---
Company: One 97 Communications Limited (Paytm)
cin: L72200DL2000PLC108985
Tickers:
  nse: PAYTM
  bse: "543396"
reporting_period: Q1 FY 2027
period_definition: Quarter ended 30 June 2026 (1 April 2026 – 30 June 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: 20 July 2026
earnings_call_date: 21 July 2026, 15:30 IST
statutory_auditor: S.R. Batliboi & Associates LLP (ICAI FRN 101049W/E300004)
audit_status: Limited review (unaudited); Mar-26 quarter figures are audited/balancing
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) — Q1 FY 2027 Complete Investor Disclosures

**Quarter ended 30 June 2026 | Published 20–21 July 2026**

> **About this document.** This is a consolidated, machine-readable companion file combining Paytm's Q1 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.

## 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: Four Growth Engines](#3-strategic-framing-four-growth-engines)
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 Across the Organisation](#8-expanding-use-of-ai-across-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 — 21 July 2026](#25-earnings-call-transcript--21-july-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: Strong Growth. Sustained Momentum. Accelerating Monetisation. Powered by AI.**

**Growth acceleration and margin expansion drive record profitability — highest ever quarterly EBITDA of ₹203 Cr (up 182% YoY).**

| Metric | Q1 FY 2027 | YoY | QoQ |
|---|---|---|---|
| Revenue from Operations | ₹2,448 Cr | ▲28% | ▲8% |
| EBITDA | ₹203 Cr | ▲182% | ▲54% |
| EBITDA Margin | 8% | ▲454 bps | ▲246 bps |
| Profit After Tax (PAT) | ₹220 Cr | ▲79% | ▲20% |

Q1 FY 2027 marked broad-based accelerated growth in **Payments** and **Financial Services**, across both **Merchant** and **Consumer** businesses.

Performance on a YoY comparable basis was better than reported, because until December 2025 the company also received PIDF incentive. See [Section 13](#13-summary-pl--reported-and-comparable).

With a large addressable TAM and AI-led operating leverage, accelerating revenue growth and EBITDA margin expansion position the company for long-term sustainable profit growth. AI applications across the businesses are accelerating in-built operating leverage: revenue growth is significantly faster than indirect expense growth, supporting further EBITDA margin expansion.

---

## 2. Quick Facts Reference

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

| Item | Value | Basis |
|---|---|---|
| Revenue from operations | ₹2,448 Cr | Q1 FY27 reported |
| Revenue from operations (comparable, ex-PIDF) | ₹2,440 Cr | +31% YoY |
| PIDF incentive in revenue | ₹8 Cr | vs ₹54 Cr in Q1 FY26 |
| Contribution profit | ₹1,350 Cr | 55% margin |
| Contribution profit (comparable) | ₹1,342 Cr | 55% margin, +22% YoY |
| Total indirect expenses | ₹1,147 Cr | 47% of revenue (vs 56%) |
| EBITDA | ₹203 Cr | 8% margin |
| EBITDA (comparable, ex-PIDF) | ₹195 Cr | 8% margin, +983% YoY |
| PAT | ₹220 Cr | reported |
| PAT (comparable, ex-PIDF) | ₹212 Cr | +207% YoY |
| EPS — basic / diluted (consolidated) | ₹3.44 / ₹3.40 | not annualised |
| Merchant GMV | ₹7.1 L Cr | +31% YoY |
| Payment processing margin | comfortably >4 bps | vs ~3 bps earlier |
| Net payment revenue | ₹601 Cr | +25% YoY comparable; +13% reported |
| Net payment margin (ex-PIDF) | 8.4 bps of GMV | vs 8.8 bps YoY |
| Subscription merchants (devices) | 1.57 Cr | +27 lakh YoY |
| Registered merchants | 5.0 Cr | +12% YoY |
| Customer UPI GTV | ₹5.9 L Cr | +45% YoY (2.2x industry) |
| Monthly Transacting Users (MTU) | 8.0 Cr | +60 lakh YoY |
| Distribution of Financial Services revenue | ₹814 Cr | +45% YoY |
| Key financial services customers | 7.6 lakh | +2 lakh / +34% YoY |
| Repeat borrower mix (merchant loans) | >50% of disbursements | — |
| Cash balance | ₹13,529 Cr | +₹657 Cr YoY |
| Other income | ₹182 Cr | –24% YoY |
| Depreciation & amortisation | ₹131 Cr | –21% YoY |
| Estimated fully diluted shares | 67.9 Cr | as of 20 July 2026 |
| Average number of sales employees | 43,715 | +12% YoY |

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

| Guidance item | Statement |
|---|---|
| EBITDA margin | 15–20% EBITDA margin over the next 2–3 years; better visibility than previously, and higher margin targets set for the long term |
| Long-term structural margin | Management states structural margins are significantly higher than 15–20%; no terminal number given |
| Indirect expenses | Expected to grow a lot slower than revenue, despite continued sales and marketing investment |
| Contribution margin | Guided to mid-50s as a normalised baseline |
| D&A for FY 2027 | ₹550–600 Cr |
| Other income | Expected to remain broadly steady through FY 2027 |
| Device additions | Broadly 25–30 lakh net device additions a year; currently within that band |
| Paytm Postpaid | Expected to compound over coming quarters, with meaningful revenue and EBITDA contribution from FY 2028 onwards |

---

## 3. Strategic Framing: Four Growth Engines

**Well-positioned for long-term sustainable profit growth.** Large addressable market and AI-led operating leverage; poised for accelerated revenue growth and EBITDA margin expansion.

1. **Expansion of merchant payments business.** Accelerating market share gains is leading to an increase in GMV growth, driven by continued strength in the offline business and tailwinds in the online business.
2. **Growth in high-margin merchant loan distribution business.** Merchant loan distribution continues to compound, led by a growing base, while AI-led capabilities drove gains in merchant engagement, retention, risk insights for partners, and strong collection efficiency.
3. **Consumer payments business growing more than 2x of industry growth.** Product innovation and AI-optimised consumer acquisition has resulted in consumer payment market share gains for five consecutive quarters.
4. **Tailwinds in consumer monetisation.** Led by distribution of Postpaid, personal loans and wealth products, consumer monetisation is becoming a powerful revenue engine.

---

## 4. Merchant Payments

**Merchant scale enables compounding growth.** Accelerating GMV growth, structural payment margin expansion, and steady growth in device subscriptions is making Paytm a core partner in merchants' growth journey.

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

| Component | Metric | Value | Change |
|---|---|---|---|
| Payment processing revenue | Merchant GMV | ₹7.1 L Cr | ▲31% YoY |
| Payment processing revenue | Payment processing margin | >4 bps | structurally improved |
| Subscription revenue | Merchant subscriptions (devices) | 1.57 Cr | ▲27 lakh YoY |
| **Net payment revenue** | **Total** | **₹601 Cr** | **▲25% YoY comparable (ex-PIDF); ▲13% YoY reported** |

1. **Acceleration in merchant GMV growth.** GMV growth increased to 31% YoY in Q1 FY 2027, from 27% YoY in Q4 FY 2026 and 24% YoY in Q3 FY 2026, led by investments in product, distribution and service of device merchants. Momentum has started in the online merchant business, post receipt of the online PA licence last year.
2. **Payment Processing Margin structurally improved to comfortably above 4 bps.** The improvement is owing to a combination of factors: higher growth in profitable MDR-bearing instruments such as credit cards on UPI and credit line on UPI (Postpaid), market share gains, and pricing discipline. This is expected to continue in the mid to long term.
3. **Soundbox is an indispensable operating system, deployed at 1.57 Cr storefronts in India.** 27 lakh net devices were added YoY. High merchant retention, improving payment processing revenue and loan distribution revenue result in higher overall merchant monetisation and better payback periods.

**Device and product portfolio referenced:** Paytm Solar Soundbox, Paytm Card Soundbox, Paytm Payment Gateway, Paytm Card Machine, Paytm Music Soundbox, Paytm Ai Soundbox.

---

## 5. Consumer Payments and Monetisation

**India's fastest-growing profitable consumer payments business.** More consumers, more engagement and more monetisation from each consumer.

| Metric | Value | Change |
|---|---|---|
| Customer UPI GTV | ₹5.9 L Cr | ▲45% YoY |
| Monthly Transacting Users (MTU) | 8.0 Cr | ▲60 lakh YoY |
| Growth vs industry UPI growth | 2.2x | 45% Paytm growth vs 20% industry growth |

*Based on internal estimates; NPCI.*

**Consumer payments base is growing.** MTU expanded by 60 lakh YoY to 8 Cr. The company is simultaneously growing the user base and deepening engagement per user. Consumer payments saw an acceleration in both GMV and revenue growth, led by market share gains. AI-led improvements (alongside fraud and risk models) continue to improve acquisition costs and retention outcomes, and hence long-term monetisation.

