Paytm
Paytm
Financial Services F&OKey Fundamentals
MidcapFintechFinancial ServicesTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Company is almost debt free.
- Company has delivered good profit growth of 19.4% CAGR over last 5 years
- Company's median sales growth is 22.3% of last 10 years
Weaknesses
3- Stock is trading at 6.61 times its book value
- Company has a low return on equity of -4.60% over last 3 years.
- Earnings include an other income of Rs.625 Cr.
Growth Rate
AI Analysis — Bull vs Bear
One 97 Communications (Paytm) has a market capitalisation of about Rs 105,624 Cr and has recently turned profitable, with TTM profit growth of 263% and TTM sales growth of 23%. Returns on capital are still weak, with a 3-year average ROE of -5% and a last-year ROE of 5%. The stock trades at 165.3 times earnings and 6.7 times book value, and Rs 625 Cr of other income makes up a large share of reported earnings.
- TTM compounded profit growth of 263% shows a sharp move from losses to reported profitability, pointing to improving operating leverage and cost discipline.
- TTM sales growth of 23% is a clear pickup from the 3-year sales CAGR of only 2%, suggesting revenue momentum is returning after regulatory disruptions.
- The company is almost debt free. This gives it balance-sheet flexibility and limits financial risk in a capital-intensive fintech and lending-distribution business.
- Long-term top-line compounding is strong, with 5-year and 10-year sales CAGRs of 25% and 26% and a 10-year median sales growth of 22.3%.
- ROE has improved from a 3-year average of -5% and a 5-year average of -9% to 5% in the last year, a positive direction in capital efficiency.
- Profit has compounded at 19.4% CAGR over 5 years and 34% over 3 years, showing sustained improvement in the bottom line over several periods.
- The stock has returned 49% over 1 year and 25% CAGR over 3 years, showing the market has responded to the turnaround.
- A P/E of 165.3 is a very high multiple. It prices in sustained high earnings growth and leaves little room for execution slippage.
- Other income of Rs 625 Cr is close to the roughly Rs 640 Cr of earnings implied by the market cap (Rs 105,624 Cr) and P/E (165.3). Core operating profitability may therefore be much thinner than headline profit suggests.
- The stock trades at 6.7 times book value while last-year ROE is only 5%, a mismatch between valuation and current returns on equity.
- The 3-year average ROE of -4.6% and 5-year average of -9% show a long history of destroying shareholder capital. One year of positive returns is not yet a proven trend.
- 3-year sales CAGR of just 2% is far below the 10-year median of 22.3%, reflecting the revenue hit from regulatory action on the Paytm Payments Bank associate.
- The 263% TTM profit growth comes off a very low or loss-making base, which inflates the percentage. The 10-year profit CAGR is only 9%.
- The dividend yield is 0%, so returns depend entirely on price appreciation, with no income cushion if the stock is re-rated downward.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- FY26 profit swing of ₹1,215 cr Sep 15
At its 26th AGM, One 97 Communications reported a ₹1,215 crore PAT swing to profit in FY26. Shareholders also approved revised remuneration for Vijay Shekhar Sharma and changes to how IPO proceeds are used.
- Little Internet stake raised to 77.42% Sep 25
The company completed a debenture conversion in Little Internet Private Limited, which raised its stake to 77.42%. It also invested ₹100 crore in its subsidiary Paytm Money Limited.
- Clarifies media claims on AI Sep 9
The company responded to media reports about its AI investments and confirmed ongoing work on AI skills meant to boost revenue. It noted no hidden or undisclosed major corporate events linked to the reports.
TL;DR: Paytm's recent news is mostly positive, led by a ₹1,215 crore PAT swing to profit in FY26 and more capital going into its subsidiaries, including a stake in Little Internet raised to 77.42% and ₹100 crore for Paytm Money. None of these articles points to a direct headwind. Still, the revised promoter remuneration, the changes to IPO proceeds usage, and the media questions about AI spending are governance and capital-allocation points worth watching. The trend looks better, and the next test is whether profits hold up and the AI and subsidiary investments turn into measurable revenue growth.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,342 | 2,519 | 2,850 | 2,267 | 1,502 | 1,659 | 1,828 | 1,912 | 1,918 | 2,061 | 2,194 | 2,264 | 2,448 |
