One97 Communications (PAYTM)

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One97 Communications (PAYTM) · mywealthgrid

About

Fintech platform monetising merchant payments and lending in India. Recent quarters: ₹1.5–2.5k Cr revenue, OPM swinging -1.49% to 8.29% (5.95% avg). Post-IPO with zero promoter holding, 48% FII ownership. Stock up 50% in 1y; valued at PE 157.83 with ROE 3.56%.

Founded: 2000
Face value: ₹1

Market cap

₹1,05,984 Cr

P/E

163.1×

P/B

6.6×

Dividend yield

ROE

3.6%

ROCE

Debt / equity

OPM

EPS (TTM)

₹10.2

Book value

₹250.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation disconnect: PE 157.83 prices massive growth; Sep 2025 Q posted ₹264 Cr loss despite 5.23% OPM, showing earnings volatility

Margin instability and thinness: OPM ranged -1.49% to 8.29% in recent quarters; 5.95% average leaves little buffer for competition or cost shocks

Capital efficiency crisis: ROE 3.56% means ₹3.56 earned per ₹100 deployed; verify where capital is tied up and why returns are so low

Payments and lending face intense regulatory scrutiny and competition—verify Paytm's specific regulatory exposure, pricing power, and competitive moat

Generated analysis · source review pending

Growth drivers

Profitability recovery from ₹264 Cr loss (Sep 2025 Q) to ₹145–225 Cr in subsequent quarters; verify if improvements are operational or one-time

Revenue growth from ₹2,061 Cr (Sep 2025) to ₹2,448 Cr (Jun 2026); verify merchant volume growth, transaction expansion, and addressable market

Lending segment monetisation: Business emphasises merchant lending; verify if lending portfolio is growing and what spread economics support profitability at scale

Margin upside if OPM stabilises at 7–8% (vs 5.95% average) on ₹2k+ Cr revenue—significant earnings leverage without requiring volume growth

Generated analysis · source review pending

1,200 historical price candles were omitted because the exchange source has not been verified.

₹1,656.0-1.6%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 24.7% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 43.8×

Cons

−Low return on equity of -3.9% (3-yr avg)
−Thin operating margin of 6%
−Expensive at 163.1× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

41/100

Business quality: 41
Growth: 69
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 50 NIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
HDFC BankHDFCBANKHDFCBANK	₹11,10,742 Cr	₹16,99,226 Cr	₹3,51,819 Cr	₹1,50,194 Cr	41.6%	₹79,013 Cr	21.8%	7.1%	13.8%	—
ICICI BankICICIBANKICICIBANK	₹9,38,403 Cr	₹11,58,667 Cr	₹1,98,379 Cr	₹49,020 Cr	26.8%	₹56,357 Cr	29.7%	7.2%	15.4%	—
State Bank of IndiaSBINSBIN	₹8,80,692 Cr	₹16,57,994 Cr	₹5,25,951 Cr	₹2,36,906 Cr	45.9%	₹87,755 Cr	16.8%	6.1%	15.1%	—
Bajaj FinanceBAJFINANCEBAJFINANCE	₹5,90,080 Cr	₹10,25,192 Cr	₹86,164 Cr	₹58,574 Cr	68%	₹20,304 Cr	23.6%	—	18.1%	—
Life Insurance Corporation Of IndiaLICILICI	₹4,95,690 Cr	—	₹9,96,996 Cr	₹0 Cr	—	₹60,080 Cr	5.9%	—	37.6%	—
National Stock Exchange of India LtdNSENSE	₹4,30,972 Cr	₹4,35,023 Cr	₹16,601 Cr	—	—	₹10,302 Cr	62.1%	3.3%	33%	—
Kotak Mahindra BankKOTAKBANKKOTAKBANK	₹4,16,112 Cr	₹5,11,505 Cr	₹70,887 Cr	₹16,835 Cr	26.7%	₹20,354 Cr	27.6%	6.9%	11.5%	—
Axis BankAXISBANKAXISBANK	₹3,78,299 Cr	₹6,58,810 Cr	₹1,35,732 Cr	₹81,034 Cr	60.7%	₹27,822 Cr	20%	6.2%	13.2%	—
Bajaj FinservBAJAJFINSVBAJAJFINSV	₹2,77,303 Cr	₹7,05,550 Cr	₹1,57,642 Cr	₹59,568 Cr	37.7%	₹10,144 Cr	13.1%	—	13%	—
Shriram Finance LimitedSHRIRAMFINSHRIRAMFIN	₹1,77,811 Cr	₹4,28,503 Cr	₹49,997 Cr	₹36,981 Cr	73.7%	₹11,318 Cr	20.8%	—	16.4%	—
SBI Life InsuranceSBILIFESBILIFE	₹1,72,160 Cr	—	₹1,20,361 Cr	₹0 Cr	—	₹2,601 Cr	2.2%	—	13.8%	—
ICICI Prudential Asset Management Company LimitedICICIAMCICICIAMC	₹1,52,462 Cr	₹1,52,462 Cr	₹5,765 Cr	₹4,294 Cr	74.5%	₹3,298 Cr	57.2%	—	85.8%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,802	4,974	7,990	9,978	6,900	8,437
	4,570	7,360	9,634	10,922	8,404	7,937
	-1,767	-2,386	-1,644	-945	-1,504	500
OPM %	-63.1%	-48%	-20.6%	-9.5%	-21.8%	5.9%
Depreciation	179	247	485	736	673	568
Interest	35	39	23	24	16	18
	282	288	410	314	1,548	668
Profit before tax	-1,698	-2,385	-1,743	-1,390	-645	582
Tax	3	11	34	32	18	30
Tax %	0.2%	0.5%	1.9%	2.3%	2.8%	5.2%
PAT	-1,701	-2,396	-1,777	-1,422	-663	552
PAT margin %	-60.7%	-48.2%	-22.2%	-14.3%	-9.6%	6.5%
EPS (₹)	-28	-38	-27	-22	-10.4	8.7
EPS adjusted (₹)	-28	-36.9	-28	-22.3	-10.3	8.6
Annual report	—	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	60	61	65	63	64	64	64
Reserves	—	6,474	14,087	12,952	13,263	14,963	15,962
Minority interest	—	—	—	—	—	—	2
	—	545	0	2	0	5	0
	903	2,072	3,840	4,948	3,813	6,416	7,887
Total equity & liabilities	963	9,151	17,992	17,966	17,139	21,448	23,915
	547	491	914	1,209	1,247	890	906
CWIP	—	21	10	7	10	4	7
Investments	—	413	1,230	2,697	4,628	4,172	4,501
	416	8,226	15,838	14,053	11,254	16,382	18,501
Total assets	963	9,151	17,992	17,966	17,139	21,448	23,915

