BOFA ON PAYTM ; NEUTRAL | TP ₹1,850 (EARLIER ₹1,900)

• Business momentum remains steady, supported by multiple growth and profitability drivers. • BofA expects an indicative 2.5 basis points improvement in payments processing margins. • Margin improvement could generate approximately ₹900 Cr in incremental EBITDA by FY28. • Management clarified that the indicative margin improvement excludes potential platform fees on the issuing or acquiring side. • Additional platform fees could provide further profitability upside beyond current estimates. • BofA maintains its Neutral rating while cutting the target price to ₹1,850 from ₹1,900.

ONE 97 COMMUNICATIONS LTD

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