Paytm (One 97 Communications) reported a steep 98% YoY drop in Q2FY26 net profit to Rs 21 crore, mainly due to a one-time Rs 190 crore impairment charge. Excluding this, PAT was Rs 211 crore. Revenue rose 24% YoY to Rs 2,061 crore, with strong growth in payments and financial services. Citi maintains a ‘Buy’ rating with a Rs 1,500 target.