**Consumer monetisation engines.** Paytm Postpaid (credit line on UPI) is expected to compound over the coming quarters, leading to meaningful revenue and EBITDA contribution from FY 2028 onwards. AI-led personalisation is driving higher engagement and revenue per active customer across equity broking, MTF and wealth products. Tailwinds are being seen in postpaid, personal loans and wealth products.

*Monetisation surfaces referenced: Paytm Postpaid, Consumer Loans, Paytm Money, Paytm Ads.*

---

## 6. Distribution of Financial Services

**Turning payment acquisition into high-quality financial services revenue.** High growth, high-margin business with low penetration and repeat behaviour.

| Metric | Value | Change |
|---|---|---|
| Revenue | ₹814 Cr | ▲45% YoY |
| Key financial services customers | 7.6 lakh | ▲2 lakh YoY (▲34% YoY) |
| Repeat borrower mix | >50% of merchant loan disbursements | — |

Growth acceleration came on the back of continued strong growth in merchant loan distribution alongside momentum in consumer businesses (consumer loans, equity broking and wealth products).

### Merchant Loans

The merchant loan distribution business is anchored on a deeply engaged and growing merchant base. This is accompanied by improvement in penetration, scale-up of lending partners, and bolstered by AI-led lifecycle management of device merchants, including AI-driven risk insights for partners and collections.

Lower cyclicality and sustainable growth continue, with more than half of disbursements to repeat borrowers. Credit quality for partners has remained robust even during recent geopolitical uncertainty.

### Consumer Loans

Paytm Postpaid (credit line on UPI) continues to scale well on both monthly sign-ups and disbursements, with healthy collection performance reported by the lending partner. Beyond monetisation, Postpaid deepens payment engagement and serves as a funnel for additional consumer credit products.

In Personal Loans, tailwinds are being seen as lending partners scale up disbursements, in line with industry trends. With continued addition of lending partners on the platform, the company is well-positioned to continue on this growth trajectory.

### Equity Broking and Wealth Products

Monetisation has improved across equity broking, Margin Trade Funding (MTF) and other wealth products including Paytm Gold, with AI-powered offerings expected to drive further growth.

---

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

**Indirect expenses: AI as a multiplier, scaling revenue faster than expenses.** Machine-first systems driving efficiencies across workflows. AI is accelerating in-built operating leverage, and this is expected to continue even as the company keeps investing in expanding the platform.

| (Quarter ending, in ₹ Cr) | June-25 | June-26 | YoY Change |
|---|---|---|---|
| **Cost of Expanding Platform** | **330** | **418** | **27%** |
| Marketing | 62 | 79 | 27% |
| Sales and service employees cost | 268 | 339 | 26% |
| **Cost of Building Platform** | **749** | **729** | **(3)%** |
| Non-sales employee costs | 375 | 403 | 7% |
| Software & cloud expenses | 168 | 159 | (5)% |
| Other indirect expenses | 207 | 167 | (19)% |
| **Total Indirect Expenses** | **1,079** | **1,147** | **6%** |
| *As a % of Revenue* | *56%* | *47%* | *(9 p.p)* |

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

Continued investment in acquisition, retention and servicing of consumers and merchants.

- **Marketing costs combined with promotional expense** have increased YoY, with spends already paying back, reflected in improved retention and continued market share gains.
- **Sales and service employee costs** increased as the company continues to invest in deepening its presence in tier-2 and tier-3 cities, and in servicing efforts expanding the merchant base that drives its highest-margin financial services distribution revenue.

### Efficiency: Building Platform (▼3% YoY)

Cost of building declined YoY, driven by significant AI-led optimisation.

- **Non-sales employee cost:** AI-led productivity gains helped absorb costs related to annual appraisal increments, leading to a marginal YoY decline in total cost of building the platform.
- **Software, cloud and data centre expenses** reduced YoY on the back of improved commercials and efficiencies, despite investments in AI.
- **Other indirect expenses** declined on account of lower PDD (Provision for Doubtful Debts), as a more conservative revenue recognition policy has been adopted.

---

## 8. Expanding Use of AI Across the Organisation

**Accelerating AI, accelerating growth.** AI is part of the core operating processes and powers every merchant and consumer journey on the platform. AI drives sharper decisions for internal teams, greater productivity and intelligence for merchants, and deeper personalisation for consumers. The company has developed function-specific models and agents by fine-tuning open-source models, which are being used to achieve higher efficiency and productivity.

**For Engineering — AI agents accelerate delivery, sharpen cost discipline.** Agentic assistance across coding, review, testing and deployment is producing faster delivery cycles and lower cost of building software. The end-to-end software development cycle is being made agentic by making the different components AI-ready.

**For Merchants — AI agent-powered sales and service.** The company started by leveraging AI for merchant onboarding, improving merchant servicing and delivering business insights through Paytm AI Soundbox. The current focus is on building agents that can enable merchants to market their services, engage with their customers across various channels including the Paytm app, and service their customers.

**For Consumers — AI-led consumer acquisition and retention.** AI-led acquisition selects better customers efficiently. AI-led personalisation serves relevant use cases and extracts more revenue per engagement. AI models deepen risk insights. Lifetime value compounds with every additional pillar adopted.

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

---

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

**Strong balance sheet, greater strategic flexibility.** Being a free cash generating business provides continued optionality for business expansion.

### Cash Balance of ₹13,529 Cr

Cash balance of ₹13,529 Cr, up by ₹657 Cr YoY. This does **not** include "PML customer funds" and "Balances in Escrow / Nodal Accounts", but **does** include the pre-funded balance in the escrow account from PPSL (to support peak working capital requirements), post transfer of the offline business.

### Other Income (primarily interest income)

Other income declined YoY in Q1 FY 2027 to ₹182 Cr, as last year's 125 bps repo rate cuts reduced yields on reinvestment of maturing investments. Other income is expected to remain broadly steady through FY 2027.

### Depreciation and Amortisation

In Q1 FY 2027, D&A was ₹131 Cr, a reduction of 21% YoY, largely on account of a reduction in the cost of devices. D&A for FY 2027 is likely to be in the range of ₹550–600 Cr. Capex investments (and resultant D&A) continue to be more efficient despite addition of new devices, and replacement and upgradation of devices for high-value merchants.

---

## 10. Update on International Business

- **Luxembourg — Payment Institution Licence.** On 2 July 2026, wholly-owned step-down subsidiary **Paytm Europe Payments S.A.** was granted a Payment Institution Licence by Luxembourg's Commission de Surveillance du Secteur Financier (CSSF). The licence has been granted in relation to: (a) execution of payment transactions; (b) execution of payment transactions where the funds are covered by a credit line for payment service users; and (c) acquiring of payment transactions.
- **Indonesia — partner-operated model.** In line with the international expansion framework (explained in the earnings release dated 4 November 2025), which includes expansion through a partner-operated model, Paytm has entered into a partnership with **Flip**, an Indonesian technology company focused on financial services, and its subsidiary **"DTK"** in Indonesia. Under this partnership, the Company and its subsidiaries will provide device hardware and technology to DTK, while Flip will lead local market execution. DTK holds a **PJP1 licence**, which allows merchant acquiring in Indonesia.

---

## 11. Governance

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

- Further strengthened the Board with the appointment of **four new directors in the last one year**, who bring deep expertise across financial services, technology and AI.
- Conservative revenue recognition policy on merchant subscription revenue since last year.
- The business has been calibrated to achieve and continue profitable growth **without any government subsidies** such as UPI or PIDF incentives.
- Proactive conservative compliance policies limited the revenue impact from stoppage of rent payments through credit cards and from the Real Money Gaming Act.
- **Discontinued use of any adjusted metrics.** All financial disclosures are on a GAAP basis or as per standard definitions.
- Conservative policy for impairing any investments.

**Certifications referenced:** PCI DSS Compliant; ISO 27001 Certified.

---

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

*This section reproduces the "A Few Additional Insights" section of the Q1 FY 2027 earnings release.*

**Q1. What is the outlook on EBITDA margin over the next 2–3 years? Is a 15–20% EBITDA margin achievable, as indicated earlier?**
We have even better visibility to achieve these margins, due to accelerating top-line growth and the opportunity for AI to drive operating leverage faster, as well as set higher margin targets for the long term.

