Paytm share price today

One 97 Communications Ltd's share price was ₹1,732.40 at the close on 4 November 2026. It has been rising for 16 weeks. That is 24.6% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹976 and ₹1,850, and at that close it sat 87% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today One 97 Communications Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 19 weeks in a row.

Over the last 5 years the share price moved +11% while the NIFTY 500 moved +46%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: indian funds and insurers (DIIs) raised their stake for 14 quarters in a row, best operating margin in 16 quarters and foreign funds (FIIs) cut their stake for 3 quarters in a row.

1. Indian funds and insurers (DIIs) raised their stake for 14 quarters in a row

   From 3.2% to 29.5% of the company by the September 2026 quarter.

2. Best operating margin in 16 quarters

   Operating margin was 10% in the September 2026 quarter, against 7% a year earlier.

   Why: Margins rose because Paytm made more money on payments after pricing more carefully and doing more EMI and card conversion work with big companies. It also stopped some big-company work that lost money and some online and insurance business with thin profit.

   Next results: check whether operating profit still grows even though a big lending partner's loan guarantee starts costing money upfront again.

   From the earnings call on 27 Oct 2026.

3. Foreign funds (FIIs) cut their stake for 3 quarters in a row

   From 51.8% to 43.5% of the company by the September 2026 quarter.

For July to September 2026 (the quarter ended 30 September 2026), Paytm reported revenue of ₹2,648 crore, up 28.5% from ₹2,061 crore a year earlier, and a profit of ₹225 crore, up 971.4% from ₹21.0 crore.

Paytm results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Paytm's management discussed these results on a call held on 27 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Paytm closed at ₹1,732.40 on 4 November 2026, up 28.7% from ₹1,346.50 a year earlier (7 November 2025) and up 11.0% over five years. Its highest weekly close since November 2021 was ₹1,849.90 on 18 September 2026.

Paytm share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

264 weekly closes from 18 November 2021 to 4 November 2026.

4 Nov 2026: Paytm closed at ₹1,732.40, up 6.0% on the week and up 4.6% on the month. 27 Oct 2026: Paytm held its results call for July to September 2026. Management guided: UPI MDR uplift of 2.5 basis points to PPM stabilising over 2-3 quarters post-implementation, implying slightly above ₹700 crore now and near ₹900 crore in FY28.

Earlier

• Results for July to September 2026: Revenue up 28.5% and profit up 971.4% on a year earlier.
• Our read, 22 Aug 2026: Paytm has established sustained operating profitability with April to June 2026 operating profit reaching 203 Cr (8.3% margin) on 27.6% revenue growth, though cash flow conversion remains constrained by working capital requirements.

Our read of the business

Operating turnaround is confirmed by five consecutive quarters of positive operating profit, with April to June 2026 revenue growing 27.6% on a year earlier to 2,448 Cr and operating profit expanding to 203 Cr.

Latest quarter: Revenue Accelerates 27.6% on a year earlier to 2,448 Cr with Adjusted operating profit Margin Expanding to 8.0%.

Our read after the latest results, written 22 August 2026.

Paytm has paid no dividend on the NSE since its first NSE close in our records (18 November 2021), the start of the period we checked.

No. One 97 Communications Ltd paid out 0% of its profit as dividends in each of its last 10 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for July to September 2026, held on 27 October 2026, Paytm's management guided: UPI MDR uplift of 2.5 basis points to PPM stabilising over 2-3 quarters post-implementation, implying slightly above ₹700 crore now and near ₹900 crore in FY28.

“Consumer market share is Paytm's obligation to win, and I remain committed.”Vijay Shekhar Sharma, Founder and CEO, on the call for July to September 2026

What management guided

• October to December 2026 absolute operating profit to expand sequentially despite contribution dip from largest-partner DLG resumption.
• Indirect expenses to grow at less than half revenue growth over next 3-4 quarters.
• All-in consumer and merchant share push via product features and partnerships, not cashback burn.
• AI agent platform revenue scale in about 1 year with 3 months elapsed.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 27 October 2026.

Operating profit turning negative for two consecutive quarters or partner lending institutions reducing available credit allocations by more than 25%.

Each change stops working if

• : Partner non-performing loans rise significantly or regulators impose direct underwriting restrictions on digital distribution platforms.
• : Salesforce expansion or customer acquisition promotional expenses re-accelerate beyond revenue growth rates.
• : Competitors offer aggressive zero-rental hardware subsidies leading to elevated merchant device churn.
• : National Payments Corporation of India alters interchange structures or zero-MDR policy extends to credit card on UPI transactions.

