---
Company: One 97 Communications Limited (Paytm)
cin: L72200DL2000PLC108985
Tickers:
  nse: PAYTM
  bse: "543396"
reporting_period: Q2 FY 2027
period_definition: Quarter ended 30 September 2026 (1 July 2026 – 30 September 2026); half year ended 30 September 2026 (1 April 2026 – 30 September 2026)
fiscal_year_convention: FY 2027 = April 2026 to March 2027
currency: INR
reporting_unit: INR crore (₹1 Cr = ₹10 million); "L Cr" = lakh crore = ₹1 trillion
results_approved_by_board: 26 October 2026
earnings_call_date: 27 October 2026, 15:45 IST
statutory_auditor: S.R. Batliboi & Associates LLP (ICAI FRN 101049W/E300004)
audit_status: Limited review (unaudited); Mar-26 balance sheet and FY26 figures are audited
document_type: Combined investor disclosure (earnings release + presentation + statutory results + earnings call transcript)
document_version: 1.0
ir_website: https://ir.paytm.com
---

# Paytm (One 97 Communications Limited) — Q2 FY 2027 Complete Investor Disclosures

**Quarter and half year ended 30 September 2026 | Published 26–27 October 2026**

> **About this document.** This is a consolidated, machine-readable companion file combining Paytm's Q2 FY 2027 earnings release, earnings presentation, statutory (Ind AS) financial results and earnings call transcript into a single markdown document. It is intended for readers and AI research assistants that prefer a single text source. All figures are as originally reported; no adjustments, restatements or estimates have been added. Where the original documents present the same metric in different cuts (e.g. reported vs. comparable), both are retained. In case of any discrepancy, the statutory financial results filed with the stock exchanges prevail.
>
> **Reading conventions.** All amounts in ₹ crore unless stated. "Comparable" means excluding PIDF (Payments Infrastructure Development Fund) incentive, which was discontinued at the end of December 2025. "p.p" = percentage points. "bps" = basis points. "nm" = not meaningful. "H1" = half year (April–September).

## About Paytm

Pioneer of the mobile payments, QR and Soundbox revolution in India, Paytm is India's leading payments and financial services distribution company. We build technology that empowers small businesses to grow and enables consumers to make seamless payments anywhere. **Paytm's mission is to bring half a billion Indians into the mainstream economy.**

---

## Table of Contents

1. [Headline Results](#1-headline-results)
2. [Quick Facts Reference](#2-quick-facts-reference)
3. [Strategic Framing and Business Model](#3-strategic-framing-and-business-model)
4. [Merchant Payments](#4-merchant-payments)
5. [Consumer Payments and Monetisation](#5-consumer-payments-and-monetisation)
6. [Distribution of Financial Services](#6-distribution-of-financial-services)
7. [AI-Led Operating Leverage and Indirect Expenses](#7-ai-led-operating-leverage-and-indirect-expenses)
8. [Expanding Use of AI Inside and Outside the Organisation](#8-expanding-use-of-ai-inside-and-outside-the-organisation)
9. [Balance Sheet, Cash and Below-EBITDA Lines](#9-balance-sheet-cash-and-below-ebitda-lines)
10. [Update on International Business](#10-update-on-international-business)
11. [Governance](#11-governance)
12. [Additional Insights: Management Q&A (Earnings Release)](#12-additional-insights-management-qa-earnings-release)
13. [Summary P&L — Reported and Comparable](#13-summary-pl--reported-and-comparable)
14. [Operating Revenue and Contribution Profit](#14-operating-revenue-and-contribution-profit)
15. [EBITDA Build-Up](#15-ebitda-build-up)
16. [Reconciliation of EBITDA to Profit for the Period](#16-reconciliation-of-ebitda-to-profit-for-the-period)
17. [Operational KPIs](#17-operational-kpis)
18. [Cash Balance and ESOP Pool](#18-cash-balance-and-esop-pool)
19. [Indicative Performance Metrics for Loan Distribution](#19-indicative-performance-metrics-for-loan-distribution)
20. [Statutory Financial Results — Consolidated (Ind AS)](#20-statutory-financial-results--consolidated-ind-as)
21. [Statutory Financial Results — Standalone (Ind AS)](#21-statutory-financial-results--standalone-ind-as)
22. [Notes to the Financial Results](#22-notes-to-the-financial-results)
23. [Auditor's Review Reports](#23-auditors-review-reports)
24. [Group Structure — List of Entities](#24-group-structure--list-of-entities)
25. [Earnings Call Transcript — 27 October 2026](#25-earnings-call-transcript--27-october-2026)
26. [Definitions for Metrics and KPIs](#26-definitions-for-metrics-and-kpis)
27. [Disclaimers and Notes](#27-disclaimers-and-notes)
28. [Investor Relations Contact and Source Documents](#28-investor-relations-contact-and-source-documents)
29. [Appendix A: Historical Data Series (Investor Datapack)](#29-appendix-a-historical-data-series-investor-datapack)

---

## 1. Headline Results

**Theme: Sustained Momentum. Expanded Monetisation. Powered by AI.**

**Revenue ▲28% YoY, EBITDA ▲90% YoY.** Business model strength and AI adoption continue to accelerate revenue growth across Merchant and Consumer businesses, and improve cost efficiency. The company is investing further in AI to unlock new growth and efficiency opportunities.

| Metric | Q2 FY 2027 | YoY | QoQ |
|---|---|---|---|
| Revenue from Operations | ₹2,648 Cr | ▲28% | ▲8% |
| EBITDA | ₹270 Cr | ▲90% | ▲33% |
| EBITDA Margin | 10% | ▲331 bps | ▲190 bps |
| Profit After Tax (PAT) | ₹225 Cr | ▲971% | ▲2% |

**Comparable basis (ex-PIDF):** revenue ▲33% YoY (vs ▲28% reported); EBITDA margin 3% → 10%, ▲637 bps YoY (vs ▲331 bps reported); EBITDA nearly quadrupled (▲279% YoY). Performance on a comparable basis is stronger than reported, because until December 2025 the company also received PIDF incentive. See [Section 13](#13-summary-pl--reported-and-comparable).

**Half year (H1 FY 2027):**

| Metric | H1 FY 2027 | H1 FY 2026 | YoY |
|---|---|---|---|
| Revenue from Operations | ₹5,096 Cr | ₹3,979 Cr | ▲28% |
| Contribution Profit | ₹2,829 Cr | ₹2,356 Cr | ▲20% |
| EBITDA | ₹473 Cr | ₹214 Cr | ▲121% |
| EBITDA Margin | 9% | 5% | ▲390 bps |
| Profit After Tax (PAT) | ₹445 Cr | ₹144 Cr | ▲209% |

With a large addressable market, accelerating revenue growth and AI-led improvement in structural operating leverage, Paytm is delivering sustained revenue growth and margin expansion, which management expects to continue to compound into long-term profit growth.

> **UPI MDR will be a revenue and profit upside to the business, not the core foundation of the business.** Based on the proposed MDR framework by NPCI, the company expects an indicative uplift of ~2.5 bps in Payment Processing Margin (PPM). See [Section 12, Q1](#12-additional-insights-management-qa-earnings-release).

---

## 2. Quick Facts Reference

A flat key–value index of the quarter's principal disclosures, for fast lookup.

| Item | Value | Basis |
|---|---|---|
| Revenue from operations | ₹2,648 Cr | Q2 FY27 reported; +28% YoY, +8% QoQ |
| Revenue from operations (comparable, ex-PIDF) | ₹2,636 Cr | +33% YoY |
| PIDF incentive in revenue | ₹12 Cr | vs ₹74 Cr in Q2 FY26 |
| Contribution profit | ₹1,479 Cr | 56% margin; +23% YoY |
| Contribution profit (comparable) | ₹1,467 Cr | 56% margin, +29% YoY |
| Total indirect expenses | ₹1,209 Cr | 46% of revenue (vs 52%); +14% YoY |
| EBITDA | ₹270 Cr | 10% margin |
| EBITDA (comparable, ex-PIDF) | ₹258 Cr | 10% margin, +279% YoY |
| PAT | ₹225 Cr | reported; +971% YoY, +2% QoQ |
| PAT (comparable, ex-PIDF) | Not disclosed this quarter | — |
| EPS — basic / diluted (consolidated) | ₹3.52 / ₹3.47 | not annualised |
| H1 FY27 revenue / EBITDA / PAT | ₹5,096 Cr / ₹473 Cr / ₹445 Cr | +28% / +121% / +209% YoY |
| Merchant GMV | ₹7.1 L Cr | +26% YoY; +1% QoQ |
| Payment processing margin | comfortably >4 bps | structurally improving |
| Net payment revenue | ₹644 Cr | +21% YoY comparable; +8% reported |
| Subscription merchants (devices) | 1.64 Cr | +27 lakh YoY |
| Registered merchants | 5.2 Cr | +10% YoY |
| Paytm vs industry UPI GTV growth | 42% vs 19% | 2.2x industry (NPCI); absolute customer UPI GTV not disclosed this quarter |
| Monthly Transacting Users (MTU) | 8.5 Cr | +1 Cr YoY (+13%); highest in ~3 years |
| Distribution of Financial Services revenue | ₹912 Cr | +49% YoY |
| Marketing Services revenue | ₹287 Cr | +26% YoY |
| Key financial services customers | 8.8 lakh | +2.3 lakh / +35% YoY |
| Repeat borrower mix (merchant loans) | >50% of disbursements | — |
| Cash balance | ₹13,617 Cr | +₹549 Cr YoY; +₹88 Cr QoQ |
| Other income | ₹182 Cr | –18% YoY; flat QoQ |
| Depreciation & amortisation | ₹146 Cr | +7% YoY |
| Income tax expense | ₹67 Cr | includes ₹34 Cr additional deferred tax impact; ₹33 Cr excluding it |
| Exceptional items | ₹(4) Cr | write-off of obsolete capital work-in-progress |
| Device capex (H1 FY27) | ~₹400 Cr | on basis of intake of devices |
| Estimated fully diluted shares | 67.9 Cr | as of 26 October 2026 |
| Average number of sales employees | 51,832 | +17% YoY |

**Guidance and forward statements given for the period**

| Guidance item | Statement |
|---|---|
| UPI MDR | Indicative uplift of ~2.5 bps in overall PPM, based on proposed cap of 0.4% MDR on select payments above ₹2,000 (non-industry merchants) and current GMV mix; outcome may stabilise 2–3 quarters post implementation. Framed as upside, not foundation |
| EBITDA (Q3 FY27) | Expected to continue to improve despite materially higher DLG cost; on the call, management said absolute EBITDA will still expand QoQ |
| Contribution margin (Q3 FY27) | Expected to decline, given materially higher DLG cost and seasonal effects (e.g. higher share of card processing in festive season) |
| DLG costs | Will increase materially from Q3 FY27, as DLG resumes with the largest lending partner (well below the permitted 5% limit) |
| Profitability (short and medium term) | Expected to improve in the short term despite upfront DLG costs (excluding any MDR upside); expected to rise further over medium to long term as DLG-cohort revenue is recognised |
| Capex | ~₹400 Cr in H1 FY27 on device-intake basis; expected as a steady-state run rate. More capex guidance to be given next quarter (call) |
| Software & cloud costs | Platform consolidation costs to continue for one more quarter; a more normalised number expected to be discussed by end of next quarter (call) |
| Indirect expenses | Over a three-to-four quarter period, should grow at less than half of revenue / CM growth (call) |
| Income tax | ₹6 Cr of the ₹34 Cr additional deferred tax relates to the current quarter and may continue; overall tax to arise primarily from other income; effective tax rate remains low due to brought-forward losses |
| Paytm Postpaid | Meaningful revenue and EBITDA expected from FY 2028 onwards |
| AI platform revenue | To be reported within Marketing Services; meaningful monetisation in about a year (call); milestone review suggested "by the same quarter next year" (call) |
| Free cash flow | Broadly expected to track EBITDA, subject to capex (call) |

*Not restated in Q2 FY27 documents (refer to Q1 FY27 disclosures):* 15–20% EBITDA margin over the next 2–3 years; FY27 D&A of ₹550–600 Cr; other income broadly steady through FY27; 25–30 lakh net device additions a year.

---

## 3. Strategic Framing and Business Model

### 3.1 Looking Forward — Well-positioned for long-term compounding of profit

Large addressable market, accelerating revenue growth and AI-led improvement in structural operating leverage.

1. **Growing merchant payments leadership.** Driven by large underserved MSME market, market share gains, steady growth in device subscriptions and structural payment margin expansion.
2. **Long growth runway in capital-light merchant loan distribution business.** AI across lifecycle: growing lendable base, low and increasing loan penetration, sharper insights and better collections. Combined with more lenders and loan products.
3. **Expansion of consumer monetisation.** AI-led acquisition, retention and product innovation is growing monetisable consumers and market share, and improving monetisation in key consumer businesses.
4. **AI accelerating structural operating leverage.** Revenue and Contribution Profit are growing faster than indirect expenses. AI applications across businesses are accelerating revenue growth and cost efficiencies.

The company is investing further in AI to unlock new growth and efficiency opportunities.

### 3.2 Paytm's Core Moat — Payments-led Financial Services Distribution and AI Diffusion Model

The business model is to acquire customers through payments and monetise through financial services and technology services. The company does not depend on UPI MDR for profitable growth; any MDR on UPI would be an upside, not its foundation.

**Paytm Business Model: One Customer Relationship, Unlocking Multiple Layers of Value**

| # | Layer | Role | Description |
|---|---|---|---|
| 1 | Payments-led Financial Inclusion | Core Acquisition Model | Mobile payments is the core acquisition engine; AI-led targeting and servicing deliver high-quality retention and monetisation. Focus on a monetisable customer base across consumers and merchants, not market share alone |
| 2 | Enable Access to Credit | Monetisation Engine | Distribution of small-ticket loans with AI-driven segmentation of lendable base; insights help partners with improved portfolio performance |
| 3 | Protect and Prosper through Insurance and Wealth | Deepen Relationship (Emerging Opportunity) | Helping customers grow their savings and protect their families and businesses |
| 4 | AI Agents for Merchants to Grow Their Business | AI Diffusion (Emerging Opportunity) | Every merchant gets what only big businesses could afford: a CFO to manage cash flow, invoicing, inventory and payments, and a CMO to bring in customers and grow sales |

The presentation depicts the layers as a cycle (onboarding → engagement → cross-sell → risk → collections → sales → agents), with **AI-native operations across layers**.

**Using AI to serve India's large MSME market, profitably.**

| MSMEs in India | People employed | Contribution to GDP |
|---|---|---|
| ~8 Cr | 30 Cr+ | ~30% |

*Source: MSME Annual Report FY 25–26.*

Over the past decade, Paytm has worked to change the economics of serving micro, small and medium enterprises through AI-powered technology in payments and financial services, allowing it to serve them profitably. Daily payment acceptance keeps merchants engaged with the platform, which in turn lets the company distribute financial services and other technology services. As these merchants grow, they process more payments and take more services through Paytm, which reinforces the cycle.

---

## 4. Merchant Payments

**Compounding on strength built over the years.** Merchant scale drives compounding growth, reflected in market share gains, structural payment margin expansion and steady growth in device subscriptions.

**Net Payment Revenue = Payment Processing Revenue + Subscription Revenue**

| Component | Metric | Value | Change |
|---|---|---|---|
| Payment processing revenue | Merchant GMV | ₹7.1 L Cr | ▲26% YoY |
| Payment processing revenue | Payment processing margin | >4 bps | structurally improving |
| Subscription revenue | Merchant subscriptions (subscription-paying merchants) | 1.64 Cr | ▲27 lakh YoY |
| **Net payment revenue** | **Total** | **₹644 Cr** | **▲21% YoY comparable (ex-PIDF); ▲8% YoY reported** |

1. **Soundbox is an indispensable operating system.** Deployed at 1.64 Cr storefronts. High merchant retention and engagement, and subsequent loan distribution, are resulting in higher revenue per merchant.
2. **Sustained market share gains.** Focus on monetisable merchants through investments in product, distribution and service. Industry GMV moderated sequentially as the festive season falls in Q3 this year.
3. **Structural improvement in Payment Processing Margin.** Driven by growth in MDR-bearing instruments (credit cards on UPI, Paytm Postpaid), market share gains, and pricing discipline. This trend is expected to continue.

*On the call (see [Section 25](#25-earnings-call-transcript--27-october-2026)), management attributed flat QoQ GMV to festive timing (late Diwali) and to pricing discipline with large enterprise/online merchants, including the expiry of a long-term contract with one large, negative-contribution-margin customer (a large insurance company) — "not a double-digit percentage, but significant" of GMV.*

---

## 5. Consumer Payments and Monetisation

**6th consecutive quarter of consumer payment market share gain.** Focus on monetisable user base leading to acceleration in revenue growth.

| Metric | Value | Change |
|---|---|---|
| Monthly Transacting Users (MTU) | 8.5 Cr | ▲1 Cr YoY, highest in ~3 years |
| Paytm vs industry UPI GTV growth | 2.2x | 42% Paytm growth vs 19% industry growth |

*Source: NPCI.*

**Acceleration in consumer acquisition; expansion in monetisation.** Market share gains are coming from better product, stronger acquisition and retention, and AI-led personalisation. The company is investing further with focus on a monetisable user base across consumer businesses.

| Monetisation engine | Commentary |
|---|---|
| Paytm Postpaid (credit line on UPI) | Compounding well; meaningful revenue and EBITDA expected from FY 2028 onwards |
| Personal Loans | MTU growth, better funnel conversion, and scale-up in lending partners is driving higher disbursements; trend expected to continue |
| Equity Broking and Wealth | Continued scale-up in MTF book and consistent market share gain in Paytm Gold |
| Advertising | Customer cohorting and personalised campaigns are delivering higher ROI for advertisers and better user experience |

---

## 6. Distribution of Financial Services

**Accelerating monetisation across distribution of financial services.** Low penetration of the customer base offers a long runway for high growth.

| Metric | Value | Change |
|---|---|---|
| Revenue | ₹912 Cr | ▲49% YoY |
| Key financial services customers | 8.8 lakh | ▲2.3 lakh YoY (▲35% YoY) |
| Repeat borrower mix | >50% of merchant loan disbursements | — |

### Merchant Loans Distribution

Growth is accelerating, supported by expansion of the lendable base, scaling up by lending partners on the back of steady portfolio performance, and growth in new and repeat borrowers. The company is expanding its addressable market for loan distribution by launching products across merchant segments, such as **higher-ticket loans for EDC merchants**.

At Paytm's scale, AI-led efficiencies are significant, enabling reinvestment in product innovation, distribution and service. This generates higher engagement and sharper insights on merchant behaviour, which helps scale merchant loan distribution, giving greater ability to further invest in distribution and engagement.

### Consumer Loans Distribution

**Paytm Postpaid** has completed one year since its relaunch, and has witnessed higher sign-ups, higher spends per customer, improved portfolio performance and better profitability, compared with the earlier product journey.

