One97 Communications
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** Shares of India's Paytm PAYT.NS rise as much as 3.8% to 1,604.90 rupees
** 19.2 million shares sold by Resilient Asset Management change hands in block deals worth 29.49 billion rupees on Tuesday, exchange data show
** Floor price for block deals set at 1,535.10 rupees per share, about 1% premium to stock's close on Tuesday
** Foreign investors including Goldman Sachs, BNP Paribas and Societe Generale, and domestic investors such as SBI Mutual Fund and Aditya Birla Sun Life Mutual Fund were among the buyers
** Stock up 22.2% YTD
(Reporting by Payel Das in Bengaluru)
** Shares of India's Paytm PAYT.NS rise as much as 3.8% to 1,604.90 rupees
** 19.2 million shares sold by Resilient Asset Management change hands in block deals worth 29.49 billion rupees on Tuesday, exchange data show
** Floor price for block deals set at 1,535.10 rupees per share, about 1% premium to stock's close on Tuesday
** Foreign investors including Goldman Sachs, BNP Paribas and Societe Generale, and domestic investors such as SBI Mutual Fund and Aditya Birla Sun Life Mutual Fund were among the buyers
** Stock up 22.2% YTD
(Reporting by Payel Das in Bengaluru)
Aug 18 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM SEES 19.2 MILLION SHARES TRADE IN BLOCK DEAL WORTH 29.49 BILLION RUPEES- EXCHANGE DATA
Further company coverage: PAYT.NS
(([email protected];))
Aug 18 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM SEES 19.2 MILLION SHARES TRADE IN BLOCK DEAL WORTH 29.49 BILLION RUPEES- EXCHANGE DATA
Further company coverage: PAYT.NS
(([email protected];))
One 97 Communications said Resilient Asset Management B.V. proposed to sell up to 4.98% of Paytm through a block market trade under its existing optionally convertible debenture agreement with Antfin (Netherlands) Holding B.V. The economic value from the sale was to be retained by Antfin, while Paytm was not a party to the transaction and the founder’s direct shareholding was unchanged. Resilient had acquired an approximately 10.20% stake in Paytm from Antfin against OCDs in August 2023. A separate August 4 sale by SAIF III Mauritius and affiliates had reduced their combined holding from 14.40% to 10.73%.
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One 97 Communications said Resilient Asset Management B.V. proposed to sell up to 4.98% of Paytm through a block market trade under its existing optionally convertible debenture agreement with Antfin (Netherlands) Holding B.V. The economic value from the sale was to be retained by Antfin, while Paytm was not a party to the transaction and the founder’s direct shareholding was unchanged. Resilient had acquired an approximately 10.20% stake in Paytm from Antfin against OCDs in August 2023. A separate August 4 sale by SAIF III Mauritius and affiliates had reduced their combined holding from 14.40% to 10.73%.
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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Ujjaini Dutta
BENGALURU, Aug 17 (Reuters Breakingviews) - India’s digital payments system doesn’t have to be free to be a public good. In 2020, four years after the country launched its home-grown Unified Payments Interface, or UPI, the government scrapped merchant fees to speed up adoption. This policy has been a roaring success. The decision taken this month to re-introduce charges is the best way to ensure the pioneering system, propped up by user-friendly interfaces of Alphabet's GOOGL.O Google Pay, Walmart's WMT.O PhonePe, Paytm PAYT.NS and others, thrives for the long term.
Over the past six years, monthly UPI transactions rose from 1 billion to 24 billion. Embraced by 555 million Indians, the system processed payments worth 29.87 trillion rupees ($313.16 billion) for the month of July. Now, instead of using cash or swiping a Visa V.N or Mastercard MA.N card to buy vegetables, a Starbucks coffee or an airline ticket, Indians use UPI applications on their mobile phones to make instant bank-to-bank transfers to friends and merchants. Cash is no longer king.
The government has not confirmed the new fees, but so long as they only apply to higher-value transactions and remain below the 0.9% and 1.5% charged on debit cards and credit cards, UPI will remain accessible and retain its popularity. A Reuters report, citing unnamed sources, says fees could be 0.3% to 0.5% on transactions above 2,000 rupees - roughly $21 - for merchants with annual turnover exceeding 15 million rupees. If so, that would apply to just 4% of total UPI volume in the year to the end of March 2026.
Without generating profits on everyday transactions, payments companies have less to invest back into maintaining digital infrastructure, fraud prevention and customer acquisition. Instead, they rely on other business lines including cross-selling loans, insurance and mutual funds to users and merchants. Growing this business has been a slog: Paytm, India's original digital payments poster child owned by One97 Communications, only turned a full-year profit in March 2026. PhonePe is preparing for a public listing but is still losing money. And the government's subsidy to support payments is also insufficient to incentivise companies to bring on board the next 500 million users in far-flung cities and towns.
What's more, the most popular UPI applications in India are funded through the deep pockets of U.S. tech giants: official data show Walmart and Alphabet combined supported 78% and 82% of the total volume and value of transactions last month. That leaves the payments system vulnerable to any change in foreign companies' commitment to the South Asian country. With digital payments habits firmly embedded in the public, it's the right time to introduce nominal fees.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
India on August 10 passed a bill that will allow the re-introduction of merchant fees on transactions made through the country's Unified Payments Interface (UPI).
The Ministry of Finance clarified in a press release on August 8 that person-to-person transactions will remain free of charge and the charges will be “threshold based” for a “limited set of merchant transactions”.
India scrapped fees, known as the Merchant Discount Rate, on UPI transactions in January 2020 to accelerate the adoption of the homegrown payments network.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Ujjaini Dutta
BENGALURU, Aug 17 (Reuters Breakingviews) - India’s digital payments system doesn’t have to be free to be a public good. In 2020, four years after the country launched its home-grown Unified Payments Interface, or UPI, the government scrapped merchant fees to speed up adoption. This policy has been a roaring success. The decision taken this month to re-introduce charges is the best way to ensure the pioneering system, propped up by user-friendly interfaces of Alphabet's GOOGL.O Google Pay, Walmart's WMT.O PhonePe, Paytm PAYT.NS and others, thrives for the long term.
Over the past six years, monthly UPI transactions rose from 1 billion to 24 billion. Embraced by 555 million Indians, the system processed payments worth 29.87 trillion rupees ($313.16 billion) for the month of July. Now, instead of using cash or swiping a Visa V.N or Mastercard MA.N card to buy vegetables, a Starbucks coffee or an airline ticket, Indians use UPI applications on their mobile phones to make instant bank-to-bank transfers to friends and merchants. Cash is no longer king.
The government has not confirmed the new fees, but so long as they only apply to higher-value transactions and remain below the 0.9% and 1.5% charged on debit cards and credit cards, UPI will remain accessible and retain its popularity. A Reuters report, citing unnamed sources, says fees could be 0.3% to 0.5% on transactions above 2,000 rupees - roughly $21 - for merchants with annual turnover exceeding 15 million rupees. If so, that would apply to just 4% of total UPI volume in the year to the end of March 2026.
Without generating profits on everyday transactions, payments companies have less to invest back into maintaining digital infrastructure, fraud prevention and customer acquisition. Instead, they rely on other business lines including cross-selling loans, insurance and mutual funds to users and merchants. Growing this business has been a slog: Paytm, India's original digital payments poster child owned by One97 Communications, only turned a full-year profit in March 2026. PhonePe is preparing for a public listing but is still losing money. And the government's subsidy to support payments is also insufficient to incentivise companies to bring on board the next 500 million users in far-flung cities and towns.
What's more, the most popular UPI applications in India are funded through the deep pockets of U.S. tech giants: official data show Walmart and Alphabet combined supported 78% and 82% of the total volume and value of transactions last month. That leaves the payments system vulnerable to any change in foreign companies' commitment to the South Asian country. With digital payments habits firmly embedded in the public, it's the right time to introduce nominal fees.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
India on August 10 passed a bill that will allow the re-introduction of merchant fees on transactions made through the country's Unified Payments Interface (UPI).
