Morgan Stanley has initiated research coverage on Pine Labs Limited, one of India's prominent fintech companies, with significant implications for investor sentiment and market positioning.

Morgan Stanley's Coverage Initiation

The global investment bank has assigned an 'Equal-weight' rating to Pine Labs' stock, accompanied by a price target that provides clear guidance for potential investors.

Investment Rating Implications

The Equal-weight rating from Morgan Stanley suggests a neutral stance on the stock's near-term performance prospects. This rating category typically indicates that the analyst expects the stock to perform in line with the broader market or sector benchmarks over the investment period. The ₹260.00 price target provides investors with a specific valuation benchmark for assessing the stock's potential upside or downside from current market levels.

Market Significance

The initiation of coverage by Morgan Stanley represents a notable development for Pine Labs, as it brings the company under the research umbrella of one of the world's leading investment banks. This formal coverage may increase institutional investor interest and provide enhanced visibility for the fintech company in global markets. Research coverage from major investment banks often serves as a catalyst for improved liquidity and broader investor participation in a stock.

Pine Labs Limited announced the outcome of its board meeting held on December 17, 2025, addressing key corporate governance matters and shareholder approvals. The meeting, which commenced at 1:30 PM and concluded at 1:48 PM, resulted in significant decisions regarding the company's audit framework and employee benefit schemes.

Secretarial Auditors Appointment

The board approved the appointment of M/s. Makarand M. Joshi Co., Practising Company Secretaries, as the company's secretarial auditors for a five-year term. This appointment covers the period from Financial Year 2025-26 to Financial Year 2029-30, subject to shareholder approval.

M/s. Makarand M. Joshi Co. (MMJC) brings over 25 years of excellence in corporate governance and compliance. The firm is widely recognized for its expertise in secretarial audits, compliance audits, and due diligence across various sectors including banking, financial services, IT/Telecom, pharmaceuticals, FMCG, and infrastructure. MMJC offers comprehensive advisory and compliance services under Corporate Laws, SEBI Regulations, FEMA Regulations, and Merger & Acquisition frameworks.

Postal Ballot Resolutions

The board approved the issuance of a postal ballot notice for seeking shareholder approval on four key resolutions:

Regulatory Compliance

The decisions were made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided detailed information in compliance with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

The postal ballot notice, including other related information required under the Companies Act, 2013, and Listing Regulations, will be published and communicated in due course. All information will be made available on the company's website at https://www.pinelabs.com/investor-relations/corporate-announcements .

Corporate Details

Pine Labs Limited operates from its registered office at Unit no. 408, 4th Floor, Time Tower, MG Road, DLF QE, Gurgaon-122002, Haryana, with its corporate office located at Unit no. 1604, 15th Floor, A Wing, Plot no. C-70, The Capital, G Block, BKC Bandra East, Mumbai-400061. The company secretary and compliance officer, Neerav Mehta (Membership Number: A20949), signed the regulatory filing.