Macquarie maintains 'underperform' rating on Paytm, sets price target at Rs 730

Macquarie has maintained its ‘Underperform’ rating on Paytm with a target price of Rs 730, implying a downside potential of 19%. Despite strong quarterly results, including a reduction in losses, the brokerage notes risks related to distribution revenue growth. Paytm’s consolidated loss narrowed to Rs 208.3 crore in Q3FY25.