The Ministry of Finance clarified in a press release on August 8 that person-to-person transactions will remain free of charge and the charges will be “threshold based” for a “limited set of merchant transactions”.
India scrapped fees, known as the Merchant Discount Rate, on UPI transactions in January 2020 to accelerate the adoption of the homegrown payments network.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
** Paytm PAYT.NS shares jump as much as 10.62% to 1,594.70 rupees, their highest since Dec. 20, 2021
** Uptick after Bernstein reiterates "outperform" and raises price target to 2,200 rupees from 1,500 rupees, implying an upside of 53% for PAYT in the next 12 months
** The brokerage's PT is the highest among 20 analysts tracking the online payments services provider with an average rating of "buy"
** Says introduction of merchant discount rate — the fee charged to merchants for accepting digital payment transactions — on UPI transactions could lift net payment margins by 3-4 bps, driving a 30% increase in FY2030 EPS
** "Recent commentary from the Ministry of Finance, coupled with legislative changes that remove the statutory prohibition on charging MDR on UPI transactions, suggests the debate has shifted from 'if' MDR returns to 'when' and 'in what' form" - Bernstein
** Estimates MDR to apply to 50% of transaction value and that PAYT can realise 22 billion rupees of incremental operating profit by FY2030
** PAYT shares are up 22.2% in 2026 so far, according to exchange data
($1 = 95.2825 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Paytm PAYT.NS shares jump as much as 10.62% to 1,594.70 rupees, their highest since Dec. 20, 2021
** Uptick after Bernstein reiterates "outperform" and raises price target to 2,200 rupees from 1,500 rupees, implying an upside of 53% for PAYT in the next 12 months
** The brokerage's PT is the highest among 20 analysts tracking the online payments services provider with an average rating of "buy"
** Says introduction of merchant discount rate — the fee charged to merchants for accepting digital payment transactions — on UPI transactions could lift net payment margins by 3-4 bps, driving a 30% increase in FY2030 EPS
** "Recent commentary from the Ministry of Finance, coupled with legislative changes that remove the statutory prohibition on charging MDR on UPI transactions, suggests the debate has shifted from 'if' MDR returns to 'when' and 'in what' form" - Bernstein
** Estimates MDR to apply to 50% of transaction value and that PAYT can realise 22 billion rupees of incremental operating profit by FY2030
** PAYT shares are up 22.2% in 2026 so far, according to exchange data
($1 = 95.2825 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Shares of India's Paytm PAYT.NS fall 1.3% to 1392.40 rupees
** 14.9 mln shares of PAYT worth 20.38 bln rupees traded on Tuesday via block deal
** Block deal price of 1367.80 rupees per share at a discount from Monday's closing level of 1410 rupees
** Earlier in the session, PAYT was up as much as 1.9%
** Deal likely made by early investors Saif Partners and Elevation Capital, as per report from CNBC-TV18
** Saif Partners and Elevation Capital did not immediately respond to Reuters requests for comment
** PAYT on avg rated "buy" by 20 analysts; median PT is 1500 rupees - LSEG-compiled data
** Stock up 7.2% YTD
(Reporting by Abhirami G in Bengaluru)
** Shares of India's Paytm PAYT.NS fall 1.3% to 1392.40 rupees
** 14.9 mln shares of PAYT worth 20.38 bln rupees traded on Tuesday via block deal
** Block deal price of 1367.80 rupees per share at a discount from Monday's closing level of 1410 rupees
** Earlier in the session, PAYT was up as much as 1.9%
** Deal likely made by early investors Saif Partners and Elevation Capital, as per report from CNBC-TV18
** Saif Partners and Elevation Capital did not immediately respond to Reuters requests for comment
** PAYT on avg rated "buy" by 20 analysts; median PT is 1500 rupees - LSEG-compiled data
** Stock up 7.2% YTD
(Reporting by Abhirami G in Bengaluru)
By Ashwin Manikandan
MUMBAI, July 28 (Reuters) - India's central bank said on Tuesday that the Delhi High Court has ordered the winding up of Paytm Payments Bank and appointed a former State Bank of India executive as the official liquidator, marking the final step in the closure of the payments bank following a prolonged regulatory crackdown.
The Reserve Bank of India had cancelled the banking licence of Paytm Payments Bank on April 24 and subsequently approached the court seeking winding-up proceedings and the appointment of a liquidator.
"The affairs of the bank were conducted in a manner detrimental to the interest of the bank and its depositors," the RBI said at the time.
Girikumar M. Nair will oversee the liquidation process and exercise all the powers of the bank's board with effect from July 8, the RBI said.
Paytm Payments Bank was once India's largest payments bank and a key part of the country's digital payments ecosystem after receiving a licence in 2015.
A payments banks is a type of lender in India that is allowed to accept deposits but not extend loans.
Paytm Payments Bank, backed by digital payments firm One 97 Communications PAYT.NS, came under increasing regulatory scrutiny in March 2022 after the RBI ordered the bank to stop onboarding new customers, citing supervisory concerns.
In January 2024, the RBI barred the bank from accepting fresh deposits due to persistent non-compliance issues.
(Reporting by Ashwin Manikandan; Editing by Sonia Cheema)
(([email protected];))
By Ashwin Manikandan
MUMBAI, July 28 (Reuters) - India's central bank said on Tuesday that the Delhi High Court has ordered the winding up of Paytm Payments Bank and appointed a former State Bank of India executive as the official liquidator, marking the final step in the closure of the payments bank following a prolonged regulatory crackdown.
The Reserve Bank of India had cancelled the banking licence of Paytm Payments Bank on April 24 and subsequently approached the court seeking winding-up proceedings and the appointment of a liquidator.
"The affairs of the bank were conducted in a manner detrimental to the interest of the bank and its depositors," the RBI said at the time.
Girikumar M. Nair will oversee the liquidation process and exercise all the powers of the bank's board with effect from July 8, the RBI said.
Paytm Payments Bank was once India's largest payments bank and a key part of the country's digital payments ecosystem after receiving a licence in 2015.
A payments banks is a type of lender in India that is allowed to accept deposits but not extend loans.
Paytm Payments Bank, backed by digital payments firm One 97 Communications PAYT.NS, came under increasing regulatory scrutiny in March 2022 after the RBI ordered the bank to stop onboarding new customers, citing supervisory concerns.
In January 2024, the RBI barred the bank from accepting fresh deposits due to persistent non-compliance issues.
(Reporting by Ashwin Manikandan; Editing by Sonia Cheema)
(([email protected];))
By Ashwin Manikandan
MUMBAI, July 23 (Reuters) - Several Indian digital payments firms have opposed a proposal that would allow merchants to store customers' preferred Unified Payments Interface option for one-click checkouts, arguing it could entrench the dominance of the bigger payment apps.
In a July 23 letter reviewed by Reuters, the companies told the National Payments Corporation of India (NPCI), which oversees the UPI network, that the proposal could "adversely impact" competition.
The signatories include Paytm, Meta-backed CRED, Flipkart's Super.money, among others.
NPCI and the companies did not immediately reply to Reuters' requests for comments.
UPI processed over 227 billion transactions worth more than 28 trillion rupees ($289.94 billion) in June, according to NPCI data, making it one of the world's most widely used fast payment networks.
Walmart-backed PhonePe and Alphabet's Google Pay together account for roughly four-fifths of these transactions.
The proposed framework, referred to as UPI Meta or UPI Checkout, would let users save a preferred payment handle or linked bank account with merchants, eliminating the need to select a payments app each time they make a purchase.
Instead, customers would proceed directly to authentication using a PIN or biometric verification, similar to how saved card details can be used for faster checkouts.
