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Paytm, PB Fintech, Kissht seen posting healthy Q2; regulation key differentiator

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Paytm, PB Fintech, Kissht seen posting healthy Q2; regulation key differentiator

For Paytm, revenue is expected to grow 25.7 per cent year on year and 5.8 per cent quarter on quarter to Rs25.9 billion, with EBITDA margin expanding 123 basis points quarter on quarter to 9.5 per cent.

UPI MDR is expected to contribute positively to Paytm from Q3FY27 after becoming applicable from October 15. PB Fintech's insurance premium is expected to grow 33.9 per cent YoY, while proposed IRDAI commission caps could reduce insurance revenue by 40-45 per cent. Kissht's AUM grew 68.4 per cent YoY and 16.4 per cent QoQ, while disbursements rose 55.6 per cent YoY. JM Financial prefers Paytm over PB Fintech and remains positive on Kissht, citing the regulatory skew affecting PB Fintech.

Fintech platforms are set for a healthy second quarter, but regulatory changes are emerging as a key differentiator, with the reintroduction of UPI merchant discount rate (MDR) expected to benefit Paytm while proposed insurance commission caps could pose a structural headwind for PB Fintech. Paytm, PB Fintech and Kissht are expected to deliver a healthy Q2FY27, while Paytm is being preferred over PB Fintech, according to JM Financial. 5 per cent. 8 per cent quarter on quarter. UPI MDR, applicable from October 15, is expected to contribute positively from Q3FY27.



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