India's Pine Labs drops; Emkay starts with 'reduce'

Pine Labs

20/11/2025 08:21

** Shares of Pine Labs  PINL.NS fall 1.8% to 237.48 rupees

** Emkay Global initiates coverage on stock with "reduce" rating, target price of 210 rupees

** Brokerage expects stiffening competitive intensity in co's key segments - payments solutions and EMI aggregation - due to increased focus by peers

** Even after PINL's ramp-up of low-end Mosambee devices, its distribution remains weaker than peers - Emkay

** Says profitability and growth of its domestic gift-card business is limited, while international business is scaling up rapidly but operates at low and volatile margins

** "Given the rising competition, we see an unfavorable risk-reward," Emkay says

** Pine Labs listed at about 29% premium last week, it has dropped 5.4% since debut

 (Reporting by Manvi Pant)

 ((Manvi.Pant@thomsonreuters.com; +918447554364;))