One 97 Communications earnings calls.

PAYTM reported continued momentum in its core payments and financial services business for Q3 FY26. The company achieved 6.2% consumer UPI market shareCurrent 6.2% consumer UPI market share. Reported change: +50bps QoQ. (up from 5.7%), with payment processing margins holding above 4 basis points—above the historical 3-4bp range—driven by favorable instrument mix including RuPay Credit Card on UPI and EMI. The merchant lending business delivered 25% YoY growthCurrent reported value: merchant lending business delivered 25% YoY growth. No comparable prior figure is available in the source record. on a like-for-like basis, with device deployment growing 25-27 lakh units annually and merchant loan penetration at ~7%Current ~7%. Reported change: +100bps YoY. versus a potential 20%. BNPL has crossed 1 lakh customers in 3 monthsCurrent reported value: 1 lakh customers in 3 months. No comparable prior figure is available in the source record. with monthly disbursements targeting ₹100 crore within 6 months of launch. The key near-term headwind remains the Payment Infrastructure Development Fund (PF) impactCurrent reported value: Payment Infrastructure Development Fund (PF) impact. No comparable prior figure is available in the source record., which was ~₹80 crore last quarter; management targets 30-40% offset this quarter through higher subscription revenues and AI-optimized sales. Management maintained its 2-3 year outlook for >30% revenue growth and improving margins, citing strong operating leverage and focus on monetizable merchants. Risks include regulatory uncertainty on UPI MDR, prolonged consumer credit cycle affecting personal loans, and competitive pressure in the consumer UPI segment.