Nomura starts Paytm coverage with Buy rating and Rs 2,250 target
In short
Nomura has started covering Paytm with a Buy rating and a target price of Rs 2,250. That target implies 31% upside, and the broker expects EBITDA to grow 96% a year over FY26-29F.
This matters because it may support Paytm shares and investor sentiment. The report says growth could come from payments, merchant lending, AI savings, UPI MDR revenue, international expansion and the Pi product, but those plans are not yet proven.
What the reporting says
Nomura initiated coverage on Paytm with a Buy rating and a target price of Rs 2,250, implying 31% upside, according to publisher-supplied summaries. The brokerage expects EBITDA to grow at a 96% CAGR over FY26-29F, driven by payments, merchant lending, AI-led cost efficiencies and possible UPI MDR revenue. It also pointed to international expansion and the enterprise AI product Pi, but actual execution and earnings delivery remain unknown.
Why it matters
Nomura has initiated coverage on Paytm with a Buy rating and a Rs 2,250 target price, implying 31% upside, based on publisher-supplied summaries. The brokerage also forecasts 96% EBITDA CAGR over FY26-29F, citing payments, merchant lending, AI-led cost efficiencies, potential UPI MDR revenue, and products such as Pi. The market reaction and whether those assumptions play out remain unknown.