Overview

• The revised target implies roughly 19%–21% upside from Paytm’s last close near Rs 1,197 on September 22.
• Jefferies models EBITDA moving from an FY25 loss to Rs 500 crore in FY26 and Rs 1,200 crore in FY27, with revenue CAGR of 24% through FY28 and EBITDA margins near 15% by FY28.
• Scale remains a core advantage with about 45 million merchants and an active consumer base recovered to roughly 74–75 million as of June 2025.
• Postpaid-on-UPI and wealth products are flagged as key levers, with a one‑third rebound in postpaid potentially adding about 7% to FY27 EBITDA estimates.
• Paytm reported a consolidated net profit of Rs 122.5 crore in Q1 FY26 on 28% year‑on‑year revenue growth, reintroduced BNPL with Suryodaya Small Finance Bank, and injected Rs 300 crore into Paytm Money.