One 97 Communications (Paytm) Share Price on 8 December 2025: RBI Nod, Q2 Results, Broker Targets and 2026 Outlook

As of the morning of 8 December 2025, shares of One 97 Communications Ltd, the parent of Paytm, are trading around ₹1,337–1,338, down roughly 0.5–0.6% on the day but still hovering close to their 52-week high of ₹1,381.75. Over the last year the stock is up about 37%, and over three years it has gained more than 160%, cementing its recovery from post‑IPO lows. ^[1]

At a market capitalisation of around ₹85,000–86,000 crore, Paytm now sits firmly in the large mid‑cap / emerging large‑cap bucket of India’s fintech landscape. ^[2]

What’s driving this renewed investor enthusiasm is a mix of regulatory relief, improving profitability, and aggressive broker upgrades — all of which have converged in the months leading up to 8 December 2025.

One 97 Communications share price today: near 52‑week highs

On 8 December 2025, Business Standard and LiveMint data show One 97 Communications trading around ₹1,337–1,338, about 0.5–0.6% lower than the previous close of ₹1,344.70. ^[3]

Key price metrics as of today:

Price: ~₹1,337.8–1,337.85
52‑week range:₹652.30 – ₹1,381.75 ^[4]
1‑year return: about 37% on the BSE ^[5]
Year‑to‑date (2025) return: about 32% ^[6]
Market cap: ~₹85.5k–85.9k crore ^[7]

Notably, Paytm’s stock recently touched ₹1,365 on 1 December 2025, its highest level since December 2021, after an 18% rally over two months and about 90% gains over the last eight months. ^[8]

From a valuation standpoint, trailing earnings are still distorted by past losses and one‑offs: the TTM P/E remains negative and the stock trades at a price‑to‑book of roughly 5.6, with debt‑to‑equity around 0.01, signalling a largely debt‑light balance sheet. ^[9]

Profitability is finally visible: Q1 and Q2 FY26 results

The big shift in the Paytm story over the last two quarters has been sustained profitability, even if headline numbers are still noisy.

Q1 FY26 (June 2025 quarter): first truly operational profit

In Q1 FY26, One 97 Communications reported: ^[10]

Net profit: ₹123 crore vs a net loss of ₹839 crore a year earlier
Operating revenue: ₹1,918 crore, up 28% YoY
EBITDA: positive at ₹72 crore, compared to losses in previous quarters
Contribution margin: around 60%, up from 50% a year ago
Net payment revenue: up 38% YoY to ₹529 crore
Financial services revenue: doubled YoY to ₹561 crore

The company highlighted tighter control of employee and marketing spends, higher contribution from merchant lending, and an expanding base of subscription devices (around 1.3 crore merchant devices in Q1) as key drivers. ^[11]

Crucially, this was widely seen as Paytm’s first profit driven primarily by core operations, rather than by one‑off gains like the earlier sale of its ticketing business.

Q2 FY26 (September 2025 quarter): profit tempered by gaming impairment

In Q2 FY26, Paytm’s results reflected both strong operating momentum and one major hit. ^[12]

Headline numbers:

Operating revenue: ₹2,061 crore, +24% YoY and +7% QoQ
Reported PAT:₹21 crore, down 98% YoY (vs ₹928–930 crore a year ago, which was boosted by a huge one‑time gain from the ticketing sale)
Underlying PAT (ex‑impairment):₹211 crore, up about 72% QoQ from ₹123 crore in Q1
EBITDA: ₹141–142 crore, with EBITDA margin ~6.8–7%, nearly double Q1’s margin

The drag came from a ₹190‑crore impairment of loans to its gaming JV First Games, following regulatory changes that effectively banned real‑money online gaming for stakes. ^[13]

Operational KPIs remain strong: ^[14]

Net payment revenue: up 28% YoY to about ₹594 crore
Financial services distribution revenue: up 63% YoY to ₹611 crore, led by merchant loans
Payments GMV: up 27% YoY to around ₹5.7 lakh crore
Merchant subscriptions (devices): about 1.37 crore, up 25 lakh YoY
Key financial services customers: ~6.5 lakh, up from 6.0 lakh a year earlier

