“Bullish on Paytm, estimating incremental revenue of ₹2.1 billion in FY27 and ₹4.7 billion in FY28, with adjusted EBITDA rising by ₹1.4 billion and ₹4.4 billion respectively. This is based on Paytm retaining about 20% of the new UPI MDR pool, equivalent to an effective flow-through of around 8 basis points, positioning it as an early beneficiary of high-value UPI payments.”

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