Executive Brief: One97 Communications Ltd (Paytm) – Block Deal & Q1 Performance

1. Transaction Overview (Block Deal) Selling Entity: Resilient Asset Management B.V. Offering Size: Up to 4.98% equity (3.00% base offer + 1.98% upsize option). Floor Price: ₹1,535.10 per share (a 2.9% discount to the NSE close of ₹1,580.20 on Aug 17, 2026). Structural Context: Executed under the existing Optionally Convertible Debentures (OCD) framework with Antfin, which will retain all transaction proceeds. Strategic Impact: Further reduces Ant Financial’s residual indirect economic exposure, supporting cap-table diversification and domestic institutional appeal. 2. Q1 Financial Performance Consolidated Net Profit: ₹220 crore, up 79% YoY (from ₹123 crore) and 20% QoQ (from ₹183 crore), demonstrating expanding operating leverage. Revenue from Operations: ₹2,448 crore, up 28% YoY and 8% QoQ. Net Payment Revenue: ₹601 crore (+25% YoY on a comparable basis, excluding PIDF incentives). 3. Operational Scale & Monetization Drivers Merchant GMV: Reached ₹7.1 lakh crore (+31% YoY), showing sequential acceleration (vs. 27% in Q4 and 24% in Q3) supported by online aggregator license ramp-up. Customer UPI GTV: Expanded 45% YoY to ₹5.9 lakh crore, substantially outpacing the broader industry growth rate of ~20%. Device Ecosystem: Merchant subscription base grew to 1.57 crore devices (+27 lakh YoY), driving recurring revenues and customer stickiness. Active User Base: Monthly Transacting Users (MTUs) expanded by 60 lakh YoY to 8.0 crore. 4. Balance Sheet Strength Cash & Equivalents: Maintained at ₹13,529 crore (+₹657 crore YoY, excluding customer escrow balances), providing substantial capital buffers for ongoing product distribution and AI integration. Market Data: One97 Communications shares closed at ₹1,583.00 (-1.31%) on the BSE.