Despite the impairment, company commentary and independent analyses see Q2 as Paytm’s second consecutive profitable quarter on an underlying basis, with revenue growth and margins moving in the right direction. ^[15]

Regulatory clouds clearing: RBI Payment Aggregator licence

One of the biggest overhangs on Paytm since 2022 has been its tussle with the Reserve Bank of India (RBI) over licensing and FDI issues. That cloud has meaningfully thinned in late 2025.

On 26 November 2025, the RBI granted Paytm Payments Services Ltd (PPSL) — a wholly owned subsidiary of One 97 Communications — a Certificate of Authorisation to operate as a Payment Aggregator under the Payment and Settlement Systems Act, 2007. ^[16]

Key implications of this licence: ^[17]

PPSL can now onboard new merchants and handle collection and settlement of online payments on their behalf.
Earlier, Paytm was restricted from adding new merchants and could only service existing ones until regulatory concerns — especially around FDI compliance — were resolved.
The licence brings Paytm to regulatory parity with major fintech peers like Razorpay, Pine Labs, PayU and others in the payment aggregator space.
Management has indicated that the approval should support business growth and show up in One 97’s consolidated financials over coming quarters.

Business Standard, Financial Express and other outlets note that the approval comes after a multi‑year process that included an earlier rejection in 2022 and a clean‑up of foreign investment structures by 2024. ^[18]

Brokerage commentary (including Goldman Sachs and the unnamed “global research house” cited by Business Standard) explicitly links their improved outlook and higher target prices to this “easing regulatory overhang” and the resumption of normal merchant onboarding. ^[19]

Group restructuring and business transfer: simplifying the Paytm empire

Parallel to the RBI developments, One 97 Communications is also simplifying its group structure, which historically involved multiple layers of subsidiaries.

Internal restructuring and acquisitions

On 15 October 2025, the board approved an internal restructuring plan to bring several financial and technology subsidiaries directly under One 97’s ownership. ^[20]

Key steps include: ^[21]

Acquisition of around 51.22% stake in Paytm Financial Services Ltd (PFSL) from founder Vijay Shekhar Sharma and his entity VSS Investco, making PFSL a wholly owned subsidiary.
Consolidation of investments held through PFSL — including Admirable Software, Mobiquest Mobile Technologies, Urja Money and Fincollect Services — as step‑down subsidiaries, later planned to be moved directly under One 97.
On 28 November 2025, One 97 completed acquisition of the remaining 9.99% in Foster Payment Networks, 67.55% in Paytm Insuretech, and 51.22% in PFSL, making all three companies wholly owned subsidiaries.

Economic Times and exchange filings describe this as a move to simplify the corporate structure, enhance transparency, and improve operational efficiency, without changing ultimate ownership. ^[22]

Transfer of offline merchant payments business to PPSL

In line with the new Payment Aggregator licence and structural simplification, One 97 is also transferring its offline merchant payments business to PPSL via a slump sale valued at a book value of about ₹960 crore, effective 30 November 2025. ^[23]

This shift effectively clusters Paytm’s offline merchant payments under the licensed entity (PPSL), making regulatory oversight and reporting cleaner and aligning the business model with RBI norms.

Market behaviour: strong trading activity and derivatives interest

The recent price action in Paytm’s stock has been accompanied by heavy trading volumes and active derivatives positioning.