**Personal Loans** is seeing strong growth as lending partners are scaling up disbursements, in line with industry trends, and the company expects this growth trajectory to continue.

### Equity Broking and Wealth Products

Improved monetisation, especially in Margin Trade Funding (MTF) and Paytm Gold, with AI-powered offerings expected to drive future growth.

### Deepening Lender Base and Loan Distribution Capacity (DLG)

The business is capital-light: loans are underwritten by and held by lending partners, while Paytm's role is limited to loan distribution, insights, collections and technology. Since Q1 FY 2026, an increasing share of disbursements has been under the DLG (Default Loss Guarantee) model, helping expand the lender base and loan distribution capacity.

Loans distributed under DLG earn higher lifetime revenue than non-DLG loans. Net of DLG costs, lifetime profitability is broadly similar under both models, so the company is largely indifferent between them. The cost of DLG is recognised upfront and the corresponding additional revenue over subsequent periods, back-ending each cohort's profitability. This revenue, together with higher trail revenue from growing disbursements, leads to higher revenue and profitability in future periods, as these loans mature.

**DLG costs have risen since Q1 FY 2026 and will increase materially from Q3 FY 2027**, as DLG has resumed with the company's largest lending partner, well below the permitted 5% limit.

---

## 7. AI-Led Operating Leverage and Indirect Expenses

**Indirect expenses: AI improving structural operating leverage.** AI-led efficiencies across workflows allow continued investment across payments and financial services distribution, leading to market share gains and higher monetisation.

| (Quarter ending, in ₹ Cr) | Sep-25 | Sep-26 | YoY Change |
|---|---|---|---|
| **Cost of Expanding Platform** | **369** | **469** | **27%** |
| Marketing | 72 | 99 | 38% |
| Sales and service employees cost | 297 | 370 | 25% |
| **Cost of Building Platform** | **696** | **740** | **6%** |
| Non-sales employee costs | 365 | 389 | 7% |
| Software, cloud & data centre expenses | 133 | 211 | 59% |
| Other indirect expenses | 198 | 140 | (29)% |
| **Total Indirect Expenses** | **1,064** | **1,209** | **14%** |
| *As a % of Revenue* | *52%* | *46%* | *Improvement of 6 p.p* |

### Investment: Expanding Platform (▲27% YoY)

Continued investment in acquisition, retention, servicing and upsell of financial services distribution.

- **Marketing costs combined with promotional expenses** increased with healthy payback, as reflected in continued market share gains, MTU addition and accelerating revenue growth.
- **Sales and service employee costs** increased as the company continues to invest in deepening its presence and servicing efforts, as well as upsell of financial services distribution.

### Efficiency: Building Platform (▲6% YoY)

Cost of building grew meaningfully slower than revenue, and EBITDA continued to improve, even as the company continues to invest in AI and incurred short-term platform consolidation costs.

- **Non-sales employee cost:** AI-driven productivity gains and continued investment in business and AI teams are the key drivers.
- **Software, cloud & data centre expenses:** The company is investing further in AI to unlock new opportunities, building on benefits visible across acquisition, retention, monetisation and service; the financial impact shows up mainly in revenue growth and lower indirect expenses. **Higher costs this quarter reflect increased AI usage and consolidation of tech platforms (expected to continue for one more quarter).** As mentioned earlier, there may be quarterly volatility due to the way contracts are structured.
- **Other indirect expenses:** Declined YoY, driven by lower provision for doubtful debts, following adoption of a more conservative revenue recognition policy, and lower refurbishment costs, which were elevated last year due to higher pick-up of inactive devices in the previous period.

*On the call, management said the majority of the incremental cloud cost was the one-time consolidation of the online and offline payment stacks (run in separate entities until the offline business moved to PPSL) into a single platform.*

---

## 8. Expanding Use of AI Inside and Outside the Organisation

**AI is increasingly the operating system of Paytm.** Function-specific models and agents, powered by fine-tuned open-source models, run across engineering, merchant and consumer journeys, risk, collections, fraud prevention and personalisation.

### Inside Paytm

**For Consumers — Low-cost customer acquisition & retention.** Leading to better customer selection, personalisation, and improved insights, extracting more revenue per engagement.

**For Merchants — AI agent-powered sales and service.** AI continues to be leveraged for targeted acquisition, deeper engagement, higher cross-sell and lower cost-to-serve.

**For Engineering — AI agents accelerate delivery, drive efficiency.** The software development cycle is being made agentic across coding, review, testing and deployment, leading to faster, more efficient delivery.

**Applied use cases called out:** customer acquisition & retention, fraud prevention, improved collection performance, improved marketing stack, enhanced cross-sell, customer delight.

### Outside Paytm — AI Platform for growing merchants' business

Paytm has begun offering its AI platform to enterprise merchants, productising selected in-house capabilities to help them grow and engage customers across channels, including the Paytm app. The offering will be scaled as commercial traction builds. Monetisation will be reported within **Marketing Services** (call).

---

## 9. Balance Sheet, Cash and Below-EBITDA Lines

### Cash Balance of ₹13,617 Cr

Cash balance of ₹13,617 Cr, up ₹549 Cr YoY (Sep-25: ₹13,068 Cr) and ₹88 Cr QoQ (Jun-26: ₹13,529 Cr). This does **not** include "PML customer funds" and "Balances in Escrow / Nodal Accounts", but **does** include the ₹700 Cr pre-funded balance in the escrow account from PPSL post transfer of the offline business. Cash balance does not include money lent by PML to its customers for MTF. See [Section 18](#18-cash-balance-and-esop-pool).

The company wants to maintain its position of being very well capitalised, is working on attractive organic and inorganic opportunities (early signs through MTF for partial use of capital with high RoI), and keeps looking at partnerships, minority investments and acquisitions from time to time; it will not deploy capital simply because it has it.

### Other Income (primarily interest income)

Other income was ₹182 Cr in Q2 FY27, flat QoQ and down 18% YoY (Q2 FY26: ₹222 Cr). H1 FY27 other income was ₹364 Cr (H1 FY26: ₹463 Cr, –21%).

### Depreciation and Amortisation, and Capex

D&A was ₹146 Cr in Q2 FY27, up 7% YoY and 11% QoQ; H1 FY27 D&A was ₹277 Cr (–9% YoY). Capex on the basis of intake of devices was approximately **₹400 Cr in H1 FY 2027**, an increase over the previous year due to (i) fewer refurbished devices in H1 FY27, which increased new-device capex but reduced refurbishment costs, and (ii) deployment of upgraded devices to existing merchants to drive higher quality engagement and retention, with payback periods intact. There are some differences between cash outflow and capitalisation each quarter due to timing of payments to vendors. The company expects this as a steady-state run rate. On the call, management said more capex in H1 will, with a lag, lead to higher depreciation in FY28.

Consolidated cash flow statement: purchase of property, plant and equipment (including intangibles, CWIP, capital advances and payables on fixed assets) was ₹434 Cr in H1 FY27 (H1 FY26: ₹202 Cr). See [Section 20.3](#203-consolidated-statement-of-cash-flows).

### Income Tax

Income tax expense increased to ₹67 Cr in Q2 FY27 from ₹27 Cr in Q1 FY27, primarily due to an additional deferred tax impact of ₹34 Cr recorded on completion of the Group's assessment of income tax on interest income pertaining to one of its subsidiaries. Excluding this impact, the tax expense was ₹33 Cr, broadly in line with the previous quarter. Of the ₹34 Cr, ₹6 Cr relates to the current quarter, which may continue in future quarters. (Statutory Note 4: deferred tax expense includes ₹23 Cr pertaining to the previous year and ₹5 Cr pertaining to the previous quarter.)

Going forward, tax expense is expected to arise primarily from other income, mainly interest income, partially offset by remaining unabsorbed depreciation this year. Tax also arises at some subsidiaries that are marginally profitable with limited or no carried-forward losses. The effective tax rate remains low because brought-forward tax losses continue to offset operating profit.

### Exceptional Items

₹(4) Cr in Q2 FY27: write-off of obsolete capital work-in-progress by the Holding Company. Q2 FY26 exceptional items were ₹(190) Cr (impairment of loan given to a JV).

---

## 10. Update on International Business

*The Q2 FY 2027 earnings release and presentation do not contain a separate international business update. The following is from the earnings call.*

- **Enabling resolution of up to ₹500 Cr.** The Board has approved an enabling resolution to invest up to ₹500 Cr, in multiple tranches over 12 months, in Paytm Cloud Technologies Limited (PCTL, a 100%-owned subsidiary) and/or one of its international subsidiaries. To the extent infused into the Singapore subsidiary of PCTL, it is likely to be used for seed investments in international markets and funding needs of existing overseas ventures. Management said there are no concrete plans for the full amount; it could be lower, and investments will be disclosed as applicable.
- **Role of PCTL vs One97 Singapore.** PCTL is the entity through which investments in foreign ventures are made (e.g. the UAE business and the Luxembourg subsidiary) and runs merchant payments and merchant-lending partnerships (partner-operated and Paytm-operated models). One97 Communications Singapore runs the older marketing cloud business serving telecom companies and enterprises.
- Group structure continues to include Paytm Europe Payments S.A. (Luxembourg), Paytm Arab Payments LLC, Paytm Company KSA, Paytm Singapore Pte. Ltd., PT Paytm Indonesia Teknologi and associate PT Duta Teknologi Kreatif, Indonesia — see [Section 24](#24-group-structure--list-of-entities).

---

## 11. Governance

**Strong governance, built to scale responsibly.** Positive impact of proactive compliance decisions reflected across recent regulatory transitions.

- **Profitable growth without incentives:** calibrated business for profitable growth without UPI or PIDF incentives.
- **GAAP-basis disclosures:** adjusted metrics discontinued; disclosures follow GAAP or standard definitions. EBITDA is reported after ESOP costs; there is no adjusted EBITDA and no ESOP add-back (call).
- **Strengthened Board:** appointed four new directors over the past year, with expertise across financial services, technology and AI.
- **Proactive compliance policies:** limited impact from stoppage of rent payments through credit cards and the Real Money Gaming Act.
- **Conservative impairments:** a conservative policy is applied for impairing any investments.
- **Prudent revenue and cost recognition:** conservative policy on merchant subscription revenue recognition and **upfront recognition of entire DLG cost**.

---

## 12. Additional Insights: Management Q&A (Earnings Release)

*This section reproduces the "Q&A – Additional Insights" section of the Q2 FY 2027 earnings release.*

**Q1. With MDR announced on select P2M UPI payments, what is the expected upside for Paytm?**
NPCI has recently notified a MDR framework for UPI, and a subsequent press release stated that MDR will be implemented immediately after Diwali, on a date to be notified separately. Potential upside of MDR will be reflected in Payments Processing Margin (PPM), i.e. MDR revenue earned on payments GMV net of payments processing charges, which has been expanding structurally and is comfortably above 4 bps currently. Based on the proposed cap of 0.4% MDR on select payments (non-industry merchants) for payments above ₹2,000, and based on current GMV mix, the company expects an indicative uplift of approximately 2.5 bps in overall PPM. The actual outcome may stabilise in 2–3 quarters post implementation. Further updates may be provided in future earnings releases as visibility improves.

**Q2. What gives you confidence about continued high growth in Merchant loans distribution business?**
With over seven years in merchant loan distribution and collections, the company has seen strong product-market fit for loans whose daily repayments match merchants' cash flows. Combined with high merchant retention and consistent repeat borrowing, both strengthened by AI, this allows the business to compound sustainably. AI-led insights support continued growth in collection bonuses and overall revenue, across the merchant base and loan types. At Paytm's scale, these efficiencies are significant, and they are reinvested in product, distribution and service, which deepens merchant engagement and sharpens understanding of merchant behaviour, allowing distribution to scale further.

**Q3. Will there be any impact of material increase in DLG cost starting Q3 FY 2027?**
On a like-for-like basis, loans distributed under a DLG arrangement earn higher lifetime revenue than non-DLG loans, and lifetime profitability is broadly similar under both models. The difference is timing: the DLG cost is recognised upfront, while the revenue is recognised over the life of the loan. In the short term, despite these upfront DLG costs, the company expects profitability to improve (excluding any MDR upside), driven by continued momentum in payments and financial services, and by operating efficiencies. Over the medium to long term, profitability is expected to rise further as revenue from DLG cohorts is recognised, alongside higher trail revenue from growing disbursements.

**Q4. Marketing Services is up 26% YoY, what are the factors contributing to this?**
Higher growth is being seen in some segments, for example advertising. However, it is still early, and the company would like to see sustained momentum before discussing these in more detail.

**Q5. What is your outlook on Contribution Margin (CM)?**
CM of 59% in Q2 FY26 was temporarily elevated by the PIDF incentive received in the quarter and a lower share of loan distribution under DLG. Adjusted for PIDF, CM was 56% in Q2 FY 2027 vs 57% last year (see [Section 13](#13-summary-pl--reported-and-comparable)). As mentioned last quarter, CM is not seen as a primary financial metric; it may move due to various factors including changes in DLG mix, segment mix and share of card processing. Optimising for CM can lead to suboptimal business decisions, as monetisation is viewed across the full customer lifecycle, which is reflected in EBITDA, EBITDA margin and PAT. In Q3 FY 2027, CM is expected to decline, given a materially higher DLG cost and various seasonal effects (for example, higher share of card processing in festive seasons); however EBITDA is expected to continue to improve.

**Q6. What are the trends on capex spends, and your outlook on capex?**
Capex on the basis of intake of devices was approximately ₹400 Cr in H1 FY 2027, an increase over the previous year due to fewer refurbished devices in H1 FY 2027 (which increased new-device capex but also reduced refurbishment costs), and deployment of upgraded devices to existing merchants to drive higher quality engagement and retention, while keeping payback periods intact. There are some differences between cash outflow and capitalisation each quarter due to timing of payments to vendors. This is expected as a steady-state run rate.

**Q7. Income tax expense rose sharply sequentially. Was this driven by one-off items, and how should we think about its trajectory going forward?**
Income tax expense increased to ₹67 Cr in Q2 FY 2027 from ₹27 Cr in Q1 FY 2027, primarily due to an additional deferred tax impact of ₹34 Cr recorded on completion of the Group's assessment of income tax on interest income pertaining to one of its subsidiaries. Excluding this impact, the tax expense stood at ₹33 Cr, broadly in line with the previous quarter. Of the ₹34 Cr of additional tax impact, ₹6 Cr relates to the current quarter, which may continue in future quarters. Going forward, overall tax expense is expected to continue to arise primarily from other income, mainly interest income, partially offset by remaining unabsorbed depreciation this year. Tax also arises at some subsidiaries that are marginally profitable with limited or no carried-forward losses. The effective tax rate remains low because brought-forward tax losses continue to offset operating profit.

**Q8. The cash balance is ₹13,617 Cr, and you are adding cash. How do you think about deploying it?**
The company has a large cash balance and wants to maintain that position of being very well capitalised. It is working on attractive organic and inorganic opportunities, and is seeing early signs through MTF, etc. for partial use of this capital with high RoI. It also keeps looking at opportunities for partnerships, minority investments and acquisitions from time to time. As said earlier, it will not deploy capital simply because it has it; the optionality of cash is itself worth something in the present environment, combined with strong capital discipline.

---

## 13. Summary P&L — Reported and Comparable

**Excluding PIDF, revenue grew 33% and EBITDA nearly quadrupled.** Reported growth and profitability improved substantially on a YoY basis. Performance was even better on a comparable basis, excluding PIDF incentive which was discontinued at the end of December 2025.

| (Quarter ending, in ₹ Cr) | Sep-25 | Sep-26 | YoY |
|---|---|---|---|
| Operating Revenue (Reported) (A) | 2,061 | 2,648 | 28% |
| Less: PIDF Incentive (B) | 74 | 12 | (84%) |
| **Operating Revenue (Comparable) (A–B)** | **1,987** | **2,636** | **33%** |
| Contribution Profit (Reported) (C) | 1,207 | 1,479 | 23% |
| Contribution Margin % | 59% | 56% | (271 bps) |
| **Contribution Profit (Comparable) (C–B)** | **1,133** | **1,467** | **29%** |
| **Contribution Margin %** | **57%** | **56%** | **(135 bps)** |
| EBITDA (Reported) (D) | 142 | 270 | 90% |
| EBITDA Margin % | 7% | 10% | 331 bps |
| **EBITDA (Comparable) (D–B)** | **68** | **258** | **279%** |
| **EBITDA Margin %** | **3%** | **10%** | **637 bps** |

*Note: PIDF = Payments Infrastructure Development Fund. Unlike Q1 FY27, the Q2 FY27 table does not present a comparable PAT line.*

---

## 14. Operating Revenue and Contribution Profit

| Particulars (in ₹ Cr) | Sep-26 (Unaudited) | Jun-26 (Unaudited) | Sep-25 (Unaudited) | YoY | QoQ | H1 FY27 (Unaudited) | H1 FY26 (Unaudited) | H1 YoY |
|---|---|---|---|---|---|---|---|---|
| Payment Services | 1,434 | 1,384 | 1,146 | 25% | 4% | 2,818 | 2,190 | 29% |
| Distribution of Financial Services | 912 | 814 | 611 | 49% | 12% | 1,726 | 1,171 | 47% |
| Marketing Services | 287 | 239 | 228 | 26% | 20% | 526 | 474 | 11% |
| Other Operating Revenue | 15 | 11 | 77 | (81)% | 36% | 26 | 143 | (82)% |
| **Revenue from Operations (A)** | **2,648** | **2,448** | **2,061** | **28%** | **8%** | **5,096** | **3,979** | **28%** |
| Payment processing charges | 805 | 794 | 629 | 28% | 1% | 1,599 | 1,210 | 32% |
| *As % of GMV* | *0.11%* | *0.11%* | *0.11%* | *0.0 bps* | *0.0 bps* | *0.11%* | *0.11%* | *0.0 bps* |
| Promotional cashback & incentives | 95 | 90 | 50 | 90% | 6% | 185 | 87 | 113% |
| Other direct expenses | 269 | 214 | 176 | 53% | 26% | 483 | 325 | 49% |
| **Total Direct Expenses (B)** | **1,169** | **1,098** | **855** | **37%** | **6%** | **2,267** | **1,623** | **40%** |
| **Contribution Profit (C = A–B)** | **1,479** | **1,350** | **1,207** | **23%** | **10%** | **2,829** | **2,356** | **20%** |
| Contribution Margin % | 56% | 55% | 59% | (271) bps | 71 bps | 56% | 59% | (370) bps |

---

## 15. EBITDA Build-Up

| Particulars (in ₹ Cr) | Sep-26 (Unaudited) | Jun-26 (Unaudited) | Sep-25 (Unaudited) | YoY | QoQ | H1 FY27 (Unaudited) | H1 FY26 (Unaudited) | H1 YoY |
|---|---|---|---|---|---|---|---|---|
| **Contribution Profit (C)** | **1,479** | **1,350** | **1,207** | **23%** | **10%** | **2,829** | **2,356** | **20%** |
| Contribution Margin % | 56% | 55% | 59% | (271) bps | 71 bps | 56% | 59% | (370) bps |
| Marketing | 99 | 79 | 72 | 38% | 25% | 178 | 133 | 34% |
| Employee cost (including ESOP costs) | 759 | 742 | 662 | 15% | 2% | 1,501 | 1,305 | 15% |
| Software, cloud and data centre | 211 | 159 | 133 | 59% | 33% | 370 | 301 | 23% |
| Other indirect expenses | 140 | 167 | 198 | (29)% | (16)% | 307 | 404 | (24)% |
| **Total Indirect Expenses (D)** | **1,209** | **1,147** | **1,064** | **14%** | **5%** | **2,356** | **2,143** | **10%** |
| **EBITDA (E = C–D)** | **270** | **203** | **142** | **90%** | **33%** | **473** | **214** | **121%** |
| Margin % | 10% | 8% | 7% | 331 bps | 190 bps | 9% | 5% | 390 bps |

**Contribution Margin outlook (presentation):** CM is not a primary financial metric, as it can fluctuate QoQ due to change in DLG mix, segment mix and card processing share. CM is expected to decline in Q3, driven by materially higher DLG cost and seasonal factors; however, EBITDA is expected to improve.