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—
EBITDA margin %	-63.1%	-47.1%	-20.4%	-9.1%	-21.8%	6%
EBIT margin %	-69.4%	-52%	-26.5%	-16.5%	-31.6%	-0.8%
PAT margin %	-60.7%	-48.2%	-22.2%	-14.3%	-9.6%	6.5%
Working capital
Receivable days	61	55	57	60	69	51
Inventory days	0	0	0	0	0	0
Payable days	48	37	33	23	32	41
NWC days	13	17	25	37	36	10
Leverage
Current ratio	3.43	3.22	3.12	3.46	2.76	2.55
Debt to EBITDA	—	—	—	—	—	0
Debt to equity	0.08	0	0	0	0	0
Interest coverage	-44.9	-58.3	-73.3	-45.1	-88.7	43.8
Asset turnover	0.31	0.28	0.44	0.58	0.32	0.35
Return ratios
Return on assets %	-18.6%	-13.3%	-9.9%	-8.3%	-3.1%	2.3%
Return on capital employed %	-22.3%	-21.2%	-12.1%	-8.1%	-10.1%	5%
Return on equity %	-26%	-16.9%	-13.6%	-10.7%	-4.4%	3.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoter	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	60.92%	63.72%	60.4%	58.24%	55.53%	56.2%	55.38%	54.87%	51.7%	51.76%	49.4%	48.08%
	4.06%	6.06%	6.86%	7.15%	8.49%	11.88%	14.02%	15.83%	19.95%	20.32%	23.08%	24.87%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	35.02%	30.22%	32.74%	34.61%	35.98%	31.92%	30.6%	29.3%	28.35%	27.92%	27.52%	27.05%
No. of shareholders	—	—	—	—	—	—	—	—	8,68,596	8,41,556	8,20,408	7,76,661

Promoter holding up 0 percentage points since Sep 2023.

183 deals · 16 Mar 2022 – 18 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
18 Aug 2026	RESILIENT ASSET MANAGEMENT B V	Block	NSE	Sell	1,92,10,110	₹1,535.10	₹2,948.94 Cr
18 Aug 2026	RESILIENT ASSET MANAGEMENT B V	Bulk	NSE	Sell	1,92,10,110	₹1,535.10	₹2,948.94 Cr
18 Aug 2026	SOCIETE GENERALE	Block	NSE	Buy	28,40,000	₹1,535.10	₹435.97 Cr
18 Aug 2026	SBI MUTUAL FUND	Block	NSE	Buy	27,49,563	₹1,535.10	₹422.09 Cr
18 Aug 2026	GOLDMAN SACHS BANK EUROPE SE	Block	NSE	Buy	22,55,000	₹1,535.10	₹346.17 Cr
18 Aug 2026	MY ASIAN OPPORTUNITIES MASTER FUND	Block	NSE	Buy	14,50,000	₹1,535.10	₹222.59 Cr
18 Aug 2026	SBI MUTUAL FUND	Block	NSE	Buy	13,75,050	₹1,535.10	₹211.08 Cr
18 Aug 2026	INTEGRATED CORE STRATEGIES (ASIA) PTE. LTD.	Block	NSE	Buy	9,30,000	₹1,535.10	₹142.76 Cr
18 Aug 2026	OXBOW MASTER FUND LIMITED	Block	NSE	Buy	6,44,973	₹1,535.10	₹99.01 Cr
18 Aug 2026	HSBC MUTUAL FUND	Block	NSE	Buy	6,04,503	₹1,535.10	₹92.80 Cr

