One 97 Communications

Paytm delivered a strong Q4 FY26 with EBITDA margin reaching ~6Current reported value: 6. No comparable prior figure is available in the source record.%, driven by robust payment processing margin expansion (now >4 bpsCurrent >4 bps. Reported change: +1 bps YoY.) and financial services growth. Revenue growth acceleration is expected in FY27 across all segments—payments, financial services, and marketing services—as headwinds from the PPBL ban and credit cycle recede. Management highlighted that postpaid loan disbursements are ramping up "phenomenally faster" than the previous iteration, and merchant loan penetration remains low at ~7%Current ~7%. Reported change: +1pp YoY., offering significant headroom. AI investments are focused on agentic interfaces for consumers and merchants, with early funnel conversion rates 7x betterCurrent 7x better. Reported change: +600% vs traditional. than traditional workflows. Key risks include potential regulatory delays in obtaining the wallet license and competitive pressure in wealth management. Overall, the tone was confident, with specific guidance on operating leverage and margin expansion over the next 2-3 years.