One 97 share price & results

Results to: Sept 2026
Latest analysed call: Q1 FY27
Ownership as of: Sept 2026

Paytm: India's QR/Soundbox payments network, distributing merchant and consumer loans, wealth and insurance.

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

Metric	Value	Change	Basis	Period	Note
Revenue	2,648 ₹ crore	+28.5% YoY	Quarterly, as filed	Quarter to Sept 2026	Revenue from operations as filed.
Operating margin	10.0 %	+3.0 pts YoY	Operating profit / revenue	Quarter to Sept 2026	For the quarter; a change is in percentage points.
Net profit	225 ₹ crore	+971.4% YoY	Quarterly, as filed	Quarter to Sept 2026	Profit after tax as filed.
Return on equity	5.05 %	+15.2 ptsFY Mar 2026 vs FY Mar 2025	Trailing twelve months	TTM to Sept 2026	Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin	-14.35 %	−8.0 ptsFY Mar 2026 vs FY Mar 2025	Fiscal year	FY ending Mar 2026	(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)	23.77 %	+53.1 ptsFY Mar 2026 vs FY Mar 2025	Trailing twelve months	TTM to Sept 2026	Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Sept 2026

Guidance

What management said, and what became of it

3 of 6 judged targets kept · 8 open · verdicts reflect calls analysed to Q1 FY27.

One 97 management guidance track record on Inve: 14 targets tracked across analysed earnings calls (3 achieved, 3 missed, 8 open).

Target	Original wording	Said	Latest call	Verdict
Revenue Growth	Acceleration in Fiscal 27 Call transcript, Q4 FY26 · 7 May 2026	Q4 FY26	Q1 FY27:Promise achieved. GMV growth, a key revenue driver, accelerated to 31% YoY in Q1 FY27, up from 27% in Q4 FY26. Call transcript, Q1 FY27 · 21 Jul 2026	Achieved
Contribution Margin	high 50s Call transcript, Q1 FY26 · 22 Jul 2025	Q1 FY26	Q1 FY27:No specific update on contribution margin percentage was provided in the Q1 FY27 call. The focus shifted to adjusted EBITDA margin. Call transcript, Q1 FY27 · 21 Jul 2026	Ghosted
EBITDA Margin	15% to 20% EBITDA Margin over the next two, three years Call transcript, Q1 FY26 · 22 Jul 2025	Q1 FY26	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%. Call transcript, Q1 FY27 · 21 Jul 2026	Revised Up

Source: Inve Guidance Tracker for One 97 · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

3 of One 97's 14 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 11 more targets are in the full ledger.

Free account: 5 full ledgers a month and one Inve Case. Pro opens 100 a month, ₹499.

See the full record

Price

₹1,654.7 +2.39% · +₹38.6

Last close 26 Oct 2026 · NSE · INR · Source: Inve

Performance +28.6% 1Y

1Y: ₹1,287 on 24 Oct 2025 → ₹1,654.7. High ₹1,849.9 (18 Sept 2026), low ₹959 (30 Mar 2026).

Previous close: ₹1,616.1
Market cap: ₹1.0L Cr
52-week range: ₹959 – ₹1,849.9
One year: +26.68%
Price to earnings (TTM to Sept 2026): 122.70×
Return on equity (TTM to Sept 2026): 5.05%

Overview

Symbol: NSE:PAYTM
Sector: Financial Services
Exchange: NSE
Currency: INR

What One 97 does

Based on the company's own presentations, annual report and earnings calls.

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)

Founded 2000Headquarters Noida, Uttar Pradesh, India Company website

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.

Guidance

What management said, and what became of it

3 of 6 judged targets kept · 8 open · verdicts reflect calls analysed to Q1 FY27.

One 97 management guidance track record on Inve: 14 targets tracked across analysed earnings calls (3 achieved, 3 missed, 8 open).

Target	Original wording	Said	Latest call	Verdict
Revenue Growth	Acceleration in Fiscal 27 Call transcript, Q4 FY26 · 7 May 2026	Q4 FY26	Q1 FY27:Promise achieved. GMV growth, a key revenue driver, accelerated to 31% YoY in Q1 FY27, up from 27% in Q4 FY26. Call transcript, Q1 FY27 · 21 Jul 2026	Achieved
Contribution Margin	high 50s Call transcript, Q1 FY26 · 22 Jul 2025	Q1 FY26	Q1 FY27:No specific update on contribution margin percentage was provided in the Q1 FY27 call. The focus shifted to adjusted EBITDA margin. Call transcript, Q1 FY27 · 21 Jul 2026	Ghosted
EBITDA Margin	15% to 20% EBITDA Margin over the next two, three years Call transcript, Q1 FY26 · 22 Jul 2025	Q1 FY26	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%. Call transcript, Q1 FY27 · 21 Jul 2026	Revised Up

Source: Inve Guidance Tracker for One 97 · to Q1 FY27

The full ledger

Open One 97’s full ledger

A free account opens 5 company ledgers a month. All 14 tracked commitments, with each call’s wording and source.

