One 97 Communications Ltd. · NSE:PAYTM
One 97 Communications — Q2 FY2026 Earnings Presentation
20 slides from One 97 Communications's earnings presentation, October 2025
Slide 1: Earnings Presentation
Earnings Presentation For the quarter ending September 2025
Slide 2: To bring Half-a-Billion Indians to the Mainstream Economy
To bring Half-a-Billion Indians to the Mainstream Economy through Technology-led Financial Services 2
Slide 3: Our Core Business: acquire consumers and merchants through payments, distribute financial services
Our Core Business is to acquire consumers and merchants through payments and distribute financial services to them Payments Services Distribution of Financial Services Loan Distribution Stock Broking & MF Distribution Insurance Broking 75 Mn Monthly 47 Mn Merchants Transacting Users
Slide 4: India's Full Stack Merchant Payment Leader serving MSMEs and Enterprise Merchants
Paytm is India’s Full Stack Merchant Payment Leader serving MSMEs and Enterprise Payment Merchants Offers AI-powered Full Technology Stack Across Enterprise Merchants and MSMEs 4
Slide 5: Driving Growth and Efficiency through AI Capabilities
Driving Growth and Efficiency through AI Capabilities Merchant Onboarding Improved Marketing Stack AI led quality checks for onboarding Sharper audience targeting and and profile updates, driving growth of segmentation, reducing customer high quality merchants acquisition cost and improve ROI Fraud
Slide 6: Revenue grew 24% YoY to $232 Mn; EBITDA improved to $16 Mn
Revenue grew 24% YoY to $232 Mn; EBITDA improved to $16 Mn (7% margin) Robust business model and AI-led opportunities leading to profitable growth & margin improvement Revenue Growth Momentum Continues Continued Improvement in EBITDA and Second consecutive quarter of Profit EBITDA Margin After Tax 2
Slide 7: Payment Services: Consolidating Leadership in Merchant Payments
Payment Services: Consolidating Leadership in Merchant Payments Payment Processing Revenue Subscription Revenue Net Payment Revenue = Gross fees charged to the = Charges merchant pays for various monthly merchant – Payment processing charges + services, including devices = 28% YoY $67 Mn $57 Mn $60
Slide 8: Distribution of Financial Services: Low penetration offers significant opportunity
Distribution of Financial Services: Low penetration offers significant long-term opportunity Revenue from Distribution of Financial Services Revenue growth driven by continued growth in merchant loan distribution and improved collection performance experience for our partners 63% YoY $ 69Mn $61 Mn $
Slide 9: Marketing Services: Driving Additional Monetization from Merchants
Marketing Services: Driving Additional Monetization from Merchants We enable merchants to offer below services on our app: • Advertising: We are focused on driving advertiser ROI through AI- powered targeting and personalization, while optimizing user experiences Sale of Travel to to ensure ads reac
Slide 10: Key Focus Areas
Key Focus Areas Continue to Lead India’s Expand Distribution of Consumer acquisition Enterprise and MSME Financial Services We are driving AI-first, product-led innovation Merchant Payments Grow distribution through increase in to enhance consumer experience and boost Focused on expanding leadership
Slide 11: Annexure
- Annexure
Slide 12: Operating Revenue and Contribution Profit
Operating Revenue and Contribution Profit Quarter Ended Change Half Year Ended (in $ Mn) Sep-25 June-25 Sep-24 Sep-25 Sep-24 YoY QoQ YoY (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Payment Services 129 118 106 21% 10% 247 206 20% Distribution of Financial Services 69 63 42 63% 9% 132
Slide 13: EBITDA
EBITDA Quarter Ended Change Half Year Ended (in $ Mn) Sep-25 June-25 Sep-24 Sep-25 Sep-24 YoY QoQ YoY (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Contribution Profit 136 130 101 35% 5% 265 186 43% Contribution Margin % 59% 60% 54% 466 bps (146) bps 59% 52% 706 bps Marketing 8 7 14 (4
Slide 14: Capex, ESOP Pool Schedule, Indirect Expenses
ESOP Pool Schedule Capex Annual Half Yearly As of Nov 4, 2025 (in Mn) Spend Spend $92 Mn Basic shares outstanding 638 $78 Mn ESOPs vested and unexercised 2 ESOPs granted and unvested 10 $36 Mn ESOPs available for distribution 28 $23 Mn Estimated fully diluted shares 678 FY23 FY24 FY25 H1 FY26 Indire
Slide 15: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures EBITDA to Net Income Quarter Ended Change Half Year Ended (in $ Mn) Sep-25 June-25 Sep-24 Sep-25 Sep-24 YoY QoQ YoY (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) EBITDA (A) 16 8 (45) nm 97% 24 (135) nm Finance costs (B) (1) 0 0 67% (25)% (1) (1) 29%
Slide 16: Operational KPIs
Operational KPIs Quarter Ended Change Units Sep-25 June-25 Sep-24 YoY QoQ (Unaudited) (Unaudited) (Unaudited) Registered Merchants (end of period) Mn 47 45 42 12% 4% Subscription Merchants including devices (cumulative; Mn 13.7 13.0 11.2 22% 5% end of period) GMV $Bn 64 61 50 27% 6% Merchant Transac
Slide 17: Breakup of available Cash and investable balance
Breakup of available Cash and investable balance (Net Cash Balances) Particulars (in $ Mn) Sep-24 Dec-24 Mar-25 June-25 Sep-25 Cash and Bank Balances in Current Accounts (Net of Borrowings) 555 501 511 513 547 Deposits with banks 407 788 790 729 705 Investments (Mutual Funds/T-Bills/CP/G-Sec/NCD/NBF
Slide 18: Indicative Performance Metrics for Loan Distribution (Q2 FY2026)
Indicative Performance Metrics for Loan Distribution (Q2 FY2026) Merchant Loans Bounce Rates NA Bucket 1 Resolution % 83% to 90% Recovery Rate Post 90+ 30% to 35% ECL% 4.5% to 5.0% Loans are underwritten and booked by our lending partners in their balance sheets. Paytm acts as a collection outsourci
Slide 19: Paytm
Paytm
Slide 20: Disclaimer
Disclaimer By attending the presentation or by reading the presentation slides the opinions and estimates of management at the date the whatsoever for any loss, howsoever, arising from any use or reliance you agree to be bound as follows: statements are made and are subject to a variety of risks and
One 97 Communications Ltd. (Paytm) — Q2 FY2026 Earnings Presentation on 6ix