New Delhi, Sept. 21 -- Shares of Pine Labs ended higher on Monday, after Motilal Oswal Financial Services Limited initiated coverage for the company. The merchant commerce platform has a healthy mix of recurring and transaction-linked revenue, aided by long-standing enterprise relationships and scalable technology. The brokerage sees 72% upside in Pine Labs in bull case.

The company is well-positioned to benefit from the country's accelerating digital payments ecosystem. Its diversified product suite. These factors, alongside financial institutions will provide multiple monetisation levers beyond traditional payment processing.

The stock is likely to see FY26-28 revenue CAGR of 29% against the base case assumption of 24%. In the bear ca...