One 97 Communications Ltd. · NSE:PAYTM
One 97 Communications — Q3 FY2026 Earnings Presentation
20 slides from One 97 Communications's earnings presentation, January 2026
Slide 1: Earnings Presentation
Earnings Presentation For the quarter ending December 2025
Slide 2: 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
Slide 3: Revenue grew to ₹2,194 Cr (20% YoY); EBITDA improved to ₹156 Cr
Revenue grew to ₹2,194 Cr ( 20% YoY); EBITDA improved to ₹156 Cr (EBITDA margin of 7%) Expanding Profitability while gaining market share in both merchant and consumer payments Revenue Growth Momentum Continues Continued increase in EBITDA Profit After Tax ₹156 Cr ₹225 Cr ₹142 Cr ₹211 Cr 20% YoY ₹2,
Slide 4: Paytm is 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 merchants Offers AI-powered Full Technology Stack Across Enterprise Merchants and MSMEs 4
Slide 5: Driving Consumer Payments through AI-first, Product-led Innovation
Driving Consumer Payments through AI-first, Product-led Innovation Gain in Consumer UPI Market Share for 3 consecutive quarters Paytm Consumer UPI GMV (Qtr ending) • Our AI-first, product led strategy helped us grow more than twice the industry 35% YoY 5.1 L Cr growth 4.3 L Cr 4.0 L Cr 3.8 L Cr • Bu
Slide 6: 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 7: Payment Services: Expanding Leadership in Merchant Payments
Payment Services: Expanding 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 = 25% YoY ₹613 Cr ₹594 Cr ₹529 C
Slide 8: Distribution of Financial Services: Low Penetration offers significant Long-term 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 distribution of merchant loans and wealth products 34% YoY ₹672 Cr ₹611 Cr Merchant Loan Distribution: ₹545 Cr ₹56
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 to ensure ads reach most relevant aud
Slide 10: Key Focus Areas
Key Focus Areas Continue to Lead India’s Expand Distribution of Drive Gain in Consumer UPI Enterprise and MSME Financial Services Market Share Merchant Payments Grow distribution through increase in Enhance consumer experience and boost Focused on expanding leadership through lending partners, new p
Slide 11: Building a high quality, long-term profitable business
Building a high quality, long-term profitable business that reflects industry-leading customer monetisation Over the years, we have built the business with strong foundation reflected in industry- leading customer monetisation and cost discipline. This has been evident recently in several areas: • I
Slide 12: Annexure
- Annexure
Slide 13: Operating Revenue and Contribution Profit
Operating Revenue and Contribution Profit Quarter Ended Change Nine Months Ended (in ₹ Cr) Dec-25 Sep-25 Dec-24 Dec-25 Dec-24 YoY QoQ YoY (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Payment Services 1,192 1,146 1,003 19% 4% 3,382 2,833 19% Distribution of Financial Services 672 611 5
Slide 14: EBITDA
EBITDA Quarter Ended Change Nine Months Ended (in ₹ Cr) Dec-25 Sep-25 Dec-24 Dec-25 Dec-24 YoY QoQ YoY (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Contribution Profit (C) 1,249 1,207 959 30% 3% 3,606 2,608 38% Contribution Margin % 57% 59% 52% 447 bps (164) bps 58% 52% 614 bps Market
Slide 15: Capex, ESOP Pool Schedule, Indirect Expenses
ESOP Pool Schedule Capex 814 Cr As of Jan 29, 2026 (in Cr.) 697 Cr Basic shares outstanding 64.0 Annual 9 Month Spend Spend ESOPs vested and unexercised 0.2 ESOPs granted and unvested 1.1 317 Cr 327 Cr ESOPs available for distribution 2.7 Estimated fully diluted shares 67.9 Indirect Expenses FY23 FY
Slide 16: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures EBITDA to Net Income Quarter Ended Change Nine Months Ended (in ₹ Cr) Dec-25 Sep-25 Dec-24 Dec-25 Dec-24 YoY QoQ YoY (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) EBITDA (E) 156 142 (223) nm 10% 370 (1,418) nm Finance costs (F) (4) (5) (4) 0% (20)% (
Slide 17: Operational KPIs
Operational KPIs Quarter Ended Change Units Dec-25 Sep-25 Dec-24 YoY QoQ (Unaudited) (Unaudited) (Unaudited) Registered Merchants (end of period) Cr 4.8 4.7 4.3 12% 2% Subscription Merchants including devices (cumulative; end Cr 1.44 1.37 1.17 23% 5% of period) GMV ₹ Lakh Cr 6.2 5.7 5.0 24% 9% Merch
Slide 18: Breakup of available Cash and investable balance (Net Cash Balances)
Breakup of available Cash and investable balance (Net Cash Balances) Particulars (in ₹ Cr) Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Cash and Bank Balances 4,451 4,539 4,561 4,861 5,468 Deposits with banks 6,997 7,018 6,478 6,267 6,115 Investments (Mutual Funds/T-Bills/CP/G-Sec/NCD/NBFC FDs) 4,143 4,046 5,
Slide 19: Indicative Performance Metrics for Loan Distribution
Indicative Performance Metrics for Loan Distribution (Dec 2025 quarter) 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 ou
Slide 20: Paytm
Paytm
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