One 97 Communications Ltd. · NSE:PAYTM
One 97 Communications — Q2 FY2027 Earnings Presentation
20 slides from One 97 Communications's earnings presentation, September 2026
Slide 1: Sustained Momentum. Expanded Monetisation. Powered by AI.
Sustained Momentum. Expanded Monetisation. Powered by AI. Q2 FY 2027 · EARNINGS PRESENTATION · INR FOR THE QUARTER ENDING SEPTEMBER 2026
Slide 2: Disclaimer
Disclaimer By attending the presentation or by reading the presentation slides you agree to be bound as follows: This Presentation is prepared by One 97 Communications Limited (“Company”) and is for information purposes only without regards to specific objectives, financial situations or needs of an
Slide 3: Revenue ▲28% YoY, EBITDA ▲90% YoY
Q2 FY 2027 Revenue ▲28% YoY, EBITDA ▲90% YoY Business model strength and AI adoption continue to accelerate growth and cost efficiency across Merchant and Consumer businesses REVENUE EBITDA PROFIT AFTER TAX ₹2,648 Cr ₹270 Cr ₹225 Cr ▲28% YoY | ▲8% QoQ ▲90% YoY | ▲33% QoQ COMPARABLE REVENUE GROWTH* C
Slide 4: Well-positioned for Long-term Compounding of Profit
Looking Forward Well-positioned for Long-term Compounding of Profit Large addressable market, accelerating revenue growth and AI-led improvement in structural operating leverage Driven by large underserved MSME market, market share gains, steady growth in device 1. Growing merchant payments leadersh
Slide 5: Paytm is Building Payments-led Financial Services Distribution and AI Diffusion Model
Paytm’s Core Moat Paytm is Building Payments-led Financial Services Distribution and AI Diffusion Model Paytm Business Model: One Customer Relationship, Unlocking Multiple Layers of Value Core Acquisition Model rdi ng Eng ag Monetisation Engine oa em nb O 1. Payments-led Financial Inclusion 2. Enabl
Slide 6: Compounding on Strength Built Over the Years
Merchant Payments Compounding on Strength Built Over the Years Our merchant scale drives compounding growth, reflected in market share gains and improvement in monetisation PAYMENT PROCESSING REVENUE + SUBSCRIPTION REVENUE = NET PAYMENT REVENUE Merchant GMV ▲26% YoY Merchant Subscriptions ▲27 Lakh Y
Slide 7: 6th Consecutive Quarter of Consumer Payment Market Share Gain
Consumer Payments & Monetization Engines 6th Consecutive Quarter of Consumer Payment Market Share Gain Focus on monetisable user base leading to acceleration in revenue growth MONTHLY TRANSACTING USERS PAYTM vs INDUSTRY UPI GTV GROWTH 8.5 Cr 2.2x ▲1 Cr YoY, highest in ~3 years 42% Paytm growth vs 19
Slide 8: Accelerating Monetisation Across Distribution of Financial Services
Distribution of Financial Service Accelerating Monetisation Across Distribution of Financial Services Low penetration of our customer base offers a long runway for high growth KEY FINANCIAL SERVICES CUSTOMERS REPEAT BORROWER MIX REVENUE 8.8 Lakh > 50% ₹912 Cr ▲2.3 Lakh YoY, ▲35% YoY of merchant loan
Slide 9: Indirect Expenses: AI Improving Structural Operating Leverage
AI-led Operating Leverage Indirect Expenses: AI Improving Structural Operating Leverage Continue to invest across payments and financial services distribution, leading to market share gains and higher monetisation (Quarter ending, in ₹ Cr) Sep-25 Sep-26 YoY Change Cost of Expanding Platform 369 469
Slide 10: Accelerating AI, Accelerating Growth
Expanding Use of AI Inside and Outside the Organisation Accelerating AI, Accelerating Growth Function-specific agents, powered by fine-tuned open-source models, run across engineering, merchant and consumer journeys Inside Paytm FOR CONSUMERS FOR MERCHANTS FOR ENGINEERING Low-cost customer AI agent-
Slide 11: Strong Governance, Built to Scale Responsibly
Building for the Long Term Strong Governance, Built to Scale Responsibly Positive impact of proactive compliance decisions reflected across recent regulatory transitions Profitable Growth without Incentives: Calibrated business for profitable growth without UPI or PIDF incentives GAAP basis Disc
Slide 12: Annexure
Annexure 12
Slide 13: Excluding PIDF, Revenue grew 33%, EBITDA nearly quadrupled
Excluding PIDF, Revenue grew 33%, EBITDA nearly quadrupled Our performance was even better on a comparable basis, excluding PIDF incentive which was discontinued in Dec’25 end (Quarter ending, in ₹ Cr) Sep-25 Sep-26 YoY Operating Revenue (Reported) (A) 2,061 2,648 28% Less: PIDF Incentive (B) 74 12
Slide 14: Operating Revenue and Contribution Profit
Operating Revenue and Contribution Profit Quarter Ended Change Half Year Ended Particulars (in ₹ Cr) Sep-26 Jun-26 Sep-25 YoY QoQ Sep-26 Sep-25 YoY (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Payment Services 1,434 1,384 1,146 25% 4% 2,818 2,190 29% Distribution of Financial Services
Slide 15: EBITDA
EBITDA Quarter Ended Change Half Year Ended Particulars (in ₹ Cr) Sep-26 Jun-26 Sep-25 YoY QoQ Sep-26 Sep-25 YoY (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Contribution Profit (C) 1,479 1,350 1,207 23% 10% 2,829 2,356 20% Contribution Margin % 56% 55% 59% (271) bps 71 bps 56% 59% (3
Slide 16: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures EBITDA to Net Income Quarter Ended Change Half Year Ended Particulars (in ₹ Cr) Sep-26 Jun-26 Sep-25 YoY QoQ Sep-26 Sep-25 YoY (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) EBITDA (E) 270 203 142 90% 33% 473 214 121% Finance costs (F) (7) (7) (5) 40%
Slide 17: Breakup of Available Cash and Investable Balance
Breakup of Available Cash and Investable Balance Net Cash Balances (Qtr ending) Particulars (in ₹ Cr) Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Cash and Bank Balances 4,861 5,468 7,252 7,581 7,116 Deposits with banks 6,267 6,115 5,788 5,688 5,608 Investments (Mutual Funds/T-Bills/CP/G-Sec/NCD/NBFC FDs) 5,5
Slide 18: Operational KPIs
Operational KPIs Quarter Ended Change Operational KPIs Units Sep-26 Jun-26 Sep-25 YoY QoQ (Unaudited) (Unaudited) (Unaudited) Registered Merchants (end of period) Cr 5.2 5.0 4.7 10% 2% Subscription Merchants including devices (cumulative; end of Cr 1.64 1.57 1.37 19% 5% period) GMV ₹ Lakh Cr 7.1 7.1
Slide 19: Definitions for Metrics & Key Performance Indicators
Definitions for Metrics & Key Performance Indicators Metric Definition GMV is the rupee value of total payments made to merchants through transactions on our app or our in-store payment solutions, and payments GMV processed through Paytm payment gateway, over a period. It excludes any consumer-to-co
Slide 20: Paytm
Paytm
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