"The proposed framework is expected to materially increase persistence of customer preference towards the (third party apps) selected during the initial setup process," the companies said in the letter.
The firms said that once a customer saves a UPI ID for payment, it is unlikely to change, making it tougher for smaller apps to compete.
The concentration of UPI payments through a few platforms has been a concern for the payments authority.
NPCI introduced a plan in 2020 to limit the market share of any single UPI app to 30%, but has repeatedly delayed implementation. The current compliance deadline is December 2026.
($1 = 96.5725 Indian rupees)
(Reporting by Ashwin Manikandan; Editing by Eileen Soreng)
(([email protected];))
By Ashwin Manikandan
MUMBAI, July 23 (Reuters) - Several Indian digital payments firms have opposed a proposal that would allow merchants to store customers' preferred Unified Payments Interface option for one-click checkouts, arguing it could entrench the dominance of the bigger payment apps.
In a July 23 letter reviewed by Reuters, the companies told the National Payments Corporation of India (NPCI), which oversees the UPI network, that the proposal could "adversely impact" competition.
The signatories include Paytm, Meta-backed CRED, Flipkart's Super.money, among others.
NPCI and the companies did not immediately reply to Reuters' requests for comments.
UPI processed over 227 billion transactions worth more than 28 trillion rupees ($289.94 billion) in June, according to NPCI data, making it one of the world's most widely used fast payment networks.
Walmart-backed PhonePe and Alphabet's Google Pay together account for roughly four-fifths of these transactions.
The proposed framework, referred to as UPI Meta or UPI Checkout, would let users save a preferred payment handle or linked bank account with merchants, eliminating the need to select a payments app each time they make a purchase.
Instead, customers would proceed directly to authentication using a PIN or biometric verification, similar to how saved card details can be used for faster checkouts.
"The proposed framework is expected to materially increase persistence of customer preference towards the (third party apps) selected during the initial setup process," the companies said in the letter.
The firms said that once a customer saves a UPI ID for payment, it is unlikely to change, making it tougher for smaller apps to compete.
The concentration of UPI payments through a few platforms has been a concern for the payments authority.
NPCI introduced a plan in 2020 to limit the market share of any single UPI app to 30%, but has repeatedly delayed implementation. The current compliance deadline is December 2026.
($1 = 96.5725 Indian rupees)
(Reporting by Ashwin Manikandan; Editing by Eileen Soreng)
(([email protected];))
** Brokerages positive on One 97 Communications PAYT.NS growth outlook after robust Q1 profit
** Stock rises 0.12% to 1,302.10 rupees, up about 14% this month
PAYMENTS, FINANCIAL SERVICES TO DRIVE NEXT LEG OF GROWTH
** Morgan Stanley ("equal-weight", raises PT to 1,450 rupees from 1,175 rupees) expects momentum in payments and financial services to continue, but recent rally limits stock's upside
** Emkay Global ("buy", raises PT to 1,700 rupees from 1,500 rupees) says stronger operating leverage and multiple long-term growth drivers should support further earnings growth
** Dolat Capital ("buy", raises PT to 1,750 rupees from 1,600 rupees) says improving payment volumes, consumer monetisation and management's 15%-20% EBITDA margin target strengthen medium-term growth visibility
** Macquarie ("neutral", PT 1,235 rupees) expects revenue growth and margin expansion to continue, but believes the improving outlook is already reflected in the stock
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
** Brokerages positive on One 97 Communications PAYT.NS growth outlook after robust Q1 profit
** Stock rises 0.12% to 1,302.10 rupees, up about 14% this month
PAYMENTS, FINANCIAL SERVICES TO DRIVE NEXT LEG OF GROWTH
** Morgan Stanley ("equal-weight", raises PT to 1,450 rupees from 1,175 rupees) expects momentum in payments and financial services to continue, but recent rally limits stock's upside
** Emkay Global ("buy", raises PT to 1,700 rupees from 1,500 rupees) says stronger operating leverage and multiple long-term growth drivers should support further earnings growth
** Dolat Capital ("buy", raises PT to 1,750 rupees from 1,600 rupees) says improving payment volumes, consumer monetisation and management's 15%-20% EBITDA margin target strengthen medium-term growth visibility
** Macquarie ("neutral", PT 1,235 rupees) expects revenue growth and margin expansion to continue, but believes the improving outlook is already reflected in the stock
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
** Shares of One 97 Communications PAYT.NS up about 0.6% at 1,355 rupees
** Paytm parent reports 79% jump in quarterly net profit to 2.2 bln rupees ($22.81 mln)
** Q1 revenue from operations rises to 24.48 bln rupees compared with 19.18 billion rupees in the year-ago period
** Citi says Paytm is seeing growth acceleration, led by both merchant and consumer franchises; maintains "Buy", raises TP to 1,560 rupees vs 1,425 rupees earlier
** Within payments, growth driven by market share gains in both offline and online payments, with latter a function of ability to onboard new merchants starting late last year - Goldman Sachs
** GS maintains "Buy", raises TP to 1,500 rupees from 1,430 rupees
** 13 out of 19 analysts rate the stock "Buy" or higher, median PT of 1,417.50 rupees - LSEG-compiled data
** YTD, stock up 3.74%
($1 = 96.4400 Indian rupees)
(Reporting by Saikeerthi in Bengaluru)
(([email protected]; (+91) 8296756080))
** Shares of One 97 Communications PAYT.NS up about 0.6% at 1,355 rupees
** Paytm parent reports 79% jump in quarterly net profit to 2.2 bln rupees ($22.81 mln)
** Q1 revenue from operations rises to 24.48 bln rupees compared with 19.18 billion rupees in the year-ago period
** Citi says Paytm is seeing growth acceleration, led by both merchant and consumer franchises; maintains "Buy", raises TP to 1,560 rupees vs 1,425 rupees earlier
** Within payments, growth driven by market share gains in both offline and online payments, with latter a function of ability to onboard new merchants starting late last year - Goldman Sachs
** GS maintains "Buy", raises TP to 1,500 rupees from 1,430 rupees
** 13 out of 19 analysts rate the stock "Buy" or higher, median PT of 1,417.50 rupees - LSEG-compiled data
** YTD, stock up 3.74%
($1 = 96.4400 Indian rupees)
(Reporting by Saikeerthi in Bengaluru)
(([email protected]; (+91) 8296756080))
BENGALURU, July 20 (Reuters) - Diary of India economic, corporate events on July 20
ECONOMIC, CORPORATE .BSE500 EVENTS:
RIC | Local Start Date | Local Time | Indicator Name | Period | Reuters Poll | Prior |
ININFR=ECI | 20 Jul 2026 | 17:00 | Infrastructure Output YY | Jun | 0.50% |
Start Date | Start Time | RIC | Company Name | Event Name |
20-Jul-2026 | NTS | ULTC.NS | UltraTech Cement Ltd | Q1 2027 UltraTech Cement Ltd Earnings Release |
20-Jul-2026 | NTS | JAPR.NS | Jaiprakash Power Ventures Ltd | Q1 2027 Jaiprakash Power Ventures Ltd Earnings Release |
20-Jul-2026 | NTS | IOBK.NS | Indian Overseas Bank | Q1 2027 Indian Overseas Bank Earnings Release |
20-Jul-2026 | NTS | PAYT.NS | One 97 Communications Ltd | Q1 2027 One 97 Communications Ltd Earnings Release |
20-Jul-2026 | NTS | TRNF.NS | Transformers and Rectifiers (India) Ltd | Q1 2027 Transformers and Rectifiers (India) Ltd Earnings Release |