---

## 16. Reconciliation of EBITDA to Profit for the Period

*Reconciliation of the non-GAAP measure EBITDA to Profit / (Loss) for the period.*

| Particulars (in ₹ Cr) | Sep-26 (Unaudited) | Jun-26 (Unaudited) | Sep-25 (Unaudited) | YoY | QoQ | H1 FY27 (Unaudited) | H1 FY26 (Unaudited) | H1 YoY |
|---|---|---|---|---|---|---|---|---|
| **EBITDA (E)** | **270** | **203** | **142** | **90%** | **33%** | **473** | **214** | **121%** |
| Finance costs (F) | (7) | (7) | (5) | 40% | 0% | (14) | (9) | 56% |
| Depreciation and amortisation expense (G) | (146) | (131) | (137) | 7% | 11% | (277) | (303) | (9)% |
| Other income (H) | 182 | 182 | 222 | (18)% | 0% | 364 | 463 | (21)% |
| Share of profit/(loss) of associates/joint ventures (I) | (3) | 0 | (1) | 200% | nm | (3) | (1) | 200% |
| Income tax expense (J) | (67) | (27) | (10) | 570% | 148% | (94) | (14) | 571% |
| **Profit / (Loss) before exceptional items (K = sum of E to J)** | **229** | **220** | **211** | **9%** | **4%** | **449** | **350** | **28%** |
| Exceptional items (L) | (4) | 0 | (190) | (98)% ¹ | nm | (4) | (207) | (98)% |
| **Profit / (Loss) for the period (M = K + L)** | **225** | **220** | **21** | **971%** | **2%** | **445** | **144** | **209%** |

¹ *The presentation shows the YoY change in exceptional items as (98)%; the earnings release shows "nm" for the same cell.*

*Note: The Q2 FY26 income tax expense in this management reconciliation (₹10 Cr; H1 FY26 ₹14 Cr) differs from the statutory statement (₹9 Cr; H1 FY26 ₹12 Cr) owing to rounding on conversion from ₹ millions to ₹ crores; both are as reported, and some columns do not add exactly for the same reason. The statutory results prevail.*

---

## 17. Operational KPIs

| Operational KPI | Units | Sep-26 (Unaudited) | Jun-26 (Unaudited) | Sep-25 (Unaudited) | YoY | QoQ |
|---|---|---|---|---|---|---|
| Registered Merchants (end of period) | Cr | 5.2 | 5.0 | 4.7 | 10% | 2% |
| Subscription Merchants including devices (cumulative; end of period) | Cr | 1.64 | 1.57 | 1.37 | 19% | 5% |
| GMV | ₹ Lakh Cr | 7.1 | 7.1 | 5.7 | 26% | 1% |
| Merchant Transactions | Cr | 1,785 | 1,669 | 1,453 | 23% | 7% |
| Total Transactions | Cr | 2,156 | 1,989 | 1,658 | 30% | 8% |
| Average Number of Sales Employees | # | 51,832 | 43,715 | 44,154 | 17% | 19% |
| Sales and service employee costs | ₹ Cr | 370 | 339 | 297 | 25% | 9% |
| MTU (average over the period) | Cr | 8.5 | 8.0 | 7.5 | 13% | 6% |
| Key financial services customers | Lakh | 8.8 | 7.6 | 6.5 | 35% | 17% |

---

## 18. Cash Balance and ESOP Pool

### Breakup of Available Cash and Investable Balance (quarter ending)

| Particulars (in ₹ Cr) | Sep-25 | Dec-25 | Mar-26 | Jun-26 | Sep-26 |
|---|---|---|---|---|---|
| Cash and Bank Balances | 4,861 | 5,468 | 7,252 | 7,581 | 7,116 |
| Deposits with banks | 6,267 | 6,115 | 5,788 | 5,688 | 5,608 |
| Investments (Mutual Funds / T-Bills / CP / G-Sec / NCD / NBFC FDs) | 5,545 | 4,747 | 4,417 | 5,067 | 5,178 |
| **Total Balances (A)** | **16,674** | **16,329** | **17,457** | **18,336** | **17,902** |
| Paytm Money Ltd (PML) customer funds (B) | 351 | 415 | 383 | 389 | 295 |
| Balances in Escrow / Nodal Accounts (C) | 3,254 | 3,732 | 4,459 | 5,119 | 4,690 |
| **Total Balances (excluding PML and Escrow) (A–B–C)** | **13,068** | **12,182** | **12,615** | **12,829** | **12,917** |
| Prefunded balance in escrow account from PPSL post transfer of offline business (D) | Negligible | 700 | 700 | 700 | 700 |
| **Total Balance (A – B – C + D)** | **13,068** | **12,882** | **13,315** | **13,529** | **13,617** |

*Note: Cash balance does not include money lent by PML to its customers for Margin Trading Funding (MTF). The same are reported in "Other Financial Assets" in the Company's financial statements.*

### ESOP Pool Schedule

| As of 26 October 2026 | (in Cr.) |
|---|---|
| Basic shares outstanding | 64.2 |
| ESOPs vested and unexercised | 0.2 |
| ESOPs granted and unvested | 0.8 |
| ESOPs available for distribution | 2.7 |
| **Estimated fully diluted shares** | **67.9** |

---

## 19. Indicative Performance Metrics for Loan Distribution

*September 2026 quarter.*

| Metric | Merchant Loans |
|---|---|
| Bounce Rates | NA |
| Bucket 1 Resolution % | 83% to 90% |
| Recovery Rate Post 90+ | 30% to 35% |
| Expected Credit Loss (ECL) % | 4.5% to 5.0% |

*Loans are underwritten and booked by lending partners on their balance sheets. Paytm acts as a collection outsourcing partner and the numbers are hence indicative of those efforts. On the call, management said merchant-loan ECL is largely unchanged in range; personal loans are distribution-only.*

---

## 20. Statutory Financial Results — Consolidated (Ind AS)

### 20.1 Statement of Unaudited Consolidated Financial Results

**For the quarter and half year ended 30 September 2026**
*(Amounts in INR crores, unless otherwise stated. "\*" denotes an amount below the rounding-off norms adopted by the Group.)*

| Particulars | Q2 FY27 — Sep 30, 2026 (Unaudited) | Q1 FY27 — Jun 30, 2026 (Unaudited) | Q2 FY26 — Sep 30, 2025 (Unaudited) | H1 FY27 — Sep 30, 2026 (Unaudited) | H1 FY26 — Sep 30, 2025 (Unaudited) | FY26 — Mar 31, 2026 (Audited) |
|---|---|---|---|---|---|---|
| **Income** | | | | | | |
| Revenue from operations | 2,648 | 2,448 | 2,061 | 5,096 | 3,979 | 8,437 |
| Other income | 182 | 182 | 222 | 364 | 463 | 854 |
| **Total income** | **2,830** | **2,630** | **2,283** | **5,460** | **4,442** | **9,291** |
| **Expenses** | | | | | | |
| Payment processing charges | 805 | 794 | 629 | 1,599 | 1,210 | 2,573 |
| Marketing and promotional expenses | 194 | 169 | 122 | 363 | 222 | 536 |
| Employee benefits expense | 759 | 742 | 663 | 1,501 | 1,305 | 2,765 |
| Software, cloud and data centre expenses | 211 | 159 | 133 | 370 | 301 | 643 |
| Depreciation and amortisation expense | 146 | 131 | 137 | 277 | 303 | 568 |
| Finance costs | 7 | 7 | 5 | 14 | 9 | 18 |
| Other expenses | 409 | 381 | 373 | 790 | 728 | 1,418 |
| **Total expenses** | **2,531** | **2,383** | **2,062** | **4,914** | **4,078** | **8,521** |
| Profit/(Loss) before share of profit/(loss) of associates/JVs, exceptional items and tax | 299 | 247 | 221 | 546 | 364 | 770 |
| Share of profit/(loss) of associates / joint ventures | (3) | * | (1) | (3) | (1) | (2) |
| **Profit/(Loss) before exceptional items and tax** | **296** | **247** | **220** | **543** | **363** | **768** |
| Exceptional items (refer Note 3) | (4) | – | (190) | (4) | (207) | (186) |
| **Profit/(Loss) before tax** | **292** | **247** | **30** | **539** | **156** | **582** |
| **Income tax expense** | | | | | | |
| Current tax | 32 | 27 | 9 | 59 | 12 | 18 |
| Adjustment of tax relating to earlier years | 2 | – | * | 2 | * | 2 |
| Deferred tax expense/(credit) (refer Note 4) | 33 | * | * | 33 | * | 10 |
| **Total tax expense** | **67** | **27** | **9** | **94** | **12** | **30** |
| **Profit / (Loss) for the period / year** | **225** | **220** | **21** | **445** | **144** | **552** |
| **Other comprehensive income / (loss)** | | | | | | |
| *Items that will not be reclassified to P&L in subsequent periods* | | | | | | |
| Re-measurement gain/(loss) on defined benefit plans | 1 | 1 | * | 2 | (3) | (4) |
| Income tax relating to re-measurement gain/(loss) on defined benefit plans | – | – | * | – | * | * |
| Changes in fair value of equity instruments at FVTOCI | – | – | – | – | – | 8 |
| Share of OCI/(loss) of associates / joint ventures | – | – | * | – | * | * |
| *Items that may be reclassified to P&L in subsequent periods* | | | | | | |
| Exchange differences on translation of foreign operations | 47 | (3) | 101 | 44 | 101 | 287 |
| **Total other comprehensive income / (loss)** | **48** | **(2)** | **101** | **46** | **98** | **291** |
| **Total comprehensive income / (loss)** | **273** | **218** | **122** | **491** | **242** | **843** |
| **Profit / (Loss) attributable to** | | | | | | |
| Owners of the parent | 226 | 220 | 21 | 446 | 144 | 553 |
| Non-controlling interests | (1) | * | * | (1) | * | (1) |
| **OCI attributable to** | | | | | | |
| Owners of the parent | 48 | (2) | 101 | 46 | 98 | 291 |
| Non-controlling interests | * | * | * | * | * | * |
| **Total comprehensive income attributable to** | | | | | | |
| Owners of the parent | 274 | 218 | 122 | 492 | 242 | 844 |
| Non-controlling interests | (1) | * | * | (1) | * | (1) |
| Paid up equity share capital | 64 | 64 | 64 | 64 | 64 | 64 |
| Face value of the share (INR) | 1 | 1 | 1 | 1 | 1 | 1 |
| Other equity | — | — | — | — | — | 15,962 |
| **Earnings per share (not annualised for quarters)** | | | | | | |
| Basic (₹) | 3.52 | 3.44 | 0.33 | 6.97 | 2.26 | 8.66 |
| Diluted (₹) | 3.47 | 3.40 | 0.32 | 6.89 | 2.23 | 8.55 |

### 20.2 Unaudited Consolidated Statement of Assets and Liabilities

| Particulars (₹ Cr) | As at Sep 30, 2026 (Unaudited) | As at Mar 31, 2026 (Audited) |
|---|---|---|
| **ASSETS** | | |
| *Non-current assets* | | |
| Property, plant and equipment | 776 | 645 |
| Right-of-use assets | 307 | 223 |
| Capital work-in-progress | 3 | 7 |
| Other intangible assets | 31 | 38 |
| Intangible assets under development | 9 | 4 |
| Investment in associates | 47 | 40 |
| Financial assets — Other investments | 1,804 | 2,895 |
| Financial assets — Loans | 9 | 9 |
| Financial assets — Other financial assets | 36 | 42 |
| Tax assets | 635 | 625 |
| Deferred tax assets | 11 | 12 |
| Other non-current assets | 74 | 34 |
| **Total non-current assets** | **3,742** | **4,574** |
| *Current assets* | | |
| Financial assets — Other investments | 3,490 | 1,566 |
| Financial assets — Trade receivables | 1,215 | 1,186 |
| Financial assets — Cash and cash equivalents | 2,495 | 3,285 |
| Financial assets — Bank balances other than cash and cash equivalents | 10,219 | 9,740 |
| Financial assets — Loans | 749 | 400 |
| Financial assets — Other financial assets | 2,196 | 2,529 |
| Other current assets | 332 | 635 |
| **Total current assets** | **20,696** | **19,341** |
| **TOTAL ASSETS** | **24,438** | **23,915** |
| **EQUITY AND LIABILITIES** | | |
| Equity share capital | 64 | 64 |
| Other equity | 16,540 | 15,962 |
| Equity attributable to owners of the parent | 16,604 | 16,026 |
| Non-controlling interests | 11 | 2 |
| **Total equity** | **16,615** | **16,028** |
| *Non-current liabilities* | | |
| Financial liabilities — Lease liabilities | 218 | 137 |
| Deferred tax liabilities | 35 | – |
| Contract liabilities | 27 | 20 |
| Other non-current liabilities | – | 5 |
| Provisions | 104 | 129 |
| **Total non-current liabilities** | **384** | **291** |
| *Current liabilities* | | |
| Financial liabilities — Borrowings | * | – |
| Financial liabilities — Lease liabilities | 46 | 35 |
| Trade payables — dues of micro and small enterprises | 38 | 57 |
| Trade payables — dues other than micro and small enterprises | 905 | 832 |
| Financial liabilities — Other financial liabilities | 5,982 | 6,200 |
| Contract liabilities | 86 | 104 |
| Current tax liabilities | 10 | – |
| Other current liabilities | 224 | 197 |
| Provisions | 148 | 171 |
| **Total current liabilities** | **7,439** | **7,596** |
| **Total liabilities** | **7,823** | **7,887** |
| **TOTAL EQUITY AND LIABILITIES** | **24,438** | **23,915** |

### 20.3 Consolidated Statement of Cash Flows

**Unaudited, for the half year ended 30 September (₹ Cr)**

| Particulars | H1 FY27 — Sep 30, 2026 | H1 FY26 — Sep 30, 2025 |
|---|---|---|
| **Cash flow from operating activities** | | |
| Profit/(Loss) before tax | 539 | 156 |
| Depreciation and amortisation expense | 277 | 303 |
| Interest income | (161) | (224) |
| Interest income on financial assets measured at amortised cost | (173) | (171) |
| Interest on borrowing at amortised cost | * | 1 |
| Interest and finance charges on lease liabilities | 11 | 7 |
| Exchange differences (net) | (1) | (1) |
| Trade receivables / advance written off (net) | 215 | 17 |
| Provision for advances | * | (1) |
| Loss allowance for financial assets | (115) | 204 |
| Liabilities no longer required written back | * | * |
| Financial guarantee expense | 180 | 64 |
| Property, plant and equipment and intangible assets written off (refer Note 3) | 4 | 1 |
| Impairment of loans / investment in associates | – | 207 |
| Share based payment expenses | 97 | 65 |
| Share of (profit)/loss of associates / joint ventures | 3 | 1 |
| Fair value gain on financial instruments measured at FVTPL (net) | (23) | (30) |
| Profit on sale of property, plant and equipment (net) | (1) | (5) |
| **Operating profit before working capital changes** | **852** | **594** |
| Increase/(decrease) in trade payables | 54 | 81 |
| Increase/(decrease) in provisions | (46) | (70) |
| Increase/(decrease) in other current / non-current liabilities and contract liabilities | 10 | (55) |
| Increase/(decrease) in other financial liabilities | (392) | 722 |
| (Increase)/decrease in trade receivables | (129) | (126) |
| (Increase)/decrease in other bank balances (escrow account) | (231) | (787) |
| (Increase)/decrease in other financial assets | 409 | (282) |
| (Increase)/decrease in other current and non-current assets | 307 | 138 |
| (Increase)/decrease in loans | (358) | (192) |
| **Cash generated from operations** | **476** | **23** |
| Taxes paid (net) | (61) | 21 |
| **Net cash inflow from operating activities (A)** | **415** | **44** |
| **Cash flow from investing activities** | | |
| Purchase of property, plant and equipment (incl. intangibles, intangibles under development, CWIP, capital advances and payables on fixed assets) | (434) | (202) |
| Proceeds from sale of property, plant and equipment | 2 | 6 |
| Investment in fixed and other deposits with banks | (1,442) | (1,242) |
| Proceeds from maturity of bank deposits | 1,199 | 2,206 |
| Payment for purchase of non-current investments | (886) | (1,738) |
| Proceeds from sale of current investments | 7,130 | 9,363 |
| Payment for purchase of current investments | (7,042) | (9,037) |
| Interest received | 247 | 271 |
| **Net cash (outflow) from investing activities (B)** | **(1,226)** | **(373)** |
| **Cash flow from financing activities** | | |
| Proceeds from issue of shares (including securities premium) | 1 | 1 |
| Share application money received during the period (pending allotment) | * | * |
| Repayment of term loan | * | – |
| Interest paid | (11) | (8) |
| Principal elements of lease payments | (13) | (17) |
| **Net cash outflow from financing activities (C)** | **(23)** | **(24)** |
| **Net increase/(decrease) in cash and cash equivalents (A+B+C)** | **(834)** | **(353)** |
| Cash and cash equivalents at the beginning of the year | 3,285 | 2,072 |
| Effect of exchange differences on restatement of foreign currency cash and cash equivalents | 44 | 101 |
| **Cash and cash equivalents at the end of the period** | **2,495** | **1,820** |
| *Components:* Balance with banks — current accounts | 2,426 | 1,622 |
| *Components:* Deposits with original maturity of less than 3 months | 69 | 213 |
| *Components:* Cash on hand | * | * |
| Cash and cash equivalents (balance sheet) | 2,495 | 1,835 |
| Bank overdraft | * | (15) |
| Cash and cash equivalents for the purpose of statement of cash flows | 2,495 | 1,820 |

---

## 21. Statutory Financial Results — Standalone (Ind AS)

> **Comparability note:** Pursuant to the RBI Master Direction on Regulation of Payment Aggregators, the Company transferred its offline merchant payment aggregator business to its wholly owned subsidiary PPSL with effect from midnight of 30 November 2025. Consequently, standalone results for the quarter and half year ended 30 September 2026 are **not comparable** with the quarter and half year ended 30 September 2025.