**Q2. Key Financial Services Customers was nearly flat sequentially. What has driven this trend?**
We include equity broking customers in the Key Financial Services number. Active customers across the equity broking industry saw a QoQ decline and we also saw similar trends. However, this slowdown had negligible impact on Distribution of Financial Services revenues. For all other segments, the number of customers grew meaningfully.

**Q3. Overall Net Payment Revenue (excluding PIDF incentive) has reduced from 8.8 bps to 8.4 bps of GMV YoY. What has led to this decline?**
NPM is a combination of Payment Processing Margin (PPM) and Merchant Subscription Revenue. PPM tracks directly with GMV and is structurally improving, now comfortably above 4 bps (versus 3 bps earlier). On subscription revenue, we assess merchants on a lifetime-value basis across payments, financial services and upsell products. As improved PPM and loan distribution revenue lift monetisation, and with capex reduced substantially, we are offering targeted pricing benefits to select high-engagement merchants, improving retention and overall merchant monetisation even as standalone subscription revenue per device has seen a modest decline YoY.

**Q4. Contribution Margin (CM) is in line with guidance of mid-50s, but has declined from 60% in Q1 FY 2026. What are the key factors resulting in this decline, and has there been any change in the outlook?**
The Q1 FY 2026 60% CM was temporary, as it was boosted by PIDF incentive and a decline in loans distribution under DLG in Q1 FY 2026. As highlighted earlier, we have guided to mid-50s as it represents a more normalised baseline. Moreover, we view monetisation across the full lifecycle and our objective is to expand EBITDA and EBITDA margin. For instance, adjusted for PIDF, CM declined 4 percentage points YoY even as EBITDA margin rose 7 percentage points YoY. Further, in our merchant payments business, we are focusing on increasing share in card processing, which will accelerate revenue; however it comes with lower CM but remains EBITDA-positive. In summary, we do not see CM alone as a strong indicator of EBITDA and PAT margins.

**Q5. The cash balance is ~₹13,529 Cr, and you are adding cash. How do you think about deploying it?**
We do have a large cash balance, and want to maintain that position of being very well capitalised. We are working on attractive organic and inorganic opportunities, and are seeing early signs through MTF, etc. for partial use of this capital with high RoI. As we have said earlier, we will not deploy capital simply because we have it; the optionality of cash is itself worth something in the present environment, combined with strong capital discipline.

**Q6. When can we expect wallet to come back?**
Our wholly owned subsidiary, Paytm Payments Services Limited (PPSL), has applied for a wallet licence. As highlighted earlier, we believe that consumers benefit from a range of payment options and wallet will add to the completeness of our consumer offerings.

---

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

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) | Jun-25 | Jun-26 | YoY |
|---|---|---|---|
| Operating Revenue (Reported) (A) | 1,918 | 2,448 | 28% |
| Less: PIDF Incentive (B) | 54 | 8 | (86%) |
| **Operating Revenue (Comparable) (A–B)** | **1,864** | **2,440** | **31%** |
| Contribution Profit (Reported) (C) | 1,151 | 1,350 | 17% |
| Contribution Margin % | 60% | 55% | (5 p.p) |
| **Contribution Profit (Comparable) (C–B)** | **1,097** | **1,342** | **22%** |
| **Contribution Margin %** | **59%** | **55%** | **(4 p.p)** |
| EBITDA (Reported) (D) | 72 | 203 | 182% |
| EBITDA Margin % | 4% | 8% | 5 p.p |
| **EBITDA (Comparable) (D–B)** | **18** | **195** | **983%** |
| **EBITDA Margin %** | **1%** | **8%** | **7 p.p** |
| PAT (Reported) (E) | 123 | 220 | 79% |
| **PAT (Comparable) (E–B)** | **69** | **212** | **207%** |

*Note: p.p = percentage points. PIDF = Payments Infrastructure Development Fund.*

---

## 14. Operating Revenue and Contribution Profit

| Particulars (in ₹ Cr) | Jun-26 (Unaudited) | Mar-26 (Audited) | Jun-25 (Unaudited) | YoY | QoQ |
|---|---|---|---|---|---|
| Payment Services | 1,384 | 1,265 | 1,044 | 33% | 9% |
| Distribution of Financial Services | 814 | 750 | 561 | 45% | 9% |
| Marketing Services | 239 | 239 | 247 | (3)% | 0% |
| Other Operating Revenue | 11 | 10 | 67 | (84)% | 10% |
| **Revenue from Operations (A)** | **2,448** | **2,264** | **1,918** | **28%** | **8%** |
| Payment processing charges | 794 | 692 | 581 | 37% | 15% |
| *As % of GMV* | *0.11%* | *0.11%* | *0.11%* | *0.4 bps* | *0.5 bps* |
| Promotional cashback & incentives | 90 | 104 | 37 | 143% | (13)% |
| Other direct expenses | 214 | 214 | 148 | 45% | 0% |
| **Total Direct Expenses (B)** | **1,098** | **1,010** | **767** | **43%** | **9%** |
| **Contribution Profit (C = A–B)** | **1,350** | **1,254** | **1,151** | **17%** | **8%** |
| Contribution Margin % | 55% | 55% | 60% | (486) bps | (24) bps |

---

## 15. EBITDA Build-Up

| Particulars (in ₹ Cr) | Jun-26 (Unaudited) | Mar-26 (Audited) | Jun-25 (Unaudited) | YoY | QoQ |
|---|---|---|---|---|---|
| **Contribution Profit (C)** | **1,350** | **1,254** | **1,151** | **17%** | **8%** |
| Contribution Margin % | 55% | 55% | 60% | (486) bps | (24) bps |
| Marketing | 79 | 65 | 62 | 27% | 22% |
| Employee cost (including ESOP costs) | 742 | 739 | 643 | 15% | 0% |
| Software, cloud and data centre | 159 | 175 | 168 | (5)% | (9)% |
| Other indirect expenses | 167 | 143 | 207 | (19)% | 17% |
| **Total Indirect Expenses (D)** | **1,147** | **1,122** | **1,079** | **6%** | **2%** |
| **EBITDA (E = C–D)** | **203** | **132** | **72** | **182%** | **54%** |
| Margin % | 8% | 6% | 4% | 454 bps | 246 bps |

---

## 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) | Jun-26 (Unaudited) | Mar-26 (Audited) | Jun-25 (Unaudited) | YoY | QoQ |
|---|---|---|---|---|---|
| **EBITDA (E)** | **203** | **132** | **72** | **182%** | **54%** |
| Finance costs (F) | (7) | (5) | (4) | 75% | 40% |
| Depreciation and amortisation expense (G) | (131) | (132) | (166) | (21)% | (1)% |
| Other income (H) | 182 | 178 | 241 | (24)% | 2% |
| Share of profit/(loss) of associates/joint ventures (I) | 0 | 0 | 0 | nm | nm |
| Income tax expense (J) | (27) | (11) | (4) | 575% | 145% |
| **Profit / (Loss) before exceptional items (K = sum of E to J)** | **220** | **162** | **139** | **58%** | **36%** |
| Exceptional items (L) | – | 21 | (17) | nm | nm |
| **Profit / (Loss) for the period (M = K + L)** | **220** | **183** | **123** | **79%** | **20%** |

---

## 17. Operational KPIs

| Operational KPI | Units | Jun-26 (Unaudited) | Mar-26 (Audited) | Jun-25 (Unaudited) | YoY | QoQ |
|---|---|---|---|---|---|---|
| Registered Merchants (end of period) | Cr | 5.0 | 4.9 | 4.5 | 12% | 3% |
| Subscription Merchants including devices (cumulative; end of period) | Cr | 1.57 | 1.51 | 1.30 | 21% | 4% |
| GMV | ₹ Lakh Cr | 7.1 | 6.5 | 5.4 | 31% | 9% |
| Merchant Transactions | Cr | 1,669 | 1,530 | 1,303 | 28% | 9% |
| Total Transactions | Cr | 1,989 | 1,822 | 1,464 | 36% | 9% |
| Average Number of Sales Employees | # | 43,715 | 40,512 | 38,945 | 12% | 8% |
| Sales and service employee costs | ₹ Cr | 339 | 317 | 268 | 26% | 7% |
| MTU (average over the period) | Cr | 8.0 | 7.7 | 7.4 | 8% | 4% |
| Key financial services customers | Lakh | 7.6 | 7.5 | 5.6 | 34% | 1% |

