“Bullish on Paytm, anticipating a material earnings upgrade and 40-70% upside potential to EBITDA by FY28 due to the new UPI MDR implementation. The quantum of MDR and sharing ratio are higher than investor expectations, creating a potential ₹20,600 crore industry revenue pool. A UPI market share cap could further boost Paytm, whose underlying earnings growth and market share momentum are strong, keeping its multiples elevated.”

Goldman Sachs Analysis’s track record: 3 graded calls · 95% CI 21–94%