### 21.1 Statement of Unaudited Standalone Financial Results

**For the quarter and half year ended 30 September 2026** *(Amounts in INR crores, unless otherwise stated.)*

| Particulars | Q2 FY27 — Sep 30, 2026 (Unaudited) | Q1 FY27 — Jun 30, 2026 (Unaudited) | Q2 FY26 — Sep 30, 2025 (Unaudited) | H1 FY27 — Sep 30, 2026 (Unaudited) | H1 FY26 — Sep 30, 2025 (Unaudited) | FY26 — Mar 31, 2026 (Audited) |
|---|---|---|---|---|---|---|
| Revenue from operations | 1,199 | 1,069 | 1,681 | 2,268 | 3,267 | 5,825 |
| Other income | 133 | 134 | 182 | 267 | 378 | 669 |
| **Total income** | **1,332** | **1,203** | **1,863** | **2,535** | **3,645** | **6,494** |
| Payment processing charges | 35 | 33 | 412 | 68 | 775 | 1,147 |
| Marketing and promotional expenses | 161 | 140 | 119 | 301 | 214 | 497 |
| Employee benefits expense | 256 | 257 | 459 | 513 | 916 | 1,581 |
| Software, cloud and data centre expenses | 94 | 68 | 106 | 162 | 244 | 448 |
| Depreciation and amortisation expense | 17 | 13 | 134 | 30 | 296 | 404 |
| Finance costs | 6 | 5 | 5 | 11 | 9 | 17 |
| Other expenses | 572 | 484 | 497 | 1,056 | 954 | 1,917 |
| **Total expenses** | **1,141** | **1,000** | **1,732** | **2,141** | **3,408** | **6,011** |
| **Profit/(Loss) before exceptional items and tax** | **191** | **203** | **131** | **394** | **237** | **483** |
| Exceptional items (refer Note 3) | (4) | – | (395) | (4) | (438) | (416) |
| **Profit/(Loss) before tax** | **187** | **203** | **(264)** | **390** | **(201)** | **67** |
| Current tax | 18 | 18 | – | 36 | – | – |
| Adjustment of tax relating to earlier years | – | – | – | – | – | – |
| Deferred tax expense/(credit) | – | – | – | – | – | – |
| **Total tax expense** | **18** | **18** | **–** | **36** | **–** | **–** |
| **Profit/(Loss) for the period / year** | **169** | **185** | **(264)** | **354** | **(201)** | **67** |
| Re-measurement gain/(loss) on defined benefit plans | 1 | * | * | 1 | (3) | (1) |
| Changes in fair value of equity instruments at FVTOCI | – | – | – | – | – | (2) |
| **Total other comprehensive income / (loss)** | **1** | **\*** | **\*** | **1** | **(3)** | **(3)** |
| **Total comprehensive income / (loss)** | **170** | **185** | **(264)** | **355** | **(204)** | **64** |
| Paid up equity share capital | 64 | 64 | 64 | 64 | 64 | 64 |
| Face value of the share (INR) | 1 | 1 | 1 | 1 | 1 | 1 |
| Other equity | — | — | — | — | — | 13,049 |
| Basic EPS (₹) | 2.64 | 2.90 | (4.13) | 5.52 | (3.15) | 1.05 |
| Diluted EPS (₹) | 2.61 | 2.86 | (4.13) | 5.46 | (3.15) | 1.03 |

### 21.2 Unaudited Standalone Statement of Assets and Liabilities

| Particulars (₹ Cr) | As at Sep 30, 2026 (Unaudited) | As at Mar 31, 2026 (Audited) |
|---|---|---|
| **ASSETS** | | |
| *Non-current assets* | | |
| Property, plant and equipment | 54 | 26 |
| Right-of-use assets | 296 | 212 |
| Capital work-in-progress | 1 | 6 |
| Intangible assets | 3 | 4 |
| Intangible assets under development | * | 1 |
| Investment in subsidiaries | 3,660 | 3,550 |
| Investment in associates | 36 | 36 |
| Financial assets — Other investments | 1,478 | 2,791 |
| Financial assets — Other financial assets | 25 | 26 |
| Tax assets | 543 | 556 |
| Other non-current assets | 10 | 17 |
| **Total non-current assets** | **6,106** | **7,225** |
| *Current assets* | | |
| Financial assets — Other investments | 3,347 | 1,361 |
| Financial assets — Trade receivables | 869 | 695 |
| Financial assets — Cash and cash equivalents | 2,117 | 2,782 |
| Financial assets — Bank balances other than cash and cash equivalents | 904 | 1,110 |
| Financial assets — Loans | 912 | 434 |
| Financial assets — Other financial assets | 562 | 555 |
| Other current assets | 234 | 550 |
| **Total current assets** | **8,945** | **7,487** |
| **TOTAL ASSETS** | **15,051** | **14,712** |
| **EQUITY AND LIABILITIES** | | |
| Equity share capital | 64 | 64 |
| Other equity | 13,503 | 13,049 |
| **Total equity** | **13,567** | **13,113** |
| *Non-current liabilities* | | |
| Financial liabilities — Lease liabilities | 211 | 130 |
| Contract liabilities | 25 | 21 |
| Other non-current liabilities | – | 5 |
| Provisions | 51 | 61 |
| **Total non-current liabilities** | **287** | **217** |
| *Current liabilities* | | |
| Financial liabilities — Lease liabilities | 42 | 32 |
| Trade payables — dues of micro and small enterprises | 19 | 17 |
| Trade payables — dues other than micro and small enterprises | 322 | 504 |
| Financial liabilities — Other financial liabilities | 582 | 529 |
| Contract liabilities | 61 | 94 |
| Other current liabilities | 114 | 137 |
| Provisions | 57 | 69 |
| **Total current liabilities** | **1,197** | **1,382** |
| **Total liabilities** | **1,484** | **1,599** |
| **TOTAL EQUITY AND LIABILITIES** | **15,051** | **14,712** |

### 21.3 Standalone Statement of Cash Flows

**Unaudited, for the half year ended 30 September (₹ Cr)**

| Particulars | H1 FY27 — Sep 30, 2026 | H1 FY26 — Sep 30, 2025 |
|---|---|---|
| **Cash flow from operating activities** | | |
| Profit/(Loss) before tax | 390 | (201) |
| Depreciation and amortisation expense | 30 | 296 |
| Interest income | (73) | (142) |
| Interest income on financial assets measured at amortised cost | (165) | (173) |
| Interest on borrowing at amortised cost | – | * |
| Interest and finance charges on lease liabilities | 10 | 7 |
| Trade receivables / advance written off (net) | 2 | 9 |
| Provision for advances | * | (1) |
| Loss allowance for financial assets | 5 | 212 |
| Provision for impairment of loans / investments in subsidiary / associate (refer Note 3) | – | 438 |
| Liabilities no longer required written back | – | * |
| Financial guarantee expense | 180 | 64 |
| Property, plant and equipment and intangible assets written off (refer Note 3) | 4 | * |
| Share based payment expenses | 50 | 61 |
| Fair value gain on financial instruments measured at FVTPL (net) | (13) | (23) |
| Profit on sale of property, plant and equipment (net) | * | (5) |
| **Operating profit before working capital changes** | **420** | **542** |
| Increase/(decrease) in trade payables | (180) | 35 |
| Increase/(decrease) in provisions | (21) | (53) |
| Increase/(decrease) in other current / non-current liabilities and contract liabilities | (57) | (37) |
| Increase/(decrease) in other financial liabilities | (128) | 399 |
| (Increase)/decrease in trade receivables | (181) | (82) |
| (Increase)/decrease in other bank balances (escrow account) | (7) | (543) |
| (Increase)/decrease in other financial assets | (74) | (168) |
| (Increase)/decrease in other current and non-current assets | 318 | 80 |
| **Cash generated from operations** | **90** | **173** |
| Taxes paid (net) | (23) | 42 |
| **Net cash inflow from operating activities (A)** | **67** | **215** |
| **Cash flow from investing activities** | | |
| Purchase of property, plant and equipment (incl. intangibles, CWIP, capital advances and payables on fixed assets) | (31) | (192) |
| Proceeds from sale of property, plant and equipment | 1 | 6 |
| Proceeds from sale of online payment aggregator business | 57 | 57 |
| Investment in fixed and other deposits with banks | (317) | (253) |
| Proceeds from maturity of bank deposits | 530 | 1,485 |
| Proceeds from repayment of inter-corporate loans | 556 | 584 |
| Inter-corporate loans given | (1,044) | (685) |
| Payment for purchase of non-current investments | (977) | (2,193) |
| Proceeds from sale of current investments | 5,348 | 8,362 |
| Payment for purchase of current investments | (5,105) | (8,051) |
| Interest received | 225 | 261 |
| **Net cash (outflow) from investing activities (B)** | **(757)** | **(619)** |
| **Cash flow from financing activities** | | |
| Proceeds from issue of shares (including securities premium) | 1 | 1 |
| Share application money received during the period (pending allotment) | * | * |
| Received on recharge of ESOP cost to associate | 45 | 8 |
| Interest paid | (10) | (7) |
| Principal elements of lease payments | (11) | (18) |
| **Net cash inflow/(outflow) from financing activities (C)** | **25** | **(16)** |
| **Net increase/(decrease) in cash and cash equivalents (A+B+C)** | **(665)** | **(420)** |
| Cash and cash equivalents at the beginning of the year | 2,782 | 1,929 |
| **Cash and cash equivalents at the end of the period** | **2,117** | **1,509** |
| *Components:* Balance with banks — current accounts | 2,117 | 1,509 |
| *Components:* Cash on hand / deposits < 3 months | * / – | * / – |

---

## 22. Notes to the Financial Results

*The notes below apply to both the consolidated and standalone results; where the wording differs materially between the two, both are captured. Note numbers follow the consolidated statement; the standalone statement omits the deferred tax note, so its Notes 4–8 correspond to consolidated Notes 5–9.*

**Note 1 — Basis of preparation and approval.** The Statement of Unaudited Financial Results has been prepared in accordance with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India, and presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results (and, for the consolidated statement, the Group's interest in associates and joint ventures) were reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on **26 October 2026**. The Statutory Auditors have carried out a Limited Review of the aforesaid results.

**Note 2 — Segment reporting.** The Group/Company is engaged in different business units, including payment and financial services and marketing services. The Board of Directors (Chief Operating Decision Maker, "CODM") reviews information at the revenue level and does not allocate operating costs and expenses, assets and liabilities across business units, as the CODM does not use such information to allocate resources or evaluate the performance of the business units. Allocation of resources and assessment of financial performance is done at the consolidated level. Management has concluded that the Group/Company constitutes a **single segment** as per Ind AS 108 "Operating Segments". Hence, no separate segment disclosure is required.

**Note 3 — Exceptional items.**

*Consolidated:*
- **September 30, 2026:** During the quarter and six-month period ended 30 September 2026, the Holding Company wrote off obsolete capital work-in-progress amounting to ₹4 Cr.
- **March 31, 2026:** During the year ended 31 March 2026, exceptional loss represents impairment of investments in associates of ₹5 Cr, optionally convertible debentures of ₹12 Cr and loan given to a JV of ₹190 Cr respectively. Additionally, the Group received interest income of ₹21 Cr relating to an impaired loan given to a JV in an earlier period.
- **September 30, 2025:** (i) During the quarter and six-month period ended 30 September 2025, the Group recorded an impairment loss against a loan given to the JV of ₹190 Cr. (ii) During the six-month period ended 30 September 2025, the Group recognised provision for impairment of investments in associates amounting to ₹5 Cr and an impairment provision of ₹12 Cr of optionally convertible debentures.

*Standalone:*
- **September 30, 2026:** During the quarter and six-month period ended 30 September 2026, the Company wrote off obsolete capital work-in-progress amounting to ₹4 Cr.
- **March 31, 2026:** During the year ended 31 March 2026, the Company recognised impairment of investments in subsidiaries amounting to ₹26 Cr, impairment provision of investments in associates amounting to ₹5 Cr, impairment loss against the investment and loan given to the JV of ₹205 Cr and ₹190 Cr respectively, and an impairment provision of ₹12 Cr of optionally convertible debentures. Additionally, the Company received interest amounting to ₹21 Cr as part of settlement of a loan given to a JV in an earlier period.
- **September 30, 2025:** (i) During the quarter and six-month period ended 30 September 2025, the Company recorded an impairment loss against the investment and loan given to the JV of ₹205 Cr and ₹190 Cr respectively. (ii) During the six-month period ended 30 September 2025, the Company recognised impairment of investments in subsidiaries amounting to ₹26 Cr, impairment provision of investments in associates amounting to ₹5 Cr and an impairment provision of ₹12 Cr of optionally convertible debentures.

**Note 4 — Deferred tax (consolidated only).** Deferred tax expense includes ₹23 Cr pertaining to the previous year and ₹5 Cr pertaining to the previous quarter, recorded on completion of the Group's assessment of income tax pertaining to one of its subsidiaries. (The earnings release describes the total additional deferred tax impact as ₹34 Cr, of which ₹6 Cr relates to the current quarter.)

**Note 5 — FEMA Show Cause Notice (Emphasis of Matter in the auditor's report; standalone Note 4).** During the year ended 31 March 2025, the Company, together with its subsidiary and step-down subsidiary (namely Little Internet Private Limited and Nearbuy India Private Limited respectively), received a Show Cause Notice ("SCN") dated **27 February 2025** from the Directorate of Enforcement, Government of India. The SCN alleged contraventions of certain provisions of the Foreign Exchange Management Act, 1999 (FEMA) and the rules and regulations framed thereunder.

The alleged contraventions inter alia primarily pertain to certain investments made by the Company in those subsidiaries in earlier years and equity raised by the subsidiaries. The alleged contraventions include periods when Little Internet Private Limited and Nearbuy India Private Limited were not subsidiaries of the Company. The aggregate value of the contraventions included in the SCN is approximately **₹611 Cr**.

During the year ended 31 March 2026, the Reserve Bank of India ("RBI") compounded matters having aggregate value of approximately **₹21 Cr** relating to Nearbuy India Private Limited and matters having aggregate value of approximately **₹33 Cr** for the Company. Further, based on the application and additional steps taken by the Company and its subsidiaries, RBI observed that matters having aggregate value of approximately **₹485 Cr** are in compliance with applicable laws.

The Company is in the process of taking necessary steps for resolution of matters included in the SCN. Based on an independent legal opinion and management's assessment, provision has been recorded for related compounding fees on best estimates. Pending the final outcome of all related processes, it is not possible to assess the consequent effects of the above remaining matters on these financial results.

**Note 6 — Utilisation of net IPO proceeds (₹8,119 Cr) (standalone Note 5).**

| S. No. | Objects of the issue | Amount as proposed in Offer Document | Amount utilised up to 30 September 2026 | Amount un-utilised as on 30 September 2026 |
|---|---|---|---|---|
| 1 | Growing and strengthening the Paytm ecosystem, including through acquisition and retention of consumers and merchants and providing them greater access to technology and financial services | 4,300 | | – |
| | i) Marketing and promotional expenses | | 761 | |
| | ii) Expanding merchant base and deepening partnership with merchants | | 1,722 | |
| | iii) Strengthening and expanding technology-powered payments platform | | 1,817 | |
| | **Total (A)** | **4,300** | **4,300** | **–** |
| 2 | Investing in new business initiatives, acquisitions and strategic partnerships # | 2,000 | | 1,486 |
| | i) Investments in new business initiatives — a) Payment Services | | 5.5 | |
| | i) Investments in new business initiatives — b) Commerce and cloud services | | 60 | |
| | i) Investments in new business initiatives — c) Financial Services | | 448.5 | |
| | ii) Investments in acquisitions and strategic partnerships | | – | |
| | **Total (B)** | **2,000** | **514** | **1,486** |
| 3 | General corporate purposes | 1,819 | 1,819 | – |
| | **Total (C)** | **1,819** | **1,819** | **–** |
| | **Total (A+B+C)** | **8,119** | **6,633** | **1,486** |

Net IPO proceeds which were un-utilised as at 30 September 2026 were temporarily invested in fixed deposits with scheduled commercial banks and in monitoring agency accounts.

\# **Change in objects.** During the quarter ended 30 September 2026, pursuant to approval of the Board of Directors and shareholders' approval through Special Resolution, the Company changed the purpose of utilisation of residual IPO proceeds of Object 2: the **₹1,686 Cr** outstanding unutilised as at 1 July 2026 can be utilised under Object 1 and/or Object 2 (**fully fungible**), without any sub-limit for any category, **by 31 March 2029**. (Utilisation under Object 2 in the quarter: Financial Services ₹448.5 Cr, up from ₹248.5 Cr at 30 June 2026.)

**Note 7 — Paytm Payments Bank Limited (PPBL) (standalone Note 6).** On **24 April 2026**, the RBI, through a press release, cancelled the banking licence of Paytm Payments Bank Limited ("PPBL"). Consequently, on **25 April 2026**, the shareholders of PPBL approved necessary resolutions to enable the winding-up of PPBL either as instructed by the RBI, or voluntarily with the permission of RBI. The Group/Company has no exposure to PPBL and does not maintain any material business arrangements or service partnerships with PPBL. Additionally, PPBL operates independently with no board or management involvement from the Group/Company. There is **no direct financial or operational impact** on the Group/Company arising from this development. Previously, the RBI had issued directions to PPBL on 31 January 2024 effectively restricting PPBL's normal business, and the Group/Company had fully impaired its investment in PPBL as of 31 March 2024.

**Note 8 — Transfer of offline merchant business to PPSL (standalone Note 7).** Pursuant to the RBI's Master Direction on Regulation of Payment Aggregators dated **15 September 2025**, the Company transferred its offline merchant (payment aggregator) business to its wholly owned subsidiary, **Paytm Payments Services Limited ("PPSL")**, on a slump sale basis for a consideration of **₹975 Cr**, effective midnight of **30 November 2025**. As this is an intra-group transaction, it has **no impact on the consolidated financial results**. On a standalone basis, consequent to the transfer, results for the quarter and half year ended 30 September 2026 are not comparable with the quarter and half year ended 30 September 2025; the transfer does not have any financial impact on the quarter and half year ended 30 September 2026.

