CITI ON PINE LABS ; BUY | TP ₹220 (EARLIER ₹215)

• Citi maintains Buy rating on Pine Labs and raises target price to ₹220 from ₹215. • Expects FY27 revenue growth at the upper end of the company's 21–23.5% guidance. • UPI Merchant Discount Rate (MDR) monetisation expected to contribute ₹130 crore to FY28 adjusted EBITDA. • Forecasts revenue CAGR of 23% and adjusted EBITDA CAGR of 36% over FY26–28. • Growth in affordability solutions and digital payments expected to support revenue expansion and profitability.

PINE LABS LIMITED

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