1–10 of 183

1 / 19

Mr. Vijay Shekhar SharmaExecutive Director-Chairperson-CEO-MD
Ms. Sachee TrivediNon-Executive - Independent Director
Mr. Ravi Chandra AdusumalliNon-Executive - Non Independent Director
Mr. Ashit Ranjit LilaniNon-Executive - Independent Director
Mr. Gopalasamudram Srinivasaraghavan SundararajanNon-Executive - Independent Director
Mr. Rajeev Krishnamuralilal AgarwalNon-Executive - Independent Director
Ms. Urvashi SahaiExecutive Director
Mr. Narasinganallore Venkatesh SrinivasanNon-Executive - Independent Director
Ms. Manisha Raj RaisinghaniNon-Executive - Independent Director
Mr. Madhur DeoraChief Financial Officer
Mr. Amitabh Kumar Singhal

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹1,678.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹1,683.7	-15.1	-0.9%	₹1,683.7	20,141	+110	3,147	725
23 Nov 2026	₹1,691.7	-16.5	-1%	₹1,691.7	665	+21	72	725
29 Dec 2026	₹1,703.0	-5	-0.3%	₹1,703.0	22	+22	27	725

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

37

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
—	—	—	—	1,320

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

170

across 20 fund houses

Held by these funds

12.89%

of the company's equity

All mutual funds

17.94%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

170 schemes · 20 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	2.26 Cr	3,885.88	9.07%	3.536%	-14.7 L
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	72.18 L	1,239.39	6.15%	1.128%	-0
Growth Mid Cap FundNEW	Nippon India Mutual Fund	61 L	1,047.43	2%	0.953%	—
Contra FundNEW	SBI Mutual Fund	27.5 L	472.13	0.99%	0.43%	—
Midcap FundNEW	Axis Mutual Fund	24.08 L	413.4	1.17%	0.376%	—
ELSS- Tax Saver FundNEW	Axis Mutual Fund	21.85 L	375.23	1.15%	0.341%	—
Banking And Financial Services Fund	SBI Mutual Fund	21.5 L	369.18	3.4%	0.336%	+11.5 L
Flexi Cap Fund	Helios Mutual Fund	19.29 L	331.2	3.79%	0.301%	+79,700

1–8 of 170

1 / 22

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Investor Presentation and earnings call

Jul 2026Transcript AI SummaryPPTREC
May 2026Transcript AI SummaryPPTREC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results20 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

6 announcementsExport CSV

28 Sept 2026, 3:45 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

Loading announcements…

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—
EBITDA margin %	-63.1%	-47.1%	-20.4%	-9.1%	-21.8%	6%
EBIT margin %	-69.4%	-52%	-26.5%	-16.5%	-31.6%	-0.8%
PAT margin %	-60.7%	-48.2%	-22.2%	-14.3%	-9.6%	6.5%
Working capital
Receivable days	61	55	57	60	69	51
Inventory days	0	0	0	0	0	0
Payable days	48	37	33	23	32	41
NWC days	13	17	25	37	36	10
Leverage
Current ratio	3.43	3.22	3.12	3.46	2.76	2.55
Debt to EBITDA	—	—	—	—	—	0
Debt to equity	0.08	0	0	0	0	0
Interest coverage	-44.9	-58.3	-73.3	-45.1	-88.7	43.8
Asset turnover	0.31	0.28	0.44	0.58	0.32	0.35
Return ratios
Return on assets %	-18.6%	-13.3%	-9.9%	-8.3%	-3.1%	2.3%
Return on capital employed %	-22.3%	-21.2%	-12.1%	-8.1%	-10.1%	5%
Return on equity %	-26%	-16.9%	-13.6%	-10.7%	-4.4%	3.4%

Calls	Strike	Puts
—	—	—	—	1,320

Date	Category	Subject	Filing
28 Sept 2026, 3:45 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
16 Sept 2026, 5:02 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
15 Sept 2026, 11:45 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
15 Sept 2026, 4:15 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
9 Sept 2026, 12:37 pm	Others	Rumour verification - Regulation 30(11)	PDF
1 Sept 2026, 9:17 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-2,083	-1,236	416	651	-121	-743
	1,930	-5,489	2,626	318	-2,043	1,719
	279	8,054	-1,112	-22	-53	-50
Net cash flow	127	1,329	1,929	947	-2,217	926
Free cash flow	-2,275	-1,743	-290	-171	-443	-1,222
CFO / Operating profit %	—	—	—	—	—	-148%

One97 Communications

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Option chain37

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Board meetings1

Ratio timeline

Announcements

Annual reports

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Futures3

Option chain37

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

3

37

1

1

3

37