Neutral One 97 Communications; target of Rs 1200: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on One 97 Communications

One 97 Communications (Paytm) reported a strong operational performance with adj. net profit of INR2.1b (vs. our estimate of INR1.3b). However, its reported PAT stood at INR210m due to a one-time impairment of INR1.9b on its loan to JV First Games. Paytm’s revenue performance remained robust, growing 24% YoY / 8% QoQ to INR20.6b (3% ahead of our estimates), driven by healthy trends across both payments and financial services.

Outlook

We value Paytm at INR1,200, based on 22x FY30E EBITDA discounted to FY27E, translating into 8.2x FY27E sales. We reiterate our NEUTRAL rating on the stock.

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One 97 Communications_06112025_Motilal Oswal