**Note 9 — First Games Technology Private Limited (FGTPL) — GST demand and loan conversion (standalone Note 8).**
- **GST show cause notice.** On **28 April 2025**, the JV, First Games Technology Private Limited, received a show cause notice from the Directorate General of GST Intelligence, New Delhi, proposing a GST liability of **₹5,712 Cr** plus penalty under Sections 74(1), 122(1) and 125 of the CGST Act, 2017 for April 2018 to March 2023, on the basis that GST should be levied at 28% on the total entry amount instead of 18% on the platform fee. The JV's writ petition led the Supreme Court to stay the proceedings on 23 May 2025. On **27 May 2026**, the Court upheld the 28% levy on online gaming companies and directed adjudication under Rule 31B of the GST Rules, 2017.
- **Demand order (subsequent event).** On **12 October 2026**, the JV received a demand order from the Additional Commissioner of CGST, Noida, under Section 74(9) of the CGST Act, 2017, which **reduced the tax liability to ₹704 Cr** for April 2018 to March 2023, along with an equal penalty and applicable interest. The JV is evaluating the appropriate course forward.
- **No financial impact.** The Group's/Company's exposure is limited to its investment in the JV, the carrying value of which is already nil. Accordingly, there is no financial impact and no adjustments are required.
- **Discontinuation and loan conversion.** The JV discontinued its online real money gaming business with effect from **25 August 2025**, following regulatory changes; during the quarter ended 30 September 2025, the Group fully impaired its loan of ₹179 Cr to the JV (standalone: equity and loan investment of ₹205 Cr and ₹179 Cr respectively). During the quarter ended 30 June 2026, the loan along with unpaid interest amounting to **₹197 Cr** was converted into **19,67,70,855 equity shares of ₹10 each, at par**, of the JV. This conversion has no financial impact.

*Signed for and on behalf of the Board of Directors of One 97 Communications Limited — **Vijay Shekhar Sharma**, Chairman, Managing Director and CEO. Place: Noida. Date: 26 October 2026.*

---

## 23. Auditor's Review Reports

**Auditor:** S.R. Batliboi & Associates LLP, Chartered Accountants, 67 Institutional Area, Sector 44, Gurugram – 122 003, Haryana, India. **ICAI Firm registration number:** 101049W/E300004. **Signed by:** Yogender Seth, Partner, Membership No. 094524. **Place:** Noida. **Date:** 26 October 2026.

- **Consolidated review report UDIN:** 26094524KBQHSH1705
- **Standalone review report UDIN:** 26094524WVGFSZ5993

**Nature of engagement.** Independent Auditor's Review Report on the quarterly and year-to-date (1 April 2026 to 30 September 2026) unaudited consolidated and standalone financial results pursuant to Regulation 33 of the SEBI (LODR) Regulations, 2015, prepared in accordance with Ind AS 34 "Interim Financial Reporting". The review was conducted in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the ICAI. A review is substantially less in scope than an audit; accordingly, no audit opinion is expressed. Procedures were also performed in accordance with the SEBI Master Circular issued under Regulation 33(8) of the Listing Regulations, to the extent applicable.

**Conclusion.** Based on the review conducted and procedures performed (and, for the consolidated results, based on consideration of the review reports of other auditors), nothing has come to the auditor's attention that causes them to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS specified under Section 133 of the Companies Act, 2013, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

**Emphasis of Matter (both reports).** Attention is drawn to the note on the Show Cause Notice ("SCN") received by the Company and its two subsidiaries from the Directorate of Enforcement, Government of India, alleging contraventions of certain provisions of FEMA, 1999 and the rules and regulations framed thereunder (consolidated Note 5; standalone Note 4). Management's plans in this regard are also set out in the said note. **The auditor's conclusion is not modified in respect of the above matter.**

**Other auditors and unreviewed components (consolidated report).**

| Component | Total assets (30 Sep 2026) | Revenues (Q2 / H1) | Net profit/(loss) after tax (Q2 / H1) | Total comprehensive income (Q2 / H1) | Net cash flows (H1) |
|---|---|---|---|---|---|
| 2 subsidiaries reviewed by other independent auditors | ₹3,010 Cr | ₹26 Cr / ₹50 Cr | ₹(1) Cr / ₹33 Cr | ₹45 Cr / ₹78 Cr | outflow ₹2 Cr |
| 27 subsidiaries not reviewed by any auditors (management-certified) | ₹402 Cr | ₹27 Cr / ₹49 Cr | ₹2 Cr / ₹2 Cr | ₹4 Cr / ₹1 Cr | inflow ₹74 Cr |
| 8 associates and 3 joint ventures not reviewed (Group's share) | — | — | share of net loss ₹3 Cr / ₹3 Cr | share of total comprehensive loss ₹3 Cr / ₹3 Cr | — |

According to information and explanations given by Management, the unreviewed interim financial results are **not material to the Group**. The auditor's conclusion on the Statement in respect of the above matters is not modified with respect to reliance on the work done and the reports of the other auditors and the financial results/financial information certified by Management.

---

## 24. Group Structure — List of Entities

*Annexure A to the consolidated review report. Dates in parentheses indicate the period of inclusion/exclusion from consolidation. Entities that ceased before 1 April 2025 (listed in the Q1 FY27 annexure) are no longer listed.*

### I. Subsidiaries (Direct)

1. OCL Tech Platforms Limited [formerly One 97 Communications India Limited]
2. Mobiquest Mobile Technologies Private Limited ('MQ')
3. Urja Money Private Limited ('Urja')
4. Little Internet Private Limited ('Little')
5. Paytm Cloud Technologies Limited ('PCTL') [formerly Paytm Entertainment Limited]
6. Paytm Money Limited
7. Paytm Services Private Limited
8. Paytm Payments Services Limited
9. Paytm Insurance Broking Private Limited
10. Paytm Intelligence Limited [formerly Paytm Emerging Tech Limited and earlier Paytm General Insurance Limited] (from 30 October 2025)
11. Paytm Assure Tech Limited [formerly Paytm Life Insurance Limited] (from 30 October 2025)
12. Paytm Insuretech Private Limited (from 28 November 2025)
13. Paytm Financial Services Limited (from 28 November 2025)
14. Foster Payment Networks Private Limited (from 10 October 2025)
15. Admirable Software Limited (from 31 December 2025)
16. Fincollect Services Private Limited (from 13 January 2026)
17. One97 Communications Nigeria Limited
18. One97 Communications FZ-LLC
19. One97 Communications Singapore Private Limited ('OCSPL')
20. One97 USA Inc.
21. Paytm Foundation

### II. Subsidiaries (Indirect)

1. One97 Communications Rwanda Private Limited (subsidiary of OCSPL)
2. One97 Communications Tanzania Private Limited (subsidiary of OCSPL)
3. One97 Communications Bangladesh Private Limited (subsidiary of OCSPL)
4. One97 Uganda Limited (subsidiary of OCSPL)
5. One97 Ivory Coast SA (subsidiary of OCSPL)
6. One97 Benin SA (subsidiary of OCSPL)
7. Paytm Labs Inc. (subsidiary of OCSPL)
8. One97 Communications Malaysia Sdn. Bhd. (subsidiary of OCSPL)
9. One Nine Seven Communication Nepal Private Limited (subsidiary of OCSPL)
10. One Nine Seven Digital Solutions Limited (subsidiary of OCSPL)
11. One Nine Seven Communications Saudi Arabia For Communication and Information Technology (subsidiary of OCSPL)
12. Nearbuy India Private Limited (subsidiary of Little)
13. Fincollect Services Private Limited (subsidiary of Urja) (till 12 January 2026)
14. Paytm Arab Payments LLC (subsidiary of PCTL) (from 30 April 2025)
15. Paytm Singapore Pte. Ltd. (subsidiary of PCTL) (from 3 June 2025)
16. Paytm Europe Payments S.A. (subsidiary of PCTL) (from 12 January 2026)
17. Paytm Company KSA (subsidiary of PCTL) (from 17 July 2025)
18. Admirable Software Limited (from 28 November 2025 till 31 December 2025)
19. PT Paytm Indonesia Teknologi (subsidiary of PCTL) (from 10 April 2026)

### III. Associates (Direct)

1. Paytm Payments Bank Limited
2. Paytm Insuretech Private Limited (till 28 November 2025)
3. Paytm Intelligence Limited [formerly Paytm Emerging Tech Limited and earlier Paytm General Insurance Limited] (till 30 October 2025)
4. Paytm Assure Tech Limited [formerly Paytm Life Insurance Limited] (till 30 October 2025)
5. Paytm Financial Services Limited ('PFSL') (till 28 November 2025)
6. Infinity Transoft Solution Private Limited
7. Eatgood Technologies Private Limited
8. Massive Mobility Private Limited (from 24 December 2025)

### IV. Associates (Indirect)

1. Foster Payment Networks Private Limited (subsidiary of PFSL) (till 10 October 2025)
2. Admirable Software Limited (subsidiary of PFSL) (till 28 November 2025)
3. Seven Technology LLC, Delaware (from 13 February 2025, associate of PCTL)
4. Dinie Correspondente Bancário e Meios de Pagamento Ltda, Brazil (from 13 February 2025, subsidiary of Seven Technology LLC)
5. 3Plate Foods Private Limited (subsidiary of Eatgood Technologies Private Limited)
6. PT Duta Teknologi Kreatif, Indonesia (from 12 May 2026, associate of Paytm Singapore Pte. Ltd.)

### V. Joint Ventures of Paytm Services Private Limited (Indirect)

1. First Games Technology Private Limited (formerly Paytm First Games Private Limited) ('FG')
2. First Games Singapore Pte. Ltd. (formerly Paytm First Games Singapore Pte. Ltd.) (wholly owned subsidiary of FG)
3. Bluefield Technology Beijing Co. Ltd. (formerly Paytm Technology Beijing Co. Ltd.) (wholly owned subsidiary of FG)

---

## 25. Earnings Call Transcript — 27 October 2026

**Call date:** 27 October 2026 | **Time:** 15:45 IST | **Duration:** scheduled 45 minutes (extended by 30 minutes to accommodate additional participants)

**Management participants:**
- **Mr. Vijay Shekhar Sharma** — Founder and CEO
- **Mr. Madhur Deora** — President and Group CFO
- **Mr. Anuj Mittal** — Senior Vice President, Investor Relations

**Moderator:** Anandita Jain (Investor Relations)

> Forward-looking statement notice: In the call, some statements made may be forward-looking in nature. Actual events may differ materially from those anticipated in such forward-looking statements. A replay of the call and this transcript are available on the company's IR website. The full disclaimer accompanying the transcript is reproduced in [Section 27](#27-disclaimers-and-notes).

### 25.1 Opening Remarks — Vijay Shekhar Sharma

- **Profitability question settled.** The company has "clearly come out of this question of whether Paytm can make profit or not"; the business model is now compounding. It is fundamentally to acquire customers through payments and cross-sell financial services; the biggest financial service India needs is credit, and helping small merchants is the primary revenue model.
- **Business presentation.** For the first time in a long while, the CEO opened with a business presentation (prepared partly in the context of growing international businesses) describing how management thinks about Paytm: a financial system for the world's small businesses — start from India, take it to the rest of the world — championing the shop on the street, the family business and the growing SME, and solving the small-business problem beyond payments.
- **The model.** "We acquire using payment. Credit is what earns our money. Insurance and wealth deepen, and AI binds." Every relationship starts with payment; payment flow underwrites credit; the company then protects the owner, family, team and shop (insurance), and idle cash earns (loan or mutual fund distribution).
- **AI stack for small merchants.** An AI stack giving small businesses capabilities large companies already have, operated by AI on their behalf. Some of these products have started, and some revenue is starting to show; described as a future upside beyond financial services that will take time.
- **AI-first operations.** Every line item works AI-first, including the sales team: which merchant to acquire, where the high yield is, and whom to retain is decided by a machine, not just individuals. "Paytm changed the cost of serving a small business into a profit."

### 25.2 Q&A — Sachin Salgaonkar, Bank of America

**Q: How will the ~2.5 bps PPM uplift from UPI MDR flow through to EBITDA — fully, or with incremental investment to target more consumers/merchants? And thoughts on competition.**

**Vijay Shekhar Sharma:** It is a bottom-line accretive number and an upside. The consumer acquisition plan does not change because of it; the company remains committed to acquiring more consumers — "consumer market share is ours to win" — and market share is a primary KPI for the team. MDR is not factored into the business model; 2.5 bps was arrived at using the most conservative method. It does not factor in any potential platform fees (which consumer apps and acquirers put in place when large merchants negotiate very low margins) — "the logical today's best-case scenario number that we know of."

**Q (follow-up): At 2.5 bps on FY28, is ~₹900 Cr of incremental EBITDA ballpark?**

**Madhur Deora:** On current GMV of ~₹28 lakh crore, 2.5 bps would be slightly more than ₹700 Cr at current scale, so an FY28 figure sounds ballpark right. The company expects to grow GMV faster than the market on both consumer and merchant sides, so there may be upside.

**Q: On the AI platform for merchants — is it like a "Tally in an AI world"? Subscription model? Target base and monetisation?**

**Vijay Shekhar Sharma:** Subscription plus transaction fee — one or both. In marketing, the company has started acquiring customers with a platform fee, working with Meta, charging a monthly platform fee plus a percentage of spend. The focus is on agents for small businesses; something more is brewing for large businesses, to be announced later. On timing of monetisation: about one year, of which three months have already passed.

**Q: How should we think about the DLG vs non-DLG mix, and how consumer loans are scaling vs merchant loans?**

**Vijay Shekhar Sharma:** In consumer loans, the company switched completely to distribution without any DLG or risk-reward bonus — and that has delivered results; the team "has done phenomenally" and the company will "go double all in." On DLG mix, the company does not manage to a mix: if a lender wants DLG, it is revenue- and profitability-accretive because it opens up more merchants and disbursement. The only downside is that the cost is charged immediately — by design, with no future-forward discounting of revenue.

**Madhur Deora:** The company does not say no to a lender because it wants DLG, nor route more to lenders with less or no DLG; the aim is the right lender for the borrower. It is largely indifferent, but DLG back-ends some profitability, which is worth flagging for analysts' models. It has run DLG for about two and a half years without negative surprises, and is comfortable running a large book where a large percentage might be DLG-based.

**Q: Any indication from NPCI on whether MDR will be implemented in December?**

**Vijay Shekhar Sharma:** "We are the receivers. We don't decide."

### 25.3 Q&A — Manish Adukia, Goldman Sachs

**Q: Is "going all in on market share" specific to consumer, and what drives it?**

**Vijay Shekhar Sharma:** Both, but market-share commentary generally refers to consumers; on merchants, the company is already all in and "it will be awkward for us to lose some share." It will be driven by product and features, partnerships and new acquisition segments — not only marketing spends or cashback burn. Consumer market share is not viewed as only UPI payments.

**Q: Operationally, will UPI MDR switch on at the 40 bps cap by default, or require bilateral negotiation with each merchant?**

**Vijay Shekhar Sharma:** "Flip of a switch on day one." There is no negotiation with small merchants; large merchants negotiate, typically only when a competitor offers a lower price. Most GMV would be at the cap, but only for transactions above ₹2,000.

**Q: Any near-term growth headwinds? Has the medium-term "20s" revenue-growth expectation reset upwards (ex-MDR)?**

**Madhur Deora:** Two consistent quarters of 28% growth; excluding PIDF from the prior-year quarters, growth is in the 30s. Strong tailwinds across consumer and merchant, payments and financial services: personal loans coming out of the credit cycle; merchant loans doing very well, including TAM expansion at both smaller and larger ticket sizes; payments showing GMV growth, market share growth and better pricing — all ex-MDR. AI enables sharper execution across a large sales, collection and service cost base; better collections show up as higher revenue. Smaller headwinds: equity broking market volumes (despite MTF doing well), travel (on and off), and wealth including gold. But "in 85–90% of our revenue, we are seeing significant tailwinds."

### 25.4 Q&A — Vijit Jain, Citi

**Q: Is the industry operationally ready for MDR to switch on post-Diwali?**

**Vijay Shekhar Sharma:** "We're ready. The industry is ready." The company already earns MDR-based revenue on credit card on UPI and Postpaid; "MDR on UPI" is effectively MDR on bank-account payments on QR, which works like existing MDR on other instruments. **Madhur Deora** agreed it just needs a decision on the date.

**Q: ~7 lakh devices were rolled out in the quarter. Will MDR change which merchants are targeted (e.g. >₹2,000 tickets, smaller towns)? And is H1 capex the benchmark?**

**Madhur Deora:** MDR is an upside, not fundamental. In small merchants, the model remains acquire through payments and offer financial services; at current penetration, financial services revenue is significantly larger than the MDR opportunity, and drives the payback period. The AI models for ARMS (Acquisition, Retention, Monetisation and Service) direct sales and service effort by pincode and will factor in MDR as an input, as they did with RuPay credit card on UPI. On capex: ~₹400 Cr on an inward-device basis, expected to stay at that level; a little higher than before, reflecting focus on engagement and retention of high-quality, high-potential merchants because payback periods are working well.

**Q: Net payment margin moved from ~8.5 to ~9 bps despite soft industry credit card spends. What drove it?**

**Madhur Deora:** Additional pricing discipline — thresholds on what pricing to accept for certain types of merchants — plus share gains in areas with sustained momentum such as EMI, DCC and the enterprise side.

### 25.5 Q&A — Pranav Kshatriya, Emkay Global

**Q: Can Postpaid return to its earlier scale (~₹9,000 Cr quarterly disbursement, ~1 Cr customers) in one to two years? Behavioural changes?**

**Vijay Shekhar Sharma:** The product is even more apt now: customers have learned it, and it is a multi-player market. There is "no secret" that the earlier numbers are a target; it is accelerating faster than before, with emphasis on quality of customers and the credit book. It is EBITDA-positive and contribution-margin-positive by itself.

**Madhur Deora:** Merchant acceptance is further ahead than in the first iteration at comparable months; merchants accepting RuPay on UPI should accept this too. Spend per active customer started at a solid level, and collection learnings from the earlier period were applied from day one.

**Q: Implied PPM looks like ~5 bps if device rent is ~₹60. Is the PPM improvement sustainable, and what is driving it?**

**Vijay Shekhar Sharma:** GMV was only ~1% up QoQ because the company now strictly targets high-quality merchants. It gave up large online merchants negotiating below cost ("dollars for 90 cents"), especially in the festive season. Separately, a contract with a large insurance company — commercially a bad customer — concluded, so that GMV did not show up; this is bottom-line positive. "We are looking at good quality GMV over any GMV… Quality stands for bottom-line contribution."

**Q: What is the ₹500 Cr enabling resolution for investment in Paytm Cloud Technologies Limited for? Related to capex?**

**Madhur Deora:** The name may give the wrong idea. The Board approved an enabling resolution to invest up to ₹500 Cr in the 100%-owned subsidiary and/or one of its international subsidiaries, in multiple tranches over 12 months — possibly a combination of three or four needs adding up to a few hundred crores. To the extent infused in PCTL's Singapore subsidiary, it is likely to be used for seed investments in international markets. There are no concrete plans for the full ₹500 Cr; investments will be disclosed as applicable.

