Investec described Pine Labs as a leading merchant-focused fintech platform, with more than 2 million point-of-sale (POS) terminals, giving it a 17% market share. The company also holds a dominant position in the enterprise merchant segment, with a market share of more than 60%.
Pine Labs has leveraged its merchant base to build several value-added services, led by affordability solutions such as POS financing, the brokerage said.
The company processes around 85% of offline whitegoods buy-now-pay-later (BNPL) transactions, working with more than 450 brands and over 40 financial institutions.
Pine Labs has also built a leadership position in gift card processing, with a 90% market share, as well as in the broader prepaid payment instruments segment, Investec said.
Increasing scale and a rising contribution from higher-margin segments have driven the company’s EBITDA margin from 0% in FY23 to 13% in FY26, while PAT margin has reached 4%.
Investec expects Pine Labs to deliver 20% revenue CAGR between FY26 and FY29E, while PAT margin is expected to improve to 14% by FY29E.
Among the 10 analysts covering Pine Labs, eight have a ‘Buy’ rating and two have a ‘Hold’ rating on the stock.
Pine Labs shares ended 2.04% higher at ₹167.03 on Wednesday. The stock has declined nearly 30% so far in 2026.
ALSO READ | Citi downgrades Lupin, cuts target; Bernstein sees Kalydeco ruling as key positive
First Published: Aug 27, 2026 8:47 AM IST