---

## 18. Cash Balance and ESOP Pool

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

| Particulars (in ₹ Cr) | Jun-25 | Sep-25 | Dec-25 | Mar-26 | Jun-26 |
|---|---|---|---|---|---|
| Cash and Bank Balances | 4,561 | 4,861 | 5,468 | 7,252 | 7,581 |
| Deposits with banks | 6,478 | 6,267 | 6,115 | 5,788 | 5,688 |
| Investments (Mutual Funds / T-Bills / CP / G-Sec / NCD / NBFC FDs) | 5,086 | 5,545 | 4,747 | 4,417 | 5,067 |
| **Total Balances (A)** | **16,124** | **16,674** | **16,329** | **17,457** | **18,336** |
| Paytm Money Ltd (PML) customer funds (B) | 420 | 351 | 415 | 383 | 389 |
| Balances in Escrow / Nodal Accounts (C) | 2,832 | 3,254 | 3,732 | 4,459 | 5,119 |
| **Total Balances (excluding PML and Escrow) (A–B–C)** | **12,872** | **13,068** | **12,182** | **12,615** | **12,829** |
| Prefunded balance in escrow account from PPSL post transfer of offline business (D) | Negligible | Negligible | 700 | 700 | 700 |
| **Total Balance (A – B – C + D)** | **12,872** | **13,068** | **12,882** | **13,315** | **13,529** |

*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 20 July 2026 | (in Cr.) |
|---|---|
| Basic shares outstanding | 64.0 |
| ESOPs vested and unexercised | 0.3 |
| ESOPs granted and unvested | 1.0 |
| ESOPs available for distribution | 2.7 |
| **Estimated fully diluted shares** | **67.9** |

---

## 19. Indicative Performance Metrics for Loan Distribution

*June 2026 quarter.*

| Metric | Merchant Loans |
|---|---|
| Bounce Rates | NA |
| Bucket 1 Resolution % | 83% to 90% |
| Recovery Rate Post 90+ | 30% to 35% |
| 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.*

---

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

**Statement of Unaudited Consolidated Financial Results for the quarter ended 30 June 2026**
*(Amounts in INR crores, unless otherwise stated. "*" denotes an amount below the rounding-off norms adopted by the Group.)*

| Particulars | Q1 FY27 — Jun 30, 2026 (Unaudited) | Q4 FY26 — Mar 31, 2026 (Audited; refer Note 2) | Q1 FY26 — Jun 30, 2025 (Unaudited) | FY26 — Mar 31, 2026 (Audited) |
|---|---|---|---|---|
| **Income** | | | | |
| Revenue from operations | 2,448 | 2,264 | 1,918 | 8,437 |
| Other income | 182 | 178 | 241 | 854 |
| **Total income** | **2,630** | **2,442** | **2,159** | **9,291** |
| **Expenses** | | | | |
| Payment processing charges | 794 | 692 | 581 | 2,573 |
| Marketing and promotional expenses | 169 | 169 | 100 | 536 |
| Employee benefits expense | 742 | 739 | 642 | 2,765 |
| Software, cloud and data centre expenses | 159 | 175 | 168 | 643 |
| Depreciation and amortisation expense | 131 | 132 | 166 | 568 |
| Finance costs | 7 | 5 | 4 | 18 |
| Other expenses | 381 | 357 | 355 | 1,418 |
| **Total expenses** | **2,383** | **2,269** | **2,016** | **8,521** |
| Profit/(Loss) before share of profit/(loss) of associates/JVs, exceptional items and tax | 247 | 173 | 143 | 770 |
| Share of profit/(loss) of associates / joint ventures | * | * | * | (2) |
| **Profit/(Loss) before exceptional items and tax** | **247** | **173** | **143** | **768** |
| Exceptional items (refer Note 4) | – | 21 | (17) | (186) |
| **Profit/(Loss) before tax** | **247** | **194** | **126** | **582** |
| **Income tax expense** | | | | |
| Current tax | 27 | (2) | 3 | 18 |
| Adjustment of tax relating to earlier years | – | – | * | 2 |
| Deferred tax expense/(credit) | * | 13 | * | 10 |
| **Total tax expense** | **27** | **11** | **3** | **30** |
| **Profit / (Loss) for the period / year** | **220** | **183** | **123** | **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 | 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 | – | 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 | (3) | 143 | * | 287 |
| **Total other comprehensive income / (loss)** | **(2)** | **153** | **(3)** | **291** |
| **Total comprehensive income / (loss)** | **218** | **336** | **120** | **843** |
| **Profit / (Loss) attributable to** | | | | |
| Owners of the parent | 220 | 184 | 123 | 553 |
| Non-controlling interests | * | (1) | * | (1) |
| **OCI attributable to** | | | | |
| Owners of the parent | (2) | 153 | (3) | 291 |
| Non-controlling interests | * | * | * | * |
| **Total comprehensive income attributable to** | | | | |
| Owners of the parent | 218 | 337 | 120 | 844 |
| Non-controlling interests | * | (1) | * | (1) |
| Paid up equity share capital | 64 | 64 | 64 | 64 |
| Face value of the share (INR) | 1 | 1 | 1 | 1 |
| Other equity | — | — | — | 15,962 |
| **Earnings per share (not annualised for quarters)** | | | | |
| Basic (₹) | 3.44 | 2.87 | 1.92 | 8.66 |
| Diluted (₹) | 3.40 | 2.83 | 1.89 | 8.55 |

---

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

**Statement of Unaudited Standalone Financial Results for the quarter ended 30 June 2026**
*(Amounts in INR crores, unless otherwise stated.)*

> **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 ended 30 June 2026 are **not comparable** with the quarter ended 30 June 2025.

| Particulars | Q1 FY27 — Jun 30, 2026 (Unaudited) | Q4 FY26 — Mar 31, 2026 (Audited; refer Note 2) | Q1 FY26 — Jun 30, 2025 (Unaudited) | FY26 — Mar 31, 2026 (Audited) |
|---|---|---|---|---|
| Revenue from operations | 1,069 | 1,005 | 1,586 | 5,825 |
| Other income | 134 | 130 | 196 | 669 |
| **Total income** | **1,203** | **1,135** | **1,782** | **6,494** |
| Payment processing charges | 33 | 32 | 363 | 1,147 |
| Marketing and promotional expenses | 140 | 146 | 95 | 497 |
| Employee benefits expense | 257 | 247 | 457 | 1,581 |
| Software, cloud and data centre expenses | 68 | 86 | 138 | 448 |
| Depreciation and amortisation expense | 13 | 13 | 162 | 404 |
| Finance costs | 5 | 4 | 4 | 17 |
| Other expenses | 484 | 509 | 457 | 1,917 |
| **Total expenses** | **1,000** | **1,037** | **1,676** | **6,011** |
| **Profit/(Loss) before exceptional items and tax** | **203** | **98** | **106** | **483** |
| Exceptional items (refer Note 4) | – | 21 | (43) | (416) |
| **Profit/(Loss) before tax** | **203** | **119** | **63** | **67** |
| Current tax | 18 | – | – | – |
| **Total tax expense** | **18** | **–** | **–** | **–** |
| **Profit/(Loss) for the period / year** | **185** | **119** | **63** | **67** |
| Re-measurement gain/(loss) on defined benefit plans | * | 2 | (3) | (1) |
| Changes in fair value of equity instruments at FVTOCI | – | – | – | (2) |
| **Total other comprehensive income / (loss)** | **\*** | **2** | **(3)** | **(3)** |
| **Total comprehensive income / (loss)** | **185** | **121** | **60** | **64** |
| Paid up equity share capital | 64 | 64 | 64 | 64 |
| Face value of the share (INR) | 1 | 1 | 1 | 1 |
| Other equity | — | — | — | 13,049 |
| Basic EPS (₹) | 2.90 | 1.86 | 0.99 | 1.05 |
| Diluted EPS (₹) | 2.86 | 1.83 | 0.98 | 1.03 |

---

## 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 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 Company'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 **20 July 2026**. The Statutory Auditors have carried out a Limited Review of the aforesaid results.

**Note 2 — Q4 FY 2026 figures.** The Statement includes results for the quarter ended 31 March 2026, being the balancing figure between audited figures in respect of the full financial year and the published unaudited year-to-date figures up to the third quarter of the previous financial year, which was subject to limited review.