Cash market: one of the most traded fintech names

On 1 December 2025, MarketsMojo data shows One 97 Communications emerged as one of the most actively traded stocks by value, with: ^[24]

Traded volume of about 23.2 lakh shares
Turnover of roughly ₹313 crore
An intraday high of ₹1,364.8, a fresh 52‑week high at the time
About 3.35% intraday gain from the previous close

The stock has been trading above its 5‑, 20‑, 50‑, 100‑ and 200‑day moving averages, signalling sustained momentum. ^[25]

Economic Times notes that on a recent up‑day the 14‑day RSI stood near 58, comfortably in bullish but not yet overbought territory — suggesting positive momentum without obvious signs of exhaustion. ^[26]

Derivatives: rising open interest near 52‑week highs

Two MarketsMojo notes in late October and mid‑November 2025 highlight sizeable increases in futures open interest in the PAYTM contracts: ^[27]

27 October 2025: Open interest rose 12.5% to 57,724 contracts, with the stock trading just 1.4% below its 52‑week high, above all key moving averages.
18 November 2025: Open interest jumped 14.2% to 52,290 contracts, again near 52‑week highs, with delivery volume rising compared with the five‑day average.

Interestingly, despite the bullish price trend, MarketsMojo’s internal scoring framework has, at times, tagged the stock with a “Strong Sell” verdict, reflecting concerns about valuation and risk metrics even as price and positioning remain robust. ^[28]

Broker and analyst view: targets from ₹1,200 to ₹2,074

Analyst sentiment on One 97 Communications has shifted decisively more positive through 2025, though views are far from unanimous.

Street consensus and ratings mix

According to LiveMint’s stock data page as of 8 December 2025, 16 analysts currently cover One 97 Communications: ^[29]

7 rate it “strong buy”
2 rate it “buy”
5 rate it “hold”
2 rate it “sell”

The average recommendation is “Buy”, with Mint describing the overall broker stance as positive. ^[30]

Trendlyne’s aggregation shows an average target price around ₹1,495.6 from five key brokers, implying moderate upside from current levels. ^[31]

Key broker calls and targets

Goldman Sachs (global brokerage upgrade)
On 28 November 2025, Economic Times reported that Goldman Sachs upgraded Paytm from Neutral to Buy, triggering a 3.3% intraday rally to about ₹1,336. The brokerage: ^[32]

Doubled its price target (Business Standard separately reported a new target of ₹1,570, up from ₹705). ^[33]
Forecasts 20–25% annual revenue growth over the next 2–3 years, with the financial services arm growing above 30%.
Expects EBITDA margins to more than double over the next 3–4 years.
Sees up to 45% upside in a bull case (₹1,870) and as much as 79% upside in a “blue‑sky” scenario (₹2,320), while flagging a 28% downside bear case (₹930) if competition and lending slowdowns intensify.

ICICI Securities – Buy, target ₹1,450
In a 25 November 2025 report, ICICI Securities reiterated a Buy with a target of ₹1,450, citing: ^[34]

High earnings growth potential from payments and loan distribution
Margin expansion driven by product upgrades, UPI monetisation, cost savings and operating leverage
Confidence in Paytm’s ability to balance growth, retention and profitability

Emkay – Buy, target ₹1,600
Emkay’s post‑Q2 FY26 note maintained a Buy rating with a ₹1,600 target, highlighting that revenue was slightly ahead of Street expectations and profitability “significantly beat” estimates. ^[35]

Motilal Oswal – Neutral, target ₹1,200
Motilal Oswal remains more cautious with a Neutral rating and ₹1,200 target, implying modest downside from current prices. Their work acknowledges strong operational metrics — net payment revenue, GMV and merchant loans — but remains wary of valuation and one‑offs like ESOP charges and gaming‑related impairments. ^[36]

Ventura Securities – Diwali pick, target ₹2,074
Ventura Securities added One 97 Communications to its Diwali 2025 stock picks, with a 24‑month target of ₹2,074, implying about 62% upside from the then CMP of ₹1,237. ^[37]

Structural growth drivers: payments, credit and AI

Across company filings, investor presentations and analyst notes, a few consistent long‑term growth themes emerge for Paytm: ^[38]

