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Motilal Oswal starts Pine Labs at Buy, sees 30% upside to Rs 250
Motilal Oswal initiated Pine Labs with a Buy rating and Rs 250 target, citing India digital-payments growth, merchant relationships, affordability solutions and online payments. It forecasts FY26-28E revenue CAGR of 24% and EBITDA-margin expansion to about 29% by FY28E.
Pine Labs price used for upside₹192
Motilal Oswal target price₹250
up 30%
Reported figures
From the report. Source details below
| Implied upside: | 30% from Rs 192 |
|---|---|
| Valuation: | 25x FY28E EV/EBITDA |
| DITP estimated at | 68% of revenue |
| Eligible P2M MDR: | 0.4% |
| Adjusted EBITDA margin: | 9% in FY24 to 28.7%-29% by FY28E |
| Estimated FY26-28E CAGR: | revenue 24%, adjusted EBITDA 46%, PAT 129% |
Also in the report
- Buy rating