Whalesbook
Aage badhte hue, Paytm (One 97 Communications) ne FY26 ke January-March quarter mein ₹183 Crore ka consolidated profit dikhaya hai. Ye last year ke ₹545 Crore ke loss se ekdum alag hai, jo ek bada turnaround hai. Revenue bhi 18.4% badh kar ₹2,264 Crore ho gaya.
Brokerage firms bhi results se khush hain. Goldman Sachs ne 'Buy' rating rakhi hai aur ₹1,400 ka target diya hai, jisme FY27 revenue growth aur 15-20% EBITDA margins ka expectation hai. Citi bhi 'Buy' bol raha hai aur ₹1,380 target de raha hai, merchant lending aur consumer postpaid services mein strong momentum ko note karte hue.
Paytm apne user base aur merchant network ka fayda utha kar financial services, especially lending aur distribution mein growth dekh raha hai. Merchant lending aur consumer postpaid iske main drivers hain. Competition ki baat karein toh, PhonePe aur Google Pay UPI market mein 45-48% aur 33-37% share ke saath aage hain, jabki Paytm ka share abhi 6-12% hai. Par Paytm ke 38 million se zyada offline merchants iski badi strength hain.
Naye users ko connect karne ke liye, company ne 'Paytm Pocket Money' launch kiya hai jisse teenagers bhi parental oversight ke saath Paytm UPI use kar sakte hain.
Lekin sabse badi chinta hai RBI dwara Paytm Payments Bank Limited (PPBL) ka license 24 April, 2026 se cancel karna. RBI ne serious regulatory violations aur conduct concerns ka reason bataya hai. One97 Communications keh rahi hai ki isse unke business par koi bada impact nahi padega, par market ne isko caution se liya aur share mein 8% ki girawat dekhi gayi. India mein fintech sector par ab zyada scrutiny aa rahi hai.
Paytm ka P/E ratio 130x se bhi zyada hai, jo future growth expectations dikhata hai, par regulatory risks aur competition (jahan PhonePe aur Google Pay 80-82% UPI market control karte hain) iske liye challenge hain. Fir bhi, analysts mostly positive hain aur company ke operational leverage aur margin expansion par nazrein rakhe hue hain.