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Paytm Q2 Review: Yes Securities Maintains 'Add', Revises Target Price — Check Details
Paytm's profitability metrics have improved to some extent, says Yes Securities, sees 10% upside potential.
06 Nov 2025, 10:36 AM IST 
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Paytm's payment services has grown close to a ~20% handle, after bouncing back from the crisis situation, which does not seem like high-growth phase.
(Photographer: Vijay Sartape/NDTV Profit)
Overall contribution profit was up 4.7% QoQ at Rs 12.1 billion, translating to a contribution margin of 58.5%, up by 466bps YoY but down -155 bps QoQ. Ebitda before ESOP cost stood Rs 1.41 billion, which translated to an adjusted Ebitda margin of 6.8%, as against -11.2% in Q2 FY25 and 5.3% in Q1 FY26
