Citi starts India's Pine Labs with 'buy' on strength in payments sector, growth outlook; shares rise

Pine Labs

13/04/2026 10:40

** Shares of Indian fintech platform Pine Labs PINL.NS jump as much as 4.98%, last up 2.72% at 182.39 rupees

** Citi initiates coverage with "buy", PT of 235 rupees, citing improving monetisation in India's payments sector and co's strength in merchant payments, prepaid solutions

** Citi expects co's growth to be driven by affordability solutions, value-added payment services and international expansion

** Forecasts revenue to grow at CAGR of ~17% and EBITDA to rise roughly 49% over FY26–FY28

** PINL rated "hold" on average by five analysts, median PT 255 rupees - LSEG data

** Stock down ~28% since listing on November 14, 2025; YTD, PINL drops 26%

 (Reporting by Bipasha Dey in Bengaluru)

 ((Bipasha.Dey@thomsonreuters.com;))