“Bullish on One97 Communications (Paytm), raising its target price to ₹2,200 from ₹1,500, marking a 52% upside and the highest on the Street. This revised target is above its IPO price for the first time. The upgrade incorporates the introduction of Merchant Discount Rate (MDR) on UPI transactions into its base case from FY28 onwards, expecting a 3-4 basis point improvement in net payments margin and a 30% increase in FY30E EPS.”