BERNSTEIN ON PAYTM ; OUTPERFORM | TARGET ₹2,200

• Potential implementation of UPI Merchant Discount Rate (MDR) could add nearly ₹1,000 Cr to FY28 profit before tax. • Merchant lending growth and operating leverage expected to drive strong earnings expansion through FY30. • BNPL (Buy Now, Pay Later) scale-up and consumer credit cross-selling offer additional growth opportunities. • Timing of regulatory approval for UPI MDR remains a key uncertainty.

ONE 97 COMMUNICATIONS LTD

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