**Note 3 — 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 4 — Exceptional items.**

*Consolidated:*
- **March 31, 2026:** (i) During the quarter and year ended 31 March 2026, the Group received interest income of ₹21 Cr relating to an impaired loan given to a JV in an earlier period. (ii) 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.
- **June 30, 2025:** During the quarter ended 30 June 2025, the Group recognised a provision for impairment in an associate amounting to ₹5 Cr and an impairment provision of ₹12 Cr of optionally convertible debentures.
- **June 30, 2026:** Nil.

*Standalone:*
- **March 31, 2026:** (i) During the quarter and year ended 31 March 2026, the Company received interest amounting to ₹21 Cr as part of settlement of a loan given to a JV in an earlier period. (ii) 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.
- **June 30, 2025:** During the quarter ended 30 June 2025, the Company recognised provision for impairment of investments in subsidiaries amounting to ₹26 Cr, impairment provision of investments in an associate amounting to ₹5 Cr, and an impairment provision of ₹12 Cr of optionally convertible debentures.
- **June 30, 2026:** Nil.

**Note 5 — FEMA Show Cause Notice (Emphasis of Matter in the auditor's report).** 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).**

| S. No. | Objects of the issue | Amount as proposed in Offer Document | Amount utilised up to 30 June 2026 | Amount un-utilised as on 30 June 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 | | 1,686 |
| | 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 | | 248.5 | |
| | ii) Investments in acquisitions and strategic partnerships | | – | |
| | **Total (B)** | **2,000** | **314** | **1,686** |
| 3 | General corporate purposes | 1,819 | 1,819 | – |
| | **Total (C)** | **1,819** | **1,819** | **–** |
| | **Total (A+B+C)** | **8,119** | **6,433** | **1,686** |

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

**Note 7 — Paytm Payments Bank Limited (PPBL).** 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.** 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 aforesaid transfer, results for the quarter ended 30 June 2026 are not comparable with the quarter ended 30 June 2025; the transfer does not have any financial impact on the quarter ended 30 June 2026.

**Note 9 — First Games Technology Private Limited (FGTPL).** FGTPL, a Joint Venture of the Group, discontinued its online real money gaming business with effect from **25 August 2025**, following regulatory changes. Accordingly, the Group had earlier fully impaired its loan investment amounting to ₹179 Cr in FGTPL (standalone: equity and loan investment amounting to ₹205 Cr and ₹179 Cr respectively). During the quarter ended 30 June 2026, the said loan along with unpaid interest amounting to **₹197 Cr** was converted into **19,67,70,855 equity shares of ₹10 each, at par**, of FGTPL. This conversion has **no financial impact** on the Group/Company.

**Note 10 — Change in presentation currency unit.** Effective **30 September 2025**, the Group/Company has opted to present amounts in **INR crores**. Accordingly, corresponding comparative period amounts have also been changed and presented in INR crores from being presented in INR millions earlier.

*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: 20 July 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:** 20 July 2026.

- **Consolidated review report UDIN:** 26094524APKTQV4493
- **Standalone review report UDIN:** 26094524AAZTTD6100

**Nature of engagement.** Independent Auditor's Review Report on the quarterly and year-to-date unaudited consolidated and standalone financial results pursuant to Regulation 33 of the SEBI (LODR) Regulations, 2015. 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 Note 5 to the financial results, regarding 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. Management's plans in this regard are also set out in the said note. **The auditor's opinion/conclusion is not modified in respect of the above matter.**

**Other auditors and unreviewed components (consolidated report).**
- **Reviewed by other independent auditors:** 2 subsidiaries, whose unaudited interim financial results include total revenues of ₹24 Cr, total net profit after tax of ₹34 Cr and total comprehensive income of ₹33 Cr for the quarter ended 30 June 2026.
- **Not reviewed by any auditors (management-certified):** 27 subsidiaries, reflecting total revenues of ₹22 Cr, total net profit after tax of ₹Nil Cr, and total comprehensive loss of ₹3 Cr for the quarter ended 30 June 2026; and 8 associates and 3 joint ventures, whose results include the Group's share of net profit of ₹Nil Cr and the Group's share of total comprehensive loss of ₹Nil Cr for the quarter ended 30 June 2026. According to information and explanations given by Management, these 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.*

### 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
22. Wasteland Entertainment Private Limited (till 27 August 2024)
23. Orbgen Technologies Private Limited (till 27 August 2024)

### 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)
20. Xceed IT Solution Private Limited (subsidiary of MQ) (till 21 February 2025)

### 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)
9. Socomo Technologies Private Limited (till 28 March 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 — 21 July 2026

**Call date:** 21 July 2026 | **Time:** 15:30 IST | **Duration:** scheduled 45 minutes (extended to accommodate additional questions)

**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

- **Consumer payments.** The consumer payments business is growing at double the market growth of the UPI market, which effectively means market share gains. While GMV market share is what is publicly discussed, the gain in **number-of-transactions market share is even greater** — more retail customers are using Paytm at a higher frequency.
- **Recovery benchmark passed.** Management carries an internal benchmark of **January 2024** as a milestone, prior to the special situation the company went through. The company has now crossed the January 2024 level on daily transacting users, daily active users and other KPIs. "The past is behind us" — the company now has cash in hand and aggression in its approach, with special attention on consumer and merchant acquisition.
- **Disciplined growth.** The company has learnt how to build a profitable and growing-profit business. Profitability increased this quarter and is expected to increase further in consequent quarters, with revenue growth translating into larger profit. The stated learning is not to recklessly spend money acquiring consumers or merchants who are not monetisable — market share is pursued with discipline, favouring selective, monetisable customers.
- **Wealth as the next monetisation focus.** Beyond credit and other financial services, wealth (defined internally as equity brokerage plus mutual fund distribution, rather than traditional industry "wealth") is described as a bright spot receiving significant personal attention from the CEO, looking a year forward. Payments has product-market fit for both consumer and merchant, with more aggressive growth planned. Credit is "running perfectly well" and does not require aggressive intervention; the aggression is required in wealth.
- **AI as a revenue line.** The CEO is working on business and revenue line items that are **non-payment, non-financial services**. Moving ahead of the optimisation journey, the company expects to see a revenue monetisation journey from AI. Some products have started showing a few lakhs of revenue; the ambition is that within a couple of quarters — ideally less than a year — this becomes a callable line item, reported within **commerce cloud** (the erstwhile marketing cloud business line item). These are the two line items the CEO is personally focused on.
- **Board.** Three more new independent board directors have joined, bringing added attention to technology, business, finance and globalisation.

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

**Q: On EBITDA margin — when you say you now have higher visibility on the 15–20% margin over the next two to three years, (a) are you saying you can get there sooner than previously thought, and (b) when you say higher margin in the long term, is there a theoretical number in mind?**

**Madhur Deora:** At the core, the reason for both statements is revenue growth acceleration combined with indirect expenses growing significantly slower than revenue. That gives confidence both that the number is achievable and that it may be reached sooner. AI structurally not only accelerates operating leverage, it also expands the opportunity for higher margins over time, because you are able to do more with less; a large number of applications and agents have been deployed within the business which are helping efficiency (covered in one of the pages in the deck).

On a theoretical long-term number: no number is being given right now, because it is a trade-off between pursuing more growth and building an even larger business — an opportunity management believes exists in the areas Vijay mentioned, which will require investments. But **structural margins for the business are significantly higher than the 15–20%** stated for the near term.

**Vijay Shekhar Sharma:** The company announced roughly 8% EBITDA margin this quarter. There will be a ramp-up from here. Madhur is saying it is more than 15–16% EBITDA margin; the direction is higher profitability and higher profit together.

**Q: On growth — with Postpaid ramping up, online merchant onboarding since late last year, and consumer payments market share gains, are there any hurdles or downside risks to revenue? You grew 28% YoY — will the accelerated revenue growth momentum continue?**

**Madhur Deora:** The notable feature of this growth is that it is present in nearly every business: payments to small merchants, payments to large merchants, consumer payments, and financial services. Some of the smaller businesses are growing very fast, Postpaid being a good example. Growth is broad-based across the board, and having achieved this number, the aim is for even higher.

**Q: On Postpaid — your earlier peak was about ₹9,000 Cr in 2023, and current levels are likely a lot lower. Directionally, is there a reason the company should not get back to that number at some point?**

**Madhur Deora:** The market opportunity is massive, customers love the product, and product-market fit is excellent — it is genuinely serving a need, and there is no reason this journey should be any different. The one addition: it took about four and a half to five years last time to reach those numbers. **Currently the company is tracking roughly twice as fast** — without implying that five years becomes two and a half years. The product is ramping up with all users, new users, everyone, really well.

