok Investors Trust Limited has invoked a pledge over 1,99,95,850 shares (7.77% of total share capital) held by promoter Mr. Kurjibhai Premjibhai Ruparelia. This follows an earlier invocation of 3,00,00,000 shares in August 2026, fully closing out the entire 4,99,95,850 pledged share block. The invocation occurred because the market price dropped below agreed security cover thresholds. Consequently, Mr. Ruparelia's personal holding declined from 20.21% to 12.44%, bringing the total Promoter and Promoter Group holding down to 36.23%.
- Pledge invoked on 1,99,95,850 equity shares, representing 7.77% of total share capital
- Promoter Kurjibhai Premjibhai Ruparelia's personal stake reduced from 20.21% to 12.44%
- Total Promoter and Promoter Group shareholding reduced to 36.23% (down from 51.11% as of March 2026)
- Entire pledge of 4,99,95,850 shares with Ashok Investors Trust Limited now stands invoked and closed
- Invocation triggered by falling share prices leading to shortfall in stipulated collateral cover
MOS Utility Limited has notified the stock exchange regarding the closure of its trading window pursuant to SEBI (PIT) Regulations. The closure will be effective from October 1, 2026, for designated persons and insiders. The window will remain shut until 48 hours after the declaration of financial results for the quarter ended September 30, 2026. The exact board meeting date to approve the financial results will be announced separately.
- Trading window closure effective from October 1, 2026
- Closure applies to Directors, KMPs, and designated persons pursuant to SEBI PIT Regulations
- Window to reopen 48 hours after communication of financial results for quarter ended September 30, 2026
- Board meeting date for result consideration to be intimated in due course
MOS Utility Limited's subsidiary, Samvriddhi Inclusive Growth Network Pvt. Ltd. (SIGN), has received in-principle authorisation from the RBI to issue Prepaid Payment Instruments (PPIs). This follows an in-principle approval received on September 19, 2026, to operate as an Online Payment Aggregator. The company plans to use this licence to launch digital wallets, corporate expense solutions, and last-mile payment services across its network of over 12 states. Commercial launch and revenue generation remain contingent upon fulfilling RBI conditions and obtaining final authorisation.
- Subsidiary SIGN received in-principle RBI authorisation on September 24, 2026, to issue Prepaid Payment Instruments (PPIs)
- Follows earlier in-principle approval received on September 19, 2026, for operating as an Online Payment Aggregator
- SIGN currently operates a Customer Service Point (CSP) network across more than 12 states partnering with major PSU and regional banks
- Commercial operations will only commence after meeting regulatory terms and receiving final RBI authorisation
Promoter Kurjibhai Premjibhai Rupareliya reported an invocation of pledge on 3,00,00,000 equity shares, representing 11.65% of the total share capital of MOS Utility Limited. The invocation took place on August 20, 2026, in favor of Ashok Investors Trust Limited (DP: Nuvama Wealth And Investment Limited). Following this invocation, the promoter's remaining encumbered holding stands at 5,20,26,500 shares or 20.21% of total share capital, down from a prior holding of 31.86%.
- Pledge invoked on 3,00,00,000 shares representing 11.65% of total share capital
- Invocation occurred on August 20, 2026, by Ashok Investors Trust Limited
- Promoter's total holding prior to event was 8,20,26,500 shares (31.86%)
- Post-event encumbered holding stands at 5,20,26,500 shares (20.21%)
MOS Utility Limited's subsidiary, Samvriddhi Inclusive Growth Network Pvt. Ltd. (SIGN), has received in-principle authorisation from the RBI to operate as an Online Payment Aggregator (PA-Online). This expands SIGN's business from physical/assisted CSP-led banking into digital payment gateway solutions for merchants, focusing on underserved rural and semi-urban markets. The approval is subject to final authorisation from the RBI following system readiness and audits. With MOS Utility generating TTM revenue of ₹626 Cr at a 4.5% OPM, this digital expansion offers higher-margin potential compared to standard CSP commissions.
- Subsidiary SIGN receives RBI in-principle authorisation to operate as an Online Payment Aggregator (PA-Online).
- SIGN currently operates a Corporate Business Correspondent network across more than 12 states, established since 2010.
- Services to include payment gateways covering UPI, QR codes, credit/debit cards, and net banking for merchants.
- Parent MOS Utility operates at a market cap of ₹144 Cr with TTM revenue of ₹626 Cr.
