2025-05-07-Jefferies-Paytm（PAYTM_IN）_2025财年第四季度业绩略超预期_12页_736kb

Paytm's 4QFY25 results show a slight beat ahead of estimates, achieving adjusted EBITDA break-even due to 5% QoQ revenue growth driven by payments and merchant lending. Contribution margins improved to ~54% with cost rationalization, but risks include regulatory delays for PA license approval and potential asset quality issues. The firm maintains a Hold rating with a price target increase to INR900, emphasizing growth in financial services and data security. Valuation is based on EV/Sales multiples, highlighting opportunities in financial inclusion.