Pine Labs Ltd. share price target

Pine Labs reported 17.8% YoY revenue growth, with strong growth in the Issuing and Acquiring business (up 32.5% YoY) offsetting the weakness in Digital Infrastructure and Transaction Processing (DITP) business (up 11.9% YoY).

We initiate coverage on Pine Labs with REDUCE and TP of Rs210. Pine Labs has a strong value proposition in the enterprise POS segment (supported by high customer stickiness driven by deep software integration) and dominant position in EMI aggregation (owing to its early-mover advantage).

Strong partnership across sectors: Pine labs serves an ecosystem spanning across merchants in key verticals such as department stores and retailers, supermarkets, e-commerce, restaurants, grocery, lifestyle, consumer electronics, healthcare, travel, hospitality as well as financial institutions and banks along-side new age technology companies. Through its suite of offerings, it has developed deep partnerships with marquee consumer brands and enterprises such as Croma, HDFC bank, LG Electronics, Trent, HPCL, Apollo Pharmacy, among others....

IPO NOTE

Repayment of certain borrowings, Investment in our Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding our presence outside India, Investment in IT assets, expenditure towards cloud infrastructure, procurement of digital check-out points and technology development initiatives,...

Founded in 1998, Pine Labs is an Indian fintech company providing digital payment and merchant solutions, including point-of-sale (POS) terminals to businesses. They offer a platform for merchants to accept payments online and offline, manage finances, and access consumer credit and loyalty programs. It has presence in seven (7) countries...

Pine Labs Ltd. (Pine Labs) is a technology-led company focused on digitising commerce through digital payments and issuing solutions for merchants, consumer brands, enterprises, and financial institutions. Its offerings enable multiple workflows for merchants, including digital payments, smooth integration with billing systems, rewards and loyalty programme management, affordability options for end consumers, value-added services such as dynamic currency conversion, and digitizing their stores through business software applications. As of Jun'25, Pine Labs operated through a...