India's Pine Labs rises as UBS initiates coverage with 'buy'

Pine Labs

06/03/2026 04:45

** Shares of Pine Labs PINL.NS up 2.8% at 179.5 rupees

** UBS initiates coverage on fintech platform with "Buy" and a target price of 250 rupees, implying an upside of 43% from stock's last close

** Brokerage says Pine Labs maintains a strong large-enterprise franchise with a durable moat driven by scale and deep integration with banks, OEMs, and merchants

** UBS says as Pine Labs' point-of-sale business has transitioned from hyper growth to industry aligned growth, its focus has shifted to monetising existing base

** Adds incremental growth to come from EMI financing and deeper penetration into non-electronics consumer categories

** Estimates revenue growth to sustain at an estimated ~20% CAGR over FY2026–FY2028, and says the current ~45% valuation discount to Paytm looks unjustified given Pine Labs' stronger profitability and improving earnings quality

** YTD, stock down 25%

 (Reporting by Mridula Kumar in Bengaluru)

 ((Mridula.Kumar@thomsonreuters.com;))