Morgan Stanley has maintained an equal-weight rating on Zinka Logistics with a target price of ₹490, citing moderated yet strong growth prospects in payment revenues despite a slowdown in e-toll collections.
According to NETC data, India’s e-toll collection in June 2025 declined by 4.2% month-on-month but grew 17.5% year-on-year. Based on these trends, Morgan Stanley estimates e-toll collection growth in the first quarter of FY26 could come in at 3.3% quarter-on-quarter and 19.7% year-on-year, slightly lower than its earlier projections.
The brokerage noted that the payments Gross Transaction Value (GTV) growth multiplier — which measures how much faster Zinka grows compared to the industry — has moderated recently to below 2x of industry growth. Assuming a 1.5x multiplier, Morgan Stanley expects Zinka Logistics’ payment revenues to grow more than 30% year-on-year in 1QFY26.
Meanwhile, the shares of Zinka Logistics continue to reflect investor optimism over its long-term growth trajectory, driven by its strong position in the digital toll and payments ecosystem.
