Paytm Shares Dip 4% Despite Q3 Profit; Brokerages Offer Mixed Outlook

• Paytm shares fell nearly 4.5% to a four-month low on January 30 after its Q3 FY26 results were released.
• The company reported a consolidated net profit of Rs 225 crore in Q3 FY26, a significant turnaround from a Rs 208 crore loss in Q3 FY25.
• Revenue from operations grew over 20% year-on-year to Rs 2,194 crore, driven by higher payments GMV, merchant subscriptions, and financial services.
• Brokerages like Citi and Jefferies maintained 'Buy' ratings but adjusted target prices, while CLSA kept an 'Underperform' call.
• Concerns about the potential withdrawal of the RBI's Payment Infrastructure Development Fund (PIDF) incentives impacted investor sentiment.

Why It Matters: Paytm turned profitable in Q3, but share prices dropped due to mixed brokerage views and PIDF incentive concerns.