Analyst Day 2026: Sustaining 20%+ Growth

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Analyst Day 2026: Sustaining 20%+ Growth

Update

June 17, 2026 01:29 AM GMT

Morgan Stanley India Company Private Limited+MPine Labs Ltd | Asia Pacific Gaurav Rateria

Equity Analyst

Analyst Day 2026: Sustaining Gaurav.Rateria@morganstanley.comSubramanian Iyer +91 22 6118-2237

Subramanian.Iyer@morganstanley.com +91 22 6118-2234

20%+ Growth Sulabh Govila, CFA

Sulabh.Govila@morganstanley.com +91 22 6118-2249

Pine Labs management outlined comprehensive strategy to Sakshi Rana

drive sustainable growth of 20%+ while improving margins. We Research Associate

Sakshi.Rana@morganstanley.com +91 22 6118-1002

think there is room for in-store payment business to surprise Shreshtha Chopra

positively over coming quarters. ResearchShreshtha.Chopra@morganstanley.comAssociate +91 22 6118-2227

Key Takeaways

Expect a 15-20% revenue CAGR in-store payments medium term, led by robust

growth in middle market/premium retail and new identified segments/use cases.

Flow business accounts for 25-27% of revenues – aims to take it to 50%. Pine Labs Ltd (PINL.NS, PINELABS IS)

Ruled out any material impact from any potential change in regulation related to India Technology | India

breakage incom. Stock Rating Overweight

Industry View In-Line

Building next layer of payments capabilities (Agentic AI-based payments) – Price target Rs186.00

Up/downside to price target (%) 24

expect to keep investing Rs1-1.5bn each year while maintaining operating leverage. Shr price, close (Jun 16, 2026) Rs150.09

52-Week Range Rs284.00-134.73

Sh out, dil, curr (mn) 1,223

Key takeaways: 1. In-store and online payments (32% of revenues): Within in- Mkt cap, curr (mn) Rs183,530

store payment, competition is easing and pricing power is coming back – there is Avg daily trading value (mn) Rs1,603

room to increase prices.