Paymentus Holdings (PAY): Key Takeaways: Solid top and bottom line beat with full year guidance raise

研报英文原文证据摘录

Paymentus Holdings (PAY): Key Takeaways: Solid top and bottom line beat with full year guidance raise

Equity Research

3 August 2026 | 9:44PM EDT

Paymentus Holdings (PAY): Key Takeaways: Solid top and bottom line

beat with full year guidance raise

Bottom Line: Results were strong and we would expect shares to trade higher with Will Nance

+1(212)357-7438 | will.nance@gs.com

2Q volume coming in roughly 7% ahead and contribution profit coming in 8% ahead Goldman Sachs & Co. LLC

of expectations. The company also raised guidance for the year with the implied Jack Evans

guide for the remainder of the year sitting roughly 2% ahead of consensus. Mgmt +1(212)357-3560Goldman Sachs & Co.| jack.evans@gs.comLLC

commentary was also strong, with the company highlighting the strong Chandru Ravikumar

overperformance versus their long-term model, and remarking on the momentum in +1(212)934-7681chandru.ravikumar@gs.com|

the business remaining strong. The company also continued to highlight their new AI Goldman Sachs India SPL

products, Billio and Bill Wallet, which allow PAY’s customers to enable agentic

interaction with their end customers and also accept payments. Overall, Paymentus

continues to deliver a string of strong quarters against their guidance. We believe

PAY presents attractive exposure to non-cyclical payments digitization and operates

in a fragmented market of enterprise billers where PAY has been able to take

considerable share. While PAY has continued to deliver consistent market share

gains, we believe this is already reflected in PAY’s multiple at ~24x our 2027 EBITDA –

SBC estimates. Thus, we remain Neutral rated, and look for signs of an acceleration in

top line or an acceleration in margin leverage to get more constructive.