Paytm’s latest earnings paint two pictures: one of resilience over the last full year, and one of tougher times for the last quarter.
In the March quarter, revenue dipped 16% YoY to ₹1,912 crore, hit hard by the RBI clampdown on its payments bank. Wallets, FASTags, and other services took a hit. Net loss narrowed just slightly to ₹540 crore from ₹550 crore last year.
But step back, and the full-year story is more hopeful.
Paytm cut its annual loss by over half — from ₹1,417 crore in FY24 to ₹659 crore in FY25, even as full-year revenue fell 31% to ₹6,900 crore.
The how: cost cuts helped. The company reduced its workforce, dialed back marketing spends, and leaned more on partner banks to run payments infrastructure. A lot of non-cash charges like stock options were absorbed earlier in the year, so the year-end hit was smaller.
Zoom out: FY25 was Paytm's year of survival mode. Even with regulators coming down hard, services disrupted, and revenue taking a hit, the company still managed to slash losses. It’s not back in the green — but it’s no longer bleeding as badly either.
The big question investors ask though is what could drive the next lap of growth, especially when competition remains feisty and total market opportunity in fintech appears played out.
