Pine Labs shares rose 5.24% to ₹194.15 on Friday, nudging the stock toward Motilal Oswal’s ₹250 target— a 30% upside from last closing. The brokerage even set a ₹330 ceiling for FY28, implying a 70% jump. Yet the stock is still down nearly 18% YTD, underscoring a cautious market stance.
Motilal’s research charts a 24% revenue CAGR from FY26 to FY28, with adjusted EBITDA margins projected to surge to 28.7% by FY28 from roughly 9% in FY24. The model credits a 68% revenue share from digital infrastructure & transaction processing (DITP), plus a faster‑growing integrated payments & issuing (IAP) arm.
The firm’s merchant ecosystem grew to over 1 million partners, generating a gross transaction value of ₹17.2 lakh crore and 7.4 billion transactions in FY26. Expansion is being driven by strategic acquisitions and a broader international issuing footprint, which should diversify revenue streams beyond the traditional merchant‑acquiring model.
Looking ahead, Pine Labs is slated to report FY27 results in June, with analysts expecting a 10‑15% YoY revenue lift in the first half of FY27. The digital payments landscape in India is projected to grow 20% annually, offering a favorable tailwind for the company’s high‑margin, transaction‑led business model.