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
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