Two years ago, people were writing off Paytm. RBI action on Paytm Payments Bank. The regulatory spiral. Stock in freefall. It was seen as a company in terminal decline.
But but and but, FY26 results tell a different story now. A story that all Founders should notice.
Profit of ₹552 Cr vs ₹663 Cr loss last year. EBITDA swung ₹2,008 Cr in a single year. Revenue at ₹8,437 Cr, up 22%
That's not a recovery. That's a rebuild.
Merchant payments momentum accelerated. Financial services revenue scaled 52% year on year. AI-led cost discipline kicked in. Consumer UPI grew at 2.2x the industry rate.
The fundamentals were always there, they just needed the noise to clear. I've always believed that the companies which survive brutal public scrutiny and still execute are the ones worth paying attention to.
It's easy to build when the wind is at your back. The real test is what you do when the narrative is against you.
Vijay Shekhar Sharma and the Paytm team earned this one. The market will catch up.
Vijay Shekhar Sharma@vijayshekhar
First full-year profit. ₹2,008 Cr EBITDA swing, in twelve months. #PaytmKaro
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