“Raised Paytm's target price to ₹2,150 per share, implying over 24% upside, while retaining its 'Buy' call. The notified MDR rate is materially higher than previously modelled, and the new UPI charges could generate incremental revenue of ₹2.1 billion in FY27 and ₹4.7 billion in FY28. This converts a zero-revenue GMV pool into monetisable volume with nearly full flow-through to EBITDA, resolving regulatory overhang.”

JM Financial Analysis’s track record: 4 graded calls · 95% CI 5–70%