Browse the register

Latest analysed call: Q1 FY27, 21 Jul 2026. 5 calls analysed.

No analysed call after Q1 FY27, though results run to Sept 2026.

Call summaries

Q1 FY27 — 21 Jul 2026

One 97 Q1 FY27

One 97 Communications (Paytm) reported a strong Q1 FY27, marked by significant profitability improvements with adjusted EBITDA margin expanding from 1% to 8%. The company demonstrated accelerated GMV growth of 31% YoY and continued to gain market share in UPI payments. Management highlighted a focus on monetization, particularly in wealth management and AI-driven revenue streams, while maintaining a healthy cash position of INR 13,500 crores despite some pressure on net payment margins and increased marketing spend.

Read the full call

Q4 FY26 — 7 May 2026

One 97 Q4 FY26

One 97 reported a robust Q4 FY26, with GMV growing 27% YoY and net payment margins expanding to 9 bps. The company achieved an EBITDA margin of approximately 6% for FY26. Management highlighted broad-based growth across payments and financial services, with merchant loan penetration reaching 7%. The company is focused on leveraging AI for customer acquisition and retention, and aims for 15-20% EBITDA margins in the medium term, while indirect costs are expected to grow significantly lower than revenue in FY27.

Read the full call

Q3 FY26 — 30 Jan 2026

One 97 Q3 FY26

One 97 (Paytm) reported strong Q3 FY26 results with 22% YoY revenue growth and 24% YoY GMV growth, driven by robust payment processing margins and the successful scaling of its BNPL product. The company is actively mitigating the impact of PIDF changes through increased subscription revenues and cross-selling. Management emphasized a technology-led approach, cost optimization, and ambitious targets for customer acquisition and financial services penetration, while also addressing the potential relaunch of its wallet.

Read the full call

Summaries of each call, in Inve’s own words; the transcript is not reproduced. Not investment advice.

Every analysed call

One 97 earnings calls (PAYTM)

Fundamentals

Ratios, each with its period

Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).

Trailing twelve months
5.74% TTM to Sept 2026
Fiscal year
4.96% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-20.89% -21.80% -12.49% -8.50% -10.14% 4.96%

How it is calculated. Adjusted EBIT ÷ average capital employed, including minority equity and deposits.
Trailing twelve months
5.05% TTM to Sept 2026
Fiscal year
4.64% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-22.82% -23.11% -13.08% -9.06% -10.57% 4.64%

How it is calculated. Adjusted profit attributable to owners ÷ average owners’ equity.
Trailing twelve months
3.42% TTM to Sept 2026
Fiscal year
3.17% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-17.22% -17.64% -9.89% -6.54% -7.51% 3.17%

How it is calculated. Total profit excluding exceptional items after tax ÷ average total assets.
Trailing twelve months
7.92% TTM to Sept 2026
Fiscal year
5.94% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-65.62% -47.93% -20.58% -9.45% -21.83% 5.94%

How it is calculated. Operating profit ÷ revenue.
Trailing twelve months
8.75% TTM to Sept 2026
Fiscal year
8.53% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-59.80% -48.13% -22.25% -12.01% -21.84% 8.53%

How it is calculated. Total profit excluding exceptional items after tax ÷ revenue.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-81.01% -34.98% -3.52% -1.61% -6.35% -14.35%

How it is calculated. (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — -134.60%

How it is calculated. Operating cash flow ÷ reported total net profit.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
6.89% 10.19% 8.82% 8.24% 4.67% 5.68%

How it is calculated. Fixed-asset purchases ÷ revenue.
Trailing twelve months
23.77% TTM to Sept 2026
Fiscal year
22.28% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-14.58% 77.58% 60.64% 24.88% -30.85% 22.28%

How it is calculated. Revenue change against the same period one year earlier.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
0.09× 0.02× 0.02× 0.01× 0.01× 0.01×

How it is calculated. Borrowings ÷ owners’ equity.
Trailing twelve months
42.13× TTM to Sept 2026
Fiscal year
40.89× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-43.00× -55.74× -71.71× -43.62× -85.41× 40.89×

How it is calculated. Adjusted EBIT ÷ interest expense.
Trailing twelve months
0.39× TTM to Sept 2026
Fiscal year
0.37× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
0.29× 0.37× 0.44× 0.54× 0.34× 0.37×

