Pine Labs

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Pine Labs

and 3) self-managed kiosk 03/27E 3.00 2.75

checkouts. That, coupled with a focus on newer vectors, such as employee benefits, 03/28E 4.80 4.53

gaming payments and a nascent US gift card push, may also aid overall growth. 03/29E 7.60 6.59

Management reiterated the affordability business remains a key value driver, with 40+

credit partners, 450+ participating brands and transaction volume of Rs740bn during Alok Srivastava

FY26, which it thinks may grow c25%+ over the next three years. Other segments Analyst

alok.srivastava@ubs.com

include prepaid and card issuing (865m+ cards issued across 22+ geographies), the Setu

+91-22-6155 6037

subsidiary's role in India's digital payments and credit data infrastructure, and a longer-

term vision around agentic commerce (AI-driven autonomous transaction rails), which Yash Agarwal

management sized as a $100bn+ global opportunity by 2030. Analyst

yash.agarwal@ubs.com

+91-22-6155 6007

Revenue/EBITDA guidance reiterated, aided by rising high-margin business

Karan Paresh Trivedi

Management reiterated revenue growth guidance of 20%+, with a stable contribution

Associate Analyst

margin (CM) of ~70-75%, and anticipates strong flow through of >50% of incremental karan.trivedi@ubs.com

CM to EBITDA as operating leverage comes into effect. Management reiterated its +91-22-6155 6177

business transition from an "investment and build" phase to a "monetization at scale"

platform. Management expects to continue generating operating cash flow, although

some seasonality could linger.

Valuation: Maintain Buy rating and Rs220 price target

We value Pine Labs using a DCF valuation model, with a price target of Rs220, which

implies a target multiple of ~31x FY28E EV/EBIT (a ~35% discount to Paytm).