One97 Communications, the parent of Paytm, received a new Buy rating and Rs 2,250 target price from Nomura, implying 31% upside, driven by expected growth in payments GMV, merchant lending expansion, AI-led cost efficiencies and potential UPI MDR revenue.

One 97 Communications Ltd., operator of Paytm, reported Indian investors held over 56% of its shares at end of Q2 FY2027, with domestic institutional ownership rising to a record 29.5% as domestic mutual funds, insurers and pension funds absorbed block-deal supply from Elevation Capital entities and Resilient Asset Management BV.

One 97 Communications said its subsidiary First Games Technology received a revised order from the Additional Commissioner of CGST, Noida reducing its GST liability to Rs703.66 crore from Rs5,712 crore for April 2018 to March 2023, plus equivalent penalty and interest. One 97 Communications said the order will have no incremental financial impact, as First Games is treated as a joint venture, its revenue is not consolidated, its equity-method share of profit or loss was nil in FY26 and the carrying value of the investment was nil as of March 31, 2026.

One 97 Communications (Paytm) shares jumped 6.6% from the day's low of Rs 1,571 to Rs 1673.90 after the National Payments Corporation of India deferred MDR on select UPI merchant transactions to after Diwali.