PAYTM
One 97 share price & financials
- Price
- ₹1,090.1
- Market cap
- ₹82.6k Cr
- Sector
- Financial Services
- Calls analysed
- 6
One 97 Q1 FY27
What went well
- Adjusted EBITDA margin improved by 7 percentage points, from 1% to 8%.
- GMV growth accelerated to 31% YoY, up from 23% in Q3 and 27% in Q4.
- UPI market share is gaining, growing double the market growth.
What to watch
- Net payment margins declined from 8.8 bps last year to 8.4 bps this quarter.
- Marketing expenses and sales & service cost investment both increased by 27% YoY.
What One 97 does
One 97 Communications operates Paytm, India's payments and financial-services distribution platform, letting consumers pay via the Paytm App and UPI and letting merchants accept payments through QR codes, card machines and Soundbox devices. It earns payment-processing revenue on transactions and subscription revenue from merchants renting Soundbox/card devices, plus distribution commissions for merchant and consumer loans (Paytm Postpaid, Personal Loans), equity broking, Margin Trade Funding, mutual funds and Paytm Gold that are underwritten and booked by its lending and financial partners rather than on its own books. A further revenue stream comes from marketing, advertising and cloud services sold on the platform. The company also runs subsidiaries in Singapore and, from April 2026, a newly incorporated step-down subsidiary in Indonesia.
Segments
- Payment Services
- Distribution of Financial Services
- Marketing Services
- Other Operating Revenue
- Registered merchants (end of period)
- 4.9 crore (~49 million)
- Subscription merchant devices (Soundbox etc., cumulative)
- 1.51 crore (~15.1 million) storefronts across India
- Average monthly transacting users (MTU)
- 7.7 crore (~77 million)
- Key financial-services customers
- 7.5 lakh (~750,000)
- Sales and service employees (quarterly average)
- 40,512
- International subsidiaries
- Singapore (Paytm Singapore Pte. Ltd.) and Indonesia (PT Paytm Indonesia Teknologi, step-down subsidiary incorporated April 10, 2026)
Guidance record · Q1 FY27
what the last two calls moved 14 tracked 3 delivered 3 missed 8 open- Revenue Growth delivered said Q4 FY26 Promised: Acceleration in Fiscal 27 Q1 FY27: Promise achieved. GMV growth, a key revenue driver, accelerated to 31% YoY in Q1 FY27, up from 27% in Q4 FY26.
- Contribution Margin went quiet said Q1 FY26 Promised: high 50s Q1 FY27: No specific update on contribution margin percentage was provided in the Q1 FY27 call. The focus shifted to adjusted EBITDA margin.
- EBITDA Margin revised up said Q1 FY26 Promised: 15% to 20% EBITDA Margin over the next two, three years Q1 FY27: Management expressed higher confidence in achieving the 15-20% target, potentially sooner than the original 2-3 year timeline, citing revenue acceleration and cost control. Adjusted EBITDA margin for the quarter was 8%.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 32.6%, net profit up 193.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,265 | 1,492 | 1,599 | 1,586 | 1,681 +33% | 1,553 +4% | 1,005 −37% | 1,069 −33% |
| EBITDA | -421 | -208 | -81 | 76 | 88 +121% | 84 +140% | -15 +81% | 87 +14% |
| Net profit | 821 | -205 | -581 | 63 | -264 −132% | 145 +171% | 119 +120% | 185 +194% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +46.0% 1Y
1Y: ₹1,237.6 on 10 Sept 2025 → ₹1,807.5. High ₹1,807.5 (11 Sept 2026), low ₹959 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −3.5%
- 21 Jul
- Q4 FY26
- +7.8%
- 7 May
- Q3 FY26
- −2.6%
- 30 Jan
- Q2 FY26
- +4.1%
- 5 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 7.9% a year over 3 years, FY23 to FY26. Operating margin widened to 4.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹7.5k Cr | ₹7.7k Cr | ₹5.5k Cr | ₹5.8k Cr |
| Operating profit | ₹-1.7k Cr | ₹-1.2k Cr | ₹-1.5k Cr | ₹233 Cr |
| Operating margin | -22.2% | -16.3% | -26.9% | 4.0% |
| Interest | ₹22 Cr | ₹23 Cr | ₹15 Cr | ₹17 Cr |
| Depreciation | ₹483 Cr | ₹721 Cr | ₹658 Cr | ₹405 Cr |
| Net profit | ₹-1.8k Cr | ₹-1.5k Cr | ₹-790 Cr | ₹63 Cr |
| Net margin | -24.3% | -19.3% | -14.4% | 1.1% |
| ROCE | -14.0% | -10.0% | -12.0% | 4.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹60 Cr | ₹65 Cr | ₹63 Cr | ₹64 Cr | ₹64 Cr | ₹64 Cr |
| Reserves | ₹6.9k Cr | ₹13.6k Cr | ₹12.2k Cr | ₹12.3k Cr | ₹15.3k Cr | ₹13.0k Cr |
| Borrowings | ₹588 Cr | ₹204 Cr | ₹207 Cr | ₹169 Cr | ₹160 Cr | ₹162 Cr |
| Other liabilities | ₹1.9k Cr | ₹2.4k Cr | ₹3.1k Cr | ₹4.0k Cr | ₹7.0k Cr | ₹1.4k Cr |
| Total liabilities | ₹9.5k Cr | ₹16.4k Cr | ₹15.6k Cr | ₹16.5k Cr | ₹22.5k Cr | ₹14.7k Cr |
| Fixed assets | ₹390 Cr | ₹830 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹848 Cr | ₹242 Cr |
| Capital work in progress | ₹23 Cr | ₹11 Cr | ₹8 Cr | ₹11 Cr | ₹6 Cr | ₹7 Cr |
| Investments | ₹1.3k Cr | ₹1.3k Cr | ₹2.5k Cr | ₹4.3k Cr | ₹5.7k Cr | ₹7.7k Cr |
| Other assets | ₹7.8k Cr | ₹14.2k Cr | ₹12.0k Cr | ₹11.0k Cr | ₹16.0k Cr | ₹6.7k Cr |
| Total assets | ₹9.5k Cr | ₹16.4k Cr | ₹15.6k Cr | ₹16.5k Cr | ₹22.5k Cr | ₹14.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +9.03 pp while FIIs trimmed −6.78 pp. The shareholder count shrank 15% to 7,76,661.