Merchant payments and devices
- A large base of 1.3–1.37 crore subscription devices (soundboxes, POS, QR‑linked hardware) generates recurring revenue and cross‑sell opportunities.
- Payment Aggregator status plus transfer of offline payments into PPSL tighten the linkage between regulatory licence and on‑ground merchant network.
Financial services distribution
- Merchant and consumer lending, insurance and broking together contributed ₹611 crore in revenue in Q2 FY26, growing 63% YoY.
- A significant share of merchant loans are to repeat borrowers, reflecting stickiness and relatively good asset quality from the perspective of lending partners.
UPI and “Paytm Postpaid”
- Paytm is pushing UPI‑linked credit products, including a relaunched Paytm Postpaid (short‑term UPI overdraft), which could improve monetisation while staying within RBI’s evolving credit norms.
AI‑driven efficiency
- Both Q1 and Q2 commentaries emphasise AI‑led automation in underwriting, fraud detection and collections, which is helping lift margins and improve cost discipline.
Simplified corporate structure
- Bringing PFSL, insurance and other entities under direct ownership, and moving offline payments to PPSL, should reduce complexity and make it easier for investors and regulators to understand the business.

One additional data point supporting the growth narrative: an Economic Times mid‑cap screen listed One 97 among eight mid‑cap stocks with steadily rising net sales over the last four quarters, with net sales climbing from ₹1,659 crore to ₹2,061 crore in the September 2025 quarter. ^[39]

Risks: regulation, valuation and execution

Despite the positive tone of recent newsflow, several risks still loom large in the Paytm story:

Regulatory risk remains structural
Even with the Payment Aggregator licence in hand, Paytm operates in one of the most tightly regulated segments in India. Past episodes — including the Payments Bank restrictions and the gaming‑related impairment — show how quickly regulations can reshape earnings. ^[40]
Valuation vs profitability trajectory
While the stock’s three‑year return (>160%) and one‑year return (~37%) are impressive, trailing P/E remains negative and much of the bullish case hinges on future margin expansion materialising as expected. ^[41]
Competition in payments and lending
Paytm continues to face intense competition from UPI giants (PhonePe, Google Pay and bank‑led apps) and from multiple players in BNPL, merchant lending and digital credit distribution. Broker bull cases explicitly assume stable or improving market share; any reversal could challenge the growth narrative. ^[42]
Equity dilution through ESOPs
The company has been liberal with ESOP grants and conversions, with multiple allotments in 2025 — including tranches of 1.84 lakh shares (September), 4.44 lakh (October) and over 2.25 lakh (December), plus new grants of several lakh options. ^[43]
While standard for growth tech companies, this does create incremental dilution that investors need to factor in.
Quality of earnings amid one‑offs
Both profit spikes and drops in recent years have been heavily influenced by one‑time items — from the ticketing business sale to the gaming impairment. ^[44]
Analysts remain focused on underlying PAT and EBITDA, not just reported numbers, to judge the real trajectory.

What today’s news and forecasts mean for investors

Bringing it all together as of 8 December 2025:

The share price is consolidating just below all‑time / 52‑week highs, after a sharp rally driven by RBI’s Payment Aggregator approval, two consecutive profitable quarters, and a cleaner group structure. ^[45]
Trading activity and derivatives positioning show Paytm is firmly back in favour with both institutional and retail traders. ^[46]
Most major brokers now lean bullish, with targets in the ₹1,450–1,600 range and some outliers like Ventura and Goldman Sachs’ blue‑sky scenario pointing well above ₹2,000. A more sceptical camp (Motilal Oswal and a couple of “sell” ratings in the Mint tally) emphasises valuation and execution risk. ^[47]
Fundamental trends — payments GMV growth, merchant device additions, lending expansion and AI‑driven efficiencies — are broadly moving in the right direction, but the business is still in a multi‑year transition from growth at any cost to growth with sustained profitability. ^[48]

For investors, Paytm at this stage represents a high‑beta, high‑execution‑risk fintech story where the macro narrative (digital payments, formalisation, credit penetration) is clearly favourable, but where outcomes remain very sensitive to RBI policy, competitive intensity and management’s capital allocation choices.

References