20-Jul-2026 | NTS | ACEL.NS | Action Construction Equipment Ltd | Q1 2027 Action Construction Equipment Ltd Earnings Release |
20-Jul-2026 | NTS | AUTH.NS | Authum Investment & Infrastructure Ltd | Q1 2027 Authum Investment & Infrastructure Ltd Earnings Release |
20-Jul-2026 | NTS | SOBH.NS | Sobha Ltd | Q1 2027 Sobha Ltd Earnings Release |
20-Jul-2026 | 13:21 | SHYE.NS | Shyam Metalics and Energy Ltd | Q1 2027 Shyam Metalics and Energy Ltd Earnings Release |
20-Jul-2026 | 11:30 | USBL.NS | Usha Martin Ltd | Usha Martin Ltd Annual Shareholders Meeting |
NTS - 'No time scheduled'
(Compiled by Bengaluru Newsroom)
BENGALURU, July 20 (Reuters) - Diary of India economic, corporate events on July 20
ECONOMIC, CORPORATE .BSE500 EVENTS:
RIC | Local Start Date | Local Time | Indicator Name | Period | Reuters Poll | Prior |
ININFR=ECI | 20 Jul 2026 | 17:00 | Infrastructure Output YY | Jun | 0.50% |
Start Date | Start Time | RIC | Company Name | Event Name |
20-Jul-2026 | NTS | ULTC.NS | UltraTech Cement Ltd | Q1 2027 UltraTech Cement Ltd Earnings Release |
20-Jul-2026 | NTS | JAPR.NS | Jaiprakash Power Ventures Ltd | Q1 2027 Jaiprakash Power Ventures Ltd Earnings Release |
20-Jul-2026 | NTS | IOBK.NS | Indian Overseas Bank | Q1 2027 Indian Overseas Bank Earnings Release |
20-Jul-2026 | NTS | PAYT.NS | One 97 Communications Ltd | Q1 2027 One 97 Communications Ltd Earnings Release |
20-Jul-2026 | NTS | TRNF.NS | Transformers and Rectifiers (India) Ltd | Q1 2027 Transformers and Rectifiers (India) Ltd Earnings Release |
20-Jul-2026 | NTS | ACEL.NS | Action Construction Equipment Ltd | Q1 2027 Action Construction Equipment Ltd Earnings Release |
20-Jul-2026 | NTS | AUTH.NS | Authum Investment & Infrastructure Ltd | Q1 2027 Authum Investment & Infrastructure Ltd Earnings Release |
20-Jul-2026 | NTS | SOBH.NS | Sobha Ltd | Q1 2027 Sobha Ltd Earnings Release |
20-Jul-2026 | 13:21 | SHYE.NS | Shyam Metalics and Energy Ltd | Q1 2027 Shyam Metalics and Energy Ltd Earnings Release |
20-Jul-2026 | 11:30 | USBL.NS | Usha Martin Ltd | Usha Martin Ltd Annual Shareholders Meeting |
NTS - 'No time scheduled'
(Compiled by Bengaluru Newsroom)
July 9 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - PAYTM ENTERS PARTNERSHIP WITH FLIP AND PT DUTA TEKNOLOGI KREATIF IN INDONESIA
PAYTM - PAYTM TO PROVIDE DEVICE HARDWARE, TECHNOLOGY AND MAKE MINORITY INVESTMENT IN DTK
Source text: ID:nBSE9DdCHP
Further company coverage: PAYT.NS
(([email protected];;))
July 9 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - PAYTM ENTERS PARTNERSHIP WITH FLIP AND PT DUTA TEKNOLOGI KREATIF IN INDONESIA
PAYTM - PAYTM TO PROVIDE DEVICE HARDWARE, TECHNOLOGY AND MAKE MINORITY INVESTMENT IN DTK
Source text: ID:nBSE9DdCHP
Further company coverage: PAYT.NS
(([email protected];;))
July 3 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - UNIT PAYTM EUROPE GRANTED PAYMENT INSTITUTION LICENCE EFFECTIVE JULY 02, 2026
Source text: ID:nBSEbzfthW
Further company coverage: PAYT.NS
(([email protected];))
July 3 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - UNIT PAYTM EUROPE GRANTED PAYMENT INSTITUTION LICENCE EFFECTIVE JULY 02, 2026
Source text: ID:nBSEbzfthW
Further company coverage: PAYT.NS
(([email protected];))
Adds details throughout on Jio Platforms
MUMBAI, June 19 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms filed regulatory papers for an IPO on Friday that sources said would raise about $3.8 billion, making it the country's biggest-ever stock offering.
Another IPO that is in the pipeline - by the National Stock Exchange of India - is likely to be worth about $3.3 billion.
Here are the five largest Indian IPOs to date:
HYUNDAI MOTOR INDIA
Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion rupees ($2.95 billion) in October 2024 in what is currently India's biggest-ever IPO.
The manufacturer's South Korean parent 005380.KS sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar approach, with the company's major investors set to dilute their stakes.
LIFE INSURANCE CORPORATION OF INDIA
The government pocketed roughly 205 billion rupees ($2.17 billion) from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor LIFI.NS, a far cry from its initial target of up to $12 billion.
The shares slid nearly 8% on their debut.
PAYTM
Paytm PAYT.NS, an Indian fintech firm, raised 183 billion rupees in November 2021 in a mix of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding to 16%.
Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time.
TATA CAPITAL
The Tata Group's financial services arm TATC.NS raised 155 billion rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India. The shares listed at a slight premium of 1.23%.
LG ELECTRONICS INDIA
South Korean parent LG Electronics 066570.KS offloaded a 15% stake in its Indian unit LGEL.NS, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting 116 billion rupees in October 2025.
The IPO was oversubscribed 54 times - the most heavily subscribed major Indian IPO since Reliance Power's listing in 2008 - attracting bids worth about 4.4 trillion rupees.
LG's shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent.
($1 = 94.3800 Indian rupees)
(Reporting by Vibhuti Sharma and Jayshree P. Upadhyay in Mumbai; Editing by AdityaKate Mayberry and Kevin Buckland)
(([email protected];))
Adds details throughout on Jio Platforms
MUMBAI, June 19 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms filed regulatory papers for an IPO on Friday that sources said would raise about $3.8 billion, making it the country's biggest-ever stock offering.
Another IPO that is in the pipeline - by the National Stock Exchange of India - is likely to be worth about $3.3 billion.
Here are the five largest Indian IPOs to date:
HYUNDAI MOTOR INDIA
Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion rupees ($2.95 billion) in October 2024 in what is currently India's biggest-ever IPO.
The manufacturer's South Korean parent 005380.KS sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar approach, with the company's major investors set to dilute their stakes.
LIFE INSURANCE CORPORATION OF INDIA
The government pocketed roughly 205 billion rupees ($2.17 billion) from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor LIFI.NS, a far cry from its initial target of up to $12 billion.
The shares slid nearly 8% on their debut.
PAYTM
Paytm PAYT.NS, an Indian fintech firm, raised 183 billion rupees in November 2021 in a mix of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding to 16%.
Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time.
TATA CAPITAL
The Tata Group's financial services arm TATC.NS raised 155 billion rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India. The shares listed at a slight premium of 1.23%.
LG ELECTRONICS INDIA
South Korean parent LG Electronics 066570.KS offloaded a 15% stake in its Indian unit LGEL.NS, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting 116 billion rupees in October 2025.
The IPO was oversubscribed 54 times - the most heavily subscribed major Indian IPO since Reliance Power's listing in 2008 - attracting bids worth about 4.4 trillion rupees.
LG's shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent.
($1 = 94.3800 Indian rupees)
(Reporting by Vibhuti Sharma and Jayshree P. Upadhyay in Mumbai; Editing by AdityaKate Mayberry and Kevin Buckland)
(([email protected];))
Updates to add IPO filing by NSE
MUMBAI, June 18 (Reuters) - The National Stock Exchange of India has filed draft papers for a long-delayed listing that will be one of two mega initial public offerings in the country this year, alongside billionaire Mukesh Ambani's Reliance Jio.
