J P M O R G A N Asia Pacific Equity Research 29 July 2026 Pine Labs Model Update: Margin pressures We update our model post 1QFY27 earnings. Management highlighted that the margins should recover in 2H as mix changes towards higher margin affordability and issuing solutions due to the festive season. However, targeted investments in sales and technology made in 1Q means FY27 CM will end up lower (73-74%) vs 75% seen in FY26. On Adj Ebitda margins, management didn't give a hard guide but said it won't go bel ...