Paytm Share Price Falls Over 5%; Q3 FY26 Results in Focus

Despite this short-term downturn, the stock has delivered solid long-term gains, returning 45% over the past year and 124% over the past three years.

Paytm Board Meeting and Earnings Call Schedule

The company has announced that a meeting of its Board of Directors will be held on Thursday, January 29, 2026. During this meeting, the Board will consider and approve the unaudited standalone and consolidated financial results for both the quarter and nine-month period ending December 31, 2025. 

In addition to the Board meeting, Paytm will conduct its earnings conference call for investors and analysts on Friday, January 30, 2026, from 08:00 AM to 08:45 AM IST.

Review of Paytm Q2 FY26 Financial Performance

The company reported a net profit of ₹21 crore, down significantly from the ₹123 crore reported in Q1 FY26, marking an 83% sequential drop. This decline was primarily attributed to an impairment recognition linked to regulatory changes affecting the online gaming sector.

Despite the profit pressure, the company reported encouraging growth in revenue and operational profitability. Revenue for Q2 rose 7% sequentially to ₹2,061 crore, up from ₹1,918 crore in Q1. Operating performance strengthened further, with EBITDA increasing 97% to ₹142 crore compared to ₹72 crore in the previous quarter. Correspondingly, EBITDA margins improved to 7%, up from 4%, reflecting better unit economics, increased merchant monetisation and disciplined cost control measures.

Impact of Online Gaming Regulation

During Q2, the company recorded an impairment loss of ₹190 crore against loans issued to its joint venture, First Games Technology Pvt. Ltd. This write-down followed the enactment of the Promotion and Regulation of Online Gaming Act, 2025, which prohibits online gaming activities. In its filings, the company stated that the impairment was recognised to account for reduced recoverability amid the new regulatory environment. This one-time exceptional impact weighed heavily on the company’s quarterly bottom line, overshadowing otherwise steady operational growth.

Management Commentary from Q2 Concall

During the Q2 earnings conference, management acknowledged the challenges posed by regulatory changes in the gaming ecosystem but reiterated the company’s focus on core businesses, including payments, merchant solutions,s and financial services. 

Executives noted ongoing improvements in operating leverage, growth in merchant transactions, and efficiency in customer acquisition costs. 

Outlook Ahead of Q3 Results

With the upcoming Q3 release, investor attention is expected to center around sequential revenue growth, lending platform performance, margin sustainability and potential business guidance for the remainder of FY26. Regulatory commentary may also remain in focus given the impairment linked to online gaming in the previous quarter.