MOS Utility Limited has issued a notice convening its 17th Annual General Meeting on September 30, 2026. Key special resolutions include approval of the 'MOS Utility Limited Employee Stock Option Scheme, 2026' with an issuance pool of up to 2,57,44,041 options (each convertible into one equity share of Rs 2 face value). The scheme also covers eligible employees of its subsidiaries through fresh equity allotment. Additionally, shareholders will vote on the re-appointment of Executive Director Santosh Ramrao Mijgar (remuneration of Rs 19.20 Lakhs per annum) and appointment of secretarial auditors for a 5-year term.
- 17th AGM scheduled for September 30, 2026, via Video Conferencing
- ESOS 2026 proposed with a grant pool of up to 2,57,44,041 stock options
- Options to be fulfilled via fresh allotment of equity shares of face value Rs 2 each
- Proposed reappointment of Executive Director Santosh Ramrao Mijgar at an annual remuneration of Rs 19.20 Lakhs
- M/s Pooja M Patel & Associates proposed as Secretarial Auditor for a 5-year tenure
Mos Utility Limited has announced September 23, 2026, as the cut-off date to determine shareholder eligibility for remote e-voting and voting at its 17th Annual General Meeting (AGM). The AGM is scheduled to take place on September 30, 2026, at 04:00 PM IST via video conferencing. The remote e-voting window will open on September 27, 2026 (09:00 AM IST) and close on September 29, 2026 (05:00 PM IST). This is a standard corporate compliance filing with no operational or financial impact.
- Cut-off date for e-voting eligibility fixed as September 23, 2026
- 17th AGM scheduled for September 30, 2026, at 04:00 PM IST via Video Conferencing
- Remote e-voting period runs from September 27, 2026 (09:00 AM) to September 29, 2026 (05:00 PM)
- Board approval for AGM dates was granted on September 3, 2026
Mos Utility Limited approved its FY26 audited accounts and scheduled its 17th Annual General Meeting for September 30, 2026. The Board approved the ESOS 2026 scheme granting up to 2,57,44,041 options (representing up to 10% of paid-up capital), subject to shareholder approval. Notably, the Board took on record the invocation of a pledge over 3,00,00,000 equity shares (11.65% stake) held by promoter Kurjibhai Premjibhai Rupareliya on August 20, 2026, by Ashok Investors Trust Limited.
- Noted invocation of pledge over 3,00,00,000 shares (11.65% of paid-up equity) held by promoter Kurjibhai Premjibhai Rupareliya
- Approved ESOS 2026 covering up to 2,57,44,041 options (up to 10% of share capital) via fresh issuance
- Scheduled 17th AGM for September 30, 2026, with cut-off date fixed as September 23, 2026
- Recorded inter-se gift transfer of 10,00,000 shares (0.39% stake) from promoter Chirag Shah to Nikhil Shah
- Recommended appointment of M/s Pooja M Patel & Associates as Secretarial Auditor for 5 consecutive years
Mos Utility Limited has issued a corrigendum regarding its prior board meeting intimation filed under Regulation 29 of SEBI LODR. The company clarified that the intimation letter date was inadvertently typed as 27th August, 2025 instead of 27th August, 2026. The Board of Directors meeting remains scheduled for Thursday, 3rd September, 2026 to consider and approve specified business matters.
- Corrigendum filed to correct the intimation letter date from 27th August, 2025 to 27th August, 2026
- Board of Directors meeting remains scheduled for Thursday, 3rd September, 2026
- All other contents and proposed agenda items of the original intimation remain unchanged
Mos Utility Limited announced that Ashok Investors Trust Limited has invoked a pledge over 3,00,00,000 equity shares (representing 11.65% of total share capital) held by promoter Mr. Kurjibhai Premjibhai Ruparelia. The invocation occurred on August 20, 2026, due to a shortfall in security cover triggered by a decline in the company's share price. Following the invocation, Mr. Ruparelia's stake reduced from 31.86% (8,20,26,500 shares) to 20.21% (5,20,26,500 shares). Total promoter and promoter group shareholding has fallen below majority control to 45.48% (11,70,73,190 shares).
- Pledge invoked over 3,00,00,000 equity shares representing 11.65% of total share capital
- Promoter Kurjibhai Premjibhai Ruparelia's stake reduced from 31.86% to 20.21%
- Total Promoter & Promoter Group holding dropped to 45.48% (11,70,73,190 shares)
- Invocation triggered by lender Ashok Investors Trust Limited due to share price fall and security cover shortfall
- Invocation occurred on August 20, 2026, and was communicated to the company on August 26, 2026
MOS Utility Limited has appointed Mr. Atish Shelar as Chief Executive Officer effective August 12, 2026, to fill a casual vacancy following the previous CEO's resignation. Mr. Shelar brings over 25 years of experience from major financial institutions including HDFC Bank, Deutsche Bank, and M2P Fintech. This leadership change is critical for the company, which currently operates with a thin 4.3% operating margin and has seen its stock price decline by 79.3% over the past 12 months. The appointment also ensures compliance with SEBI (LODR) Regulations.