NSE's IPO is likely to be worth $3.3 billion, based on its share price in private markets, and comes after years of regulatory delays. Existing investors will sell 6% of the company's equity as part of the issue, which will be a pure offer-for-sale with no fresh equity being raised.
Ambani's AI-to-telecoms arm Reliance Jio Platforms is also gearing up for a stock offering that will likely be India's biggest ever.
Sources told Reuters in January that the IPO could be worth as much as $4 billion, though final numbers will only be decided later. In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion.
Here are the five largest Indian IPOs of all time before NSE and Jio Platforms:
HYUNDAI MOTOR INDIA
Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion Indian rupees ($2.95 billion) in October 2024 in India's largest-ever IPO.
The manufacturer's South Korean parent 005380.KS sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar approach, with the company's major investors expected to dilute their stakes.
LIFE INSURANCE CORPORATION OF INDIA
The government pocketed roughly 205 billion Indian rupees from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor LIFI.NS, a far cry from its initial target of up to $12 billion.
The shares slid nearly 8% on their debut.
PAYTM
Paytm PAYT.NS, India's fintech firm, raised 183 billion Indian rupees in November 2021 in a mix of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding to 16%.
Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time.
TATA CAPITAL
The Tata Group's financial services arm TATC.NS raised 155 billion Indian rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India.
The shares listed at a slight premium of 1.23%.
LG ELECTRONICS INDIA
South Korean parent LG Electronics 066570.KS offloaded a 15% stake in its Indian unit LGEL.NS, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting 116 billion Indian rupees in October 2025.
The IPO was oversubscribed 54 times - the most heavily subscribed major Indian IPO since Reliance Power's listing in 2008 - attracting bids worth about 4.4 trillion rupees.
LG's shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent.
($1 = 94.3800 Indian rupees)
(Reporting by Vibhuti Sharma and Jayshree P. Upadhyay in Mumbai; Editing by Aditya Kalra, Kate Mayberry and Kevin Buckland)
(([email protected];))
Updates to add IPO filing by NSE
MUMBAI, June 18 (Reuters) - The National Stock Exchange of India has filed draft papers for a long-delayed listing that will be one of two mega initial public offerings in the country this year, alongside billionaire Mukesh Ambani's Reliance Jio.
NSE's IPO is likely to be worth $3.3 billion, based on its share price in private markets, and comes after years of regulatory delays. Existing investors will sell 6% of the company's equity as part of the issue, which will be a pure offer-for-sale with no fresh equity being raised.
Ambani's AI-to-telecoms arm Reliance Jio Platforms is also gearing up for a stock offering that will likely be India's biggest ever.
Sources told Reuters in January that the IPO could be worth as much as $4 billion, though final numbers will only be decided later. In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion.
Here are the five largest Indian IPOs of all time before NSE and Jio Platforms:
HYUNDAI MOTOR INDIA
Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion Indian rupees ($2.95 billion) in October 2024 in India's largest-ever IPO.
The manufacturer's South Korean parent 005380.KS sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar approach, with the company's major investors expected to dilute their stakes.
LIFE INSURANCE CORPORATION OF INDIA
The government pocketed roughly 205 billion Indian rupees from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor LIFI.NS, a far cry from its initial target of up to $12 billion.
The shares slid nearly 8% on their debut.
PAYTM
Paytm PAYT.NS, India's fintech firm, raised 183 billion Indian rupees in November 2021 in a mix of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding to 16%.
Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time.
TATA CAPITAL
The Tata Group's financial services arm TATC.NS raised 155 billion Indian rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India.
The shares listed at a slight premium of 1.23%.
LG ELECTRONICS INDIA
South Korean parent LG Electronics 066570.KS offloaded a 15% stake in its Indian unit LGEL.NS, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting 116 billion Indian rupees in October 2025.
The IPO was oversubscribed 54 times - the most heavily subscribed major Indian IPO since Reliance Power's listing in 2008 - attracting bids worth about 4.4 trillion rupees.
LG's shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent.
($1 = 94.3800 Indian rupees)
(Reporting by Vibhuti Sharma and Jayshree P. Upadhyay in Mumbai; Editing by Aditya Kalra, Kate Mayberry and Kevin Buckland)
(([email protected];))
June 4 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - APPROVES DEFAULT LOSS GUARANTEE OF UP TO 900 MILLION RUPEES WITH EACH LENDING PARTNER
PAYTM - TO PROVIDE DEFAULT LOSS GUARANTEE OF UP TO 900 MILLION RUPEES TO MUTHOOT FINCORP, KISETSU SAISON FINANCE
Source text: ID:nBSEblL02s
Further company coverage: PAYT.NS
(([email protected];))
June 4 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - APPROVES DEFAULT LOSS GUARANTEE OF UP TO 900 MILLION RUPEES WITH EACH LENDING PARTNER
PAYTM - TO PROVIDE DEFAULT LOSS GUARANTEE OF UP TO 900 MILLION RUPEES TO MUTHOOT FINCORP, KISETSU SAISON FINANCE
Source text: ID:nBSEblL02s
Further company coverage: PAYT.NS
(([email protected];))
** Shares of Paytm PAYT.NS down 3.6% at 1,113.5 rupees
** CNBC-TV18 reports, citing sources, that investor SAIF Partners is looking to sell nearly 8.6 million shares, about 1.3% equity in fintech firm, through a block deal
** Media outlet says floor price for the stake sale is set at 1,120 rupees per share, which represents a 3.1% discount to previous session's closing price
** Both Paytm and SAIF Partners did not immediately reply to Reuters' request for comments
** Stock rated as "Buy" on average by 19 analysts; median PT at 1,395 rupees - LSEG-compiled data
** YTD, stock down 14.1%
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
** Shares of Paytm PAYT.NS down 3.6% at 1,113.5 rupees
** CNBC-TV18 reports, citing sources, that investor SAIF Partners is looking to sell nearly 8.6 million shares, about 1.3% equity in fintech firm, through a block deal
** Media outlet says floor price for the stake sale is set at 1,120 rupees per share, which represents a 3.1% discount to previous session's closing price
** Both Paytm and SAIF Partners did not immediately reply to Reuters' request for comments
** Stock rated as "Buy" on average by 19 analysts; median PT at 1,395 rupees - LSEG-compiled data
** YTD, stock down 14.1%
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
** Indian fintech firm Paytm's PAYT.NS shares rise 4.6% to 1,161 rupees
** Co swings to Q4 profit of 1.84 billion rupees from loss of 5.4 billion rupees a year earlier
** Co expects revenue growth in FY27 to be higher than the 22% delivered in FY26
** Expects margins to improve further in FY27
** Revenue from operations rose 18.4% to 22.64 billion rupees during the quarter
** Revenue growth was led by financial services and the revenue momentum can support earnings, Jefferies says
** Thirteen of 19 brokerages rate the stock "buy" or higher; their median PT is 1,382 rupees
** YTD, stock down 14.1%
(Reporting by Abhinav Parmar in Bengaluru)
(([email protected];))
** Indian fintech firm Paytm's PAYT.NS shares rise 4.6% to 1,161 rupees
** Co swings to Q4 profit of 1.84 billion rupees from loss of 5.4 billion rupees a year earlier
** Co expects revenue growth in FY27 to be higher than the 22% delivered in FY26
** Expects margins to improve further in FY27
** Revenue from operations rose 18.4% to 22.64 billion rupees during the quarter
** Revenue growth was led by financial services and the revenue momentum can support earnings, Jefferies says
** Thirteen of 19 brokerages rate the stock "buy" or higher; their median PT is 1,382 rupees
** YTD, stock down 14.1%
(Reporting by Abhinav Parmar in Bengaluru)
(([email protected];))
May 6 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - NO FINANCIAL OR BUSINESS IMPACT FROM CANCELLATION OF PAYTM PAYMENTS BANK’S BANKING LICENSE
PAYTM - REPORTED QTRLY NUMBERS IMPACTED BY DISCONTINUATION OF PIDF SCHEME
Further company coverage: PAYT.NS
(([email protected];;))
May 6 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - NO FINANCIAL OR BUSINESS IMPACT FROM CANCELLATION OF PAYTM PAYMENTS BANK’S BANKING LICENSE
PAYTM - REPORTED QTRLY NUMBERS IMPACTED BY DISCONTINUATION OF PIDF SCHEME
Further company coverage: PAYT.NS
(([email protected];;))
April 27 (Reuters) - Shares of Paytm parent One 97 Communications PAYT.NS slumped 7.5% on Monday after India's central bank on Friday cancelled the banking licence issued to Paytm Payments Bank Limited.
