“Maintains a 'Buy' call on Paytm, raising its price target to ₹2,100 from ₹1,600. The brokerage highlights Paytm's ability to monetize its client base even in a near-zero MDR regime, which is now changing favorably. Its 4.9 crore merchant base and strong loan-origination model are expected to drive a 25% revenue CAGR over FY26-29, leading to a sharp rise in EBITDA and profit.”

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