Maintains a 'Buy' call on Pine Labs, increasing its target price to ₹230. The new UPI acquiring model, with its contractual and recurring revenue stream, is expected to benefit the company, making its payment business more resilient. Estimates Pine Labs to generate ₹155 crore in UPI MDR revenue in FY28.
Pine LabsBullishCalled 16 Sep 2026
Verdict:PENDING

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