- Mr. Atish Shelar appointed as CEO effective August 12, 2026
- Over 25 years of experience in banking, fintech, and digital payments
- Previous leadership roles at IppoPay, M2P Fintech, BillDesk, HDFC Bank, and Deutsche Bank
- Appointment fills a casual vacancy to comply with SEBI (LODR) Regulations
- Company manages TTM revenue of Rs 635.24 Cr with a market cap of Rs 277 Cr
MOS Utility reported a consolidated net profit of ₹4.36 Cr for Q1 FY27, a 6.1% increase from ₹4.11 Cr in Q1 FY26, despite a 5.5% decline in revenue to ₹151.09 Cr. The company has appointed Atish Shelar as the new CEO, bringing over 25 years of experience from HDFC Bank, Deutsche Bank, and BillDesk. While the top line saw a slight contraction, Profit Before Tax (PBT) grew 15% YoY to ₹5.81 Cr, indicating improved operational efficiency. The Fintech and Utility segment remains the dominant contributor, accounting for 98% of total revenue.
- Consolidated Revenue from operations stood at ₹151.09 Cr for Q1 FY27, down 5.5% from ₹159.84 Cr in Q1 FY26.
- Net Profit (PAT) increased to ₹4.36 Cr compared to ₹4.11 Cr in the corresponding quarter of the previous year.
- Fintech and Utility segment revenue contributed ₹148.09 Cr, while Tourism & Travel contributed ₹3.00 Cr.
- New CEO Atish Shelar holds a Post Graduate Diploma from Welingkar and an Honorary Doctorate in Business from OXFAA University.
- Consolidated PBT margins improved to 3.85% in Q1 FY27 from 3.16% in Q1 FY26.
MOS Utility Limited reported a consolidated revenue of ₹151.09 Cr for Q1 FY27, representing a 5.5% decline compared to ₹159.84 Cr in the same quarter last year. Despite the revenue contraction, Net Profit (PAT) grew by 6% YoY to ₹4.36 Cr, though it fell 11% sequentially from ₹4.91 Cr in Q4 FY26. The Fintech and Utility segment continues to dominate the business, contributing 98% of total revenue. A notable concern is the sharp rise in finance costs, which jumped 334% YoY to ₹1.39 Cr.
- Consolidated Revenue from operations stood at ₹151.09 Cr, down 5.5% from ₹159.84 Cr in Q1 FY26.
- Net Profit (PAT) for the quarter was ₹4.36 Cr, a 6% increase over the ₹4.11 Cr reported in the year-ago period.
- Fintech and Utility segment revenue contributed ₹148.09 Cr, accounting for 98% of the total consolidated top line.
- Finance costs surged to ₹1.39 Cr from ₹0.32 Cr in Q1 FY26, impacting overall profitability margins.
- Consolidated EPS for the quarter remained flat YoY at ₹0.17 per share.
Financial Performance
Revenue Growth by Segment
Total consolidated income reached INR 193 Cr in FY24, representing a robust growth of 76.07% YoY. Growth is driven by the Fintech and Travel segments, with recent expansion into courier/cargo via MOS Logconnect (incorporated FY23) and financial inclusion via JC Ventures (acquired FY24).
Geographic Revenue Split
The company operates on a pan-India basis through a network of agents, particularly through JC Ventures which provides e-governance and ICT services across India. Specific regional percentage splits are not disclosed in available documents.
Profitability Margins
Operating margins have historically ranged between 2-7% (fiscals 2022-2024). Margins improved due to the high-margin entertainment segment but are estimated to moderate to 3-3.5% in fiscal 2025 following the addition of the lower-margin mobile utility business.
EBITDA Margin
EBITDA reached INR 17.85 Cr in FY24, growing 68% YoY. Net profit (PAT) for FY24 was INR 12.13 Cr, a 113% YoY increase. For H1 FY25, PAT stood at INR 6.38 Cr, up 71.32% YoY.
Capital Expenditure
The company maintains a healthy financial profile in the absence of large, debt-funded capital expenditure. It relies on internal cash accruals of INR 14-15 Cr to meet working capital needs and minor debt obligations of INR 0.70 Cr.
