“Reiterates its Buy rating on Paytm, increasing its target price to ₹1,500 from ₹1,430, indicating an 11% upside. The positive outlook is based on stronger Q1 revenue growth of 28% YoY and EBITDA margin expansion to 8.3%. Key growth drivers include market share gains in online and offline payments, continued strength in merchant loan distribution, and potential UPI MDR implementation. FY27-FY29 revenue and EBITDA estimates have been raised.”

Goldman Sachs Analysis’s track record: 3 graded calls · 95% CI 21–94%