**Q: On cash — is it fair to say there are no large uses of cash in the foreseeable future in terms of M&A or inorganic opportunity, and that you're happy to have cash build up?**

**Vijay Shekhar Sharma:** 100%. Cash is the spine and strength. "I wish that we have INR 40,000 crore cash."

**Madhur Deora:** Compared to when this discussion started a year ago, not only does the company have **₹13,500 Cr of cash**, it is now also adding a significant amount of cash — "I love the fact that we are a free cash flow generating business."

**Vijay Shekhar Sharma:** There is stress in the fintech ecosystem — companies either go public and learn new reasons for discomfort, or in private rounds try to find the reason to do what they want to do. Further stress and further discounting are likely, and at that time cash and equity will be valued. Cash is way more valuable.

**Madhur Deora:** While adding cash to the balance sheet, the company is also actively looking, **within the existing perimeter of what it does**, for good RoI ideas. **MTF** has been called out previously as a very small percentage of funds so far which is generating very good RoI — a good RoI use of cash that also furthers the company's mission of serving customers better. The search for more opportunities within the business continues, mostly organic, and maybe a few inorganic if there is the right opportunity and right valuation.

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

**Q: Colour on the loan book — the mix between merchant and consumer loans, data points on merchant partners, and how growth is happening. Also, what is the mix today between lending and wealth management, and how could that change?**

**Vijay Shekhar Sharma:** Most of the profit is made on the merchant side. On the consumer side, numbers that were flat or slightly declining have significantly ramped up, and the company has crossed the January 2024 level even for consumer credit. This has been achieved **mostly without requiring any FLDG** — the company is distribution-led on the consumer side. The mix remains approximately **80:20 in favour of the merchant side**.

Quality is good, which is why it is growing. There is much more interest from a number of partners, but the company remains committed to being a **purely distribution company** and has no interest in putting a book on this business at all. Partners include small finance banks, and now large banks — a couple of large banks have been activated. Partner-wise, available capital is probably **four to six times more than current disbursements**, so capital is not a limiting factor.

On wealth versus lending: wealth is not a material number in these two numbers — it is sizeable but not so sizeable that it would start showing up. It does show up as a subsidiary, so the P&L of that entity is visible. There is upside: "We just found a secret in MTF. We got money, we got equity, we got equity capital, we got customers, the market needs it. So there is a product market fit." The focus is on discovering perfect product-market fit; in wealth the company seems to be reaching that milestone, and after **four more quarters** size should be visible.

**Madhur Deora:** On the number of lending partners — one of the key achievements last year, in both Merchant Loan and Personal Loan, is that the company is now at a **double-digit number of partners**, and the partners who joined more recently are also ramping up very well. This gives really good legs for the next several years.

**Q: On margins — this quarter saw roughly 9 percentage points of YoY improvement led by indirect cost. What are the primary drivers of margins going ahead: continued reduction in indirect cost from scale benefits, AI-led benefits (and can you quantify the magnitude), or a mix change?**

**Madhur Deora:** All of those are similar points. At the core: a very fast-growing business with huge opportunities to expand — for example, penetration of financial services, not to mention improving the unit economics of the payments business. There is a fast-growing top line; structurally there is operating leverage in indirect costs, and AI makes it even better. Hence indirect expenses as a percentage of revenues is going down, with the underlying reason being that indirect expenses are growing at a very slow pace whereas revenue is growing fast. Investment continues in areas that matter.

**Vijay Shekhar Sharma:** The cost of people has increased, especially with the expansion of the merchant and consumer businesses. **"AI is a distribution business"** — when financial services are powered by AI, the differentiation is how many customers you have and what you do with them. Customer count, customer quality, monetisation and monetisation ability are the factors that multiply once AI is added. The gating condition for harnessing AI is the distribution you are sitting on, because nearly everybody can eventually build what you build.

Therefore the company will continuously and aggressively continue to invest in consumer expansion, merchant expansion and expansion of financial services. "Powered by AI" means costs are dramatically optimised. One slide created and also put out on social media described how **small business merchant acquisition is now governed by an agent** that identifies what field sales executives must do — built entirely in-house — and use cases are being found for taking this to third-party customers as well.

Practically, if you exclude the cost of salespeople and marketing expense, the organisation is now **flat or reducing cost quarter on quarter**. This is a continuous process; there is nothing special about this particular quarter, and the trend is continuing. What is new is the growth of revenue, which is the magical part that started showing in Q1 of this financial year — that revenue ramp-up is what the margin growth is about.

**Madhur Deora:** A favourite set of metrics for this conversation: **marketing expenses up 27% YoY, sales and service cost investment up 27% YoY, and EBITDA margin adjusted for PIDF up from 1% to 8%** — a 7 percentage point EBITDA margin improvement, in addition to continuing to make as much investment as makes sense.

**Q: On UPI monetisation — media articles indicate the government might reconsider this, with some mentioning 5 to 7 bps take rates for larger merchants. What incremental opportunity would that represent for Paytm?**

**Vijay Shekhar Sharma:** There is no clarity on what the number could be or which line item it would be paid under. The company tried to model it in-house based on newspaper reports and other whispers, but concluded there is no materiality to the discussion when the formula is unknown. "So we'll wait and watch."

**Q (reframed): Today you are looking to monetise some of the larger merchants on your platform. Would UPI monetisation materially change that — is the upside meaningful?**

**Vijay Shekhar Sharma:** Paytm serves small merchants who are materially large, and also large enterprises including online merchants. On MDR on UPI, the company has one line: it wants **both MDR-paying and non-MDR-paying merchants to benefit**. "Our life won't change materially. Whatever will come will come in the bottom line and whatever will come will be good." There is no obligation in the business model — neither PIDF obligation, nor UPI incentive obligation, nor MDR interest or need.

### 25.4 Q&A — Vijit Jain, Citi

**Q: On merchants — if merchants have already upsold themselves into financial services or other products, that relationship is stickier. A line in the letter suggests that in certain cases you are reducing subscription rentals. Why reduce subscription ARPU for merchants who are already sticky?**

**Vijay Shekhar Sharma:** It is the other way around. Where the company is making a large amount of revenue in the form of financial services revenue, subscription rental revenue from that merchant is not considered material, and is therefore discounted — so that in merchant sign-ups, no one else is able to offer any value differentiation.

**Q: The letter says net payment margins went from 8.8 bps last year to 8.4 bps, excluding PIDF incentives. Given tailwinds in online payments and other core payment margin tailwinds, is the decline basically just lower device rentals YoY?**

**Madhur Deora:** Broadly yes, and it is explained in one of the questions in the back of the release. **Payment processing margin** has been inching upwards gradually but consistently every quarter. The impact referred to comes from **certain plans run for low-ARPU and highly engaged merchants**. Additionally, the company has **tightened its revenue recognition policy** on certain businesses a little bit — there was a slight impact from that, but most of it is the answer given in the back of the document.

**Vijay Shekhar Sharma:** Adding a point about the CFO: "Madhur has literally made it, if you don't get money by the month end, this is not a revenue recognized." Everything else is future upside if received. There is conservatism in it.

**Q: On the consumer franchise — with Postpaid scaling, consumer loans looking up versus last year, MTF doing well, and a wallet licence application pending (with wallet plus Postpaid expected to lift Postpaid further), how is consumer franchise monetisation looking in FY 2027? You have guided to meaningfully better than 22% overall growth, and the merchant business is doing better than that.**

**Vijay Shekhar Sharma:** "I think it will be very good. We are putting effort in everything. Something or the other will work. There are so many missiles and rockets. Something will work."

**Madhur Deora:** Certain consumer-side financial services were slightly challenged: equity trading volumes went down a year ago; until about six months ago there were headwinds in the personal loan business; and there was not much Postpaid a couple of quarters ago. Now that these are turning around, there is significant upside on the consumer side. **LTV to CAC has improved meaningfully**, and that is one of the reasons for making investments on the consumer side over and above the product — including more investment in marketing.

**Q: On AI — how is AI helping on merchant acquisition, onboarding and collection efficiencies? Is it measurably faster, with better retention trends? Also, cloud costs have come off YoY — were you able to release compute costs? Any colour on AI on the productivity side beyond employee costs?**

**Vijay Shekhar Sharma:** People talk about "token maxing" meaning very high cost — a whole year's worth of cost arriving within a quarter. Paytm instead **tunes its own model, places it on its own infrastructure, and runs it**. For use cases like collection, revisit or retention calls: the company **took a 200 billion parameter model and optimised it to a 4 billion parameter model made for Indian languages** — its own model — placed on its own machines. The result is low latency and low cost of tokens, run and operated in-house.

