Pending — not yet graded
Maintains an Underperform rating on Paytm with a target price of ₹1,050, suggesting a 22% downside. The brokerage trimmed its FY27-FY29 EBITDA estimates by 2-3% due to expectations of higher operating expenses, despite Paytm Payment Services applying for a wallet licence. CLSA believes the recent stock rally, driven by UPI MDR expectations, leaves little upside even if the policy is implemented.
PaytmBearishCalled 21 Jul 2026
Verdict:PENDING

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Tracking Paytm since this call

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