“Bullish on Paytm, raising its price target to ₹2,100 from ₹1,600. The firm expects a 25% revenue CAGR over FY26-29, aided by its 49 million merchant base and strong loan-origination model. Operational synergies and a 25 basis points MDR on UPI are expected to drive a sharp rise in EBITDA and profit, leading to a 20-25% increase in FY28-29 earnings estimates.”

Jefferies Analysis’s track record: 3 graded calls · 95% CI 44–100%