We have announced our financial results for the quarter ending March 2026 (Q4 FY26), achieving full-year profitability with FY26 PAT of ₹552 Cr, marking a significant milestone in our journey of building a high-quality, long-term profitable business. This performance reflects a year of disciplined compounding driven by market share gains in both consumer and merchant payments, expansion in payment processing margins, continued scaling of financial services distribution, and AI-led operating leverage.
You can read the Q4FY26 Results here:
A Year Of Disciplined Compounding; First Full Year Of Profit
FY26 marked a milestone year with operating revenue at ₹8,437 Cr, up 22% year-on-year (YoY). EBITDA improved significantly to ₹502 Cr, representing a ₹2,008 Cr YoY improvement. In Q4 FY26, operating revenue stood at ₹2,264 Cr, up 26% YoY on a comparable basis and 18% YoY on a reported basis. For the quarter ended March 31, 2026, EBITDA stood at ₹132 Cr, representing an improvement of ₹330 Cr YoY on a comparable basis, while Profit After Tax stood at ₹183 Cr. Contribution profit for the Q4 quarter came in at ₹1,254 Cr, up 31% YoY on a comparable basis, with contribution margin at 55%.
Merchant Payments Dominance Continues
Our merchant payments business continues to see strong momentum, driven by growth in payments GMV, expansion in payment processing margin and increase in device subscriptions.
Merchant GMV growth accelerated sequentially to 27% YoY in Q4 FY26, reaching ₹6.5 lakh Cr. Subscription merchants reached 1.51 Cr, with 27 lakh net additions YoY, expanding our recurring revenue base.
Financial Services Expansion Gains Pace
Distribution of financial services continues to scale as a high-growth, high-margin business with revenue up by 38% YoY to ₹750 Cr in Q4 FY26. Key financial services customers increased 36% YoY from 5.5 lakh to 7.5 lakh.
In merchant loans, we have built a large, scalable distribution business anchored on our payments platform, with significant growth potential driven by expanding lender participation, growing merchant base, improving penetration, and a steady increase in ticket sizes. Repeat borrowers contributed more than 50% of disbursements during the quarter.
We are also seeing improved monetisation across equity broking, Margin Trade Funding (MTF) and other wealth products including Paytm Gold, with AI-powered offerings expected to drive further growth, supported by growing customer adoption.
For FY26, financial services revenue grew 52% YoY to ₹2,593 Cr, delivering meaningful profitability uplift.
UPI Consumer Market Share Gained Every Month in FY26
Our AI-first, product-led approach continues to drive growth in consumer engagement and market share. In Q4 FY26, consumer UPI GTV grew 46% YoY to ₹5.5 lakh Cr, at 2.2x the industry growth rate of 21%.
MTU increased by 50 lakh YoY to 7.7 Cr, reflecting growth in both user base and engagement. We continue to scale higher-margin payment instruments such as Paytm Postpaid, which enhance payment processing margin, deepen user engagement, and serve as a funnel for additional consumer credit products.
Building AI for India
We continue to invest in AI-led innovation across our ecosystem to improve customer experience, deepen engagement and drive monetisation. Across merchant and consumer offerings, AI is helping us deliver more personalised experiences, improve productivity, strengthen monetisation and deepen engagement.
For merchants, Paytm AI-powered solutions are enabling smarter business insights, improved payment experiences and better customer engagement. For consumers, AI is enhancing discovery and personalisation across offerings such as payments, Paytm Postpaid, credit and wealth offerings through more intuitive and contextual experiences.
AI is also contributing to stronger operating leverage by improving productivity, supporting faster product development and enhancing risk and fraud management capabilities across the platform.
Building a High-Quality, Profitable Business
Over the years, we have built a strong business foundation with focus on customer monetisation and cost discipline.
As we look ahead, we expect revenue growth to accelerate alongside further EBITDA margin expansion, driven by expansion of merchant payments, structural growth in merchant loan distribution, consumer lifecycle monetisation and continued AI-led operating leverage.
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