Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,156.00 last close on 9 Oct 2026 +3.85%
Research updated
One 97 Communications Ltd.
NSE: PAYTMTechnologySoftware - Infrastructure
- Last close
- ₹1,636.00
- Day change
- −₹5.50 (−0.34%)vs
- Market cap
- ₹1.08 lakh crIndian rupees
- Research updated
- 1 report
About One 97 Communications
One 97 Communications Ltd. is a prominent player in India's digital payments and financial technology sector. The company operates a comprehensive ecosystem of services under its widely recognized brand, Paytm. Its primary function revolves around facilitating digital transactions, offering a seamless payment gateway for consumers and merchants alike. Notable features include mobile recharge services, utility bill payments, digital wallets, and point-of-sale terminals, which significantly influence sectors like retail, e-commerce, and transportation. Additionally, One 97 Communications Ltd. extends its services to financial products such as loans, insurance, and wealth management, broadening its impact in fintech. By spearheading innovations in cashless payments, it plays a pivotal role in India's transition towards a digital economy, supporting both urban and rural inclusion. Founded in 2000 and based in Noida, India, the company continues to enhance its offerings, adapting to evolving consumer needs and technological advances in the financial market.
- Sector
- Technology
- Industry
- Software - Infrastructure
- Listing
- NSE: PAYTM
- Chief executive
- Mr. Vijay Shekhar Sharma
- Employees
- 47,826
- Headquarters
- Noida, India
- ISIN
- INE982J01020
- Website
- paytm.com
Public research · Report of
Business model & financial foundation
Paytm (NSE: PAYTM), Digital payments and financial services distribution platform: revenue of ₹8,437 crore in FY26 (+22.3% on FY25), an EBITDA margin of 5.9%, net profit of ₹553.0 crore and net cash of ₹13,315 crore.
- Revenue, FY26 (₹ crore)
- 8,437
- consolidated
- Revenue growth, FY26
- +22.3%
- on FY25
- EBITDA margin, FY26
- 5.9%
- EBITDA (company definition, after ESOP) / revenue
- Net profit, FY26 (₹ crore)
- 553.0
- to owners
- Return on equity, FY26
- 3.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -13,315
- Net debt (negative = net cash)
- Market capitalisation (₹ crore)
- 1,16,045
- at the close of 12 Oct 2026
Company profile
One 97 Communications operates Paytm, India's pioneer of QR and Soundbox merchant payments. It earns payment processing fees and device subscriptions from merchants, distribution fees from lenders for merchant and personal loans it sources, and smaller revenue from marketing, ticketing and cloud services. Lending risk sits on partner banks and NBFCs' books, not Paytm's. The company turned profitable in FY26 after the RBI's 2024 restrictions on its associate Paytm Payments Bank.
| Item | Value |
|---|---|
| Legal name | One 97 Communications Limited |
| Exchange and ticker | NSE: PAYTM; BSE: 543396 |
| ISIN | INE982J01020 |
| CIN | L72200DL2000PLC108985 |
| Sector | Financial Technology |
| Industry | Digital payments and financial services distribution platform |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP (since 2023) |
| Market capitalisation | ₹1,16,045 crore (12 Oct 2026) |
| Shares outstanding | 63.89 crore shares (FY26) |
| Price | ₹1,636 (close, 12 Oct 2026) |
| 52-week range | ₹930.6 - ₹1,856 (to 12 Oct 2026) |
| Website | https://paytm.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Paytm Payments Services Limited | 100% | Online and offline payment aggregator (material subsidiary) |
| One97 Communications Singapore Private Limited | 100% | Overseas holding company; holds cash from Dec 2024 sale of PayPay stake (material subsidiary) |
| Paytm Money Limited | 100% | Stock broking and mutual fund distribution |
| Paytm Payments Bank Limited | 48.98% | Associate; payments bank under RBI business restrictions since 2024 |
| First Games Technology Private Limited | 55% | Gaming joint venture |
No promoter: the founder Vijay Shekhar Sharma is classified as a public shareholder. Associates and JVs per FY26 annual report.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 51.71% | 51.75% | 49.40% | 48.09% |
| Domestic institutions | 19.95% | 20.32% | 23.08% | 24.87% |
| of which mutual funds | 16.25% | 14.34% | 16.60% | 17.94% |
| Retail | 28.35% | 27.91% | 27.52% | 27.04% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
One 97 Communications (Paytm, NSE: PAYTM) runs India's third-largest consumer UPI app and a large merchant-acquiring network. It earns in three ways: payment services (processing fees on cards, EMI and postpaid plus monthly device subscriptions on 1.57 cr Soundbox/card machines; Rs1,384 cr in Q1 FY27), financial services (distribution fees on merchant and personal loans originated for partner NBFCs and banks, with default-loss guarantees; Rs814 cr), and marketing services (ads, travel and deals; Rs239 cr). Since the RBI shut Paytm Payments Bank in 2024 (licence cancelled 24 Apr 2026), the group carries no balance-sheet lending and no deposit franchise. It controls the merchant relationship and the app; it does not control UPI pricing (set by NPCI/government), lender credit appetite, or interchange.