The main risks

• : Other income comprises a large proportion of quarterly profit before tax, obscuring underlying core operating earnings. ⚠ estimate
• : FY26 operating cash flow was negative 743 Cr due to 1,863 Cr working capital absorption despite reported net profit of 552 Cr. ✓ fact
• : Four documented reversals on peripheral business lines and metrics reduce forecast reliability. ✓ fact
• : FII ownership declined from 72.1% in June 2023 to 49.4% in March 2026. ✓ fact

Our read after the latest results, written 22 August 2026.

When Paytm reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Notified post-Diwali UPI MDR go-live date and realised cap and threshold versus flip-of-switch readiness commentary.

Paytm is on one of our India lists: Momentum stocks.

One 97 Communications Ltd earned ₹225 Cr of net profit in the Sep 2026 quarter, +971.4% on the same quarter a year earlier. That is the 2nd quarter in a row of profit growth. Full-year FY26 profit was ₹552 Cr. That is 8.5% of the quarter's revenue. The same quarter a year earlier earned ₹21.0 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

5 of the last 12 reported quarters were loss-making.

FY27-Q1. revenue ₹2,448 Cr and profit ₹220 Cr as reported.

FY27-Q2. revenue ₹2,648 Cr and profit ₹225 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

One 97 Communications Ltd reported ₹2,648 Cr of revenue in the Sep 2026 quarter, +28.5% on the same quarter a year earlier. That is the 6th quarter in a row with growth on the year before. Over 11 years it has grown 34.5% a year on average. The last full year, FY26, came in at ₹8,437 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹9,554 Cr.

FY26 revenue was ₹8,437 Cr, +22.3% on the year before.

Recent pace: the last four quarters grew +23.6% on average, against 34.5% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +23.8%, against +7.4% a year over the last 8 quarters (accelerating).

FY27-Q1. revenue ₹2,448 Cr and profit ₹220 Cr as reported.

FY27-Q2. revenue ₹2,648 Cr and profit ₹225 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

One 97 Communications Ltd's operating margin was 10.0% in the Sep 2026 quarter, 3.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 10 years it has been between −195.0% and 6.0%. The latest quarter is above every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. Operating profit margin reached 8.3% in Q1 FY27, up 450 bps YoY, driven by operating leverage as indirect operating costs grew at a fraction of 27.6% revenue growth. Proprietary artificial intelligence models running on owned infrastructure have lowered customer service, sales routing, and compute expenses, supporting the medium-term path toward 15.0-20.0% adjusted EBITDA margin.

Why the margin moved: operating margin changed +3.3 percentage points on the year while gross margin changed +0.0 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold.

FY27-Q1. revenue ₹2,448 Cr and profit ₹220 Cr as reported.

FY27-Q2. revenue ₹2,648 Cr and profit ₹225 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

One 97 Communications Ltd's cash-flow history is too short to judge how much of its profit turns into cash. In FY26 its operations used ₹743 Cr of cash, against ₹552 Cr of profit. After ₹580 Cr of spending on assets, free cash was −₹1,323 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets.

One 97 Communications Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 51 days in FY26, down from 61 days in FY21. It spent ₹1,674 Cr on assets over the last 3 years.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Why this happened. The active merchant base with payment devices expanded to 1.4 crore units, with 27 lakh additions annually. Decentralized refurbishment hubs across multiple cities deliver 25-30% cost savings compared to new device procurement. This lifecycle extension reduces depreciation charges and capital expenditure intensity as device additions stabilize.

At FY26 sales of ₹8,437 Cr, each day of that cycle ties up about ₹23.1 Cr, so roughly ₹1,179 Cr is tied up in the business at any time.

Spending on assets: ₹1,674 Cr over the last 3 years, against ₹1,977 Cr of depreciation (the yearly wear and tear on existing assets). So it is spending about what it takes to replace what wears out, or less. Work still in progress is ₹11.0 Cr (FY26): assets paid for that are not earning yet.

In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean.

One 97 Communications Ltd's P/E is 132.5×, near the high end of its own history: higher than 78% of past readings. Its usual P/E (the middle reading) is 123.5×, over 8 months of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹13.35.

In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple.

One 97 Communications Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 12 quarters of 2 measures, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: with too little history, we say so rather than guess a direction.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

One 97 Communications Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: EARLY EXPANSION. Still open: Operating profit turning negative for two consecutive quarters or partner lending institutions reducing available credit allocations by more than 25%.

NOT YET CHECKED

Our read, 22 August 2026. Paytm has established sustained operating profitability with Q1 FY27 operating profit reaching 203 Cr (8.3% margin) on 27.6% revenue growth, though cash flow conversion remains constrained by working capital requirements.

What is proven. Paytm has established sustained operating profitability with Q1 FY27 operating profit reaching 203 Cr (8.3% margin) on 27.6% revenue growth, though cash flow conversion remains constrained by working capital requirements.

What is not proven yet. Operating profit turning negative for two consecutive quarters or partner lending institutions reducing available credit allocations by more than 25%.

