Emkay Global Financial recommends Pine Labs buy at ₹220
Business
Emkay Global Financial is recommending Pine Labs as a "buy," with a price target of ₹220.
The fintech company just beat revenue expectations, thanks to strong growth in its IAP and DITP segments.
Pine Labs adjusted EBITDA ₹161 cr
Pine Labs's IAP revenue jumped 30.9% year-on-year, while DITP grew 20.8%.
Even after spending big on marketing and tech upgrades (which pushed indirect costs to ₹430 crore), its adjusted EBITDA still climbed from ₹132 crore to ₹161 crore.
The company also improved its contribution margin and is aiming for monthly UPI GTV of up to ₹330-340 billion by fiscal 2028, so Emkay is staying optimistic about its future potential.