Archive · 21 Sep 2026
Pine Labs Shares Rise as MOFSL Forecasts Further Upside
Pine Labs helps businesses accept digital payments and offers related financial products.
Its shares have gone up by 24% in one month.
MOFSL believes the shares could rise by about 30% more.
The company’s domestic payments business is expected to remain its biggest source of revenue.
Its international and prepaid-products business is also growing.
MOFSL expects transaction volumes in that business to increase strongly.
A new 0.4% fee on some merchant transactions could benefit Pine Labs.
As more business shifts toward higher-margin services, the company’s profitability is expected to improve.
Pine Labs shares have risen 24% over the past month.
MOFSL sees approximately 30% further upside in Pine Labs.
The DITP segment is expected to deliver 24.5% revenue CAGR during FY26-28.
IAP gross transaction value is projected to reach Rs 640 billion in FY26.
Adjusted Ebitda margin is estimated to increase from 9% in FY24 to 29% by FY28E.
- Who
- Pine Labs and MOFSL.
- What
- MOFSL expects approximately 30% further upside for Pine Labs shares and forecasts strong revenue and margin growth.
- When
- Shares rose 24% over one month; forecasts cover FY26-28E, with margin estimates extending to FY28E.
- Where
- Pine Labs operates in India and international markets.
- Why
- Expected growth in digital payments, merchant relationships, transaction volumes, product mix and operating leverage.
- One-month share performance
- Pine Labs shares are up 24%.
- MOFSL upside view
- MOFSL projects approximately 30% further upside.
- Largest revenue segment
- DITP is identified as Pine Labs’ largest revenue contributor.
- DITP revenue outlook
- Revenue is estimated to grow at a CAGR of about 24.5% over FY26-28.
- IAP FY26 GTV
- Gross transaction value is projected to grow 24% year-on-year to Rs 640 billion.
- IAP revenue outlook
- IAP revenue is estimated to grow at a CAGR of 23% over FY26-28E.
- Adjusted Ebitda margin
- The margin is expected to improve from 9% in FY24 to 29% by FY28E.