“Bullish on Paytm, naming it a top pick with a target price of ₹2,200, implying a 26% upside from current levels. Key drivers include robust merchant lending growth, strong operating leverage, and the potential introduction of MDR on UPI. The brokerage forecasts EPS to reach ₹78 by FY29, but flags the non-introduction of UPI MDR and a slowdown in device additions as downside risks.”