That makes the cost lower than a typical company's cost for the same capability. It removes the cost of the call centre and the cost that would otherwise be bought from outside, while adding a skill to the organisation. Having done it, the company will sell it to outside parties.

The CEO is excited about new **non-payment, non-financial-services** offerings — "perfectly, completely AI in, AI out services" for the company's businesses and merchant partners. The company has decided **not** to do AI for consumers as an all-in bet, but has decided to take the solution services it has created — and is itself a user of — to merchants and businesses.

On compute cost, credit is given to the CFO's negotiation; Madhur is described as a founding member of Cursor's CFO Council.

**Q (follow-up): The non-payments, non-financial-services services you're talking about — these are AI services for smaller merchants?**

**Vijay Shekhar Sharma:** Smaller businesses will take a different kind of service; larger ones will take a different kind of product.

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

**Q: On the accelerating GMV trend — 23% in Q3, 27% in Q4, now 31%. What is driving it, and what is growing faster between offline and online? Also, in payment processing charges, are there any charges related to Postpaid sitting there, given the sharp QoQ jump?**

**Madhur Deora:** There is acceleration in each of the payments businesses — large merchants offline, small merchants offline, and online — which historically grew at different paces (the online business was also under embargo, which was a headwind). The increase in growth has come in all of those businesses, including the consumer side.

On payment processing charges: yes, there is an **interchange payable in Paytm Postpaid**, based on the network math for credit line on UPI, and some of that goes into payment processing costs. But some of the growth in payments revenue is also coming from a **greater share of credit card processing**, which also adds to payment processing costs.

**Q: How is RuPay credit card on UPI progressing? There was very strong growth but no mention in the letter.**

**Madhur Deora:** It may not be mentioned simply because it has been said enough times that payment processing margin has been steadily going up because of mix — and one of the mix aspects is absolutely **RuPay on UPI**, which continues to see good increase in adoption across small and large merchants both.

**Q: On costs — there has been a 6.5% decline in employee cost ex-sales cost, despite appraisals. Is this a sustainable baseline? Any ESOP cost timing impact?**

**Vijay Shekhar Sharma:** Everyone got a good appraisal and everyone got ESOP, which is accounted for. There is no cost to be factored in later and no exotic approach — direct charge, straightforward. The appraisal was good.

**Madhur Deora:** There are minor fluctuations quarter on quarter, but nothing specific to call out and nothing that will change the trend lines in any major way. The company does expect to continue improving EBITDA profitability. The overall guidance on indirect expenses is that, despite investments in sales and marketing, **indirect expenses will grow a lot slower than revenue**.

**Q: Is the GMV growth acceleration sustainable, or could a high base create challenges?**

**Vijay Shekhar Sharma:** Everything is sustainable, for two reasons. One, the **online business has not been factored in** yet, so it is still to grow. Two, **offline digitisation is increasing and the consumer base is increasing**. Across the three buckets that contribute to GMV, the company has the right product-market fit. "There is no such special trick."

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

**Q: On the DLG data — for the month of June it is now on a YoY growth trajectory. Why has this journey scaled fast, then moderated (apparently from one specific participant/partner), and now scaled up across portfolios? Any big-picture thoughts on DLG?**

**Madhur Deora:** The right lens is **year-on-year GMV**; no comment on the specific month, which has not been examined in detail. As stated in the notes (in the context of revenue, but applicable to GMV as well), growth is **very broad-based** — coming from every type of payment category, faster now than a couple of quarters ago. It is not concentrated in a few merchants, or even one or two payments businesses.

**Q: On the comment about reaching upwards of 20% margin long term — does that assume indirect expenses growing ~10%, and 70–80% incremental revenue (excluding payments) flowing to profitability? Once the 15% mark is achieved, could the next guided band be 20–25%?**

**Madhur Deora:** Away from specific numbers, the reference points are: first, the **market opportunity remains massive** — a huge amount still to do, not just in financial services but in payments as well, so the long-term TAM is massive and, as a result, the **terminal value of the business is fantastic**. Second, **AI just makes you leaner** as an organisation. And on the point about marketing services and financial services incremental revenue carrying very high EBITDA margin — "that is absolutely correct."

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

**Q: On industry lending risk — disbursements by digital lenders in personal loans have mushroomed to around ₹25,000–30,000 Cr a month, implying a ₹3–6 lakh crore high-APR (30–31%) personal loan book being built at a systemic level over the next 12 months, with potential regulatory concern. Separately, on merchant loans: if APRs moderate for better-quality merchants over the next couple of years, does that affect product profitability (offset partly by lower credit cost)?**

**Vijay Shekhar Sharma (on the second part):** The company has already proactively launched **different lower-APR products**, and offers EDC devices where the merchant has more choices and competitive pricing. Internally the company has gone full-stack. Merchants are viewed as a strategic customer base with multiple buckets of products, not one. **Lower APR will not be a surprise — rather, the company will lead the market**; if competition enters this space, Paytm will aggressively play the lower-APR business wherever the logic supports it, and is already doing so.

**Madhur Deora (on the first part):** No specific comment on the top-down math. What the company hears from its lending partners: (i) they were very conservative for 8, 10, 12 quarters, and as a result there is now **a desire to do more unsecured lending**, partly because as a percentage of their AUM this number has come down quite a lot; they are also seeing **very healthy customer balance sheets** in bureau and other scrubs, so there is a desire to grow in this segment. (ii) As Vijay noted, Paytm's personal loan business is **distribution only** — no collections, no FLDG — helping lending partners find customers and distribute loans on the platform. Healthy quarter-on-quarter growth is now being seen after 8 to 10 challenging quarters.

**Q: On subscription income — GMV growth of 31% is not translating into net payment revenue growth of 25%, even as margins expand, which again points to subscription income lagging. From a 12–24 month perspective, at what point does subscription rental start picking up?**

**Madhur Deora:** Net payment margin is payment processing margin plus subscription. On subscription, as mentioned, in a few percentage of cases the company does **waivers** for merchants, plus there is the **tighter revenue recognition policy**. Overall, looking at the merchant payments business plus merchant loans, **payback periods are improving** and that business is getting significantly more profitable going forward. There is no specific concern about how merchants are monetised — monetisation over any period or cycle is very healthy, and this is despite PIDF going away.

**Q: And the pace of deployment is not going to slow down anytime soon?**

**Madhur Deora:** No. The stated range is broadly **25 to 30 lakh device additions a year**; the company is very much within that band, and additional investments could make it higher. The TAM is massive and there is very high conviction on providing payment services to merchants, especially small merchants. That pace should continue.

### 25.8 Q&A — Suraj Das

**Q: On the transaction breakup between merchant and non-merchant — the non-merchant piece is growing almost 100% YoY, versus high-single-digit MTU growth, implying rising P2P transaction frequency. What are the underlying drivers — Postpaid traction, bill payments, campaigns like gold coins? And hypothetically, if P2P growth outpaces P2M over time, shouldn't net payment margin have a negative bias, since P2P is a lower net payment margin business?**

**Vijay Shekhar Sharma:** **P2P is not a lower payment margin business — P2M is.** In P2M, the government gives the incentive at year-end, and last year's incentive has not even come. In P2P, the company earns from the originating bank and the bank link, so **P2P is a revenue line item**. For merchants, obviously P2M is the only revenue line item. So the statement that P2P makes less money is not correct.

On the drivers: the focus is on **retention** — in consumer/internet businesses, retention is winning new customers, as one good customer brings another. Rather than spending money on marketing, the focus has been on making existing customers feel delighted and become more active users. The usage growth is **not led by Postpaid** — "Postpaid is like not even thousand crore in a month." It is led by app simplification and the nuanced ease and features that have been brought out, plus **new Gen-Z customers** coming in; the company now has the fancy of Gen-Z customers as a customer base.