How it is calculated. Revenue ÷ average total assets.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
₹-2,264.00 Cr ₹-4,980.00 Cr ₹-6,817.00 Cr ₹-6,623.00 Cr ₹-11,397.00 Cr ₹-12,853.00 Cr

How it is calculated. Borrowings less cash equivalents.
Trailing twelve months
-8.24× TTM to Sept 2026
Fiscal year
-9.56× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — -9.56×

How it is calculated. (Borrowings − cash equivalents) ÷ adjusted EBITDA.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1.49× 0.96× 1.38× 1.38× 1.34× 1.42×

How it is calculated. Average total assets ÷ closing owners’ equity.
Trailing twelve months
122.70× TTM to Sept 2026
Fiscal year
142.61× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. Current market cap ÷ adjusted profit attributable to owners for the selected income period. Uses current market cap, not the share price at the period end.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. Market cap ÷ owners’ equity from the balance sheet selected for the TTM inputs. Uses current market cap, not the share price at the period end.
Trailing twelve months
59.80× TTM to Sept 2026
Fiscal year
66.89× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. (Market cap + borrowings + deposits − cash equivalents) ÷ adjusted EBITDA. Uses current market cap, not the share price at the period end.
Trailing twelve months
1.07% TTM to Sept 2026
Fiscal year
0.86% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. Adjusted EBIT ÷ enterprise value. Uses current market cap, not the share price at the period end.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
61.00 days 55.00 days 57.00 days 60.00 days 69.00 days 51.00 days

How it is calculated. Reported receivable days from the annual accounts.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
61.00 days 55.00 days 57.00 days 60.00 days 69.00 days 51.00 days

How it is calculated. Reported debtor days plus inventory days less payable days.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
289.00 days 162.00 days 61.00 days -18.00 days -119.00 days -123.00 days

How it is calculated. Reported net working capital days from the annual accounts.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

How it is calculated. Reported dividend payout as a percentage of annual profit.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. Market capitalisation from the current stock record.

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
-20.89%	-21.80%	-12.49%	-8.50%	-10.14%	4.96%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
-22.82%	-23.11%	-13.08%	-9.06%	-10.57%	4.64%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
-17.22%	-17.64%	-9.89%	-6.54%	-7.51%	3.17%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
-65.62%	-47.93%	-20.58%	-9.45%	-21.83%	5.94%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
-59.80%	-48.13%	-22.25%	-12.01%	-21.84%	8.53%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
-81.01%	-34.98%	-3.52%	-1.61%	-6.35%	-14.35%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	-134.60%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
6.89%	10.19%	8.82%	8.24%	4.67%	5.68%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
-14.58%	77.58%	60.64%	24.88%	-30.85%	22.28%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
0.09×	0.02×	0.02×	0.01×	0.01×	0.01×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
-43.00×	-55.74×	-71.71×	-43.62×	-85.41×	40.89×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
0.29×	0.37×	0.44×	0.54×	0.34×	0.37×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
₹-2,264.00 Cr	₹-4,980.00 Cr	₹-6,817.00 Cr	₹-6,623.00 Cr	₹-11,397.00 Cr	₹-12,853.00 Cr

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	-9.56×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
1.49×	0.96×	1.38×	1.38×	1.34×	1.42×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
61.00 days	55.00 days	57.00 days	60.00 days	69.00 days	51.00 days

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
61.00 days	55.00 days	57.00 days	60.00 days	69.00 days	51.00 days

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
289.00 days	162.00 days	61.00 days	-18.00 days	-119.00 days	-123.00 days

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

A dash means inputs are missing or too old, the ratio does not apply, or the value is outside the supported range. FY uses the reported fiscal period; TTM the latest twelve months; valuations use the current market cap with the chosen earnings period. Screen Indian stocks on these ratios →

Financials

What the filings say

Net profit, year on year: +971% (quarter to sept 2026 against sept 2025).

In ₹ crore. Oldest period first.

Line item	Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026	Sept 2026
Sales	1,828	1,912	1,918	2,061	2,194	2,264	2,448	2,648
Expenses	2,051	2,000	1,846	1,921	2,039	2,132	2,245	2,381
Operating profit	-223	-88	72	140	155	132	203	267
Operating margin	−12.0%	−4.6%	3.8%	7.0%	7.0%	6.0%	8.0%	10.0%
Other income	189	-299	224	32	212	199	182	178
Interest	4	5	4	5	4	5	7	7
Depreciation	165	150	166	137	133	132	131	146
Profit before tax	-203	-542	126	30	230	194	247	292
Tax rate	2.0%	1.0%	2.0%	30.0%	2.0%	6.0%	11.0%	23.0%
Net profit	-208	-545	123	21	225	183	220	225
EPS (₹ per share)	-3.26	-8.47	1.93	0.33	3.52	2.87	3.44	3.52

Source: Inve data · income statement, quarterly · to Sept 2026

In ₹ crore. Oldest period first.

