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CLSA on Paytm:

Underperform, Target Price Rs 1,000

Q3 in-line

GMV growth of 23% was similar to est.

Net take rate for payments moderated to 8.4bps from a high base of 9.1bps prior quarter

Lending revenue continued to grow at a healthy clip of 10% QoQ, while continued decline in marketing services revenue was arrested

Contribution profit of Rs12.5bn was also in-line with our expectations.

Employee Opex, ex-labour code impact, increased 7% QoQ—this is quite a jump compared to past several quarters

Paytm earned Rs2.2bn in 9MFY26 from RBI’s PIDF scheme; scheme ended in Dec 2025

Cut PBT estimates 3%-5% driven by no PIDF income, partly offset by reduced advertising spending.

CLSA on Dixon Tech:

Buy, Target Price Rs 15,880

3Q revenue decline of 28% QoQ was in line with est.

Smartphone sales were significantly impacted due to elevated memory prices, a trend likely to pressure lower and mid-tier segments in 4Q as well

There has been progress on margin accretive backward integration initiatives, with Dixon expecting ECMS approvals for display modules and enclosures soon

In the near term, Vivo PN3 approval, clarity on PLI extension & progress in other segments remain key catalysts

Nomura on Dixon Tech:

Buy, Target Price Rs 14,678

Growth recovery to drive re-rating

3Q EBITDA largely in line; new customer ramp-up, backward integration to offset near-term challenges

Still estimate a 51% EPS CAGR over FY26-28F, for which pending government approvals remain a key catalyst

Stock trading at 32x FY28F EPS, which looks attractive given outlook

JPMorgan on Dixon Tech:

Overweight, Target Price Rs 13,700

Dixon cut its FY26 mobile volume guidance to 34-35mn (from earlier 40-42mn) and withdrew its FY27 guidance (from 55-65mn earlier) mainly due to uncertainty from memory price increases impacting end demand as well as delays in Vivo JV approval

Believe withdrawing the guide is right thing to do in times of uncertainty and provides optionality if & when Vivo JV approval comes through

Shares of Tata Motors’ commercial vehicle (CV) business will be in focus on Friday, January 30, after the company reported a healthy set of December quarter results post market hours on Thursday.

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