(Reporting by Abhinav Parmar in Bengaluru; Editing by Rashmi Aich)
(([email protected];))
April 27 (Reuters) - Shares of Paytm parent One 97 Communications PAYT.NS slumped 7.5% on Monday after India's central bank on Friday cancelled the banking licence issued to Paytm Payments Bank Limited.
(Reporting by Abhinav Parmar in Bengaluru; Editing by Rashmi Aich)
(([email protected];))
April 24 (Reuters) - The Reserve Bank of India on Friday said it has cancelled the banking licence issued to Paytm Payments Bank Limited.
(Reporting by Chandini Monnappa in Bengaluru; Editing by Shilpi Majumdar)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
April 24 (Reuters) - The Reserve Bank of India on Friday said it has cancelled the banking licence issued to Paytm Payments Bank Limited.
(Reporting by Chandini Monnappa in Bengaluru; Editing by Shilpi Majumdar)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
April 15 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - PAYTM BECOMES INDIAN OWNED AND CONTROLLED COMPANY
Source text: ID:nBSEbQBSJ4
Further company coverage: PAYT.NS
(([email protected];))
April 15 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - PAYTM BECOMES INDIAN OWNED AND CONTROLLED COMPANY
Source text: ID:nBSEbQBSJ4
Further company coverage: PAYT.NS
(([email protected];))
March 11 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - NPCI REVISES TPAP AND PAYER PSP FEES FOR RUPAY CREDIT CARD ON UPI EFFECTIVE APRIL 1, 2026
PAYTM - TPAP FEE FOR RUPAY CREDIT CARD ON UPI REDUCED TO 6 BPS NON INDUSTRY, 3 BPS INDUSTRY
PAYTM - CIRCULAR HAS NO IMPACT ON MERCHANT ACQUIRING REVENUE
PAYTM - CIRCULAR DOES NOT HAVE ANY IMPACT ON MERCHANT MDR
Source text: ID:nBSE1rbhC6
Further company coverage: PAYT.NS
(([email protected];;))
March 11 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - NPCI REVISES TPAP AND PAYER PSP FEES FOR RUPAY CREDIT CARD ON UPI EFFECTIVE APRIL 1, 2026
PAYTM - TPAP FEE FOR RUPAY CREDIT CARD ON UPI REDUCED TO 6 BPS NON INDUSTRY, 3 BPS INDUSTRY
PAYTM - CIRCULAR HAS NO IMPACT ON MERCHANT ACQUIRING REVENUE
PAYTM - CIRCULAR DOES NOT HAVE ANY IMPACT ON MERCHANT MDR
Source text: ID:nBSE1rbhC6
Further company coverage: PAYT.NS
(([email protected];;))
IPO expected to raise $900 million-$1.05 billion, sources say
Walmart to trim stake; Microsoft, Tiger Global to exit
PhonePe processed nearly half of UPI payments in Jan, data show
By Jaspreet Kalra
MUMBAI, March 4 (Reuters) - Walmart-backed Indian fintech firm PhonePe PHOP.NS, the country's most used payments platform, is aiming to list at a valuation of between $9 billion and $10.5 billion, two people with direct knowledge of the matter said.
That suggests the IPO will raise about $900 million to $1.05 billion. But even at the top end, the deal would mark a cut from the $12 billion valuation at which PhonePe last raised $100 million in private markets in 2023.
Walmart WMT.N will trim its stake in PhonePe by about 12% in the firm's initial public offering, while Tiger Global and Microsoft MSFT.O plan to exit their stakes, according to the firm's IPO filing.
The three firms will sell around 50.7 million shares in the offering and PhonePe will not issue any new shares.
PhonePe, which competes with Google Pay and Paytm PAYT.NS in India, filed for its IPO in September and aims to complete the process by April, one of the sources said, although the timeline could shift depending on capital market conditions, including any impact from the Middle East conflict.
Both sources requested anonymity as the discussions are confidential. PhonePe, Walmart, Tiger Global, and Microsoft did not immediately respond to emails seeking comment.
The expected valuation of PhonePe, which means "on the phone" in Hindi, and timing of the issue have not been previously reported.
PhonePe's listing would make it India's second-largest fintech IPO, behind Paytm's about $20 billion listing in 2021.
Paytm currently trades at a market capitalization of $7.1 billion.
'MONETISATION REMAINS A QUESTION MARK'
PhonePe has more than 650 million registered users and processed nearly 10 billion of the 21.7 billion transactions on India's unified payments interface (UPI) in January, regulatory data showed. But payments in India remain a low-margin business.
India launched UPI in 2016 and barred companies from charging fees for the instant payment service to spur digital payments and reduce cash use in Asia's No.3 economy.
PhonePe's losses widened to 14.44 billion rupees ($158 million) in the six months ended September 30, from 12.03 billion rupees a year ago, while revenue rose about 22% to 39.18 billion rupees, the firm's IPO filing showed.
Two portfolio managers, who met the company's management in pre-IPO roadshows, said excitement around the country's fintech sector had cooled and that there were lingering questions around PhonePe's ability to monetise its user base - a key reason it may not achieve a valuation closer to its last funding round.
"Monetisation remains a question mark. Active users aren't growing at the same pace so the game is all about upsell and that remains to be seen," one of the portfolio managers said.
Investors also see India's fintech market as overcrowded with little differentiation among players, said a third source, a banker to the issue.
These sources also spoke on the condition of anonymity as they were not authorized to speak to media.
($1 = 92.1730 Indian rupees)
(Reporting by Jaspreet Kalra in Mumbai; additional reporting by Gopika Gopakumar in Mumbai; Editing by Himani Sarkar)
(([email protected]; +91-8769636545;))
IPO expected to raise $900 million-$1.05 billion, sources say
Walmart to trim stake; Microsoft, Tiger Global to exit
PhonePe processed nearly half of UPI payments in Jan, data show
By Jaspreet Kalra
MUMBAI, March 4 (Reuters) - Walmart-backed Indian fintech firm PhonePe PHOP.NS, the country's most used payments platform, is aiming to list at a valuation of between $9 billion and $10.5 billion, two people with direct knowledge of the matter said.
That suggests the IPO will raise about $900 million to $1.05 billion. But even at the top end, the deal would mark a cut from the $12 billion valuation at which PhonePe last raised $100 million in private markets in 2023.
Walmart WMT.N will trim its stake in PhonePe by about 12% in the firm's initial public offering, while Tiger Global and Microsoft MSFT.O plan to exit their stakes, according to the firm's IPO filing.
The three firms will sell around 50.7 million shares in the offering and PhonePe will not issue any new shares.
PhonePe, which competes with Google Pay and Paytm PAYT.NS in India, filed for its IPO in September and aims to complete the process by April, one of the sources said, although the timeline could shift depending on capital market conditions, including any impact from the Middle East conflict.
Both sources requested anonymity as the discussions are confidential. PhonePe, Walmart, Tiger Global, and Microsoft did not immediately respond to emails seeking comment.
The expected valuation of PhonePe, which means "on the phone" in Hindi, and timing of the issue have not been previously reported.
PhonePe's listing would make it India's second-largest fintech IPO, behind Paytm's about $20 billion listing in 2021.
