Goldman Sachs has reaffirmed its 'Buy' rating for Paytm (One 97 Communications Ltd.), setting a target price of ₹1,400, which suggests a 22% upside from current levels. The brokerage expects Paytm to demonstrate robust operational performance in Q4 FY 2026, forecasting a 26% year-on-year increase in gross merchandise value (GMV), up from 23% in the previous quarter. Paytm's UPI market share has also shown improvement, rising to 6.5% in March 2026 from 6.2% in December 2025. The financial services segment is projected to remain the strongest, with anticipated revenue growth of 33% year-on-year in Q4. Despite recent regulatory actions, Goldman Sachs believes the implications for Paytm are limited, as the company has effectively distanced itself from its banking partner, Paytm Payments Bank Limited (PPBL), over the past two years. This decoupling includes migrating UPI handles to partner banks and securing a Third Party Application Provider license from the National Payments Corporation of India (NPCI). Overall, Goldman Sachs sees a positive trajectory for Paytm's profitability and operational growth.