JEFFERIES ON PAYTM ; BUY | TP ₹2,150

• Q2 FY27 performance reflects strong business momentum, with Paytm remaining part of Jefferies' 25% CAGR growth club. • Monthly Transacting Users (MTUs) increased by 5 million, indicating strong customer acquisition. • Management reduced unprofitable Gross Merchandise Value (GMV) to improve business quality and profitability. • Additional staff hired to support future business expansion and growth. • Strong customer additions and focus on profitable transactions support long-term growth prospects. • Paytm remains among Jefferies' top stock picks, backed by its strong franchise and growth potential.

ONE 97 COMMUNICATIONS LTD

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