**Q: In financial services, you are adding 1–2 lakh customers YoY and revenue per customer is also growing. Is this sustainable and one-way, or are there too many moving parts (product mix, unit economics) to comment on sustainability?**

**Vijay Shekhar Sharma:** It is a very small number — just a few lakhs, not even one million — compared to a population of 100 million, so there is still a very large gap. **There is huge upside, with order of magnitude in multiples, not percentages.** What has changed is the attention now being given, whether to mutual fund distribution (not counted here because it does not make material revenue) or the percentage going to equity brokerage, then credit, Postpaid, consumer loans and insurance. Internal confidence in growing profit margin and profit itself comes from the customer base, product-market fit and business model having become scalable — "head down, execute only that, you're all good."

**Madhur Deora:** To clarify, on the **7.6 lakh** number: barring quarterly aberrations, this number should just **linearly grow up**. On revenue per financial services customer: some products are higher than the average and some lower, so there is a mix effect that may affect a couple of quarters here and there — but management is confident that **overall financial services revenue will grow**. The company is thinking about what metrics to put out for financial services customers and revenue; "Key Financial Services Customers" was chosen as close a proxy as possible to showing the number of customers taking a product and the money made per customer. Within that, there will be some mix-effect components.

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

**Q: On payment margin — looking at payments income as a percent of GMV and payment processing costs, almost the entire drop in NPM seems explained by the increase in payment processing charges from about 10.6 bps to 11.2 bps. What is driving this sharp increase?**

**Madhur Deora:** Payment processing costs should not be looked at purely as a percentage, because there is a large amount of very good non-bank-linked UPI business to be done — with "very good" having one definition: does it make money. If you increase your credit card processing market share, this number will go up, but so will revenue. That is why the company points to **payment processing margin**; giving the exact number is slightly commercially sensitive, so directional guidance is provided instead.

It is the case that the number has gone up. Someone asked whether it was because of Postpaid, marginally — but actually it is because the company is doing quite well on **non-UPI business overall**. So this framing will not give the type of conclusion being sought.

**Q: On the consumer business — cloud and commerce / marketing revenues are almost flat year on year. Could you give colour? Or taking the broader consumer lens, how much is revenue from consumers (FS and non-FS) really growing?**

**Madhur Deora:** On marketing services, there is good momentum, partly because of more MTU and very good retention metrics — DAU was higher than in January 2024. The company is getting not only more customers but more engagement: **MTU was up about 8%, but consumer-side GTV was up 45%**, another indication of how much work has gone into customer engagement. All of that translates, with a slight lag, into marketing services revenue as well as other consumer financial services revenue. This quarter the company is slightly behind on one specific line item — **travel**, where there were headwinds.

**Vijay Shekhar Sharma:** "I think it was not headwind, it was 'headfire'."

**Madhur Deora:** When ticket prices go up, airlines' overall business gets affected, and within that leisure gets affected — which is the vast majority of what customers do on Paytm travel. So that business was slightly behind expectations, but for external factors. Management is quite positive about marketing services overall going forward.

**Q (follow-up): Setting travel aside, how is broader consumer revenue growing — single digit, double digit? Where are we in monetisation? (Accounting for every monetisation line: payments, credit disbursement, etc.)**

**Madhur Deora:** It is **not far behind the merchant side** — "it is not night and day." Pulling together a few things stated in the document: there are tailwinds in the personal loan business, so that is now going well; Paytm Postpaid is contributing; Vijay talked about wealth; and consumer P2P also makes revenue. There are various bits and pieces on the consumer side which are giving better LTV already.

**Q: So it would be fair to say that with overall revenue growth of 20–30%, it is not completely skewed in favour of merchants — growth is somewhat comparable across merchants and consumers?**

**Vijay Shekhar Sharma:** "My personal role is to prune everything that drags down my company's growth. Either you give me growth or bottom line, everything else is thank you so much."

**Madhur Deora:** This question may have been anticipated, because the first thing stated on page one was **broad-based accelerated growth in payments and financial services for merchant and consumer business**.

### 25.10 Closing Remarks — Vijay Shekhar Sharma

The company has, for the first time, published a **`.md` (markdown) file** — "not a 'Madhur Deora' file, this is a 'markdown' (.md) file as we call it in the AI world." The intent is to allow investors and analysts to download the file and give it to whichever chatbot is permitted in their business and company.

This applies across the disclosure set — **earnings release, presentation, call transcript** (to be updated after the call) **and financial results** — so all the information is available in a single .md file. An agent powering this will follow soon; for now, the invitation is to download the .md and use it directly.

---

## 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 abbreviations used in this document**

| Term | Meaning |
|---|---|
| PIDF | Payments Infrastructure Development Fund |
| MDR | Merchant Discount Rate |
| GTV | Gross Transaction Value |
| 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 |
| PDD | Provision for Doubtful Debts |
| PPBL | Paytm Payments Bank Limited |
| PPSL | Paytm Payments Services 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 — Q1 FY 2027 (INR) | 20 July 2026 | Business commentary, KPIs, additional insights Q&A |
| Earnings Presentation — Q1 FY 2027 (INR) | 20 July 2026 | Annexure financial tables and operational KPIs |
| Financial Results — Q1 FY 2027 (Consolidated and Standalone, Ind AS) | 20 July 2026 | Statutory results, notes, auditor's review reports |
| Earnings Call Transcript — Q1 FY 2027 | 21 July 2026 | Management remarks and analyst Q&A |
| Investor Datapack — Q1 FY 2027 (INR and USD) | 20 July 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 21 July 2026, and the transcript in [Section 25](#25-earnings-call-transcript--21-july-2026) supersedes the invitation); purely graphical cover, divider and closing pages carrying no informational content; and the US dollar tables from the Investor Datapack, which are translated at a constant ₹94.666 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 — Q1 FY 2027** (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 25-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 `Jun-26` = quarter ended 30 June 2026 = Q1 FY 2027, and `Mar-26` = Q4 FY 2026.
- 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 **constant rate of ₹94.666 per US$1 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 constant 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 | **Jun-22** onwards | Current basis |
| Volume of loans distributed (and product split) | Jun-20 to **Dec-23** | — |
| Value of loans distributed (and product split) | Jun-20 to **Mar-25** | **Not disclosed for FY 2026 or Q1 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; escrow/nodal from Mar-24; PPSL prefunded escrow from Dec-25 |
| Other Operating Revenue within payments revenue | **Jun-22** onwards | Per the datapack note on that sheet |

**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 Financial Metrics figure is used in the tables below.

### 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 – Jun-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% |

### 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 – Jun-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% |

### 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 | 3,432 | -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 – Jun-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 |  | 1,041 | -774 | 266 |
| Jun-22 | 1,076 |  | 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 |

**Datapack notes on this series:**

- Other Operating Revenue is revenue related to the Payments business and is included from the Q1 FY 2023 (Jun-22) quarter onwards.
- 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 – Jun-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 |

### 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 – Jun-26)

| 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 |

### 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 |  |  |  |  |

### 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 |  |  |  |  |

### A.14 Cash Balance — Quarterly (Mar-22 – Jun-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 |  |  |
| Jun-23 | 1,678 | 3,996 | 2,693 | 8,367 | 316 |  | 8,051 |  |  |
| Sep-23 | 1,831 | 4,203 | 2,719 | 8,754 | 319 |  | 8,435 |  |  |
| Dec-23 | 1,873 | 4,443 | 2,584 | 8,901 | 462 |  | 8,439 |  |  |
| Mar-24 | 6,460 | 2,329 | 2,345 | 11,134 | 339 | 2,483 | 8,311 |  |  |
| Jun-24 | 5,322 | 3,486 | 2,743 | 11,552 | 449 | 2,995 | 8,108 |  |  |
| Sep-24 | 4,928 | 3,617 | 4,540 | 13,085 | 412 | 2,674 | 9,999 |  |  |
| Dec-24 | 4,451 | 6,997 | 4,143 | 15,591 | 287 | 2,454 | 12,850 |  |  |
| Mar-25 | 4,539 | 7,018 | 4,046 | 15,602 | 326 | 2,467 | 12,809 |  |  |
| Jun-25 | 4,561 | 6,478 | 5,086 | 16,124 | 420 | 2,832 | 12,872 |  |  |
| Sep-25 | 4,861 | 6,267 | 5,545 | 16,674 | 351 | 3,254 | 13,068 |  |  |
| Dec-25 | 5,468 | 6,115 | 4,747 | 16,329 | 415 | 3,732 | 12,182 | 700 |  |
| Mar-26 | 7,252 | 5,788 | 4,417 | 17,457 | 383 | 4,459 | 12,615 | 700 |  |
| Jun-26 | 7,581 | 5,688 | 5,067 | 18,336 | 389 | 5,119 | 12,829 | 700 |  |

---

*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.*