Paytm currently trades at a market capitalization of $7.1 billion.
'MONETISATION REMAINS A QUESTION MARK'
PhonePe has more than 650 million registered users and processed nearly 10 billion of the 21.7 billion transactions on India's unified payments interface (UPI) in January, regulatory data showed. But payments in India remain a low-margin business.
India launched UPI in 2016 and barred companies from charging fees for the instant payment service to spur digital payments and reduce cash use in Asia's No.3 economy.
PhonePe's losses widened to 14.44 billion rupees ($158 million) in the six months ended September 30, from 12.03 billion rupees a year ago, while revenue rose about 22% to 39.18 billion rupees, the firm's IPO filing showed.
Two portfolio managers, who met the company's management in pre-IPO roadshows, said excitement around the country's fintech sector had cooled and that there were lingering questions around PhonePe's ability to monetise its user base - a key reason it may not achieve a valuation closer to its last funding round.
"Monetisation remains a question mark. Active users aren't growing at the same pace so the game is all about upsell and that remains to be seen," one of the portfolio managers said.
Investors also see India's fintech market as overcrowded with little differentiation among players, said a third source, a banker to the issue.
These sources also spoke on the condition of anonymity as they were not authorized to speak to media.
($1 = 92.1730 Indian rupees)
(Reporting by Jaspreet Kalra in Mumbai; additional reporting by Gopika Gopakumar in Mumbai; Editing by Himani Sarkar)
(([email protected]; +91-8769636545;))
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
By Hudson Lockett
HONG KONG, March 2 (Reuters Breakingviews) - Initial public offerings often lean on growth potential in their sales pitch, but the one made by PayPay looks particularly ambitious. The Japanese payments and credit card provider is selling itself in its U.S. listing prospectus as a future one-stop finance super app. Hitting a $20 billion valuation sought by SoftBank Group 9984.T founder Masayoshi Son will require convincing investors the firm is primed to become much greater than the sum of its parts.
The business, which turned profitable in 2025, does have promise: monthly active users rose more than 10% to 40 million in the year to December 31, with 11 million actively using the company’s credit cards. Its performance over the last nine months of 2025 points to annualised revenue of 371 billion yen ($2.4 billion) for the fiscal year ending March 31, up almost a quarter year-on-year. Pretax net profit margin came in at 21.9% for the nine-month period, up from 12.6% in 2024.
At Son's hoped-for valuation, PayPay would be worth 8.4 times its sales, five times the multiple carried by U.S. peer PayPal PYPL.O—which is itself on the M&A radar of payments firm Stripe, per Bloomberg. It’s logical, then, for PayPay to play up a “broader mission of offering a comprehensive digital finance experience” with presumably juicier margins.
Results from PayPay’s cross-promotion between payments, cards and banking show promise: average monthly transactions by users with both an e-wallet and card stood at almost 67,000 yen in the 2025 fiscal year—nearly triple the users of the app alone—with bank users’ monthly average rising to 136,000 yen. And PayPay’s code payments and cards now account for over 10% of digital payments in Japan, behind the 17% market share of rival Rakuten’s credit card business, Pujance Chan, an equity analyst at Morningstar, estimates.
Chan reckons there is still room for PayPay users to grow, especially if accounts are allowed to merge with those of SoftBank-backed messaging app Line, which boasts over 100 million monthly active users in Japan. Yet Line’s history of large-scale data breaches has raised regulatory hurdles for any such linkup. In India, supervisory concerns have hurt the broader financial ambitions of Paytm of One97 Communications PAYT.NS.
Beyond compliance risk, there is the fact that PayPay’s financial services segment, made up of its banking and securities units, accounted for only 16.3% of consolidated operating profit in the final nine months of 2025. Explaining how the firm can swiftly boost that share without tripping regulatory wires would make a stronger case for its super app ambitions.
Follow Hudson Lockett on Bluesky and X.
CONTEXT NEWS
PayPay, the SoftBank Group-backed Japanese payments app, is set to receive more than $200 million from a group of cornerstone investors, including Qatar Holdings, Visa and the Abu Dhabi Investment Authority, as part of its U.S. initial public offering, Reuters reported on February 28, citing two unnamed sources.
PayPay filed paperwork for its IPO on February 12. Bloomberg reported on the same day that the firm is seeking a valuation of more than $10 billion, with SoftBank founder Masayoshi Son pushing for up to double that amount, according to unnamed sources.
Payments and credit cards are PayPay's bread and butter https://www.reuters.com/graphics/BRV-BRV/gkvlkmyggpb/chart.png
(Editing by Una Galani; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on LOCKETT/ [email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
By Hudson Lockett
HONG KONG, March 2 (Reuters Breakingviews) - Initial public offerings often lean on growth potential in their sales pitch, but the one made by PayPay looks particularly ambitious. The Japanese payments and credit card provider is selling itself in its U.S. listing prospectus as a future one-stop finance super app. Hitting a $20 billion valuation sought by SoftBank Group 9984.T founder Masayoshi Son will require convincing investors the firm is primed to become much greater than the sum of its parts.
The business, which turned profitable in 2025, does have promise: monthly active users rose more than 10% to 40 million in the year to December 31, with 11 million actively using the company’s credit cards. Its performance over the last nine months of 2025 points to annualised revenue of 371 billion yen ($2.4 billion) for the fiscal year ending March 31, up almost a quarter year-on-year. Pretax net profit margin came in at 21.9% for the nine-month period, up from 12.6% in 2024.
At Son's hoped-for valuation, PayPay would be worth 8.4 times its sales, five times the multiple carried by U.S. peer PayPal PYPL.O—which is itself on the M&A radar of payments firm Stripe, per Bloomberg. It’s logical, then, for PayPay to play up a “broader mission of offering a comprehensive digital finance experience” with presumably juicier margins.
Results from PayPay’s cross-promotion between payments, cards and banking show promise: average monthly transactions by users with both an e-wallet and card stood at almost 67,000 yen in the 2025 fiscal year—nearly triple the users of the app alone—with bank users’ monthly average rising to 136,000 yen. And PayPay’s code payments and cards now account for over 10% of digital payments in Japan, behind the 17% market share of rival Rakuten’s credit card business, Pujance Chan, an equity analyst at Morningstar, estimates.
Chan reckons there is still room for PayPay users to grow, especially if accounts are allowed to merge with those of SoftBank-backed messaging app Line, which boasts over 100 million monthly active users in Japan. Yet Line’s history of large-scale data breaches has raised regulatory hurdles for any such linkup. In India, supervisory concerns have hurt the broader financial ambitions of Paytm of One97 Communications PAYT.NS.
Beyond compliance risk, there is the fact that PayPay’s financial services segment, made up of its banking and securities units, accounted for only 16.3% of consolidated operating profit in the final nine months of 2025. Explaining how the firm can swiftly boost that share without tripping regulatory wires would make a stronger case for its super app ambitions.
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CONTEXT NEWS
PayPay, the SoftBank Group-backed Japanese payments app, is set to receive more than $200 million from a group of cornerstone investors, including Qatar Holdings, Visa and the Abu Dhabi Investment Authority, as part of its U.S. initial public offering, Reuters reported on February 28, citing two unnamed sources.
PayPay filed paperwork for its IPO on February 12. Bloomberg reported on the same day that the firm is seeking a valuation of more than $10 billion, with SoftBank founder Masayoshi Son pushing for up to double that amount, according to unnamed sources.
