Pending — not yet graded
Retained 'Buy' rating on Paytm and raised price target to ₹2,100 from ₹1,600, just below its IPO price. Bullish on Paytm's ability to monetize its 49 million merchant base and strong loan-origination model, projecting a 25% revenue CAGR between FY26-FY29. Favorable changes in MDR regime and initiatives like credit on UPI are expected to sharply increase EBITDA and profit, leading to raised FY28-FY29 earnings estimates by 20-25%.

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

PaytmBullishCalled 11 Sep 2026
Verdict:PENDING

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