One 97 Communications Ltd(PAYTM)

NSE: PAYTMBSE: 543396

₹ 1,612-2.76%refreshed 23 Oct, 03:53 pm ISTMarket cap: ₹ 1.03 L crNext results: 26 Oct 2026Website: www.paytm.comUpdated: 24 Oct 2026

About

One 97 Communications Ltd (Paytm) is an Indian fintech platform operating payment processing, financial services distribution, and marketing services across all 28 states and 8 union territories of India. In FY26 it reported total revenue of ₹8,437 Cr, with merchant GMV of approximately ₹23.8 Lakh Cr representing ~26% YoY growth. Paytm has gained consumer UPI market share for five consecutive quarters, growing at more than 2x the pace of the UPI market.^[1][2]

Business segments

Payment Services contributed ₹4,891 Cr (58% of total revenues) in FY26, covering QR, Soundbox, POS, UPI processing, and online payment aggregation.^[2]
Distribution of Financial Services grew 52% YoY to ₹2,594 Cr in FY26, representing 31% of total revenues, up from 25% in FY25.^[2]
Marketing Services contributed ₹952 Cr (11% of total revenues) in FY26, including advertising, travel ticketing, credit card distribution, and deals and gift vouchers.^[2]

Products and services

Payments portfolio spans QR codes, Soundbox devices, POS terminals, and UPI; financial services include loan distribution, insurance broking (PIBPL), equity broking, mutual funds, and Margin Trade Funding (Paytm Money).^[2]
Paytm Postpaid (BNPL) was relaunched and in Q1 FY27 is scaling at roughly twice the pace of the original product cycle, with management expecting meaningful revenue and EBITDA contribution by FY28.^[3][4]
AI Soundbox, previewed in Q2 FY26, transforms the payment alert device into an intelligent business assistant delivering real-time analytics and translation, creating new subscription and inference revenue pools.^[5]
Paytm Check-in, an agentic consumer interface, converts purchase funnels at 7 - 8x the rate of traditional tap-based navigation, per Q4 FY26 management commentary.^[4]

Key operating numbers

Merchant GMV reached approximately ₹23.8 Lakh Cr in FY26 (~26% YoY growth); GMV growth further accelerated to 31% YoY in Q1 FY27, up from 27% in Q4 FY26 and 23% in Q3 FY26.^[2][3]
Consumer UPI GTV reached ₹5.5 Lakh Cr in Q4 FY26, up 46% YoY; Monthly Transacting Users expanded to 7.7 Cr by Q4 FY26.^[2]
In Q1 FY27 MTU grew ~8% YoY while consumer-side GTV rose 45% YoY, indicating sharply rising per-user transaction frequency.^[3]
Net payment margin (ex-PIDF) was 8.4 bps in Q1 FY27, compared with 8.8 bps in the prior period; payment processing margin held above 4 bps in Q4 FY26.^[3][4]
EBITDA margin adjusted for PIDF improved from ~1% to 8% YoY in Q1 FY27, a ~700 bps expansion, driven by revenue growth outpacing indirect costs.^[3]
Key Financial Services Customers grew 36% YoY from ~5.5 Lakh at start of FY26 to 7.5 Lakh at end of Q4 FY26; reached 7.6 Lakh in Q1 FY27.^[2][3]

Merchant base and distribution

Subscription merchant base crossed 1.51 Cr as of March 2026, a 27 Lakh YoY addition from 1.24 Cr at end-FY25; merchant device additions running at 25 - 30 Lakh per year as of Q1 FY27.^[2][3]
Merchant loan penetration reached ~7% of subscription device base in Q4 FY26, up from ~6% a year earlier, with three equal drivers: base expansion, penetration rate, and ticket size (each ~15% contribution).^[4]
More than 50% of Paytm's card machines are enabled for EMI disbursement across electronics, healthcare, furniture, fashion, beauty, and quick commerce.^[4]
Paytm provides payment, financial, and marketing services across all 28 states and 8 union territories of India, operating 90 national locations (corporate offices, sales offices, fleet hubs).^[2]
Average sales employees increased to 42,018 in FY26 from 32,614 in FY25, reflecting active merchant and consumer acquisition investment.^[2]

Lending and financial services

Paytm operates an asset-light, partnership-led lending model; lending partners underwrite and book loans on their own balance sheets with no balance-sheet risk for Paytm.^[2]
Personal loan disbursements returned to healthy QoQ growth in Q1 FY27 after 8 - 10 challenging quarters, supported by a double-digit number of lending partners with new partners ramping quickly.^[3]
Distribution of Financial Services revenue in Q2 FY26 grew 63% YoY to ₹611 Cr, with over 50% repeat borrowers on the merchant loan side.^[5]

AI and technology initiatives

Paytm compressed a 200-billion parameter model to a 4-billion parameter model tuned for Indian languages, running on proprietary infrastructure to replace external call-centre and cloud costs, and is monetising this capability with third-party merchants.^[3]
In-house AI platforms include Paytm ARMS (merchant lifecycle insights) and Periscope (fraud and risk detection); indirect employee costs (ex-sales) fell 6.5% YoY in Q1 FY27 partly due to AI-driven efficiencies.^[6][3]
AI-based non-payment, non-financial-services products for merchants and businesses are expected to start generating material revenue within approximately two quarters from Q1 FY27.^[3]

Recent regulatory and corporate developments

Paytm Payments Services Limited (PPSL) received its Certificate of Authorisation as a Payment Aggregator on November 26, 2025, and was further authorised for physical (offline) and cross-border payments on December 17, 2025.^[2]
Three new independent directors with expertise in technology, business, finance, and globalisation joined the board, as announced during the Q1 FY27 earnings call.^[3]
As of March 31, 2026, Paytm has 36 subsidiaries (including step-down), 7 associates, and 3 joint ventures; international subsidiaries operate in the UAE, Singapore, and Indonesia.^[2]
Cash and investments on the balance sheet stood at ₹13,500 Cr in Q1 FY27 and ₹13,315 Cr as of March 31, 2026, compared with ₹12,809 Cr a year earlier.^[3][2]

Expansion plans

Paytm Money (equity broking) is targeting a top-5 domestic equity broker rank, with management signalling four more quarters to visible scale as of Q1 FY27.^[3][4]
Margin Trade Funding (MTF) identified as a high-ROI deployment of the company's cash balance, with strong product-market fit noted in Q1 FY27.^[3]
International expansion of technology-led merchant payments and financial services is being explored; international locations cover 13 countries with export revenue below 1% of total revenues in FY26.^[6][2]

Market Cap

₹1,03,427 Cr

High / Low

₹1,857 / 947

Stock P/E

166.8

Price / Book

6.8

Book Value

₹250

EPS

₹8.6

No. of Shares

64 Cr

ROE

3.6%

Sales

₹8,437 Cr

Net Profit

₹552 Cr

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