Credit Rating & Borrowing
CRISIL has assigned a 'Stable' outlook. Interest coverage was 19.34 times in FY24 and is estimated to exceed 25 times in FY25. Borrowing is minimal with a gearing ratio of 0.20-0.25 times as of March 31, 2025.
Operational Drivers
Raw Materials
As a fintech service provider, the primary 'raw' cost is agent commission, which represents 80% of the revenue generated from banking products.
Import Sources
Not applicable as the company provides digital financial and utility services within the Indian domestic market.
Key Suppliers
Key partners include various domestic banks for API integration and NStore ReTech Private Limited for consumer lending accessibility.
Capacity Expansion
Current operations involve a unified open API and wallet platform. Expansion is focused on increasing the agent network and service portfolio rather than physical manufacturing capacity.
Raw Material Costs
Agent payouts are the largest cost component; for every INR 100 generated in banking revenue, INR 80 (80%) is distributed to agents, a ratio that has remained stable for 3-4 years.
Manufacturing Efficiency
Efficiency is measured by the steady absorption of fixed costs amid increasing revenue and the successful integration of acquired entities like JC Ventures.
Logistics & Distribution
Distribution is handled through a B2B2C network of agents; the company also operates a courier and cargo business via its subsidiary MOS Logconnect Pvt Ltd.
Strategic Growth
Expected Growth Rate
70-76%
Growth Strategy
Growth is pursued through strategic acquisitions (JC Ventures, Indicore Infocomm), diversification into high-margin segments like entertainment, and new collaborations such as the November 2025 agreement with NStore ReTech to provide consumer lending at merchant outlets.
Products & Services
Unified open API and wallet platform, ticket booking, Aadhaar-enabled payments (AEPS), e-commerce services, courier/cargo services, and e-governance services.
Brand Portfolio
MOS Utility Limited, MOS World, MOS Logconnect, JC Ventures.
New Products/Services
Consumer lending services launched in late 2025 via NStore ReTech; mobile utility business added in FY25 which is expected to contribute to volume but moderate overall margins to 3%.
Market Expansion
Pan-India expansion through the acquisition of JC Ventures, which provides e-governance and ICT services across the country.
Strategic Alliances
Collaboration with NStore ReTech Private Limited (Nov 2025) to drive consumer lending; strategic operational linkages with subsidiaries like Indicore Infocomm and Samruddhi Inclusive Network.
External Factors
Industry Trends
The fintech industry is evolving toward unified platforms; MOS is positioning itself as a one-stop B2B2C provider for financial, utility, and travel services to capture the growing digital landscape.
Competitive Landscape
Intense competition from other fintech aggregators and direct banking apps, which limits the ability to increase the 20% revenue share retained from banks.
Competitive Moat
Moat is built on the extensive 14-year experience of promoters and a diversified service basket. Sustainability depends on the ability to maintain agent loyalty despite a competitive 80-20 margin structure.
Macro Economic Sensitivity
Highly sensitive to digital payment adoption rates and government initiatives regarding financial inclusion and e-governance.
Consumer Behavior
Increasing shift toward digital ticket booking and Aadhaar-enabled payments in rural and semi-urban areas drives demand for MOS merchant outlets.
Geopolitical Risks
Minimal direct impact as a domestic fintech, though broader economic shifts affecting consumer spending on travel and e-commerce would impact transaction volumes.
Regulatory & Governance
Industry Regulations
Subject to RBI guidelines for fintech/wallet platforms and Aadhaar-enabled payment systems. The company recently restated financials under Ind AS 8 to correct prior period errors related to fixed assets and depreciation.
Taxation Policy Impact
Current tax liabilities stood at INR 5.15 Cr as of September 2025.
Legal Contingencies
The company has disclosed the impact of pending litigations on its financial position in its FY25 financial statements, though specific case values were not detailed in the summary.
Risk Analysis
Key Uncertainties
Volatility in operating margins (2-7% range) and the 'Stretched' liquidity status are key risks that could impact the ability to fund rapid expansion.
Geographic Concentration Risk
While pan-India, the business is dependent on the regulatory environment of the Indian digital payment ecosystem.
Third Party Dependencies
High dependency on banking partners for API access and the agent network for last-mile service delivery.
Technology Obsolescence Risk
Risk of platform obsolescence requires continuous investment in the unified API and wallet infrastructure to compete with larger fintech rivals.
Credit & Counterparty Risk
Working capital is managed through internal accruals; the company maintains a current ratio of 2-2.5 times to mitigate counterparty risks.
