Archive · 23 Sep 2026
Motilal Oswal Sees 30% Upside in Pine Labs Shares
Motilal Oswal, a brokerage firm, started studying Pine Labs’ stock.
It gave the stock a ‘buy’ rating and set a target price of ₹250 per share.
This means the firm believes the stock could rise by about 30% from its current price.
Pine Labs helps merchants accept payments and offers other financial services.
The brokerage expects the company’s sales and profits to grow quickly between FY26 and FY28.
It also expects the company to become more profitable as more of its business comes from transactions.
Pine Labs serves more than 1 million merchants.
Its shares have risen strongly in the past month but are still lower than at the start of the year.
Motilal Oswal initiated coverage of Pine Labs with a ‘buy’ rating and a ₹250 target price.
The brokerage sees up to 30% upside from the current market price.
Pine Labs shares gained 25.74% in one month but remain down 16.09% year to date.
Motilal Oswal forecasts FY26–FY28 revenue, adjusted EBITDA and adjusted PAT CAGRs of 24%, 46% and 129%, respectively.
The brokerage expects Pine Labs’ adjusted EBITDA margin to rise from about 9% in FY24 to nearly 29% by FY28E.
- Who
- Motilal Oswal and Pine Labs.
- What
- Motilal Oswal initiated coverage of Pine Labs with a ‘buy’ rating and a ₹250 target price.
- When
- The article reports recent performance over one week, one month and year to date; Pine Labs debuted in November 2025, while forecasts cover FY26–FY28E.
- Where
- On the stock market, with the shares listed on NSE.
- Why
- Motilal Oswal expects revenue growth, stronger transaction-led business and improved operating leverage to increase Pine Labs’ profitability.
- Brokerage rating
- Buy, initiated by Motilal Oswal
- Target price
- ₹250 per share
- Potential upside
- Up to 30% from the current market price
- One-month share performance
- Up 25.74%
- Year-to-date share performance
- Down 16.09%
- Merchant base
- More than 1 million merchants
- FY28E adjusted EBITDA margin
- Nearly 29%, compared with about 9% in FY24