Reiterated a 'Buy' rating on Paytm and raised its target price to ₹1,950 from ₹1,500. This upgrade follows a parliamentary amendment enabling MDR on UPI transactions above a threshold, which is expected to create a new, high-margin earnings stream for Paytm, potentially adding ₹200 crore in FY27 and ₹440 crore in FY28.

JM Financial Analysis’s track record: 4 graded calls · 95% CI 5–70%

PaytmBullishCalled 17 Aug 2026
Verdict:PENDING

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