- FIIs
- 48.1%
- DIIs
- 24.9%
- Public
- 27.0%
Since Jun 2025
- DIIs +9.03 pp
- FIIs −6.78 pp
- Public −2.25 pp
How it drifted, 12 quarters
Over this window DIIs went from 4.0% to 24.9% — +20.8 pp.
Ownership split by quarter, oldest first. Sep '23: FIIs 60.9%, DIIs 4.0%, Public 35.0%.Dec '23: FIIs 63.7%, DIIs 6.1%, Public 30.2%.Mar '24: FIIs 60.4%, DIIs 6.8%, Public 32.8%.Jun '24: FIIs 58.3%, DIIs 7.0%, Public 34.7%.Sep '24: FIIs 55.5%, DIIs 8.3%, Public 36.2%.Dec '24: FIIs 56.2%, DIIs 11.9%, Public 31.9%.Mar '25: FIIs 55.4%, DIIs 14.0%, Public 30.6%.Jun '25: FIIs 54.9%, DIIs 15.8%, Public 29.3%.Sep '25: FIIs 51.7%, DIIs 19.9%, Public 28.4%.Dec '25: FIIs 51.8%, DIIs 20.3%, Public 27.9%.Mar '26: FIIs 49.4%, DIIs 23.1%, Public 27.5%.Jun '26: FIIs 48.1%, DIIs 24.9%, Public 27.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Kotak Arbitrage Fund Mutual fund newly disclosed 1.51% held
- Nippon Life India Trustee Ltd- A/C Nippon India Growth Mid Cap Fund Mutual fund +0.24 pp 1.73% held
- Bandhan Large & Mid Cap Fund Mutual fund +0.24 pp 1.56% held
- SBI Life Insurance Co. Ltd Insurer +0.17 pp 1.50% held
- Motilal Oswal Midcap Fund Mutual fund +0.14 pp 5.45% held
- Mirae Asset Large Cap Fund Mutual fund +0.05 pp 2.22% held
The same filing shows 4 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of One 97 above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Resilient Asset Management B V FPI fund | 10.20% | unchanged |
| Vijay Shekhar Sharma | 9.03% | unchanged |
| Saif III Mauritius Company Limited VC / PE | 8.55% | −0.88 pp |
| Motilal Oswal Midcap Fund Mutual fund | 5.45% | +0.14 pp |
| Axis Trustee Services Limited | 4.84% | unchanged |
| Saif Partners India IV Limited VC / PE | 3.63% | −0.37 pp |
| Mirae Asset Large Cap Fund Mutual fund | 2.22% | +0.05 pp |
| Tata Aia Life Insurance Co Ltd-Whole Life Mid Cap Equity Fund-Ulif 009 04/01/07 Wle 110 Insurer | 1.75% | −0.05 pp |
| Nippon Life India Trustee Ltd- A/C Nippon India Growth Mid Cap Fund Mutual fund | 1.73% | +0.24 pp |
| Amansa Holdings Private Limited FPI fund | 1.64% | unchanged |
| Bandhan Large & Mid Cap Fund Mutual fund | 1.56% | +0.24 pp |
| Kotak Arbitrage Fund Mutual fund | 1.51% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in PAYTM
Filings to Aug 2026
4 new, 11 added, 6 trimmed, 0 sold out — net +58.29 L shares (+39.6%).
- Held by funds
- ₹3.5k Cr
- 27 schemes
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹1.0k Cr · 2.0% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹1.0k Cr | −5.11 L | Jan '24 |
| SBI Contra Fund SBI Mutual Fund | ₹472 Cr | new | Aug '26 |
| SBI Banking And Financial Services Fund SBI Mutual Fund | ₹369 Cr | +11.50 L | Jul '26 |
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹258 Cr | new | Aug '26 |
| SBI Midcap Fund SBI Mutual Fund | ₹236 Cr | new | Aug '26 |
| Nippon India Arbitrage Fund Nippon India Mutual Fund | ₹167 Cr | −0.62 L | Dec '24 |
| SBI Innovative Opportunities Fund SBI Mutual Fund | ₹140 Cr | +4.13 L | Jul '26 |
| Nippon India Banking & Financial Services Fund Nippon India Mutual Fund | ₹134 Cr | held | Dec '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
11 added, 6 trimmed — net +58.29 L shares (+39.6%)
- Funds are sitting on
- -9%
- vs est. average cost
- Held by funds
- ₹3.5k Cr
- 27 schemes · ≈ 2.7% of the company
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹1.0k Cr · 2.0% of that fund
- Longest holder
- HDFC Large and Mid Cap Fund
- 3y 8m · since Dec '22
Shares held by these funds +1580%
Aug '23 1.45 cr shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse One 97
Guides on how to read this kind of business and the numbers that matter.