“Bernstein maintains an 'outperform' rating on Paytm, raising its price target to ₹2,200 from ₹1,500. This bullish outlook is driven by the potential introduction of MDR on UPI transactions, which could boost Paytm's net payments margins by 3-4 basis points and increase EPS by 30% for FY2030 compared to previous forecasts. However, competitive intensity in merchant acquiring could lead to lower-than-published realized economics.”