Market sentiment for Paytm (One 97 Communications) is improving following its second consecutive quarterly profit. Leading brokerages like JM Financial, Emkay, Jefferies, and Bernstein are re-rating the stock positively. Analysts believe Paytm's valuation remains conservative compared to internet peers such as Nykaa, PB Fintech, and Zomato, indicating potential for further value discovery as its financial consistency and profit trajectory strengthen.