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Goldman Sachs has reiterated its "Buy" rating on Paytm with a target price of ₹1,400.
Paytm's UPI market share by value rose to 6.5% in March 2026, up from 6.2% in December 2025.
KEY POINTS
- Paytm's merchant app download market share in Q4 FY26 fully recovered to 2023 levels.
- Paytm migrated its UPI handles to partner banks after receiving TPAP license from NPCI in March 2024.
- Paytm's loan book grew 11% QoQ in Q4, compared to 2% QoQ in Q3, highlighting lending momentum.
- Regulatory action is viewed as procedural, with Paytm decoupled from PPBL and no fresh escalation indicated.
COMPANIES
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