Shares of One97 Communications Ltd, the parent company of Paytm, jumped more than 3.5% on November 28 after international brokerage Goldman Sachs issued a bullish call on the stock. The shares touched an intraday high of ₹1,338.80, extending gains for the third consecutive session.

Goldman Sachs Upgrade:
Goldman Sachs upgraded Paytm’s rating from ‘Neutral’ to ‘Buy’, raising its target price from ₹705 to ₹1,570, implying an upside potential of over 21% from the stock’s previous closing price. The brokerage highlighted improving regulatory conditions, a recovery in Paytm’s payments market share, better earnings visibility, and relaunch of products. Goldman forecasts 20% revenue growth for the foreseeable future and expects EBITDA margins to more than double over the next three to four years, citing effective cost control.

RBI Approves PPSL as Payment Aggregator:
In a post-market filing on November 26, Paytm announced that the RBI granted the Certificate of Authorization (COA) to its wholly-owned subsidiary Paytm Payments Services Limited (PPSL) to operate as a payment aggregator under the Payment and Settlement Systems Act, 2007. This approval allows PPSL to resume onboarding merchants, a process frozen since November 2022, and positions the company for growth in its payment aggregation business, contributing to consolidated financials.

ICICI Securities Outlook:
Domestic brokerage ICICI Securities also upgraded its target price for Paytm to ₹1,450 from ₹1,240. The brokerage cited potential earnings growth driven by expansion in payments and loan distribution, margin improvement through product upgrades, and better UPI mix. ICICI expects net revenue of ₹12,523 crore by FY28, supported by traction in postpaid, wallet, and international segments.

Share Price Performance:
Paytm shares have risen over 4% in the past five days and nearly 56% in the past six months. In 2025 alone, the stock has climbed more than 34%. After hitting a 52-week low of ₹651.50 on March 11, the shares surged 108% in under eight months to reach a 52-week high of ₹1,353.80 on November 10, before retreating slightly since then.