“Maintains an 'Underperform' rating on Paytm with a target price of ₹1,050, implying a potential downside of approximately 22%. While Q1 FY27 EBITDA slightly exceeded estimates, the brokerage revised its FY27-FY29 EBITDA estimates lower by 2-3%, noting that operating expenses benefited from reduced doubtful debt provisions during the quarter. CLSA believes the recent rally has factored in much of the optimism, limiting further upside at current valuations.”