ONE 97 COMMUNICATIONS LTD

Operates a mobile payments and financial services platform serving Indian consumers and merchants through the Paytm app. Earns payment processing fees on consumer UPI and merchant card and online transactions, with net payment margin at greater than 4 basis points in Q4 FY26. Sells and leases payment devices such as the Soundbox to merchants, with the merchant base reaching 1.57 crore subscribers in Q1 FY27 and merchant GMV of Rs 7.1 lakh crore that quarter. Distributes lending and credit products — merchant loans, Postpaid, credit cards on UPI — on a partner-only basis with no FLDG, earning distribution commissions; financial services distribution revenue was Rs 814 crore in Q1 FY27, up 45% year-on-year. Building out wealth management and equity broking through wholly-owned subsidiary Paytm Money, with the board approving an additional Rs 100 crore investment in Q1 FY27. Working on an AI-led commerce cloud offering for merchants that management expects could become a reportable revenue line within a year. The cost base is dominated by employees at 32.8% of FY26 revenue and other operating expenses at 61.3%, with no materials cost.