PAYTM

's board meets July 22nd to unveil Q1 FY26 results

Expect continued focus on cost discipline, with UBS seeing profit turning positive this quarter thanks to leaner structure and steady revenue recovery in payments and financial services. However, UPI user growth remains muted and subsidies are lower, so top-line upside might lag. Key things to watch: merchant loan and device revenue performance, monetization in fintech verticals, and any shift on UPI incentives—still a government policy variable.

trades at 40x FY27 EV/EBITDA. If Paytm can show consistent profit momentum and recover GMV growth, it could re-rate meaningfully. But failure to hit profitability may keep the 50%+ gap to peers intact. This is essentially a make-or-break quarter for the turnaround story. Cost discipline is working, but revenue acceleration and sustainable profitability remain the key tests for meaningful re-rating.