| Peer | Why the dossier compares them |
|---|---|
| PB Fintech (POLICYBZR) | Listed consumer fintech distribution platform (insurance and credit marketplace) |
| Pine Labs (PINELABS) | Listed merchant payments acquirer and issuing platform; direct competitor in offline acquiring |
| Billionbrains Garage Ventures (Groww) (GROWW) | Listed consumer fintech platform in broking and wealth, overlaps Paytm Money |
| Bajaj Finance (BAJFINANCE) | Largest consumer and merchant lender; partner and competitor in loan distribution |
| Info Edge (NAUKRI) | |
| Eternal (ETERNAL) | |
| Jio Financial Services (JIOFIN) | Emerging payments and lending competitor with a consumer payments app |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,963 | 7,904 | 9,978 | 6,900 | 8,437 |
| Cost of revenue (vendor classification) * | 5,686 | 5,879 | 6,916 | 6,053 | 5,647 |
| Other operating costs (vendor classification) * | 1,568 | 2,160 | 2,336 | 2,354 | 1,588 |
| EBITDA (vendor classification) * | -2,080 | -1,282 | -466.1 | -809.0 | 1,470 |
| EBIT * | -2,346 | -1,720 | -1,366 | -629.0 | 600.0 |
| Finance costs | 39.4 | 23.3 | 24.0 | 16.0 | 18.0 |
| Profit before tax | -2,385 | -1,743 | -1,390 | -645.0 | 582.0 |
| Income tax expense | 11.3 | 33.6 | 32.0 | 18.0 | 30.0 |
| Profit for the year | -2,396 | -1,777 | -1,422 | -663.0 | 552.0 |
| Diluted EPS (₹) | -38.00 | -27.00 | -22.33 | -10.35 | 8.55 |
| Payment processing charges | 3,280 | 2,125 | 2,573 | ||
| Other direct expenses incl. promotional cashback & incentives | 1,160 | 1,097 | 1,004 | ||
| Marketing (indirect) | 612.0 | 508.0 | 275.0 | ||
| Employee cost including ESOP | 4,590 | 3,288 | 2,765 | ||
| Software, cloud and data centre | 643.0 | 639.0 | 643.0 | ||
| Other indirect expenses | 600.0 | 749.0 | 675.0 | ||
| EBITDA (company definition, after ESOP) | -907.0 | -1,506 | 502.0 | ||
| Other income | 547.0 | 724.0 | 854.0 | ||
| Depreciation and amortisation | 736.0 | 673.0 | 568.0 | ||
| Share of profit/(loss) of associates and JVs | -38.0 | 3.00 | -2.00 | ||
| Exceptional items (gain +, loss -) | -233.0 | 823.0 | -186.0 | ||
| Profit/(loss) attributable to non-controlling interests | -5.00 | -4.00 | -1.00 | ||
| Profit attributable to owners of the parent | -1,417 | -659.0 | 553.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 14,130 | 12,993 | 13,298 | 14,997 | 16,028 |
| Borrowings * | 221.5 | 223.3 | 176.6 | 160.4 | 172.0 |
| Cash and cash equivalents * | 1,379 | 3,312 | 4,277 | 2,077 | 3,285 |
| Trade receivables (net) | 746.4 | 815.9 | 1,651 | 1,297 | 1,186 |
| Trade payables (MSE + others) | 751.4 | 858.9 | 684.2 | 741.0 | 889.0 |
| Net property, plant and equipment * | 294.5 | 288.3 | 1,167 | 857.1 | 868.0 |
| Capital work in progress * | 86.4 | 63.7 | 66.2 | 32.2 | 22.0 |
| Total assets * | 17,992 | 17,966 | 17,139 | 21,448 | 23,915 |
| Net debt (negative = net cash) | -12,804 | -13,315 | |||
| Inventories | n.d. | n.d. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -1,644 | -152.0 | 651.0 | -121.0 | -743.0 |
| Free cash flow (vendor definition) * | -1,743 | -289.6 | -170.9 | -443.0 | -1,222 |
| Capital expenditure (purchase of PPE and intangibles; outflow negative) | -504.4 | -696.7 | -822.0 | -322.0 | -479.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 62.18 | 64.58 | 63.45 | 63.67 | 63.89 |
| ESOP (share-based payment) cost within employee cost | 1,466 | 815.0 | 174.0 | ||
| Contribution profit (revenue less direct expenses) | 5,538 | 3,678 | 4,860 | ||
| EBITDA before ESOP cost (company, discontinued from FY26) | 559.0 | -691.0 | 676.0 | ||
| Government incentives in revenue (UPI incentive + PIDF incentive) | n.r. | n.d. | 226.0 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,660 | 1,828 | 1,911 | 1,918 | 2,061 | 2,194 | 2,264 | 2,448 |