### 25.6 Q&A — Suraj Das, Sundaram MF

**Q: P2M GMV was flat QoQ for the first time since COVID. Why?**

**Madhur Deora:** Q2 vs Q1 depends on festive timing; with a late Diwali, the festive season falls almost entirely in Q3. Separately, the company has margin thresholds for large enterprise customers; two or three customers were affected, including one quite large customer whose long-term contract expired — the company is happy to let it go if pricing is not right.

**Vijay Shekhar Sharma:** That was a materially large, negative-contribution-margin customer; the company will not renew at negative contribution.

**Madhur Deora:** Evidence is in net payment margin moving from 8.5 to 9 bps. The customer's GMV share was "not a double-digit percentage, but significant."

**Q: What does Paytm Cloud Technologies do (PAT up ~7x YoY to ~₹84 Cr)? Linked to device supply abroad? How does it differ from One97 Singapore?**

**Madhur Deora:** PCTL has some operations but is largely the entity for investments in foreign ventures (e.g. UAE business, Luxembourg subsidiary), so use of proceeds would largely fund overseas ventures. One97 Singapore runs the older marketing cloud business serving telecom companies and enterprises worldwide; PCTL runs merchant payments and merchant-lending partnerships (partner-operated and Paytm-operated models).

**Q: Where will AI platform monetisation be reported?**

**Vijay Shekhar Sharma / Madhur Deora:** In **Marketing Services** — the vast majority, if not all.

**Q: Why do lenders switch between DLG and non-DLG?**

**Madhur Deora:** The largest lender did DLG in FY25; at the start of FY26, at Paytm's request, it paused — for six quarters, while scaling up business — and now wants DLG again, possibly related to RBI guidelines allowing offset against credit losses. DLG is "not a top five factor" in lender relationships; the focus is more business, right partners, credit quality, collections and technology over two-to-five-year horizons. Because of conservative upfront accounting, the company flagged it at the start of the quarter to avoid surprises; there is no impact in Q2.

### 25.7 Q&A — Pranav Gundlapalle, Bernstein

**Q: Sales headcount rose sharply but device additions are flattish YoY — are the new hires in a different area? And is there a lending sweet spot by merchant GMV; how many device merchants are lendable?**

**Vijay Shekhar Sharma:** New sales executives are in the same category; they take time to mature, starting with retention/revisit jobs before deployment. Recruitment was easier after a period when quick commerce absorbed similar talent. Lendability depends more on ageing on the platform than GMV (e.g. ~₹500/day repayment capacity for a ~₹2 lakh ticket), with some GMV floor; very small merchants could be offered Postpaid instead. Inactive merchants are removed, so net actives understate gross additions. "On a base of 16 million, we believe that upwards of 10 million are definitely good-quality merchants" — about two-thirds — a metric he tracks internally.

**Q: Is the spike in software and cloud expenses one-off or a new normal?**

**Madhur Deora:** Mostly a one-time platform consolidation after migrating the merchant payments business to the subsidiary, largely in this quarter with a little next quarter; plus higher AI spend, which shows up as revenue growth (better retention, collections) rather than cost reduction. Like-for-like revenue growth is in the 30s with indirect expenses under control despite sales, service, marketing and AI investment. A more normalised number should be discussable by end of next quarter.

**Vijay Shekhar Sharma:** The majority of incremental cloud cost was the migration of the online and offline businesses — previously in separate entities — onto a single platform, with temporary duplication; this brings omni-channel payments.

### 25.8 Q&A — Jayant Kharote, Axis Capital

**Q: Split of the 2.5 bps between consumer and merchant; will the consumer-side pool (top 2–5% spenders >₹2,000) get competed away?**

**Madhur Deora:** Not implemented yet; the number put out is one the company is confident of delivering, haircut for various scenarios, and may be bettered. Competitive intensity will only be known one to two quarters after implementation.

**Vijay Shekhar Sharma:** "Consumer businesses are ours to win." Past low consumer UPI share was partly due to non-internal factors in the network; product and technology focus is now much higher and results are showing.

**Q: Is MDR-eligible GMV growing faster or slower than total GMV; will the take rate expand or stabilise?**

**Madhur Deora:** The mix is not changing dramatically: small merchants (Paytm's unique strength) growing very fast; online growing quickly after the embargo ended (August last year); enterprise improving via EMI, DCC and distribution. Mix effect is not expected to be a major factor.

**Q: With DLG accounting, does CM dip and recover while EBITDA margin expands normally?**

**Madhur Deora:** No — the upfront DLG cost is a drag on EBITDA in that quarter as well. But given strong momentum, absolute EBITDA is still expected to go up next quarter despite this drag. **Vijay Shekhar Sharma:** EBITDA margin is not going down.

**Q: EBIT margin given rising depreciation and capex?**

**Madhur Deora:** Depreciation YoY has not risen much, but higher H1 capex will lead to more depreciation with a lag (FY28), invested for engagement, retention and financial services revenue with strong payback.

### 25.9 Q&A — Prakhar Sharma, Jefferies

**Q: MTU additions were ~5 million this quarter versus 1–2 million historically. How does that tie to the quality focus, and is it sustainable?**

**Vijay Shekhar Sharma:** He hopes it sustains for several more quarters; new users is one of the most critical KPIs he personally carries. The target is **one-third market share**. Drivers: good, cleaner, simpler product and technology, unblocking constraints found by digging deeper, top-of-mind recall, and cross-selling that draws customers.

**Q: Has the 2.5 bps factored in merchant lobbies (e.g. petrol pumps) seeking lower MDR?**

**Madhur Deora:** The NPCI framework was taken as is. Implementation was postponed only days before the 15 October go-live, in view of Diwali; there is no indication the framework is being revisited. Commenting on something not yet implemented is unusual, but the estimate was given due to investor interest.

**Q: Lending portfolio quality and risks (regulatory, pricing, insurance cross-sell)?**

**Vijay Shekhar Sharma:** No insurance attached or tagged to loans. Disbursements per lender and lender count are growing — lenders scale when satisfied with customers. Book risk is the lenders'; Paytm's role is disbursement and collection. The company wants to remain a technology distributor, not a book owner, with conservative accounting so there is no "future time bomb" in revenue.

**Madhur Deora:** Merchant-loan ECL is largely unchanged in range; personal loans are distribution only. Over a dozen lending partners, many for three to five years. The company is deliberately cautious — "you cannot afford to have six good quarters and then two bad quarters."

### 25.10 Q&A — Gaurav Rateria, Morgan Stanley

**Q: Is MTU acceleration from better gross adds or lower churn? CAC appears to have fallen — sustainable?**

**Vijay Shekhar Sharma:** CAC per valuable customer is lower because targeting is more precise, using in-house AI models — "We are not renting intelligence from outside." Budgets remain large and acquisition spend will increase, focused on valuable customers rather than "spray and pray."

**Q: How big is the current drag from AI investment?**

**Vijay Shekhar Sharma / Madhur Deora:** "Zero drag" — AI spend either saves more cost or earns more revenue than it costs. The cloud cost increase has two components: the one-time payment-stack consolidation (unrelated to AI) — mostly done this quarter, some next quarter — and higher AI spend, whose benefits show up almost immediately (e.g. deployment in two to three days instead of three to four weeks) because the business is data-rich; "multiple x benefits" within the quarter.

**Q: Sustainable operating leverage — flow-through from CM to EBITDA and from EBITDA to free cash flow?**

**Madhur Deora:** Target: over a three-to-four quarter period, indirect expenses (including marketing, sales and service, and cloud) should grow at less than half of CM growth — structural operating leverage, accelerated if revenue growth accelerates. Free cash flow broadly tracks EBITDA, subject to capex, on which more guidance will be given next quarter. EBITDA is after ESOP costs; there is no adjusted EBITDA.

### 25.11 Q&A — Rahul Jain, Dolat Capital

**Q: Are lending partners placing more trust in Paytm's data (approval rates, collaboration)?**

**Madhur Deora:** Scale-up reflects greater confidence in Paytm's insights and collections capability, including early-warning signals and early intervention (using daily GMV) — part of the sales and service expansion. Partners collaborate on repeat and top-up business, new segments and pincodes, and on removing technology bottlenecks (e.g. KYC failures).

**Q: When will AI revenue become meaningful (e.g. ₹500 Cr or 5% of revenue)?**

**Vijay Shekhar Sharma:** At least two to three more quarters; it is small revenue per merchant and will look small next to the larger revenue buckets for some time. "By the same quarter next year, we should look at what it has done."

### 25.12 Close

The moderator closed the call; the CEO wished participants a Happy Diwali.

---

## 26. Definitions for Metrics and KPIs

| Metric | Definition |
|---|---|
| **GMV** | GMV is the rupee value of total payments made to merchants through transactions on our app or our in-store payment solutions, and payments processed through Paytm payment gateway, over a period. It excludes any consumer-to-consumer payment service such as money transfers. |
| **Monthly Transacting Users (MTU)** | Number of unique users in a particular calendar month who have successfully completed a transaction on the Paytm App or have used the Paytm for Business App. |
| **Net Payment Revenue** | Payment revenues (including other operating revenue) less payment processing charges. |
| **Contribution Profit** | Contribution profit is a non-GAAP financial measure. We define contribution profit as revenue from operations less payment processing charges, promotional cashback & incentives expenses, connectivity & content fees, contest, ticketing expenses & logistics, and deployment & collection cost of our businesses. |
| **Key Financial Services Customers** | Key financial services customers are unique consumers and merchants who have availed Paytm's and group entity's financial services offerings, i.e. equity broking, insurance and credit products, such as merchant and consumer loans distributed through our platform. However, it does not include customers availing mutual fund distribution, Postpaid loans, gold savings or any attachment insurance products, as they contribute negligible revenue/profitability. |

**Additional definitions from the Investor Datapack**

| Metric | Definition |
|---|---|
| **Merchant transactions** | Total number of payment transactions made to merchants through transactions on our app, through Paytm Payment Instruments or through our payment solutions, over a period. |
| **Total transactions** | Sum of merchant and person-to-person transactions. |
| **Registered merchants** | Unique merchants that are listed for receiving a transaction through Paytm QR or a Paytm issued device. |
| **Payment Devices** | Total number of Paytm POS devices and Soundbox deployed at our in-store merchants. |

*The datapack's wording of the GMV and MTU definitions differs slightly from the release; the release definitions above are the primary reference.*

**Additional abbreviations used in this document**

| Term | Meaning |
|---|---|
| PIDF | Payments Infrastructure Development Fund |
| MDR | Merchant Discount Rate |
| P2M / P2P | Person to Merchant / Person to Person |
| GTV | Gross Transaction Value |
| NPCI | National Payments Corporation of India |
| PA | Payment Aggregator |
| PPM | Payment Processing Margin |
| NPM | Net Payment Margin |
| MTF | Margin Trade Funding |
| CM | Contribution Margin |
| DLG / FLDG | Default Loss Guarantee / First Loss Default Guarantee |
| ECL | Expected Credit Loss |
| EDC | Electronic Data Capture (card machine) |
| EMI | Equated Monthly Instalment |
| DCC | Dynamic Currency Conversion |
| ARMS | Acquisition, Retention, Monetisation and Service (internal AI model framework) |
| MSME | Micro, Small and Medium Enterprises |
| CWIP | Capital work-in-progress |
| PPBL | Paytm Payments Bank Limited |
| PPSL | Paytm Payments Services Limited |
| PCTL | Paytm Cloud Technologies Limited |
| PML | Paytm Money Limited |
| LTV / CAC | Lifetime Value / Customer Acquisition Cost |
| p.p | Percentage points |
| L Cr | Lakh crore (₹1 trillion) |

---

## 27. Disclaimers and Notes

### By reading this document you agree to be bound as follows

This document is prepared by One 97 Communications Limited ("Company") and is for information purposes only without regard to specific objectives, financial situations or needs of any particular person, and is not, and nothing in it shall be construed as, an invitation, offer, solicitation, recommendation or advertisement in respect of the purchase or sale of any securities of the Company or any affiliates in any jurisdiction, or as an inducement to enter into investment activity; and no part of it shall form the basis of or be relied upon in connection with any contract or commitment or investment decision whatsoever. This document does not take into account, nor does it provide, any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. Before acting on any information you should consider the appropriateness of the information having regard to these matters, and in particular, you should seek independent financial advice. This document and its contents are confidential and proprietary to the Company and/or its affiliates and no part of it or its subject matter may be used, reproduced, copied, distributed, shared, retransmitted, summarised or disseminated, directly or indirectly, to any other person or published in whole or in part for any purpose, in any manner whatsoever.

The information contained in this document is general background information of the Company and there is no representation that all information relating to the context has been taken care of. We do not assume responsibility to publicly amend, modify or revise any information contained herein on the basis of any subsequent development, information or events, or otherwise.

### Forward-looking statements

This document includes certain statements that are, or may be deemed to be, "forward-looking statements" and relate to the Company and its financial position, business strategy, events and courses of action. Forward-looking statements and financial projections are based on the opinions and estimates of management as on the date such statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated. Representative examples of factors that could affect the accuracy of forward-looking statements include (without limitation) the condition of and changes in India's political and economic status, government policies, applicable laws, and international and domestic events having a bearing on the Company's business, and such other factors beyond our control.

Forward-looking statements and financial projections include, among other things, statements about: our expectations regarding our transaction volumes, expenses, sales and operations; our future merchant and consumer concentration; our anticipated cash needs, our estimates regarding our capital requirements, our need for additional financing; our ability to anticipate the future needs of our merchants and consumers; our plans for future products and enhancements of existing products; our future growth strategy and growth rate; our future intellectual property; and our anticipated trends and challenges in the markets in which we operate. Forward-looking statements are not guarantees of future performance, including those relating to general business plans and strategy, future outlook and growth prospects, and future developments in our businesses and our competitive and regulatory environment. These forward-looking statements represent only the Company's current intentions, beliefs or expectations, and no representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts are correct or that any objectives specified herein will be achieved.

### Liability and regulatory status

We, or any of our affiliates, shareholders, directors, employees, or advisors, as such, make no representations or warranties, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein, and accept no liability whatsoever for any loss, howsoever arising, from any use or reliance on this document or its contents or otherwise arising in connection therewith. The information contained herein is subject to change without any obligation to notify any person of such revisions or change, and past performance is not indicative of future results.

Investments in the securities market are subject to market risk; read all related documents carefully before investing. Margin Funding is subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the rights and obligations statement issued by Paytm Money Limited. This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. No rights or obligations of any nature are created or shall be deemed to be created by the contents of this document.

### Use of operating metrics

The operating metrics reported in this document are calculated using internal Company data based on the activity of our merchants, consumers and other participants in our ecosystem. While these numbers are based on what we believe to be reasonable estimates of engagement for the applicable period of measurement, there are inherent challenges in measuring usage across our large online, offline, in-store and mobile presence. The methodologies used to measure these metrics require significant judgment and are also susceptible to algorithm or other technical errors. We regularly review our processes for calculating these metrics, and from time to time we may discover inaccuracies in our metrics or may make adjustments to improve their accuracy, which can result in adjustments to previously disclosed metrics. In addition, our metrics will differ from estimates published by third parties due to differences in methodology.

We have converted financial amounts from ₹ millions into ₹ Cr and hence there could be some totalling anomalies in the numbers.

### Non-GAAP financial measures

We use Non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes, and believe that Non-GAAP financial information, when taken collectively with financial measures prepared in accordance with Ind AS, may be helpful to investors because it provides an additional tool for evaluating our ongoing operating results and trends, and for comparing our financial results with other companies in our industry, providing consistency and comparability with past financial performance. However, our management does not consider these Non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with Ind AS.

Non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with Ind AS. Non-GAAP financial information may be different from similarly-titled Non-GAAP measures used by other companies. The principal limitation of these Non-GAAP financial measures is that they exclude significant expenses and income that are required by Ind AS to be recorded in our financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these Non-GAAP financial measures. A reconciliation is provided for each Non-GAAP financial measure to the most directly comparable financial measure prepared in accordance with Ind AS (see [Section 16](#16-reconciliation-of-ebitda-to-profit-for-the-period)). Investors are encouraged to review the related Ind AS financial measures and the reconciliations included in this document, and not to rely on any single financial measure to evaluate our business.

**Non-GAAP measures used in this document:** EBITDA, EBITDA margin, Contribution Profit, Contribution Margin, Net Payment Revenue, Net Payment Margin, Payment Processing Margin, and all "comparable" (ex-PIDF) measures.

---

## 28. Investor Relations Contact and Source Documents

**Company:** One 97 Communications Limited
**CIN:** L72200DL2000PLC108985
**Registered Office:** First Floor, Devika Tower, Nehru Place, New Delhi 110019, India | Tel: +91 11 2628 0280
**Corporate Office:** Paytm Corporate Office, One Skymark, Tower-D, Plot No. H-10B, Sector-98, Noida 201304, Uttar Pradesh, India | Tel: +91 120 4770770
**Compliance:** compliance.officer@paytm.com | Fax: +91 120 4770771
**Website:** www.paytm.com | **Investor Relations:** https://ir.paytm.com

### Source documents for this file

| Document | Date | Notes |
|---|---|---|
| Earnings Release — Q2 FY 2027 (INR) | 26 October 2026 | Business commentary, KPIs, additional insights Q&A |
| Earnings Presentation — Q2 FY 2027 (INR) | 26 October 2026 | Annexure financial tables and operational KPIs |
| Financial Results — Q2 and Half Year FY 2027 (Consolidated and Standalone, Ind AS) | 26 October 2026 | Statutory results, statements of assets and liabilities, cash flows, notes, auditor's review reports |
| Earnings Call Transcript — Q2 FY 2027 | 27 October 2026 | Management remarks and analyst Q&A |
| Investor Datapack — Q2 FY 2027, Final (INR and USD) | 26 October 2026 | Historical annual and quarterly data series — see [Appendix A](#29-appendix-a-historical-data-series-investor-datapack) |

**Deliberately not carried across from the source documents:** the pre-call registration panel and Zoom webinar details from the earnings release (the call was held on 27 October 2026, and the transcript in [Section 25](#25-earnings-call-transcript--27-october-2026) supersedes the invitation); purely graphical cover, divider and closing pages carrying no informational content; the visual business-model diagram in the presentation (its content is captured in [Section 3.2](#32-paytms-core-moat--payments-led-financial-services-distribution-and-ai-diffusion-model)); and the US dollar tables from the Investor Datapack, which are translated at a single rate of ₹95.958 per US$1 and can therefore be derived from the INR series (see the note in [Appendix A](#29-appendix-a-historical-data-series-investor-datapack)). Where the release and presentation state the same figure or commentary, it appears once.

