ICICI Securities Initiates Buy on Pine Labs, Sees 36% Upside to Rs 210

Brokerage cites diversified payments mix across subscription, affordability, issuer distribution and processing, plus international expansion. Forecasts 19% revenue CAGR, 37% Ebitda CAGR and 75% PAT CAGR through FY30, with PAT crossing Rs 1,000 crore.

— Source publishedWed, 17 Jun, 2026, 11:00 IST·First seen Wed, 17 Jun, 2026, 12:11 IST·Source NDTV Profit

What happened

ICICI Securities initiated Buy on Pine Labs with Rs 210 target (36% upside), citing diversified payments mix across subscription, affordability, issuer

Key facts

  • Target Rs 210
  • CMP Rs 154
  • 36% upside
  • Revenue CAGR 19% FY26-30E
  • Ebitda CAGR 37%
  • PAT CAGR 75%
  • PAT >Rs 1,000 cr by FY30

Why this matters

International expansion and the four-pillar payments stack open inorganic angles in issuer distribution and affordability to accelerate the FY30 trajectory.