| Cost of revenue (vendor classification) * | 1,506 | 1,481 | 1,414 | 1,391 | 1,559 | 1,606 | 1,695 | |
| Other operating costs (vendor classification) * | 557.0 | 570.0 | 586.0 | 455.0 | 479.0 | 526.0 | 550.0 | |
| EBITDA (vendor classification) * | -224.0 | -34.0 | 105.0 | 313.0 | 367.0 | 310.0 | 385.0 | |
| EBIT * | 942.0 | -199.0 | -537.0 | 130.0 | 234.0 | 199.0 | 254.0 | |
| Finance costs | 3.00 | 4.00 | 4.00 | 4.00 | 5.00 | 4.00 | 5.00 | 7.00 |
| Profit before tax | 939.0 | -203.0 | -542.0 | 126.0 | 30.0 | 230.0 | 194.0 | 247.0 |
| Income tax expense | 9.00 | 5.00 | 3.00 | 4.00 | 10.0 | 5.00 | 11.0 | 27.0 |
| Profit for the period | 930.0 | -208.0 | -545.0 | 123.0 | 21.0 | 225.0 | 183.0 | 220.0 |
| Diluted EPS (₹) | 14.29 | -3.27 | -8.47 | 1.89 | 0.32 | 3.46 | 2.83 | 3.40 |
| Payment processing charges | 517.0 | 570.0 | 520.0 | 581.0 | 629.0 | 671.0 | 692.0 | 794.0 |
| Other direct expenses incl. promotional cashback & incentives | 249.0 | 299.0 | 319.0 | 185.0 | 226.0 | 274.0 | 318.0 | 304.0 |
| Marketing (indirect) | 125.0 | 104.0 | 102.0 | 62.0 | 72.0 | 77.0 | 65.0 | 79.0 |
| Employee cost including ESOP | 831.0 | 757.0 | 749.0 | 643.0 | 662.0 | 721.0 | 739.0 | 742.0 |
| Software, cloud and data centre | 158.0 | 154.0 | 146.0 | 168.0 | 133.0 | 166.0 | 175.0 | 159.0 |
| Other indirect expenses | 184.0 | 167.0 | 165.0 | 207.0 | 198.0 | 128.0 | 143.0 | 167.0 |
| EBITDA (company definition, after ESOP) | -404.0 | -223.0 | -88.0 | 72.0 | 142.0 | 156.0 | 132.0 | 203.0 |
| Other income | 175.0 | 189.0 | 224.0 | 241.0 | 222.0 | 212.0 | 178.0 | 182.0 |
| Depreciation and amortisation | 179.0 | 165.0 | 150.0 | 166.0 | 137.0 | 133.0 | 132.0 | 131.0 |
| Share of profit/(loss) of associates and JVs | 4.00 | 0.00 | 0.00 | 0.00 | -1.00 | -1.00 | 0.00 | 0.00 |
| Exceptional items (gain +, loss -) | 1,345 | 0.00 | -522.0 | -17.0 | -190.0 | 0.00 | 21.0 | 0.00 |
| Profit/(loss) attributable to non-controlling interests | n.r. | 0.00 | -5.00 | 0.00 | 0.00 | 0.00 | -1.00 | 0.00 |
| Profit attributable to owners of the parent | n.r. | -208.0 | -540.0 | 122.5 | 21.0 | 225.0 | 184.0 | 220.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 77.1% | 59.3% | 26.2% | -30.8% | 22.3% |
| EBITDA margin | -9.1% | -21.8% | 5.9% | ||
| Net margin | -14.2% | -9.6% | 6.6% | ||
| Return on equity | -10.8% | -4.7% | 3.6% | ||
| Return on capital employed | -21.8% | -12.5% | -10.2% | -4.4% | 3.8% |
| Return on assets | -8.1% | -3.4% | 2.4% | ||
| Net debt (₹ crore) | -12,804 | -13,315 | |||
| Net debt / EBITDA | 8.50x | -26.5x | |||
| Interest cover | -59.5x | -73.8x | -56.9x | -39.3x | 33.3x |
| Asset turnover | 0.37x | 0.44x | 0.57x | 0.36x | 0.37x |
| Receivable days | 55 | 38 | 60 | 69 | 51 |
| Payable days (on revenue) | 55 | 40 | 25 | 39 | 38 |
| Cash conversion | -0.46x | 0.18x | -1.34x | ||
| Capex intensity | 10.2% | 8.8% | 8.2% | 4.7% | 5.7% |
| Free cash flow (₹ crore) | -2,149 | -848.7 | -171.0 | -443.0 | -1,222 |
| EPS, diluted (₹) | -38.00 | -27.00 | -22.33 | -10.35 | 8.55 |
| Book value per share (₹) | 227.2 | 201.2 | 209.6 | 235.5 | 250.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition, after ESOP) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (company definition, after ESOP).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on One 97 Communications includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on One 97 Communications
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Prices are the last close on the NSE, 9 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 12 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.