“Upgraded Paytm shares to 'Overweight' with a raised price target of ₹2,100, citing potential UPI MDR revenues. Factoring in MDR across both transaction legs (as TPAP and acquiring PA) could result in a 35-54% upgrade to its EBITDA and EPS estimates for FY27-29E. The target P/E multiple for Paytm was also increased to 46 times from 44 times.”