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Goldman Sachs lifts Paytm target to Rs 2,070 from Rs 1,500, sees UPI MDR driving up to 40% EBITDA upgrades
Paytm keeps a Buy rating from Goldman Sachs, which flags December 2026 as the next deadline for implementing a UPI market share cap and calls it a potentially material event for the company.
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The numbers
Figures from NDTV Profit
| EPS estimate raise: | up to 39% |
|---|---|
| FY28 EBITDA versus FY26: | 5-6x |
| Paytm valuation: | 43x FY28E P/E |
| Revenue growth needed for re-rating: | 25% |
Why it matters to operators and investors
With Goldman Sachs seeing Paytm's FY28 EBITDA at 5-6x FY26 on UPI MDR economics, payments assets may deserve a fresh valuation look, and the December UPI market share cap deadline is the next date that could shift the competitive picture.
The source
First seen