business π Bernstein hikes Paytm target on UPI MDR upside
Bernstein has increased its target price for One97 Communications to Rs 2,200, maintaining an 'Outperform' rating. This upgrade is based on the potential introduction of Merchant Discount Rate (MDR) on UPI transactions starting from FY28. The brokerage projects MDR could add significant EBITDA, ranging from Rs 1,320 crore in FY28E to Rs 2,160 crore in FY30E. Paytm was the third-largest UPI player in June 2026, processing transactions worth Rs 1.93 lakh crore. The main risk is now how much of the published rate Paytm can actually retain due to market competition. π°