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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
One97 Communications
One97 Communications (PAYTM) investor relations material
One97 Communications Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary27 Oct, 2026
Executive summary
Payments-led merchant and consumer acquisition supports monetization through credit distribution, insurance, wealth and emerging AI services.
Q2 FY27 revenue was ₹2,648 crore, up 28% YoY; net profit was ₹225 crore versus ₹21 crore a year earlier.
EBITDA was $28 Mn, up 90% YoY; business-model monetization and AI adoption supported growth and cost efficiency.
AI is being applied across acquisition, retention, service and product deployment to improve revenue and operating costs.
The Board approved investments of up to ₹500 crore each in Paytm Cloud Technologies and Paytm Singapore over 12 months, and updated lending-partner DLG limits.
Financial highlights
Operating revenue was $276 Mn, up 28% YoY and 8% QoQ; comparable growth excluding PIDF incentives was 33% YoY.
Reported EBITDA was $28 Mn, up 90% YoY and 33% QoQ; excluding PIDF, comparable EBITDA was $27 Mn, up 279% YoY.
Q2 consolidated PBT was ₹292 crore after a ₹4 crore exceptional loss; H1 FY27 revenue was ₹5,096 crore and net profit ₹445 crore.
Q2 consolidated net profit was ₹225 crore versus ₹21 crore in Q2 FY26; basic EPS was ₹3.52 for Q2 and ₹6.97 for H1.
Consolidated assets were ₹24,438 crore at September 30, 2026, including cash and cash equivalents of ₹2,495 crore and bank balances of ₹10,219 crore.
Outlook and guidance
NPCI’s proposed UPI MDR framework indicates ~2.5 bps potential uplift in payment processing margin; the impact is upside, not a core business assumption.
The MDR uplift is expected to become clearer over 2–3 quarters after implementation; implementation timing remained subject to NPCI notification.
Q3 contribution margin is expected to decline due to higher DLG costs and seasonality, while EBITDA is expected to improve.
Absolute EBITDA is expected to grow QoQ; over three to four quarters, indirect-expense growth is targeted below half of contribution-margin growth.
AI merchant-service monetization may take at least two to three more quarters to become more visible; Paytm Postpaid is expected to contribute meaningful revenue and EBITDA from FY28 onward.
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Latest events from One97 Communications
- Revenue surged, but consolidated losses widened amid heavy operating costs and expansion investment.PAYTM
Q4 17/18 - FY24 reached ₹559 Cr EBITDA before ESOP; regulatory disruption puts Q1 FY25 under pressure.PAYTMQ4 23/24
- Revenue surged 77%; EBITDA-before-ESOP operating profitability targeted by Sep 2023.PAYTMQ4 21/22
- Revenue and lending scaled sharply as losses narrowed and H2 EBITDA reached break-even.PAYTMQ4 22/23
- Revenue edged higher and losses narrowed, but impairments and COVID-19 uncertainty persisted.PAYTMQ4 19/20
- Revenue increased, but higher costs and impairments drove a sharply wider FY19 loss.PAYTMQ4 18/19
- Revenue declined, but the consolidated loss narrowed substantially as expenses fell.PAYTMQ4 20/21
- EBITDA margin rose to 8% on 28% revenue growth, with record profit and strong AI-driven gains.PAYTMQ1 26/27
- Revenue up 20% YoY, EBITDA margin at 7%, with strong growth and ongoing regulatory risks.PAYTMQ3 25/26
Next One97 Communications earnings date
Q3 26/2729 Jan, 2027
One97 Communications
Next One97 Communications earnings date
Q3 26/2729 Jan, 2027
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Frequently asked questions
One97 Communications Limited operates Paytm, a digital payments and financial services platform offering mobile wallets, banking, lending, insurance, and e-commerce services to consumers and businesses. The company is headquartered in Noida, India, and its shares are listed on the NSE.