Brokerage Equirus Securities reduced its rating on stock and price targets on March 2026, indicating a further loss of 21% from the closure of 1,143.2D of Lar on Monday.
Agency“This is a negative because PAN services contribute 50% of the company’s income,” the client’s note said. “When the impact of FY 26 can be muted, we expect a 75-100% collapse in this income flow over the next 2-3 years.”
As of March 31, Canara Bank, PNB, SBI, Axis Bank and Bank BAR F F Baroda owned 13.17% in Pay FIRM, which is fully owned by public shareholders. Investor Ramesh Dama’s company recorded 1.05%.
“Protein gets about 45-50% of its income from Pan Position, so losing the PAN 2.0 contract can hesitate until it secures new projects,” said Manish Chowdhury, a research head of Stokesbox. “There is also talk of prices improvement for its NPS project in FY 27, which, if the material is made, can hurt the profit.”
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