Paytm’s latest Nomura note pushes the stock’s target to ₹2,250, up 31.4% from today’s close, valuing it at 26 × EV/EBIT.
Nomura projects a 96% compounded annual growth in EBIT for FY26‑29, driven by a leaner cost base, AI‑enhanced payments, and a rising UPI merchant discount rate.
Key risks include a potential dip in lending asset quality and a surge in competition, while 19 of 24 analysts hold a buy stance, 5 a hold.
Shares closed at ₹1,712.4, a 0.2% dip, but the year‑to‑date gain sits at 32.6%. With its target, the stock could see a 31% upside, positioning it as a top pick for long‑term investors.