Pending — not yet graded
Estimates Pine Labs could generate Rs 1.6 billion of incremental revenue from UPI MDR in FY28. This new revenue stream would represent about 20% of its EBIT and profit before tax estimates, with sensitivity analysis indicating an impact of about 14% on adjusted EBITDA, suggesting a significant earnings impact despite a smaller absolute opportunity compared to Paytm.

Jefferies Analysis’s track record: 3 graded calls · 95% CI 44–100%

Pine LabsBullishCalled 16 Sep 2026
Verdict:PENDING

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