New Delhi, Dec. 4 -- Paytm is reshaping its business through stake consolidation, a cleaner group structure, and an artificial intelligence (AI)-led push across payments and financial services. Early results show improving margins, stronger growth, and a clearer path to profitability.

Public markets are a brutal place. They punish excesses, expose weak assumptions, and often remind companies that sentiment can turn faster than strategy. And as Benjamin Graham, the father of value investing, said, "In the short run, the market is a voting machine, but in the long run, it is a weighing machine." Paytm has lived through both sides of that metaphor.

An unclear path to profitability, a high valuation, regulatory headwinds, and a ban on Paytm...