PAYTM

Q4 2025 Result Analysis

One97 Communications reported steady operational improvements in Q4FY25, with continued progress in profitability metrics despite reporting a net loss. The company posted operating revenue of Rs 1,911 crore, a 5% QoQ growth. Contribution profit rose 12% QoQ to Rs 1,071 crore, with a contribution margin of 56%. EBITDA before ESOP improved significantly to Rs 81 crore, a QoQ jump of Rs 121 crore. Including ESOP costs, EBITDA stood at Rs (88) crore, reflecting a QoQ improvement of Rs 135 crore. PAT came in at Rs (23) crore, narrowing losses by Rs 185 crore QoQ. A key tailwind was the Rs 70 crore UPI acquiring incentive, which contributed to the net payment margin of Rs 578 crore. Gross Merchandise Value (GMV) processed during the quarter stood at Rs 5.1 lakh crore. Payment processing margin, excluding the UPI incentive, remained stable at over 3 bps. On the merchant front, device subscriber base reached 1.24 crore, growing by 8 lakh during the quarter. Financial services revenue, a key strategic focus area, grew 9% QoQ to Rs 545 crore. The company ended the quarter with a healthy cash balance of Rs 12,809 crore.