Emkay Global upgrades India's Pine Labs to 'buy'

Pine Labs

20/04/2026 07:03

** Emkay Global upgrades Indian fintech firm Pine Labs PINL.NS to "buy" from "reduce", maintains PT of 225 rupees

** Brokerage says working capital-related concerns are already factored into the stock price and believes PINL can lower its requirements by using bill discounting

** While devices business to show calibrated rev growth over long term, operationalisation contracts with oil marketing companies to drive slightly higher revenue growth from Q1 - Emkay

** Adds, PINL continues to see strong growth in issuing and acquiring businesses led by traction in international markets

** Avg rating of five analysts on PINL at "hold"; median PT is 255 rupees - LSEG-compiled data

** Stock up nearly 1% at 195.25 rupees; YTD down 18.4% vs rival Paytm's PAYT.NS nearly 10% decline

(Reporting by Kashish Tandon in Bengaluru)

((Kashish.tandon@thomsonreuters.com))