Pending — not yet graded
“Maintains a 'Buy' call on Paytm, increasing its target price to ₹2,150, implying over 24% upside. The new UPI MDR charges are expected to generate incremental revenue of ₹2.1 billion in FY27 and ₹4.7 billion in FY28, converting a zero-revenue GMV pool into monetizable volume with full flow-through to EBITDA, resolving regulatory overhang.”
JM Financial Analysis’s track record: 4 graded calls · 95% CI 5–70%
PaytmBullishCalled 16 Sep 2026
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