NSE: PAYTM· Info TechTurnaround · Aug 26Mid cap

One 97 Communications

Turnaround: profitable payments platform

Last close: ₹1,683.00; 29 Sept 2026 · reference
1D · 1M: +2.9% · +1.9%; price-only
Weight: 2.2%; 31 Jul 2026 · Aug rank 15
Thesis review: 8 Sep 2026; Why We Own, p47

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

Where the price sits

52-week range, house target and street targets

52w low ₹95952w high ₹1,850

Reference close₹1,683
JM Financial · BUY₹2,150

Range from reference closes; street targets from the PDFs on file (Research & documents). Internal target is never shown to prospects.

Investment case and valuation

Approved model, 8 Sep 2026 review

₹1,642

Price (2026-09-08)

149.1x / 59.4x

FY27E / FY28E P/E (Buoyant sheet)

4.1%

FY27E ROE (Buoyant sheet)

130.0x

Trailing P/E

6.6x

Price / book

61%

EPS CAGR FY26–28E

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%.

Model date: 8 Sep 2026 (prices 7–8 Sep 2026)
Horizon: 12 months (bank pages: Sep-2027 roll-forward)
Audience: Internal — the book's guardrail: do not quote a target to a client; quote the thesis and the risk
Reviewer · version: Investment Committee framework · v1 (book)

Current vs history

Trailing multiples, FY-end

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
P/E	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	111.0x
Price to Book	n.m.	n.m.	n.m.	n.m.	n.m.	2.6x	3.8x	2.7x	3.5x	4.0x

Tijori FY-end multiples on reported earnings/book; compatible definitions across years, but not the same basis as Buoyant's forward P/E on internal EPS.

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