“Maintained a 'Buy' call on Paytm, raising its target price to ₹2,400. The new UPI MDR framework replaces the earlier discretionary subsidy model with a contractual, recurring commercial revenue model, making the payments business structurally self-sustaining and more resilient. Estimates Paytm could generate ₹1,120 crore in UPI MDR revenue in FY28 under conservative assumptions.”