Back in August 2024, Ventura Securities set a target price of Rs 1,170 for Paytm when the stock was trading at around Rs 538. That goal has since been reached. In its September 2025 note, Ventura has now lifted its target to Rs 2,074, implying about 84 percent upside from current levels.

The brokerage argues that Paytm remains well placed to benefit from digital payments growth. It points to products such as Paytm Postpaid, AI-driven fraud detection, transaction routing and its merchant network. UPI’s dominance and the spread of Paytm’s Soundbox devices, Ventura says, support its case.

The note also expects revenue growth and margin gains to improve free cash flow and strengthen the company’s balance sheet. It highlights Paytm’s cost cuts, regulatory adjustments and use of AI to improve

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