Pine Labs share price target: Shares of Pine Labs ended higher on Monday, after Motilal Oswal Financial Services Limited initiated coverage for the company. The merchant commerce platform has a healthy mix of recurring and transaction-linked revenue, aided by long-standing enterprise relationships and scalable technology. The brokerage sees 72% upside in Pine Labs in bull case.
The company is well-positioned to benefit from the country’s accelerating digital payments ecosystem. Its diversified product suite. These factors, alongside financial institutions will provide multiple monetisation levers beyond traditional payment processing.
Pine Labs share price outlook
The stock is likely to see FY26-28 revenue CAGR of 29% against the base case assumption of 24%. In the bear case, its FY26-28 revenue CAGR is likely to grow by 18%. “We estimate a healthy revenue CAGR of ~24% over FY26-28E, driven by stable growth in DITP, continued traction in affordability solutions and online payments, and a faster scale-up of IAP business,” stated the brokerage in its report.
MDR Implementation should benefit Pine Labs
The central government-introduced Merchant Discount Rate (MDR) framework for large-value UPI person-to-merchant (P2M) transactions is set to come into effect from Oct 15, 2026. The introduction of MDR should benefit Pine Labs given its robust merchant-acquiring and payments franchise.
“As the revenue mix gradually shifts toward higher-margin, transaction-led businesses, we estimate adj. EBITDA margin to improve meaningfully from ~9% in FY24 to ~29% by FY28E, aided by improving operating leverage.”
Pine Labs share price recommendation
The brokerage gave a ‘Buy’ rating for the stock with a target price of ₹250 per share. “We estimate Pine Labs to deliver a healthy CAGR of 24%/46%/129% in revenue/ adj. EBITDA/PAT over FY26-28E and adj. EBITDA margin would improve to 28.7% from 9% in FY24. Initiate with BUY and a TP of INR250 (25x FY28E EV/EBITDA).”
In bull case, Motilal Oswal sees 72% upside in Pine Labs stock and has fixed target price at ₹330 per share. In the bear case, Motilal Oswal sees 27% decline in its value and has fixed target price at ₹140 per share.
Pine Labs share price trend
The stock closed 0.68% higher at ₹193.55 per share on BSE with a market capitalisation of ₹22,332.92 crore on Monday. The stock touched an intraday high of ₹195.70 per share and an intraday low of ₹191.15 per share. The company scrip touched its 52-week high of ₹283.70 per share on November 14, 2025. The stock dipped to its 52-week low of ₹134.75 per share on May 27, 2026. The stock has delivered 27% return in three months and around 17.66% return in six months.
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
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