Payments and credit cards are PayPay's bread and butter https://www.reuters.com/graphics/BRV-BRV/gkvlkmyggpb/chart.png
(Editing by Una Galani; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on LOCKETT/ [email protected]))
Feb 10 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - IRDAI RENEWED IRDAI INSURANCE BROKING LICENSE OF PAYTM INSURANCE BROKING
Further company coverage: PAYT.NS
(([email protected];))
Feb 10 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - IRDAI RENEWED IRDAI INSURANCE BROKING LICENSE OF PAYTM INSURANCE BROKING
Further company coverage: PAYT.NS
(([email protected];))
** Digital payments platform Paytm PAYT.NS shares up 0.5% at 1,164.7 rupees
** Bernstein ("outperform", 1,600 rupees PT) notes India's surprise move to continue incentives for digital payments as positive for PAYT
** Finance minister revised FY26 allocation for incentives towards India's real-time digital payments system, Unified Payments Interface (UPI), to 22 billion rupees, from 4.4 billion rupees
** Earlier, RBI chose not to extend its incentive scheme for digital payments
** Brokerage estimates PAYT could receive an incremental revenue of 800 million rupees in Q4 due to the raised allocation for FY26, which would partially offset the loss of RBI incentives
** 17 analysts rate PAYT "buy" on average, median PT 1,460 rupees - LSEG data
** Stock dropped 12.4% in January
(Reporting by Nandan Mandayam in Bengaluru)
(([email protected]; Mobile: +91 9591011727;))
** Digital payments platform Paytm PAYT.NS shares up 0.5% at 1,164.7 rupees
** Bernstein ("outperform", 1,600 rupees PT) notes India's surprise move to continue incentives for digital payments as positive for PAYT
** Finance minister revised FY26 allocation for incentives towards India's real-time digital payments system, Unified Payments Interface (UPI), to 22 billion rupees, from 4.4 billion rupees
** Earlier, RBI chose not to extend its incentive scheme for digital payments
** Brokerage estimates PAYT could receive an incremental revenue of 800 million rupees in Q4 due to the raised allocation for FY26, which would partially offset the loss of RBI incentives
** 17 analysts rate PAYT "buy" on average, median PT 1,460 rupees - LSEG data
** Stock dropped 12.4% in January
(Reporting by Nandan Mandayam in Bengaluru)
(([email protected]; Mobile: +91 9591011727;))
** Shares of Paytm PAYT.NS fall 2.5% to 1,139.20 rupees
** Citi ("buy", cuts PT to 1,375 rupees from 1,500 rupees) says withdrawal of regulatory incentives will weigh on near-term EBITDA
** Fintech beats Q3 profit expectations, on robust growth in financial, payments services segments
** Payments rev, which accounts for roughly 55% of total revenue, rose 19% in Q3; expenses down 2% y/y
** MD and CEO, Vijay Shekhar Sharma, named MD and CEO of its payments services unit as well
** PAYT rated "buy" by 17 analysts on avg; median PT 1,475 rupees - data compiled by LSEG
** PAYT down 12% so far in Jan
(Reporting by Urvi Dugar in Bengaluru)
(([email protected];))
** Shares of Paytm PAYT.NS fall 2.5% to 1,139.20 rupees
** Citi ("buy", cuts PT to 1,375 rupees from 1,500 rupees) says withdrawal of regulatory incentives will weigh on near-term EBITDA
** Fintech beats Q3 profit expectations, on robust growth in financial, payments services segments
** Payments rev, which accounts for roughly 55% of total revenue, rose 19% in Q3; expenses down 2% y/y
** MD and CEO, Vijay Shekhar Sharma, named MD and CEO of its payments services unit as well
** PAYT rated "buy" by 17 analysts on avg; median PT 1,475 rupees - data compiled by LSEG
** PAYT down 12% so far in Jan
(Reporting by Urvi Dugar in Bengaluru)
(([email protected];))
BENGALURU, Jan 29 (Reuters) - Indian fintech firm Paytm PAYT.NS reported a profit for the third quarter on Thursday, driven by growth in its financial and payments services business while it kept costs under control.
The digital payments firm posted a net profit of 2.25 billion rupees, from a loss of 2.08 billion rupees a year earlier.
(Reporting by Nishit Navin; Editing by Janane Venkatraman Editing by Ronojoy Mazumdar and Janane Venkatraman)
(([email protected];))
BENGALURU, Jan 29 (Reuters) - Indian fintech firm Paytm PAYT.NS reported a profit for the third quarter on Thursday, driven by growth in its financial and payments services business while it kept costs under control.
The digital payments firm posted a net profit of 2.25 billion rupees, from a loss of 2.08 billion rupees a year earlier.
(Reporting by Nishit Navin; Editing by Janane Venkatraman Editing by Ronojoy Mazumdar and Janane Venkatraman)
(([email protected];))
Jan 23 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - CLARIFICATION ON PAYMENT INFRASTRUCTURE DEVELOPMENT FUND (PIDF) SCHEME
PAYTM - AMOUNT OF INCENTIVE FROM RBI UNDER PIDF SCHEME WAS 1.28 BILLION RUPEES FOR SIX MONTHS ENDED SEPTEMBER 30, 2025
PAYTM- IF CURRENT SCHEME NOT EXTENDED OR REPLACED, CO EXPECTS TO OFFSET IMPACT THROUGH COMBINATION OF HIGHER REVENUES, MORE TARGETED SALES EFFORTS
Further company coverage: PAYT.NS
(([email protected];))
Jan 23 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - CLARIFICATION ON PAYMENT INFRASTRUCTURE DEVELOPMENT FUND (PIDF) SCHEME
PAYTM - AMOUNT OF INCENTIVE FROM RBI UNDER PIDF SCHEME WAS 1.28 BILLION RUPEES FOR SIX MONTHS ENDED SEPTEMBER 30, 2025
PAYTM- IF CURRENT SCHEME NOT EXTENDED OR REPLACED, CO EXPECTS TO OFFSET IMPACT THROUGH COMBINATION OF HIGHER REVENUES, MORE TARGETED SALES EFFORTS
Further company coverage: PAYT.NS
(([email protected];))
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Popular questions
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What does One97 Communications do?
One 97 Communications (Paytm) is in the business of providing a) payment and financial services which primarily includes payment facilitator services, facilitation of consumer and merchant lending to consumers and merchants, wealth management etc. b) marketing services which primarily consists of aggregator for digital products, ticketing business, providing voice and messaging platforms to the telecom operators and enterprise customers and other businesses, etc.
Who are the competitors of One97 Communications?
One97 Communications major competitors are PB Fintech, One Mobikwik Systems, AvenuesAI, Algoquant Fintech. Market Cap of One97 Communications is ₹1,04,633 Crs. While the median market cap of its peers are ₹3,565 Crs.
Is One97 Communications financially stable compared to its competitors?
One97 Communications seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does One97 Communications pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. One97 Communications latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How has One97 Communications allocated its funds?
Companies resources are allocated to majorly unproductive assets like Cash & Short Term Investments
How strong is One97 Communications balance sheet?
Balance sheet of One97 Communications is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of One97 Communications improving?
Yes, profit is increasing. The profit of One97 Communications is ₹651 Crs for TTM, ₹553 Crs for Mar 2026 and -₹659 Crs for Mar 2025.
Is the debt of One97 Communications increasing or decreasing?
The net debt of One97 Communications is decreasing. Latest net debt of One97 Communications is -₹26,050 Crs as of Mar-26. This is less than Mar-25 when it was -₹23,109 Crs.
Is One97 Communications stock expensive?
Yes, One97 Communications is expensive. Latest PE of One97 Communications is 159, while 3 year average PE is 34.62. Also latest EV/EBITDA of One97 Communications is 143 while 3yr average is 21.79.
Has the share price of One97 Communications grown faster than its competition?
One97 Communications has given better returns compared to its competitors. One97 Communications has grown at ~29.86% over the last 1yrs while peers have grown at a median rate of -6.0%
Is the promoter bullish about One97 Communications?
There is Insufficient data to gauge this.
Are mutual funds buying/selling One97 Communications?
The mutual fund holding of One97 Communications is increasing. The current mutual fund holding in One97 Communications is 17.94% while previous quarter holding is 16.6%.