What would change our mind. Operating profit turning negative for two consecutive quarters or partner lending institutions reducing available credit allocations by more than 25%.

The test written in advance. Operating profit turning negative for two consecutive quarters or partner lending institutions reducing available credit allocations by more than 25%. Measured by: the thesis as written as stated by the next result.

What the company does. Operating turnaround is confirmed by five consecutive quarters of positive operating profit, with Q1 FY27 revenue growing 27.6% YoY to 2,448 Cr and operating profit expanding to 203 Cr. Core distribution engines are compounding with GMV accelerating to 31.0% YoY, active subscription devices reaching 1.4 crore, and merchant lending growing 38-40% YoY with partner capital 4-6x disbursements.

What the surface reading misses. The surface reading is: Operating margin at highest level in company history. The research reads it further: The entire historical band was negative until June 2025. The high percentile represents the crossing into operating profitability rather than cyclical mean-reversion risk.

What the surface reading misses. The surface reading is: Q4 FY26 net profit was 183 Cr.

Sources: our stock research file (22 August 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

What One 97 Communications Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

AI Monetization Timeline Softens · 27 October 2026. In Jul 2026, management said it expected to be able to identify the AI revenue line in a couple of quarters and hoped for less than a year. In Oct 2026, management said monetization would take one year, a softer timeline than the prior call that was not reconciled.

Capital Allocation Appears to Broaden Beyond AI · 27 October 2026. In May 2026, management stated categorically that any new spending would be only in AI.

UPI MDR Outlook Reversal · 21 July 2026. In Jul 2026, management said UPI MDR would not materially change the business and should be excluded from the discussion. The latest call does not explain why the expected impact shifted from potentially dramatic to immaterial.

Marketing Services Recovery Guidance Undercut by Full-Year Decline · 7 May 2026. Management explicitly called a quarterly bottom for marketing services in the Nov 2025 call and reconfirmed that view in the Jan 2026 call, stating the business should grow from that point. The May 2026 call revealed that full-year FY26 saw a double-digit decline in marketing services revenue, a fact management accepted without dispute, and no explanation was offered for why the repeated bottom calls proved premature.

Every quote above is taken word for word from the company’s own earnings calls.

One 97 Communications Ltd earned a ROCE of 5% in FY26. That is up from a low of −101% in FY16. Its return on capital used (ROIC) is 11.4 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a 6.5% net margin and 0.35× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 6.5% net margin × 0.35× asset turnover × 1.49× leverage (assets divided by equity) ≈ 3.4% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed.

The key test, return on capital used minus the cost of capital: 0.6% − 12.0% = −11.4 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

One 97 Communications Ltd has total debt of ₹264 Cr against shareholder equity of ₹16,615 Cr as of Sep 2026, so its debt is 0.02× its equity, which is very little. Year by year, that ratio went from 0.02 in FY22 to 0.01 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Domestic institutions raised their stake in One 97 Communications Ltd by 21.2 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 29.5% of the company. Foreign institutions moved −12.0 points over the same period, to 43.5%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Why the owners changed: foreign institutions moved −12.0 points and domestic institutions +21.2 points over 8 quarters. One group of institutions took over shares from the other; it is not a change of mind by the people running the company.

For One 97 Communications Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

54.2 out of 100, rank 6 of 13 in E-Commerce - Platform - Utility, with 68% of the evidence available.

One 97 Communications Ltd scores 54.2 out of 100 against the 13 companies it is compared with in E-Commerce - Platform - Utility, ranking 6. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 27.1 + 6.1 + 8.8 + 12.2 = 54.2. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Paytm ranks 6 of 13 E-Commerce - Platform - Utility companies on the 4-Factor Sector Score, with 54.2 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: E-Commerce - Platform - Utility, all 13 compared on one page.

Paytm is the largest of 13 E-Commerce - Platform - Utility companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Info Edge (India), Urban Company, Pine Labs, TBO Tek, Indiamart Intermesh and Just Dial.

E-Commerce - Platform - Utility companies close in size

1. One 97 Communications Ltd ₹1,04,984 crore
2. Info Edge (India) Ltd ₹77,136 crore
3. Urban Company Ltd ₹23,566 crore
4. Pine Labs Ltd ₹17,697 crore
5. TBO Tek Ltd ₹17,121 crore
6. Indiamart Intermesh Ltd ₹8,944 crore
7. Just Dial Ltd ₹5,481 crore

All 13 E-Commerce - Platform - Utility companies, largest first

Companies close in size in other industries

97. Tata Power Company Ltd ₹1,10,255 crore · Power - Generation/Distribution
98. Canara Bank ₹1,06,616 crore · Banks - PSU
99. One 97 Communications Ltd ₹1,04,984 crore
100. Marico Ltd ₹1,04,016 crore · FMCG - Personal Care
101. Lodha Developers Ltd ₹1,03,642 crore · Realty - National

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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