Accounting for the loss of UPI incentive, JM expects ₹443 crore in net incremental MDR revenue, 100% of which is assumed to flow through into Ebitda (earnings before interest, taxes, depreciation, and amortization). Paytm clocked ₹2,448 crore in operating revenue during the June quarter (Q1FY27), of which ₹1,384 crore came from payment services. Aided by a 31% year-on-year growth in merchant gross merchandise value (GMV) to ₹7.1 trillion last quarter, revenue grew 28%, and Ebitda margin expanded from 1% to 8%.
