Paytm (One97 Communications): Emkay upgraded target to ₹2,400 from ₹1,700 — a 41% jump — pegging FY28 UPI MDR revenue at ₹1,120 Cr as the zero-revenue UPI business finally gets a commercial engine
Pine Labs: Emkay target surged to ₹320 from ₹190 (65% upside), with FY28 MDR revenue projected at ₹1,550 Cr — the structurally recurring payments model just found its monetization unlock
Acquiring banks: The quietest winners in the room...