Line item	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales	7,460	9,481	6,901	8,437
Expenses	9,119	10,638	8,409	7,938
Operating profit	-1,659	-1,157	-1,509	499
Other income	387	545	1,552	667
Interest	22	23	16	18
Depreciation	483	733	672	568
Profit before tax	-1,778	-1,369	-646	580
Net profit	-1,812	-1,397	-663	552

Source: Inve data · income statement, annual · to Mar 2026

In ₹ crore. Oldest period first.

Line item	Mar 2023	Mar 2024	Mar 2025	Sept 2025	Mar 2026	Sept 2026
Equity capital	63	64	64	64	64	64
Reserves	12,952	13,263	14,963	15,276	15,962	16,540
Borrowings	223	177	160	160	172	256
Other liabilities	4,727	5,190	6,261	7,037	7,717	7,578
Total liabilities	17,966	18,693	21,448	22,537	23,915	24,438
Fixed assets	1,209	1,247	890	848	906	1,123
Capital work in progress	11	14	15	6	11	3
Investments	2,697	4,628	4,172	5,653	4,501	5,341
Other assets	14,048	12,804	16,371	16,030	18,497	17,971
Total assets	17,966	18,693	21,448	22,537	23,915	24,438

Source: Inve data · balance sheet · to Sept 2026

In days and %. Oldest period first.

Line item	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor days	61	55	57	60	69	51
Cash conversion cycle	61	55	57	60	69	51
Working capital days	289	162	61	-18	-119	-123
Return on capital employed	−21.0%	−22.0%	−12.0%	−8.0%	−10.0%	5.0%
Dividend payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Source: Inve data · annual ratios · to Mar 2026

Ownership

Who owns it

Foreign institutions hold 43.52% as of Sept 2026; institutions added 0.07 pts since Jun 2026.

Foreign institutions −4.57 pts 43.52%
Domestic institutions +4.64 pts 29.51%
Government +0.01 pts 0.01%
Public −0.08 pts 26.96%

7,56,713 shareholders on the register.

Source: Exchange shareholding filings · to Sept 2026 · 8 filings held

Who was buying across the market this quarter

Who bought this quarter

since Jun 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Mutual fund newly disclosed 2.13% held
Mutual fund newly disclosed 1.47% held
Mutual fund newly disclosed 1.13% held
Mutual fund newly disclosed 1.05% held
Insurer +0.42 pp 2.17% held
Insurer +0.24 pp 1.74% held

The same filing shows 9 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Sep 2026 filing

Every holder of One 97 above SEBI's 1% disclosure line, and what changed since Jun 2026.

Holder	Stake	Change
	9.02%	unchanged
FPI fund	7.19%	−3.01 pp
VC / PE	7.01%	−1.54 pp
Mutual fund	5.14%	−0.31 pp
	4.83%	unchanged
VC / PE	2.98%	−0.65 pp
Insurer	2.17%	+0.42 pp
Mutual fund	2.13%	newly disclosed
Insurer	1.74%	+0.24 pp
Mutual fund	1.67%	−0.55 pp
Mutual fund	1.59%	−0.14 pp
FPI fund	1.54%	−0.10 pp

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 Sep 2026

0 new, 11 added, 7 trimmed, 2 sold out — net −13.78 L shares (−6.4%).

Held by funds: ₹3.4k Cr; 29 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	held	Jan '24
SBI Contra Fund SBI Mutual Fund	₹461 Cr	held	Aug '26
SBI Banking And Financial Services Fund SBI Mutual Fund	₹361 Cr	held	Jul '26
SBI ELSS Tax Saver Fund SBI Mutual Fund	₹252 Cr	held	Aug '26
SBI Midcap Fund SBI Mutual Fund	₹231 Cr	held	Aug '26
Nippon India Vision Large & Mid Cap Fund Nippon India Mutual Fund	₹165 Cr	+6.00 L	Dec '23
SBI Innovative Opportunities Fund SBI Mutual Fund	₹136 Cr	held	Jul '26
Nippon India Banking & Financial Services Fund Nippon India Mutual Fund	₹123 Cr	−0.43 L	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 Sep 2026

11 added, 7 trimmed — net −13.78 L shares (−6.4%)

Funds are sitting on: +34%; vs est. average cost
Held by funds: ₹3.4k Cr; 29 schemes · ≈ 3.2% of the company
Biggest holder: Nippon India Growth Mid Cap Fund; ₹1.0k Cr · 2.0% of that fund
Longest holder: HDFC Large & Mid Cap Fund; 3y 10m · since Dec '22

Shares held by these funds +2024%

Oct '23 2.02 cr shares Sep '26

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