“Maintains a Buy rating on Paytm, raising its target price to ₹1,560 from ₹1,425, implying a 16% upside. This upgrade is driven by Q1 EBITDA exceeding estimates by 16% due to lower cloud costs and higher merchant loan distribution. Citi has also raised its FY27 and FY28 EBITDA estimates by 2% and 6% respectively, noting potential further upside from UPI MDR implementation.”