Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 3 Oct - Allotment of 4,99,877 equity shares pursuant to exercise of stock options under One 97 Employees Stock Option Scheme 2019.
Source: Bse
One 97 Communications Limited (PAYTM)
Mid CapFinancial Services stocks · Mid cap · NSE
Paytm is India's leading payments and financial services distribution company. We build technology that empowers small businesses to grow, and enables consumers to make seamless payments anywhere. Our mission is to bring half a billion Indians into the mainstream economy.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result21 Jul, 03:35 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
52NeutralMACD −
Stock trend: 57
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PAYTMD candles · FIT view+46.9%Latest close ₹1685.80 on 2026-10-19
Bar
-0.5%
RSI
50
MACD hist
-4.63
52W pos
82%
2026-10-19O ₹1693.50H ₹1717.00L ₹1674.10C ₹1685.80Vol 13.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PAYTMNifty Financial ServicesNifty 500
- PAYTM
- +25.1%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +30.7 pp
Chart stats
19 Oct 2026- From 52W high
- -9.1%
- 52W range position
- 82%
- ATR (14)
- 3.7%
- Volume vs 20D
- 0.32x
- Avg traded value
- ₹696 Cr
- 20D price channel
- ₹1,558.8 - ₹1,829.3
₹1,855.5
₹930.6 - ₹1,855.5
₹62.6
Latest completed session
20-session average
34.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED26
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +27.6% · PAT +78.9% YoY
Technical
Neutral52
Price trend and sector-relative-strength timing.
Valuation
Legacy model-550.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence57
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +28% YoY · PAT +79% YoY · margin expansion · +8% QoQ · operating leverage
Filed 20 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,448 Cr | +27.6% | +8.1% |
| EBITDA | ₹203 Cr | +181.9% | +53.8% |
| Operating margin | 8.0% | +420 bps | +200 bps |
| PAT | ₹220 Cr | +78.9% | +20.2% |
| PAT margin | 9.0% | +258 bps | +91 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 134.00
- P/B
- 6.78
- EV/EBITDA
- 93.73
- Market Cap
- 108837.00Cr
Profitability
- ROE
- 4.64%
- ROCE
- 4.96%
- ROA
- 2.71%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- 34.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 30.00×
- Altman Z
- 7.64
- Book Value
- 250.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -743.00 Cr
- EPS TTM
- 10.16
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 83%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 5,825+5.8% vs prev
Net Profit
₹ CrLatest: 67.0+108.5% vs prev
Return on Equity
%Latest: 0.5+108.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 50.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 50 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 9% off 52W high · 81% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
92
RS percentile
Stage 2 UptrendEstablished S2
1M return
-8.9%
3M return
+25.1%
6M return
+45.1%
1Y return
+28.7%
RS 1D
0
RS 20D
-4
Sector rank
#9
Industry rank
-
Stage evidence
- Price is 26.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.8%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
10 Aug 2026
S2 age
49 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 155.42+0.58%
RS vs Nifty 500155
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth15/25
Quality0/20
Balance Sheet8/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
26
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
26/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 15/25 to the score.
- Balance sheet contributes 8/15 to the score.
- Valuation contributes 0/30 to the score.
Main drags
- Fair-value margin of safety is negative at -550.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
Primary lens
EV/EBITDA and debt-adjusted cash generation.
Secondary checks
ARPU growth, subscriber quality, spectrum liabilities, capex intensity.
Main risk check
High EBITDA can still be weak equity value if debt and capex absorb cash.
PE
134.0
PB
6.8
EV/EBITDA
93.7
ROE
4.6%
ROCE
5.0%
FCF Yield
—
Debt/Equity
0.0
MoS
-550.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
26
Previous: 26
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-550.7%
Previous: -550.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
26
26
26
26
26
26
26
26
26
26
26
26
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹239.06
-605.2% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹259.08
-550.7% MoS
PEG
5.36
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
STLTECH
Micro
Sterlite Technologies Limited
Telecom
match 75
15
188.0
1.2%
-14153%
OVERVALUED
SUNTV
Large
Sun TV Network Limited
Telecom
match 73
42
15.7
12.2%
-15%
WATCHLIST
OPTIEMUS
Micro
Optiemus Infracom Limited
Telecom
match 73
25
98.1
9.2%
-279%
OVERVALUED
ZEEL
Large
Zee Entertainment Enterprises Limited
Telecom
match 73
27
33.4
2.4%
-1414%
OVERVALUED
TVSSRICHAK
Small
TVS Srichakra Limited
Telecom
match 72
26
32.0
5.8%
-464%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-04T07:24:27.499Z
Management commentary snapshot
FY26 marks Paytm's first full year of profit, with EBITDA improving by ₹2,008 Cr YoY to ₹502 Cr and PAT at ₹552 Cr. Q4 FY26 saw strong revenue growth (+18% YoY reported, +26% YoY comparable) and robust comparable EBITDA growth (+79% QoQ, +₹330 Cr YoY improvement).
Paytm achieved its first full year of profit in FY26, driven by market share gains, expanded payment processing margins, and scaled financial services distribution. Q4 FY26 showed continued organic growth and profitability improvement despite seasonal weakness and regulatory impacts, with management guiding for accelerated revenue growth and margin expansion in FY27.
Current business mix
Revenue from Operations by Segment (Q4 FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Payment Services55.9%
Distribution of Financial Services33.1%
Marketing Services10.6%
Other Operating Revenue0.4%
Growth engines
Expansion of merchant payments
Sustained GMV and revenue growth, supported by market share gains and expanding payment processing margins.
Structural growth in high-margin merchant loans distribution business
Supported by expanding lender participation, growing device merchant base, and rising penetration.
