Pine Labs shares: Brokerage firm Motilal Oswal has initiated coverage on merchant payment platform Pine Labs, assigning a ‘buy’ rating, saying ‘Monetization in motion’. The brokerage firm has given a target price of ₹250 per share, seeing upside potential of up to 30% from the current market price.
The firm expects the company to post a strong CAGR of 24% in revenue, 46% in adjusted EBITDA and 129% in adjusted PAT over FY26–FY28E. It also expects the adjusted EBITDA margin to expand significantly to 28.7%, from 9% in FY24.
“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. DITP will remain the largest revenue contributor, accounting for 68% of revenue, while IAP business is set to outpace the broader portfolio,” the firm said.
It further explained that the introduction of a 0.4% MDR on eligible P2M transactions is expected to support Pine Labs, backed by its strong merchant-acquiring and payments franchise. As the company’s revenue mix increasingly moves toward higher-margin, transaction-led businesses, adjusted EBITDA margin is estimated to expand significantly from around 9% in FY24 to nearly 29% by FY28E, supported by improved operating leverage.
Pine Labs is a leading merchant commerce platform offering payment acceptance, affordability and issuing solutions. Its digital infrastructure and transaction platform (DITP) and issuing and acquiring platform (IAP) generate a healthy mix of recurring and transaction-linked revenue, aided by long-standing enterprise relationships and scalable technology.
With a merchant base exceeding 1 million, Pine Labs processed a gross transaction value (GTV) of ₹17.2 trillion through 7.4 billion transactions in FY26. The company continues to strengthen its presence across merchant segments, supported by acquisitions and the expansion of its international issuing business.
Pine Labs share price trend
Pine Labs share price have shown a mixed performance across different timeframes. The stock gained 6.24% over the past week and advanced 25.74% in the last one month, indicating a sharp recovery in the recent period. However, the stock remains 16.09% lower on a year-to-date basis (YTD).
Pine Labs share price made its stock market debut in November 2025. The stock was listed at ₹242 apiece on NSE, a 9.5% premium over the IPO price of ₹221.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
About The Author
