Transcript of the Earnings Conference Call conducted on May 07, 2026.

Paytm reported strong Q4 FY26 results with management guiding for revenue growth acceleration in FY27. Payment processing margins improved significantly to above 4 basis points (up from less than 3), delivering approximately 50-60% growth in payment processing revenue. The company expects to reach its medium-term EBITDA margin target of 15-20% in about 2.5-3 years from the current ~6% level, driven by operating leverage as revenue accelerates and costs grow significantly slower than revenue. Paytm Postpaid is showing faster ramp-up than the previous iteration and personal loan disbursements have started recovering. Wealth/brokerage is positioned as the third growth pillar, with management seeing it as a market share gain opportunity. AI investments will focus on enhancing existing products for merchants and consumers rather than material capital expenditure. Merchant loan penetration stands at approximately 7%, leaving significant room for expansion.