Paytm Q2 FY27 Revenue Rs 2,648 Cr (up 28%), EBITDA Rs 270 Cr (up 90%)
Paytm reported Q2 FY27 revenue of ₹2,648 crore, up 28% YoY, and EBITDA of ₹270 crore, up 90% YoY. Profit After Tax was ₹225 crore. The company highlighted strong growth in merchant payments and financial services distribution, with GMV reaching ₹7.1 Lakh crore and MTU at 8.5 crore. Investments in AI are driving revenue growth and cost efficiencies.
The results demonstrate significant financial and operational improvements, exceeding expectations and indicating strong business performance. This positive performance is likely to be viewed favorably by investors and the market.
The company reported strong year-on-year growth in revenue and EBITDA, along with an increase in profit after tax. Key operational metrics such as GMV, merchant subscriptions, and monthly transacting users also showed significant improvement, indicating positive business momentum.
One 97 Communications Limited (Paytm) announced its financial results for the quarter and half-year ended September 30, 2026 (Q2 FY2027).
Revenue for Q2 FY2027 increased by 28% year-on-year (YoY) to ₹2,648 crore, and on a comparable basis (excluding PIDF incentives), it grew by 33% YoY. EBITDA saw a significant jump of 90% YoY to ₹270 crore, with comparable EBITDA growing by 279% YoY to ₹258 crore. Profit After Tax (PAT) was ₹225 crore.
The company highlighted sustained revenue growth and improved cost efficiency, driven by its business model strength and AI adoption across merchant and consumer businesses. Key growth drivers include expanding merchant payments leadership, a long runway in capital-light merchant loan distribution, expansion of consumer monetization, and AI accelerating structural operating leverage.
Paytm emphasized its core moat: acquiring customers through payments and monetizing through financial and technology services, stating it does not depend on UPI MDR for profitable growth. The company is building a payments-led financial services distribution and AI diffusion model.
Merchant payments saw a 26% YoY increase in GMV to ₹7.1 Lakh crore and a 27 lakh YoY increase in subscription-paying merchants, reaching 1.64 crore. Net payment revenue was ₹644 crore, up 8% YoY reported and 21% YoY comparable. Consumer payments saw Monthly Transacting Users (MTU) grow to 8.5 crore, a 13% YoY increase.
Financial services distribution revenue grew by 49% YoY to ₹912 crore, with 8.8 lakh key financial services customers. The company is deepening its lender base and loan distribution capacity, with over 50% of merchant loan disbursements coming from repeat borrowers. DLG costs are expected to increase materially from Q3 FY2027 as they resume DLG with a large lending partner.
Indirect expenses grew by 14% YoY to ₹1,209 crore, representing 46% of revenue, an improvement of 6 percentage points compared to the previous year. This improvement is attributed to AI-led operating leverage, with software, cloud, and data center expenses increasing by 59% due to further investments in AI and platform consolidation.
The company is also offering its AI platform to enterprise merchants to help them grow and engage customers. Paytm's cash balance stood at ₹13,617 crore as of September 30, 2026.
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