Shares of One 97 Communications slid 10% early after a CNBC‑TV18 report that UPI merchant‑discount‑rate (MDR) rollout may be postponed, pushing the intraday low to ₹1,558.8 before rebounding to ₹1,650.4.
Goldman Sachs revised its price target to ₹2,070, a 38% jump from the previous ₹1,500, citing sustained revenue growth and margin momentum as key drivers.
The 19.5% upside implied by the new target sits 13% above the current closing level. Other houses now value Paytm at ₹2,400 (EMKAY), ₹2,300 (Investec) and ₹2,250 (Dolton Capital & Bernstein), placing the brokerage consensus firmly above the ₹2,000 mark.
Across 23 analysts, 18 hold a “buy” rating and five a “hold.” The stock has climbed 28% year‑to‑date, yet remains 10% lower than its February peak.
Goldman Sachs incorporated the UPI MDR upgrade into its earnings model, lifting EPS estimates by up to 39%. A deferred MDR rollout could delay the 40% EBITA lift, while the next UPI market‑share cap deadline in December 2026 remains a looming catalyst.
The dip also dragged other payment‑aggregator names—Pine Labs, OneMowbikwik—down 10% on the same day, underscoring sector‑wide sensitivity to regulatory timelines.