The northward movement in the Paytm share price came after domestic brokerage Emkay upgraded the stock to 'Buy' from 'Add'.
After receiving approval from National Payments Corporation of India (NPCI) in October 2024, Paytm has started to recover its lost monthly transacting users (MTU) and aims to return to its previous high MTU base of around 100 million over the next 12-18 months at a lower incremental acquisition cost.
We upgrade our rating to ‘Buy’ from ‘Add’ and believe that recent correction in the stock offers an attractive entry point given the reasonable valuations (FY27E EV/Op Revenue at 3.1x, P/B at 3.4x),” said Anand Dama, Nikhil Vaishnav and Kunaal N of Emkay, in a note.
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