One97 Communications: Markets unhappy after Q3, but brokerages positive

Prospects look better due to visibility on business turnaround and profitability. As and when, the Payment aggregator license is received from RBI, that could be a valuation catalyst

One97 Communications, which provides digital payments and financial services under Paytm brand, reported revenue of Rs 1,830 crore in the October-December quarter of financial year 2025 (Q3FY25), up 10 per cent quarter-on-quarter (Q-o-Q), driven by sustained rise in Payments Gross Merchandise Value or GMV (up 13 per cent Q-o-Q) along with growth in financial services driven by higher take-rates in merchant loan disbursals (up 16 per cent Q-o-Q).

 

The take-rate in financial services improved 188bps Q-o-Q due to 80 per cent of merchant loan disbursals (approximately Rs 3,100 crore) shifting to FLDG (First Loss Default Guarantee), a higher mix of