| Expenses | 2,652 | 2,750 | 3,014 | 2,734 | 2,295 | 2,063 | 2,051 | 2,000 | 1,846 | 1,921 | 2,039 | 2,132 | 2,245 |
| Operating Profit | -311 | -231 | -163 | -467 | -794 | -404 | -223 | -88 | 72 | 140 | 155 | 132 | 203 |
| OPM % | -13% | -9% | -6% | -21% | -53% | -24% | -12% | -4.6% | 3.8% | 7% | 7% | 6% | 8% |
| Other Income | 123 | 139 | 149 | 132 | 138 | 1,524 | 189 | -299 | 224 | 32 | 212 | 199 | 182 |
| Interest | 7 | 7 | 5 | 5 | 4 | 3 | 4 | 5 | 4 | 5 | 4 | 5 | 7 |
| Depreciation | 159 | 180 | 201 | 196 | 178 | 179 | 165 | 150 | 166 | 137 | 133 | 132 | 131 |
| PBT | -354 | -279 | -221 | -536 | -839 | 938 | -203 | -542 | 126 | 30 | 230 | 194 | 247 |
| Tax % | 1% | 5% | 0% | 3% | 0% | 1% | 2% | 1% | 2% | 30% | 2% | 6% | 11% |
| Net Profit | -358 | -292 | -222 | -550 | -840 | 930 | -208 | -545 | 123 | 21 | 225 | 183 | 220 |
| EPS in Rs | -5.63 | -4.58 | -3.46 | -8.65 | -13.19 | 14.58 | -3.26 | -8.47 | 1.93 | 0.33 | 3.52 | 2.87 | 3.44 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 323 | 855 | 3,224 | 3,279 | 2,801 | 4,974 | 7,990 | 9,978 | 6,900 | 8,437 | 8,967 |
| Expenses | 683 | 2,523 | 7,592 | 5,964 | 4,640 | 7,358 | 9,634 | 10,921 | 8,406 | 7,936 | 8,337 |
| Operating Profit | -360 | -1,668 | -4,368 | -2,685 | -1,838 | -2,384 | -1,644 | -943 | -1,506 | 501 | 630 |
| OPM % | -111% | -195% | -135% | -82% | -66% | -48% | -21% | -9% | -22% | 6% | 7% |
| Other Income | 16 | 164 | 280 | -45 | 356 | 288 | 410 | 314 | 1,551 | 668 | 625 |
| Interest | 2 | 1 | 38 | 54 | 38 | 42 | 24 | 26 | 17 | 19 | 21 |
| Depreciation | 21 | 28 | 112 | 174 | 178 | 247 | 485 | 736 | 673 | 568 | 533 |
| PBT | -367 | -1,534 | -4,237 | -2,958 | -1,698 | -2,385 | -1,743 | -1,390 | -645 | 582 | 701 |
| Tax % | 1% | 0% | 0% | -1% | 0% | 0% | 2% | 2% | 3% | 5% | — |
| Net Profit | -372 | -1,535 | -4,231 | -2,942 | -1,701 | -2,396 | -1,776 | -1,422 | -663 | 552 | 649 |
| EPS in Rs | -123 | -332 | -727 | -470 | -280 | -36.9 | -28.02 | -22.3 | -10.33 | 8.64 | 10.16 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 30 | 46 | 58 | 60 | 60 | 65 | 63 | 64 | 64 | 64 |
| Reserves | 354 | 2,751 | 5,667 | 8,045 | 6,474 | 14,087 | 12,952 | 13,263 | 14,963 | 15,962 |
| Borrowings | 0 | 15 | 932 | 428 | 612 | 222 | 223 | 177 | 160 | 172 |
| Other Liabilities | 316 | 637 | 2,107 | 1,769 | 2,004 | 3,618 | 4,727 | 5,190 | 6,261 | 7,717 |
| Total Liabilities | 701 | 3,450 | 8,764 | 10,302 | 9,151 | 17,991 | 17,966 | 18,693 | 21,448 | 23,915 |
| Fixed Assets | 47 | 81 | 841 | 594 | 491 | 914 | 1,209 | 1,247 | 890 | 906 |
| CWIP | 11 | 59 | 56 | 15 | 24 | 12 | 11 | 14 | 15 | 11 |
| Investments | 112 | 2,308 | 2,849 | 3,740 | 413 | 1,230 | 2,697 | 4,628 | 4,172 | 4,501 |
| Other Assets | 530 | 1,002 | 5,018 | 5,954 | 8,223 | 15,836 | 14,048 | 12,804 | 16,371 | 18,497 |
| Total Assets | 701 | 3,450 | 8,764 | 10,302 | 9,151 | 17,991 | 17,966 | 18,693 | 21,448 | 23,915 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -334 | -1,405 | -4,476 | -2,377 | -2,082 | -1,236 | 416 | 651 | -121 | -743 |
| Investing | -20 | -2,229 | 1,906 | -1,997 | 1,934 | -5,484 | 2,628 | 338 | -2,031 | 2,006 |
| Financing | 459 | 3,938 | 2,110 | 5,160 | -222 | 8,054 | -1,112 | -22 | -53 | -50 |
| Net Cash Flow | 104 | 304 | -460 | 786 | -371 | 1,334 | 1,931 | 967 | -2,205 | 1,213 |
| Free Cash Flow | -372 | -1,515 | -4,651 | -2,563 | -2,270 | -1,741 | -281 | -161 | -438 | -1,211 |
| CFO/OP | 93 | 87 | 98 | 88 | 123 | 46 | -36 | -81 | 9 | -142 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 100 | 53 | 29 | 34 | 61 | 55 | 57 | 60 | 69 | 51 |
| Cash Conversion Cycle | 100 | 53 | 29 | 34 | 61 | 55 | 57 | 60 | 69 | 51 |
| Working Capital Days | 12 | -83 | 195 | 116 | 289 | 162 | 61 | -18 | -119 | -123 |
| ROCE % | — | -101% | — | -34% | -21% | -22% | -12% | -8% | -10% | 5% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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57 extracted metrics + investor summaries across FY15–FY27.
Documents
Frequently Asked Questions about Paytm
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Company Information
Incorporated in 2000, One 97 Communications Ltd is India's leading digital ecosystem for consumers as well as merchants. As of March 31, 2021, the company has a 333 million+ client base and 21 million+ registered merchants to whom it offers payment services, financial services, and commerce and cloud services.[1]
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