Transcript of the earnings conference call conducted on October 27, 2026.

AI summary - Paytm confirmed profitability and strong growth in Q2 FY27, focusing on payments and financial services for small merchants - MDR on UPI expected to add ~2.5 bps to payment processing margin, potentially adding 700-900 Cr EBITDA by FY28 - AI-driven customer acquisition and retention improving CAC and revenue growth sustainably - Merchant loans and consumer loans scaling well; credit quality and cautious underwriting emphasized - Capex ~400 Cr for device rollout; cloud cost rise due to platform consolidation, AI spend accretive - Marketing services to include AI platform monetization; expected to grow over next 2-3 quarters - EBITDA expected to grow despite DLG-related short-term cost drag; long-term margin stable - International expansion funded via Paytm Cloud Technologies with up to 500 Cr investment authorization - Management committed to aggressive market share gains on both consumer and merchant sides