NSE: PAYTM · BSE: 543396
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Consumer payments, Merchant payments, Financial services distribution, Wealth and equity broking, AI commerce cloud (emerging). Asset-light, technology-led fintech combining payment processing, device-based merchant acquiring and partner-distributed financial services.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,974 | 7,990 | 9,978 | 6,900 | 8,437 |
| EBITDA (ex other income) | (2,343) | (1,632) | (1,140) | (683) | 316 |
| margin % | (47.1) | (20.4) | (11.4) | (9.9) | 3.7 |
| Owners' profit | (2,393) | (1,776) | (1,417) | (659) | 553 |
| EPS, as reported (₹) | (38.00) | (27.00) | (22.00) | (10.35) | 8.66 |
| ROE % · ROCE % | (17.0) · (15.7) | (13.7) · (12.7) | (10.7) · (9.8) | (4.4) · (4.1) | 3.4 · 3.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (1,236) | 416 | 651 | (121) | (743) |
| Capex | (507) | (705) | (822) | (322) | (479) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,660 | 1,828 | 1,912 | 1,918 | 2,061 | 2,194 | 2,264 | 2,448 |
| Profit before tax | 935 | (203) | (542) | 126 | 31 | 231 | 194 | 247 |
| Net profit | 930 | (209) | (545) | 123 | 21 | 225 | 183 | 220 |
| EPS (₹) | 14.59 | (3.27) | (8.47) | 1.92 | 0.33 | 3.52 | 2.87 | 3.44 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ONE 97 COMMUNICATIONS LTD ◆ | 1,02,502 | 157.6 | 6.40 | 84.8 | 3.4 | 3.6 | — | 15.7 |
| PB FINTECH LIMITED | 46,659 | 62.1 | 6.38 | 52.1 | 9.2 | 9.2 | — | 12.3 |
| AVENUESAI LIMITED | 42,257 | 119.8 | 8.49 | 94.7 | 5.9 | 6.2 | 64.4 | 4.8 |
| PINE LABS LIMITED | 17,711 | 135.8 | 3.00 | 33.8 | 1.9 | 2.2 | — | 16.8 |
| SESHAASAI TECHNOLOGIES L | 5,141 | 16.6 | 3.60 | 12.8 | 16.8 | 22.0 | — | 25.1 |
| NETWORK PEOPLE SRV TECH L | 3,544 | 76.0 | 8.03 | 50.2 | 9.3 | 12.3 | — | 33.3 |
| ONE MOBIKWIK SYSTEMS LTD | 1,711 | — | 3.18 | — | (11.5) | (11.2) | — | 5.6 |
| WSFX Global Pay Limited | 84 | — | 2.94 | — | (4.5) | (6.4) | — | (20.5) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 157.6 | 97.9 | 6 of 6 | 0% |
| P/B | 6.4 | 3.4 | 8 of 10 | 22% |
| ROCE | 3.6 | 3.7 | 6 of 10 | 44% |
| ROE | 3.4 | 4.4 | 6 of 10 | 44% |
| Debt / Equity | 0.0 | 0.1 | 1 of 10 | 89% |
| EBITDA margin | 15.7 | 8.9 | 4 of 10 | 67% |
| Revenue growth | 27.7 | 40.1 | 6 of 9 | 38% |
| Profit growth | 79.6 | 55.6 | 3 of 9 | 75% |
| Market cap | 102502 | 4342 | 1 of 10 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Paytm earnings call recording for September 2026 quarter uploaded | investor communications | low | — | — |
| 27 Oct 2026 · Newspaper publication of September 2026 quarter and half-year results | compliance | minimal | — | — |
| 27 Oct 2026 · One 97 updates policy for public disclosure of market-sensitive information | compliance | minimal | — | — |
| 26 Oct 2026 · Paytm board meeting concludes after 2 hours 24 minutes | compliance | minimal | — | — |
| 26 Oct 2026 · No deviation in Paytm IPO fund use for September 2026 quarter | compliance | minimal | — | — |
| 26 Oct 2026 · Paytm approves DLG update; profit rises and Rs 1,000 crore funding is planned | credit debt | medium | — | — |
| 26 Oct 2026 · Paytm Q2 profit jumps to Rs 225 crore; NPCI cap may aid margins | results | high | — | — |
| 26 Oct 2026 · Paytm approves additional funding for PCTL and Paytm Singapore | strategic transactions | medium | — | — |
| 26 Oct 2026 · Paytm Q2 FY27 profit jumps to Rs 273 crore; up to Rs 1,000 crore funding approved | results | high | — | — |
| 26 Oct 2026 · Paytm Q2 FY27 revenue up 28%, PAT jumps to ₹225 Cr | results | high | — | — |
How to read this document
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|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.