One 97 Communications Ltd.Paytm: revenue +28%, UPI MDR could add ₹700 Cr, EBITDA rising

Paytm's Q2 FY27 call, held on 27 October 2026, was a short business presentation followed by long questions, and the numbers came mostly from the answers.

Management said revenue grew 28% for a second quarter, in the 30s excluding last year's PIDF base, and that the business has come out of the question of whether Paytm can make a profit. Net payment margin rose to 9 basis points from 8.5 after Paytm walked away from low-margin online GMV, which left merchant payment GMV flat on the quarter. The proposed UPI merchant discount could add 2.5 basis points, slightly over ₹700 crore on ₹28 lakh crore of GMV, but NPCI has postponed the start date.

A large lender will return to default loss guarantees next quarter, yet management expects absolute EBITDA to keep rising. Cloud costs rose on a one-time platform merge, merchant AI revenue is two to three quarters away, and up to ₹500 crore may be put into subsidiaries. Of 17 earlier promises, one was exceeded, one met, one accelerated, eight on track, one delayed, two not yet visible and three not mentioned.