EW on Valuation amid Growth Acceleration

研报英文原文证据摘录

EW on Valuation amid Growth Acceleration

Update

July 21, 2026 09:40 PM GMT

Morgan Stanley India Company Private Limited+MOne 97 Communications Ltd | Asia Pacific Gaurav Rateria

Equity Analyst

EW on Valuation amid Growth Gaurav.Rateria@morganstanley.comSubramanian Iyer +91 22 6118-2237

Subramanian.Iyer@morganstanley.com +91 22 6118-2234

Acceleration Sulabh Govila, CFA

What’s Changed Sulabh.Govila@morganstanley.com +91 22 6118-2249

Sakshi Rana

One 97 Communications Ltd (PAYT.NS) From To Research Associate

Price Target Rs1,175.00 Rs1,450.00 Sakshi.Rana@morganstanley.com +91 22 6118-1002

Shreshtha Chopra

Expect strong business momentum to continue. We are ahead of ResearchShreshtha.Chopra@morganstanley.comAssociate +91 22 6118-2227

consensus but await a better entry point.

Key Takeaways

Management expects 1QF27's momentum to continue….

...with levers such as market share gains in payment and traction building up in One 97 Communications Ltd (PAYT.NS, PAYTM IS)

new products in financial services. India Technology | India

Stock Rating Equal-weight

Expect steady F26-29 revenue CAGR of 25% – at the median of its peer group – Industry View In-Line

along with operating leverage, driving EBITDA margin to 19% by F29e. Price target Rs1,450.00

Shr price, close (Jul 21, 2026) Rs1,300.50

The stock has moved up 20% in the last month (Sensex +1%). Valuation limits 52-Week Range Rs1,407.00-930.60

Sh out, dil, curr (mn) 649

upside potential. Mkt cap, curr (mn) Rs844,025

Mkt Cap, curr (mn) US$8,752

Risk-reward is balanced, based on our revised scenario values. EV, curr (mn) Rs776,665

Avg daily trading value (mn) US$47

1QF27 results beat consensus expectations on revenue and margins: See 1QF27: Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

Revenue Growth Acceleration and Margin Expansion .