Consumer lifecycle monetization
Investments in AI-led product innovation are reflecting in market share gains and monetization.
Continued use of AI across the organisation
Revenue and contribution profit are expected to grow meaningfully faster than indirect expenses led by AI applications.
Capacity and execution
Device Subscriptions
Added 27 lakh net devices YoY, reaching 1.51 Cr subscription merchants.
International Expansion
Incorporated a new wholly owned step-down subsidiary in Indonesia, PT Paytm Indonesia Teknologi, with an investment of ~₹8 Cr.
Tailwinds
Expanding Payment Processing Margin
Payment processing margin expanded to >4 bps from >3 bps a year ago, driven by pricing discipline and higher growth of profitable MDR bearing instruments.
High-growth, high-margin Financial Services Distribution
Revenue scaled to ₹2,593 Cr (+52% YoY) in FY26, reflecting a high-growth, high-margin engine.
AI-led Operating Leverage
Revenue growth, increase in contribution margin, discipline on cost and using AI across the organization.
Consumer UPI Market Share Gains
Consumer UPI GTV growth at 2.2x industry levels, gaining market share every month for the last year.
Headwinds
Discontinuation of PIDF scheme
Reported numbers impacted by discontinuation of PIDF scheme; FY26 UPI incentive yet to be finalised.
Lower Other Income from Reinvestment
Other income declined in Q4 FY26 due to reinvestment of maturing investments at lower yields and deployment of PayPay SARs proceeds in lower-yield USD assets.
Risk radar
Regulatory Changes
Impacts from discontinuation of PIDF scheme and UPI incentive finalization, though company claims proactive compliance mitigated some impacts.
ESOP Cost Volatility
ESOP costs expected to increase in Q1 FY27 due to annual appraisal and grant of ESOPs, despite AI-led productivity improvements.
Attrition in Sales Team
Industry trend of high attrition rates in the sales team noted, leading to variability in active working days.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The company operates in a dynamic, high-growth sector where both sequential momentum (QoQ) and annual growth (YoY) are crucial. Q4 is noted as seasonally weaker, making QoQ comparable growth significant, while YoY shows overall business expansion.
Sector KPIs management disclosed
EBITDA (FY26)
₹502 Cr, +₹2,008 Cr YoY
PAT (FY26)
₹552 Cr, +₹1,215 Cr YoY
Revenue (FY26)
₹8,437 Cr, +22% YoY
Merchant GMV (Q4 FY26)
₹6.5 L Cr, +27% YoY
Management forward view
FY27 Outlook
Revenue growth expected to accelerate, higher than 22% delivered in FY26, with further EBITDA margin expansion.
Indirect Expenses Growth
Indirect expenses expected to grow significantly slower than revenue, ensuring continued operating leverage.
Asset-light Financial Services Model
Current distribution-only model creates win-win partnerships, ideally suited for scalability with many blue-chip partners, rather than own balance sheet underwriting.
Capital Deployment Strategy
Opportunities for reinvestment in capex, MTF, AI, distribution, talent, and selective inorganic action at the right price, while maintaining dry powder.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Comparable EBITDA Margin | 5% (Q4 FY26) | Continued expansion in FY27, driven by AI-led operating leverage and payment processing margin. |
| Payment Processing Margin | >4 bps (Q4 FY26) | Continued expansion in FY27, supported by higher growth of MDR bearing instruments and pricing discipline. |
| Financial Services Revenue Growth | +38% YoY (Q4 FY26) | Sustained high growth, driven by expanding lender participation and rising penetration. |
| Indirect Expenses Growth vs. Revenue | Indirect expenses declined 3% YoY (Q4 FY26) while revenue grew 18% YoY reported | Indirect expenses to grow meaningfully slower than revenue in FY27, indicating operating leverage. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
57Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 20th percentile of the scored universe and 35th percentile within Financial Services. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
101 docs text-extracted · 37 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
20th percentile
overall median 67 · Financial Services: 35th pctile, median 62 · Mid: 12th pctile, median 76
Evidence depth
Financial-only
101 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
40
weak · capital discipline
Results
50
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.01.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-743 Cr.
- ▸Only 1 years of positive FCF.
- ▸ROCE is low at 5%.
- ▸ROE is low at 4.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching One 97 Communications Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 25 Sep - Completed conversion in LIPL, raising stake to 77.42%, and invested INR 100 crore in Paytm Money.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 1 Sep - Allotment of 4,74,714 equity shares pursuant to exercise of stock options under One 97 Employees Stock Option Scheme 2019.
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Aug - Newspaper Advertisement regarding completion of dispatch of Notice of 26th Annual General Meeting of Members of the Company and the Annual Report for financial year …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Aug - Newspaper Advertisements for convening 26th Annual General Meeting of the Members of the Company.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 2 Aug - Allotment of 4,48,629 equity shares pursuant to exercise of stock options under One 97 Employees Stock Option Scheme 2019.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Directorate 3 Jul - Paytm appoints two independent directors, accepts Urvashi Sahai’s board resignation, and adds three senior management personnel.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 3 Jul - Allotment of 3,47,475 equity shares pursuant to exercise of stock options under One 97 Employees Stock Option Scheme.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 2 Jun - Allotment of 1,56,826 equity shares pursuant to exercise of stock options under One 97 Employees Stock Option Scheme 2019.
Source: Bse
Announcement
Compliances-Reg.24(A)-Annual Secretarial Compliance 29 May - FY26 secretarial compliance report disclosed INR 12,000 fine and delayed quarter-end disclosure.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 28 May - Paytm to meet investors in Tokyo on June 25-26, 2026.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.