Pending — not yet graded
“Maintains a 'Buy' call on Paytm, increasing its target price to ₹2,400, implying around 39% upside potential. The new UPI acquiring model is now contractual, recurring, and scales with value, replacing discretionary subsidies, making the payment business structurally self-sustaining and more resilient. Estimates Paytm to generate UPI MDR revenue of ₹1,120 crore in FY28.”
PaytmBullishCalled 16 Sep 2026
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