---

*End of main document; historical data series follow in Appendix A. Prepared for publication on ir.paytm.com. In case of any discrepancy between this consolidated file and the source documents filed with BSE Limited and the National Stock Exchange of India Limited, the filed documents prevail.*

---
## 29. Appendix A: Historical Data Series (Investor Datapack)

Source: **Investor Datapack — Q2 FY 2027 (Final)** (INR and USD versions). These tables carry the full historical series that accompanies the quarter's results, so that long-run trends are available from this single file rather than only the three-period cuts shown in [Sections 14–18](#14-operating-revenue-and-contribution-profit).

**Orientation.** The tables below are **transposed relative to the source workbook**: periods run down the rows and metrics across the columns. This keeps 26-quarter series readable in markdown and unambiguous to parse.

**Conventions.**

- **Fiscal years:** FY21 = year ended 31 March 2021, through FY26 = year ended 31 March 2026. Quarter labels are quarter-**ending** months, so `Sep-26` = quarter ended 30 September 2026 = Q2 FY 2027, `Jun-26` = Q1 FY 2027, and `Mar-26` = Q4 FY 2026. FY 2027 annual figures will be added after the year closes; H1 FY 2027 figures are in [Sections 14–16](#14-operating-revenue-and-contribution-profit).
- All amounts are in **₹ Cr** unless the column header states otherwise.
- **A blank cell means the metric was not disclosed for that period — it does not mean zero.** Several series were started or discontinued mid-history; see the discontinuities note below.
- Where the datapack presents an expense as a negative number (Net Payment Revenue and EBITDA-to-Profit tables), that sign convention has been preserved.
- Annual figures occasionally differ from the sum of their four quarters by ₹1–5 Cr. This is the rounding effect of conversion from ₹ millions to ₹ crores, consistent with the note in [Section 27](#use-of-operating-metrics).
- The datapack row label **"Financial Services and Others"** corresponds to **"Distribution of Financial Services"** in the earnings release and presentation.

**On the USD version.** The datapack publishes a USD counterpart of every table. Those figures are translated at a **single rate of ₹95.958 per US$1 (as of September 2026 end) for all periods**, so the USD series are not adjusted for period-end or period-average exchange rates and should not be read as reflecting historical FX movement. The USD tables are not reproduced here; apply the stated rate to the INR figures if a dollar view is required.

**Series discontinuities.** Readers and automated tools should note the following, since a naive read of the tables could otherwise infer a decline to zero where the series simply stops:

| Series | Available range | Note |
|---|---|---|
| Payment Services split — Consumers vs Merchants | Jun-20 to **Jun-24** | Split not disclosed after Jun-24 |
| Average number of Sales Employees (original basis) | Jun-20 to **Dec-22** | Superseded by the active-headcount basis |
| Average number of Sales Employees — active headcount | **Mar-22** onwards | Current basis |
| Volume of loans distributed (and product split) | Jun-20 to **Dec-23** | Personal and merchant loan volumes to **Jun-24** |
| Value of loans distributed (and product split) | Jun-20 to **Mar-25** | **Not disclosed for FY 2026, Q1 FY 2027 or Q2 FY 2027** |
| Postpaid loans — value | Jun-20 to **Mar-24** | Reflects the Postpaid pause following the January 2024 regulatory action |
| GMV — continued businesses | **Jun-23** onwards | Excludes disrupted products such as Wallet and Postpaid |
| Commerce GMV | **Sep-22** onwards | — |
| Key Financial Services Customers | **Sep-23** onwards | — |
| Cash balance series | **Mar-22** onwards | PML customer funds from Dec-22; Paytm Cash Balance line from Mar-23; escrow/nodal from Mar-24; PPSL prefunded escrow from Dec-25 |
| Other Operating Revenue within payments revenue | **Mar-22** onwards | Shown on both the Financial Metrics and Net Payment Margin sheets |

**One known cross-sheet difference:** Payment Services revenue for the Mar-24 quarter is shown as **₹1,554 Cr** on the Financial Metrics sheet and **₹1,555 Cr** on the Net Payment Margin sheet. The figures below follow each source sheet.


### A.1 Revenue and Contribution Profit — Annual (FY 2021 – FY 2026)

*In ₹ Cr unless marked otherwise.*

| Period | Payment Services | Financial Services & Others | Marketing Services | Other Operating Revenue | **Revenue from Operations** | Payment processing charges | PPC as % of GMV | Promotional cashback & incentives | Other direct expenses | **Total Direct Expenses** | **Contribution Profit** | Contribution Margin % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY21 | 1,981 | 128 | 693 | 0 | 2,802 | 1,917 | 0.48% | 236 | 287 | 2,440 | 363 | 12.9% |
| FY22 | 3,421 | 437 | 1,105 | 12 | 4,974 | 2,754 | 0.32% | 378 | 344 | 3,476 | 1,498 | 30.1% |
| FY23 | 4,844 | 1,540 | 1,520 | 86 | 7,990 | 2,958 | 0.22% | 502 | 630 | 4,090 | 3,900 | 48.8% |
| FY24 | 6,128 | 2,004 | 1,738 | 108 | 9,978 | 3,280 | 0.23% | 310 | 850 | 4,440 | 5,538 | 56.0% |
| FY25 | 3,879 | 1,703 | 1,158 | 160 | 6,900 | 2,125 | 0.15% | 151 | 946 | 3,222 | 3,678 | 53.0% |
| FY26 | 4,646 | 2,594 | 952 | 245 | 8,437 | 2,573 | 0.11% | 261 | 743 | 3,577 | 4,860 | 58.0% |

### A.2 Revenue and Contribution Profit — Quarterly (Jun-20 – Sep-26)

*In ₹ Cr unless marked otherwise.*

| Period | Payment Services | Financial Services & Others | Marketing Services | Other Operating Revenue | **Revenue from Operations** | Payment processing charges | PPC as % of GMV | Promotional cashback & incentives | Other direct expenses | **Total Direct Expenses** | **Contribution Profit** | Contribution Margin % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jun-20 | 407 | 23 | 121 | 0 | 551 | 398 | 0.57% | 32 | 40 | 469 | 82 | 14.9% |
| Sep-20 | 473 | 25 | 166 | 0 | 664 | 492 | 0.52% | 74 | 60 | 626 | 38 | 5.7% |
| Dec-20 | 523 | 42 | 207 | 0 | 772 | 518 | 0.46% | 110 | 76 | 703 | 69 | 8.9% |
| Mar-21 | 579 | 38 | 199 | 0 | 815 | 509 | 0.40% | 20 | 113 | 641 | 174 | 21.4% |
| Jun-21 | 635 | 55 | 201 | 0 | 891 | 527 | 0.36% | 61 | 59 | 646 | 245 | 27.5% |
| Sep-21 | 754 | 89 | 244 | 0 | 1,086 | 670 | 0.34% | 83 | 72 | 826 | 261 | 24.0% |
| Dec-21 | 992 | 125 | 339 | 0 | 1,456 | 783 | 0.31% | 117 | 102 | 1,002 | 454 | 31.2% |
| Mar-22 | 1,041 | 168 | 320 | 12 | 1,541 | 774 | 0.30% | 118 | 110 | 1,002 | 539 | 35.0% |
| Jun-22 | 1,076 | 271 | 331 | 2 | 1,680 | 694 | 0.23% | 143 | 117 | 954 | 726 | 43.2% |
| Sep-22 | 1,173 | 349 | 377 | 15 | 1,914 | 746 | 0.23% | 191 | 134 | 1,071 | 843 | 44.1% |
| Dec-22 | 1,153 | 446 | 420 | 44 | 2,062 | 738 | 0.21% | 91 | 186 | 1,015 | 1,048 | 50.8% |
| Mar-23 | 1,442 | 475 | 392 | 25 | 2,334 | 780 | 0.22% | 78 | 193 | 1,051 | 1,283 | 54.8% |
| Jun-23 | 1,396 | 522 | 405 | 19 | 2,342 | 767 | 0.19% | 85 | 186 | 1,037 | 1,304 | 55.7% |
| Sep-23 | 1,500 | 571 | 423 | 24 | 2,519 | 817 | 0.18% | 73 | 203 | 1,093 | 1,426 | 56.6% |
| Dec-23 | 1,679 | 607 | 514 | 51 | 2,850 | 982 | 0.19% | 106 | 242 | 1,331 | 1,520 | 53.3% |
| Mar-24 | 1,554 | 304 | 395 | 14 | 2,267 | 715 | 0.15% | 46 | 219 | 979 | 1,288 | 56.8% |
| Jun-24 | 884 | 280 | 321 | 16 | 1,502 | 517 | 0.12% | 44 | 185 | 746 | 755 | 50.2% |
| Sep-24 | 946 | 376 | 302 | 36 | 1,660 | 517 | 0.12% | 29 | 220 | 766 | 894 | 53.9% |
| Dec-24 | 1,003 | 502 | 267 | 56 | 1,828 | 570 | 0.11% | 37 | 262 | 869 | 959 | 52.0% |
| Mar-25 | 1,046 | 545 | 267 | 52 | 1,911 | 520 | 0.10% | 41 | 278 | 840 | 1,071 | 56.0% |
| Jun-25 | 1,044 | 561 | 247 | 67 | 1,918 | 581 | 0.11% | 37 | 148 | 767 | 1,151 | 60.0% |
| Sep-25 | 1,146 | 611 | 228 | 77 | 2,061 | 629 | 0.11% | 50 | 176 | 855 | 1,207 | 59.0% |
| Dec-25 | 1,192 | 672 | 238 | 92 | 2,194 | 671 | 0.11% | 69 | 205 | 945 | 1,249 | 56.9% |
| Mar-26 | 1,265 | 750 | 239 | 10 | 2,264 | 692 | 0.11% | 104 | 214 | 1,010 | 1,254 | 55.0% |
| Jun-26 | 1,384 | 814 | 239 | 11 | 2,448 | 794 | 0.11% | 90 | 214 | 1,098 | 1,350 | 55.0% |
| Sep-26 | 1,434 | 912 | 287 | 15 | 2,648 | 805 | 0.11% | 95 | 269 | 1,169 | 1,479 | 56.0% |

### A.3 Indirect Expenses and EBITDA — Annual (FY 2021 – FY 2026)

*In ₹ Cr unless marked otherwise.*

| Period | Marketing | Employee cost (incl. ESOP) | Software, cloud & data centre | Other indirect expenses | **Total Indirect Expenses** | **EBITDA** | EBITDA Margin % |
|---|---|---|---|---|---|---|---|
| FY21 | 297 | 1,185 | 350 | 299 | 2,131 | -1,768 | -63.0% |
| FY22 | 477 | 2,432 | 500 | 416 | 3,825 | -2,327 | -47.0% |
| FY23 | 575 | 3,780 | 694 | 485 | 5,534 | -1,632 | -20.0% |
| FY24 | 613 | 4,591 | 642 | 600 | 6,446 | -907 | -9.0% |
| FY25 | 508 | 3,288 | 639 | 749 | 5,184 | -1,506 | -22.0% |
| FY26 | 275 | 2,765 | 643 | 675 | 4,358 | 502 | 6.0% |

### A.4 Indirect Expenses and EBITDA — Quarterly (Jun-20 – Sep-26)

*In ₹ Cr unless marked otherwise.*

| Period | Marketing | Employee cost (incl. ESOP) | Software, cloud & data centre | Other indirect expenses | **Total Indirect Expenses** | **EBITDA** | EBITDA Margin % |
|---|---|---|---|---|---|---|---|
| Jun-20 | 53 | 214 | 75 | 73 | 415 | -332 | -60.0% |
| Sep-20 | 62 | 286 | 72 | 63 | 483 | -446 | -67.0% |
| Dec-20 | 102 | 337 | 95 | 64 | 598 | -529 | -69.0% |
| Mar-21 | 80 | 348 | 108 | 99 | 635 | -462 | -57.0% |
| Jun-21 | 77 | 351 | 106 | 82 | 616 | -371 | -42.0% |
| Sep-21 | 102 | 386 | 113 | 104 | 705 | -445 | -41.0% |
| Dec-21 | 167 | 832 | 130 | 108 | 1,237 | -783 | -54.0% |
| Mar-22 | 131 | 864 | 151 | 122 | 1,268 | -730 | -47.0% |
| Jun-22 | 175 | 912 | 162 | 111 | 1,360 | -634 | -38.0% |
| Sep-22 | 137 | 944 | 173 | 127 | 1,381 | -537 | -28.0% |
| Dec-22 | 136 | 946 | 171 | 126 | 1,379 | -331 | -16.0% |
| Mar-23 | 127 | 977 | 188 | 121 | 1,413 | -129 | -6.0% |
| Jun-23 | 181 | 1,107 | 155 | 155 | 1,598 | -293 | -13.0% |
| Sep-23 | 180 | 1,192 | 155 | 130 | 1,657 | -232 | -9.0% |
| Dec-23 | 169 | 1,187 | 170 | 153 | 1,679 | -159 | -6.0% |
| Mar-24 | 83 | 1,105 | 162 | 162 | 1,512 | -223 | -10.0% |
| Jun-24 | 177 | 953 | 182 | 236 | 1,548 | -792 | -53.0% |
| Sep-24 | 125 | 831 | 158 | 184 | 1,298 | -404 | -24.0% |
| Dec-24 | 104 | 757 | 154 | 167 | 1,182 | -223 | -12.0% |
| Mar-25 | 102 | 748 | 146 | 165 | 1,161 | -88 | -5.0% |
| Jun-25 | 62 | 643 | 168 | 207 | 1,080 | 72 | 4.0% |
| Sep-25 | 72 | 662 | 133 | 198 | 1,065 | 142 | 7.0% |
| Dec-25 | 77 | 721 | 166 | 128 | 1,092 | 156 | 7.0% |
| Mar-26 | 65 | 739 | 175 | 143 | 1,122 | 132 | 6.0% |
| Jun-26 | 79 | 742 | 159 | 167 | 1,147 | 203 | 8.0% |
| Sep-26 | 99 | 759 | 211 | 140 | 1,209 | 270 | 10.0% |

### A.5 Payment Services Split — Consumers vs Merchants (discontinued series)

*In ₹ Cr. This split was disclosed up to the Jun-24 quarter and is not reported thereafter.*

| Period | Payment Services to Consumers | Payment Services to Merchants | Total Payment Services |
|---|---|---|---|
| Jun-20 | 209 | 198 | 407 |
| Sep-20 | 229 | 244 | 473 |
| Dec-20 | 254 | 269 | 523 |
| Mar-21 | 278 | 301 | 579 |
| Jun-21 | 301 | 334 | 635 |
| Sep-21 | 354 | 400 | 754 |
| Dec-21 | 406 | 586 | 992 |
| Mar-22 | 469 | 572 | 1,041 |
| Jun-22 | 519 | 557 | 1,076 |
| Sep-22 | 549 | 624 | 1,173 |
| Dec-22 | 513 | 640 | 1,153 |
| Mar-23 | 524 | 918 | 1,442 |
| Jun-23 | 554 | 842 | 1,396 |
| Sep-23 | 579 | 921 | 1,500 |
| Dec-23 | 598 | 1,081 | 1,679 |
| Mar-24 | 438 | 1,117 | 1,554 |
| Jun-24 | 83 | 801 | 884 |

### A.6 Net Payment Revenue — Annual (FY 2021 – FY 2026)

*In ₹ Cr. Payment processing charges shown as negative, per the datapack.*

| Period | Payment Services revenue | Other Operating Revenue | **Total Payments Revenue** | Payment processing charges | **Net Payments Revenue** |
|---|---|---|---|---|---|
| FY21 | 1,981 |  | 1,981 | -1,917 | 64 |
| FY22 | 3,421 | 12 | 3,433 | -2,754 | 679 |
| FY23 | 4,844 | 86 | 4,930 | -2,958 | 1,970 |
| FY24 | 6,128 | 108 | 6,236 | -3,281 | 2,955 |
| FY25 | 3,879 | 160 | 4,038 | -2,125 | 1,914 |
| FY26 | 4,646 | 245 | 4,891 | -2,573 | 2,318 |

### A.7 Net Payment Revenue — Quarterly (Jun-21 – Sep-26)

*In ₹ Cr. Payment processing charges shown as negative, per the datapack.*

| Period | Payment Services revenue | Other Operating Revenue | **Total Payments Revenue** | Payment processing charges | **Net Payments Revenue** |
|---|---|---|---|---|---|
| Jun-21 | 635 |  | 635 | -527 | 108 |
| Sep-21 | 754 |  | 754 | -670 | 84 |
| Dec-21 | 992 |  | 992 | -783 | 209 |
| Mar-22 | 1,041 | 12 | 1,053 | -774 | 279 |
| Jun-22 | 1,076 | 2 | 1,078 | -694 | 384 |
| Sep-22 | 1,173 | 15 | 1,188 | -746 | 443 |
| Dec-22 | 1,153 | 44 | 1,197 | -738 | 459 |
| Mar-23 | 1,442 | 25 | 1,467 | -780 | 687 |
| Jun-23 | 1,396 | 19 | 1,414 | -767 | 648 |
| Sep-23 | 1,500 | 24 | 1,524 | -817 | 707 |
| Dec-23 | 1,679 | 51 | 1,730 | -982 | 748 |
| Mar-24 | 1,555 | 14 | 1,569 | -715 | 853 |
| Jun-24 | 884 | 16 | 900 | -517 | 383 |
| Sep-24 | 946 | 36 | 981 | -517 | 465 |
| Dec-24 | 1,003 | 56 | 1,059 | -570 | 489 |
| Mar-25 | 1,046 | 52 | 1,098 | -520 | 578 |
| Jun-25 | 1,044 | 67 | 1,111 | -581 | 529 |
| Sep-25 | 1,146 | 77 | 1,223 | -629 | 594 |
| Dec-25 | 1,192 | 92 | 1,284 | -671 | 613 |
| Mar-26 | 1,265 | 10 | 1,275 | -692 | 583 |
| Jun-26 | 1,384 | 11 | 1,395 | -794 | 601 |
| Sep-26 | 1,434 | 15 | 1,449 | -805 | 644 |

**Datapack notes on this series:**

- Other Operating Revenue is revenue related to the Payments business.
- Payment processing charges include interchange cost related to Paytm Postpaid from the Q3 FY 2023 (Dec-22) quarter onwards.

