Turnaround: profitable payments platform
One 97 Communications (Paytm) is in the business of providing a) payment and financial services which primarily includes payment facilitator services, facilitation of consumer and merchant lending to consumers and merchants, wealth management etc. b) marketing services which primarily consists of aggregator for digital products, ticketing business, providing voice and messaging platforms to the telecom operators and enterprise customers and other businesses, etc.
One97 Communications Limited engages in the provision of payment, commerce and cloud, and financial services to consumers and merchants in India, the United Arab Emirates, Saudi Arabia, and Singapore. The company offers payment and financial services, including payment facilitator services, facilitation of consumer and merchant lending to consumers and merchants, wealth management, etc. It also provides marketing services consist of aggregators for digital products, the ticketing business, the provision of voice and messaging platforms to telecom operators, enterprise customers and other businesses, etc. In addition, the company offers mobile recharge; bill payments, such as utility bills, education and money transfers on the app, online payment gateways, as well as offline payment solutions to merchants through QR codes, soundbox, and card machines. Further, it provides digital distribution of credit, insurance, mutual funds and equity broking services; other services, including ticketing, deals and gift vouchers and advertising services for merchants; and distributes credit cards. One97 Communications Limited was incorporated in 2000 and is headquartered in Noida, India.
Key people: Mr. Vijay Shekhar Sharma (Founder, CEO, MD & Chairman) · Mr. Madhur Deora (President & Group CFO) · Mr. Anuj Mittal (Senior Vice President of Investor Relations) · Mr. Sunil Kumar Bansal (Company Secretary & Compliance Officer) · Mr. Jessjeet Bhandari (Vice President of Sales) · Mr. Sidharth Shakdher (Chief Marketing Officer & Business Head of Business Unit)
One97 Communications major competitors are PB Fintech, One Mobikwik Systems, AvenuesAI, Algoquant Fintech. Market Cap of One97 Communications is ₹1,16,388 Crs. While the median market cap of its peers are ₹3,923 Crs.
One97 Communications seems to be financially stable compared to its competitors.The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
India's largest merchant-payments platform (1.57 cr subscription devices/Soundboxes, GMV Rs 7.1 lakh cr in Q1FY27, 8.0 cr monthly transacting users) that monetises payments via device subscriptions and net payment margin, and distributes merchant and personal loans plus insurance/wealth for lenders (financial services revenue Rs 814 cr, +45% YoY). After the RBI shut Paytm Payments Bank (Jan-2024 action; licence cancelled 24-Apr-2026), Paytm rebuilt on partner banks with a TPAP licence (Mar-2024) and a payment-aggregator licence for subsidiary Paytm Payments Services (2026). Consumer UPI GTV grew 45% YoY vs ~20% industry in Q1FY27.
TTM P/E 130x is not comparable to history (loss-making until FY26); stock at Rs 1,642 is ~4x the Mar-2024 post-RBI trough and near its 52-wk high of Rs 1,732. Computed EV/EBITDA on EV Rs 91,823 cr (mcap less Rs 13,529 cr cash) / TTM EBITDA Rs 630 cr - a growth multiple, not a value one. EV/EBITDA 145.8x; dividend yield 0.0%.
| PB Fintech (Policybazaar) | PB Fintech trades at 110x TTM P/E and 11.3x book with 40% revenue growth but 7% EBITDA margin; Paytm has a comparable multiple with faster EBITDA scaling (record Rs 203 cr/qtr), Rs 13.5k cr net cash, and MDR/UPI policy optionality PB lacks. |
| Eternal (Zomato/Blinkit) | Eternal is at 715x TTM P/E and 0.4% ROE with Blinkit burning cash to defend 1,955 dark stores in a price war; Paytm is already at positive EBITDA and PAT with no capex-heavy logistics network. |
| PhonePe / Google Pay (unlisted) | Not investable; Paytm is the only listed Indian pure-play on merchant payments + lending distribution with a 1.57 cr device base. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Info Tech — 6.5%: mostly not IT services
The internal "Info Tech" bucket holds four very different businesses and only one of them — Infosys, at 0.7% — is the tactical IT-services trade the house describes in its notes. That trade is deliberately small. Price a mature services company at zero terminal growth with 100% of profits paid out and an 8% required yield and the floor is about 12x earnings; the sector fell from roughly 30x toward that floor, which made a small dip worth buying. We see neither a case above 20x nor a collapse below 12x: a corridor of uncertainty held at 2–3% across the strategy, a position we expect to eventually exit. The reason the upside is capped is AI: the work does not go away (the back end of US banking still runs on 1970s books that must reconcile with new front ends) but far fewer people will be needed to do it. Infosys guides 1.5–3% constant-currency growth for FY27 with AI already 8% of revenue. The other three names are owned for entirely different reasons. Kaynes is electronics manufacturing — India's EMS market went from $10–12 bn in FY20 to $40–45 bn in FY25 and could exceed $150 bn by FY30 on the back of PLI, the ₹40,000 crore component scheme and import substitution. Paytm is a payments and lending platform in the world's largest real-time payment system (UPI: 24 bn transactions a month, +22%) whose regulator-inflicted crisis has passed. Indegene is a life-sciences commercialisation outsourcer riding the same $350 bn patent cliff as our pharma names — and its AI exposure is a tailwind, not a threat.
We do not own TCS, HCL Tech or Wipro because if we are going to hold a small tactical position in a sector with a capped upside we want the cheapest large franchise with the cleanest AI narrative — Infosys. Dixon (2.6–3% margins, PLI 1.0 expired, ROCE falling) is volume without value; Syrma and Amber are priced higher than Kaynes on trailing earnings with lower margins. PB Fintech is priced at 90x+ for an insurance-distribution model; Eternal is a quick-commerce cash-burn story we hold only in the AIFs. Persistent and Sagility lack Indegene's domain moat.
| Number of Accounts - Broking - Market Share | 1.72 % | as of Aug 26 |
| Payments Bank - Market Share | 17.10 % | as of Mar 21 |
| Payments for FASTags - Market Share | 28 % | as of Mar 21 |
| UPI Transactions - Market Share | 6.87 % | as of Aug 26 |
| Wallet Payment Transactions - Market Share | 70 % | as of Mar 21 |