PAYTM Q2 FY27 Guidance vs Delivery (PAYTM Management Mirror)

Sep'26 Qtr Device Deployments of 700,000 Track the 25 to 30 Lakh Annual Target Reaffirmed in Jun'26 Qtr

In Sep'26 Qtr, the company deployed approximately 700,000 devices, bringing the active device base to 1.39 crore, with first-half CapEx at around Rs 400 crore on an inward device count basis. This deployment pace tracks the target of deploying 25 to 30 lakh merchant subscription devices annually that management had reaffirmed in the Jun'26 Qtr concall. Looking ahead, management expects CapEx to remain around similar levels to prioritize the retention and engagement of high-quality merchants, which is anticipated to lead to higher depreciation in FY28 and beyond.