### A.8 EBITDA to Profit / (Loss) — Annual (FY 2021 – FY 2026)

*In ₹ Cr. Expense lines shown as negative, per the datapack.*

| Period | EBITDA (A) | IPO expenses (B) | Finance costs (C) | D&A (D) | Other income (E) | Share of associates/JVs (F) | Exceptional items (G) | Income tax expense (H) | Loss on impairment of associate (I) | **Profit / (Loss) (J = A to I)** |
|---|---|---|---|---|---|---|---|---|---|---|
| FY21 | -1,768 | 0 | -35 | -179 | 384 | -74 | -28 | -3 | 0 | -1,701 |
| FY22 | -2,327 | -13 | -39 | -247 | 290 | -46 | -2 | -11 | 0 | -2,396 |
| FY23 | -1,632 | 0 | -23 | -485 | 410 | -13 | 0 | -34 | 0 | -1,777 |
| FY24 | -907 | 0 | -24 | -736 | 547 | -38 | -6 | -32 | -227 | -1,423 |
| FY25 | -1,506 | 0 | -16 | -673 | 724 | 3 | 823 | -18 | 0 | -663 |
| FY26 | 502 | 0 | -18 | -568 | 854 | -2 | -186 | -30 | 0 | 552 |

### A.9 EBITDA to Profit / (Loss) — Quarterly (Jun-20 – Sep-26)

*In ₹ Cr. Expense lines shown as negative, per the datapack.*

| Period | EBITDA (A) | IPO expenses (B) | Finance costs (C) | D&A (D) | Other income (E) | Share of associates/JVs (F) | Exceptional items (G) | Income tax expense (H) | Loss on impairment of associate (I) | **Profit / (Loss) (J = A to I)** |
|---|---|---|---|---|---|---|---|---|---|---|
| Jun-20 | -332 | 0 | -10 | -40 | 98 | 3 | -8 | 4 | 0 | -284 |
| Sep-20 | -446 | 0 | -8 | -49 | 94 | -20 | 0 | -8 | 0 | -437 |
| Dec-20 | -529 | 0 | -9 | -38 | 96 | -24 | -20 | -10 | 0 | -535 |
| Mar-21 | -462 | 0 | -7 | -51 | 96 | -34 | 0 | 12 | 0 | -444 |
| Jun-21 | -371 | 0 | -10 | -41 | 57 | -12 | -2 | -3 | 0 | -382 |
| Sep-21 | -445 | -8 | -10 | -50 | 48 | -7 | 0 | -2 | 0 | -474 |
| Dec-21 | -783 | -6 | -13 | -61 | 77 | 11 | 0 | -6 | 0 | -779 |
| Mar-22 | -730 | 0 | -7 | -95 | 108 | -38 | 0 | -1 | 0 | -763 |
| Jun-22 | -634 | 0 | -6 | -97 | 102 | -6 | 0 | -5 | 0 | -645 |
| Sep-22 | -537 | 0 | -5 | -104 | 100 | -9 | 0 | -15 | 0 | -571 |
| Dec-22 | -331 | 0 | -5 | -124 | 78 | 5 | 0 | -15 | 0 | -392 |
| Mar-23 | -129 | 0 | -7 | -160 | 130 | -2 | 0 | 1 | 0 | -168 |
| Jun-23 | -293 | 0 | -7 | -159 | 123 | -18 | 0 | -4 | 0 | -358 |
| Sep-23 | -232 | 0 | -7 | -180 | 144 | 1 | -6 | -13 | 0 | -292 |
| Dec-23 | -159 | 0 | -5 | -201 | 149 | -4 | 0 | -1 | 0 | -222 |
| Mar-24 | -223 | 0 | -5 | -196 | 132 | -17 | 0 | -14 | -227 | -550 |
| Jun-24 | -792 | 0 | -4.20 | -178.40 | 138 | -1.30 | 0.10 | -1.50 | 0 | -840 |
| Sep-24 | -404 | 0 | -3 | -179 | 175 | 4 | 1,345 | -9 | 0 | 930 |
| Dec-24 | -223 | 0 | -4 | -165 | 189 | 0 | 0 | -5 | 0 | -208 |
| Mar-25 | -88 | 0 | -4 | -150 | 224 | 0 | -522 | -3 | 0 | -545 |
| Jun-25 | 72 | 0 | -4 | -166 | 241 | 0 | -17 | -4 | 0 | 123 |
| Sep-25 | 142 | 0 | -5 | -137 | 222 | -1 | -190 | -10 | 0 | 21 |
| Dec-25 | 156 | 0 | -4 | -133 | 212 | -1 | 0 | -5 | 0 | 225 |
| Mar-26 | 132 | 0 | -5 | -132 | 178 | 0 | 21 | -11 | 0 | 183 |
| Jun-26 | 203 | 0 | -7 | -131 | 182 | 0 | 0 | -27 | 0 | 220 |
| Sep-26 | 270 | 0 | -7 | -146 | 182 | -3 | -4 | -67 | 0 | 225 |

### A.10 Operational Metrics — Annual (FY 2021 – FY 2026)

| Period | GMV (₹ Lakh Cr) | GMV — continued businesses (₹ Lakh Cr) | Commerce GMV (₹ Cr) | Merchant Transactions (Cr) | Total Transactions (Cr) | MTU, avg (Cr) | Registered Merchants (Cr) | Payment Devices, cumulative (Cr) | Avg Sales Employees (old series, #) | Avg Sales Employees — active headcount (#) | Key Financial Services Customers (Lakh) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FY21 | 4.03 |  |  | 587.20 | 740.50 | 4.50 | 2.11 | 0.08 | 5,054 |  |  |
| FY22 | 8.52 |  |  | 1,259.80 | 1,539.60 | 6.10 | 2.67 | 0.29 | 13,344 |  |  |
| FY23 | 13.22 |  |  | 2,401.10 | 2,899.60 | 8.20 | 3.35 | 0.68 | 24,053 |  |  |
| FY24 | 18.34 |  |  | 3,669 | 4,367 | 9.60 | 4.06 | 1.07 | 35,512 |  | 7.90 |
| FY25 | 18.90 |  |  | 4,290.22 | 4,786.16 | 7.30 | 4.44 | 1.24 |  | 32,613.50 | 5.50 |
| FY26 | 23.80 |  |  | 5,751 | 6,660 | 7.50 | 4.90 | 1.51 |  | 42,018 | 7.50 |

### A.11 Operational Metrics — Quarterly (Jun-20 – Sep-26)

*Merchant and total transactions for Sep-26 are shown at the datapack's one-decimal precision (₹ Cr counts of 1,785 and 2,156 in the earnings release).*

| Period | GMV (₹ Lakh Cr) | GMV — continued businesses (₹ Lakh Cr) | Commerce GMV (₹ Cr) | Merchant Transactions (Cr) | Total Transactions (Cr) | MTU, avg (Cr) | Registered Merchants (Cr) | Payment Devices, cumulative (Cr) | Avg Sales Employees (old series, #) | Avg Sales Employees — active headcount (#) | Key Financial Services Customers (Lakh) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jun-20 | 0.70 |  |  | 96.90 | 123.10 | 4 | 1.70 | 0 | 3,122 |  |  |
| Sep-20 | 0.95 |  |  | 123.20 | 157.80 | 4.30 | 1.85 | 0.03 | 3,581 |  |  |
| Dec-20 | 1.12 |  |  | 158.70 | 203.80 | 4.70 | 2 | 0.06 | 6,168 |  |  |
| Mar-21 | 1.27 |  |  | 208.40 | 255.80 | 5 | 2.11 | 0.08 | 7,346 |  |  |
| Jun-21 | 1.47 |  |  | 228.70 | 278.50 | 5 | 2.18 | 0.09 | 6,564 |  |  |
| Sep-21 | 1.96 |  |  | 269.20 | 331.60 | 5.70 | 2.30 | 0.13 | 11,225 |  |  |
| Dec-21 | 2.50 |  |  | 347.70 | 426.60 | 6.40 | 2.49 | 0.20 | 18,691 |  |  |
| Mar-22 | 2.59 |  |  | 414.20 | 502.90 | 7.10 | 2.67 | 0.29 | 22,249 | 19,648 |  |
| Jun-22 | 2.96 |  |  | 512.40 | 612.60 | 7.50 | 2.83 | 0.38 | 21,775 | 19,781 |  |
| Sep-22 | 3.18 |  | 2,070 | 575.20 | 688.50 | 8 | 2.95 | 0.48 | 24,703 | 22,578 |  |
| Dec-22 | 3.46 |  | 2,294 | 628.40 | 763.40 | 8.50 | 3.14 | 0.58 | 29,569 | 25,994 |  |
| Mar-23 | 3.62 |  | 2,185 | 685.10 | 835 | 9 | 3.35 | 0.68 |  | 28,479 |  |
| Jun-23 | 4.05 | 3.36 | 2,537 | 795.80 | 962.90 | 9.20 | 3.56 | 0.79 |  | 30,148 |  |
| Sep-23 | 4.50 | 3.80 | 2,893 | 912 | 1,090 | 9.50 | 3.75 | 0.92 |  | 35,349 | 7.70 |
| Dec-23 | 5.10 | 4.40 | 3,392 | 999 | 1,185 | 10 | 3.93 | 1.06 |  | 40,028 | 8.10 |
| Mar-24 | 4.69 | 4.29 | 2,804 | 962.40 | 1,129 | 9.60 | 4.06 | 1.07 |  | 36,521 | 7.90 |
| Jun-24 | 4.26 | 4.26 | 2,817 | 981 | 1,103 | 7.80 | 4.12 | 1.09 |  | 31,607 | 5.90 |
| Sep-24 | 4.47 | 4.47 | 2,383 | 1,017 | 1,135 | 7.10 | 4.20 | 1.12 |  | 30,104 | 6 |
| Dec-24 | 5.04 | 5.04 | 2,281 | 1,108 | 1,232 | 7 | 4.30 | 1.17 |  | 32,019 | 5.90 |
| Mar-25 | 5.10 | 5.10 | 2,238 | 1,184.10 | 1,316.70 | 7.20 | 4.44 | 1.24 |  | 36,724 | 5.50 |
| Jun-25 | 5.40 | 5.40 | 2,087 | 1,303 | 1,464 | 7.40 | 4.50 | 1.30 |  | 38,945 | 5.60 |
| Sep-25 | 5.70 | 5.70 | 1,949 | 1,453 | 1,658 | 7.50 | 4.70 | 1.37 |  | 44,154 | 6.50 |
| Dec-25 | 6.20 | 6.20 | 2,232 | 1,466 | 1,716 | 7.60 | 4.80 | 1.44 |  | 44,461 | 7.10 |
| Mar-26 | 6.45 | 6.45 | 2,099 | 1,530 | 1,822 | 7.70 | 4.90 | 1.51 |  | 40,512 | 7.50 |
| Jun-26 | 7.10 | 7.10 | 2,044 | 1,669 | 1,989 | 8 | 5 | 1.57 |  | 43,715 | 7.60 |
| Sep-26 | 7.10 | 7.10 | 1,914 | 1,785.30 | 2,155.70 | 8.50 | 5.20 | 1.64 |  | 51,832 | 8.80 |

### A.12 Loans Distributed — Volume, Annual and Quarterly

*Blank cells indicate the series was not disclosed for that period. Product-level series were discontinued at different dates, so totals and components are not additive across all periods.*

**Annual**

| Period | **Total volume (000s)** | Postpaid Loans (000s) | Personal Loans (000s) | Merchant Loans (000s) |
|---|---|---|---|---|
| FY21 | 2,635 | 2,558 | 14 | 62 |
| FY22 | 15,232 | 14,937 | 194 | 102 |
| FY23 | 40,052 | 38,818 | 834 | 400 |
| FY24 | 39,144 | 37,508 | 1,048 | 588 |
| FY25 |  |  |  |  |
| FY26 |  |  |  |  |

**Quarterly**

| Period | **Total volume (000s)** | Postpaid Loans (000s) | Personal Loans (000s) | Merchant Loans (000s) |
|---|---|---|---|---|
| Jun-20 | 23 | 20 | 0 | 3 |
| Sep-20 | 349 | 332 | 0 | 17 |
| Dec-20 | 881 | 851 | 5 | 25 |
| Mar-21 | 1,381 | 1,355 | 9 | 17 |
| Jun-21 | 1,433 | 1,413 | 13 | 6 |
| Sep-21 | 2,841 | 2,790 | 29 | 23 |
| Dec-21 | 4,414 | 4,320 | 60 | 35 |
| Mar-22 | 6,544 | 6,414 | 92 | 38 |
| Jun-22 | 8,478 | 8,286 | 132 | 60 |
| Sep-22 | 9,192 | 8,924 | 189 | 80 |
| Dec-22 | 10,473 | 10,105 | 244 | 123 |
| Mar-23 | 11,910 | 11,503 | 269 | 137 |
| Jun-23 | 12,759 | 12,314 | 301 | 144 |
| Sep-23 | 13,235 | 12,812 | 240 | 184 |
| Dec-23 | 11,477 | 11,046 | 265 | 178 |
| Mar-24 |  |  | 242 | 82 |
| Jun-24 |  |  | 190 | 111 |
| Sep-24 |  |  |  |  |
| Dec-24 |  |  |  |  |
| Mar-25 |  |  |  |  |
| Jun-25 |  |  |  |  |
| Sep-25 |  |  |  |  |
| Dec-25 |  |  |  |  |
| Mar-26 |  |  |  |  |
| Jun-26 |  |  |  |  |
| Sep-26 |  |  |  |  |

### A.13 Loans Distributed — Value, Annual and Quarterly

*Blank cells indicate the series was not disclosed for that period. Product-level series were discontinued at different dates, so totals and components are not additive across all periods.*

**Annual**

| Period | **Total value (₹ Cr)** | Postpaid Loans (₹ Cr) | Personal Loans (₹ Cr) | Merchant Loans (₹ Cr) |
|---|---|---|---|---|
| FY21 | 1,405 | 744 | 97 | 564 |
| FY22 | 7,623 | 4,559 | 1,678 | 1,386 |
| FY23 | 35,378 | 19,428 | 9,777 | 6,173 |
| FY24 | 52,390 | 25,264 | 15,857 | 11,269 |
| FY25 | 21,605 |  | 7,647 | 13,958 |
| FY26 |  |  |  |  |

**Quarterly**

| Period | **Total value (₹ Cr)** | Postpaid Loans (₹ Cr) | Personal Loans (₹ Cr) | Merchant Loans (₹ Cr) |
|---|---|---|---|---|
| Jun-20 | 44 | 19 | 1 | 23 |
| Sep-20 | 206 | 74 | 2 | 129 |
| Dec-20 | 468 | 234 | 25 | 208 |
| Mar-21 | 687 | 416 | 68 | 203 |
| Jun-21 | 632 | 447 | 111 | 73 |
| Sep-21 | 1,257 | 738 | 246 | 273 |
| Dec-21 | 2,181 | 1,190 | 516 | 474 |
| Mar-22 | 3,553 | 2,183 | 805 | 565 |
| Jun-22 | 5,554 | 3,383 | 1,344 | 827 |
| Sep-22 | 7,313 | 4,050 | 2,055 | 1,208 |
| Dec-22 | 9,958 | 5,202 | 2,931 | 1,825 |
| Mar-23 | 12,554 | 6,794 | 3,447 | 2,313 |
| Jun-23 | 14,845 | 8,039 | 4,062 | 2,744 |
| Sep-23 | 16,211 | 9,010 | 3,927 | 3,275 |
| Dec-23 | 15,535 | 7,496 | 4,460 | 3,579 |
| Mar-24 | 5,799 | 720 | 3,408 | 1,671 |
| Jun-24 | 5,010 |  | 2,502 | 2,508 |
| Sep-24 | 5,280 |  | 1,977 | 3,303 |
| Dec-24 | 5,577 |  | 1,746 | 3,831 |
| Mar-25 | 5,738 |  | 1,422 | 4,315 |
| Jun-25 |  |  |  |  |
| Sep-25 |  |  |  |  |
| Dec-25 |  |  |  |  |
| Mar-26 |  |  |  |  |
| Jun-26 |  |  |  |  |
| Sep-26 |  |  |  |  |

### A.14 Cash Balance — Quarterly (Mar-22 – Sep-26)

*In ₹ Cr, end of period. Cash balance does not include money lent by PML to its customers for Margin Trading Funding (MTF); the same are reported in "Other Financial Assets" in the Company's financial statements.*

| Period | Cash & bank balances in current accounts (net of borrowings) | Fixed deposits with banks | Current investments (MF / T-bills / CP) | **Total Balances (A)** | Less: PML customer funds (B) | Less: merchant funds in escrow / nodal (C) | **Total excl. PML & escrow (A–B–C)** | Prefunded escrow balance from PPSL (D) | **Paytm Cash Balance (A–B–C+D)** |
|---|---|---|---|---|---|---|---|---|---|
| Mar-22 | 1,274 | 7,997 |  | 9,271 |  |  |  |  |  |
| Jun-22 | 1,768 | 6,991 | 652 | 9,411 |  |  |  |  |  |
| Sep-22 | 1,399 | 5,875 | 1,908 | 9,182 |  |  |  |  |  |
| Dec-22 | 1,953.40 | 5,311.40 | 1,692 | 8,957 | 266 |  | 8,691 |  |  |
| Mar-23 | 2,737 | 4,328 | 1,209 | 8,275 | 218 |  | 8,057 |  | 8,057 |
| Jun-23 | 1,678 | 3,996 | 2,693 | 8,367 | 316 |  | 8,051 |  | 8,051 |
| Sep-23 | 1,831 | 4,203 | 2,719 | 8,754 | 319 |  | 8,435 |  | 8,435 |
| Dec-23 | 1,873 | 4,443 | 2,584 | 8,901 | 462 |  | 8,439 |  | 8,439 |
| Mar-24 | 6,460 | 2,329 | 2,345 | 11,134 | 339 | 2,483 | 8,311 |  | 8,311 |
| Jun-24 | 5,322 | 3,486 | 2,743 | 11,552 | 449 | 2,995 | 8,108 |  | 8,108 |
| Sep-24 | 4,928 | 3,617 | 4,540 | 13,085 | 412 | 2,674 | 9,999 |  | 9,999 |
| Dec-24 | 4,451 | 6,997 | 4,143 | 15,591 | 287 | 2,454 | 12,850 |  | 12,850 |
| Mar-25 | 4,539 | 7,018 | 4,046 | 15,602 | 326 | 2,467 | 12,809 |  | 12,809 |
| Jun-25 | 4,561 | 6,478 | 5,086 | 16,124 | 420 | 2,832 | 12,872 |  | 12,872 |
| Sep-25 | 4,861 | 6,267 | 5,545 | 16,674 | 351 | 3,254 | 13,068 |  | 13,068 |
| Dec-25 | 5,468 | 6,115 | 4,747 | 16,329 | 415 | 3,732 | 12,182 | 700 | 12,882 |
| Mar-26 | 7,252 | 5,788 | 4,417 | 17,457 | 383 | 4,459 | 12,615 | 700 | 13,315 |
| Jun-26 | 7,581 | 5,688 | 5,067 | 18,336 | 389 | 5,119 | 12,829 | 700 | 13,529 |
| Sep-26 | 7,116 | 5,608 | 5,178 | 17,902 | 295 | 4,690 | 12,917 | 700 | 13,617 |

---

*End of document. Prepared for publication on ir.paytm.com. In case of any discrepancy between this consolidated file and the source documents filed with BSE Limited and the National Stock Exchange of India Limited, the filed documents prevail.*