Pine Labs Limited has informed the Exchange regarding a press release dated February 23, 2026, titled "Pine Labs awarded multi-year contracts by top 3 Indian OMCs for nationwide Digital Payments Platform Modernisation".
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Pine Labs has been awarded multi-year contracts by the top three Indian Oil Marketing Companies — BPCL, HPCL, and IOCL — to deploy, manage, and maintain digital payments infrastructure at petrol pumps and merchant outlets across India. The contracts will involve the rollout of nearly 130,000 digital payments acceptance devices nationwide. Additionally, Pine Labs will manage IOCL's XTRAPOWER loyalty rewards platform, which serves lakhs of fleet operators and includes fuel management, fleet analytics, and Chip & PIN transactions. CEO B Amrish Rau highlighted that this partnership combines Pine Labs' tech capabilities with the large retail footprints of public sector OMCs. The move reinforces Pine Labs' position in India's digital payments ecosystem and expands its reach into fuel retail commerce.
This is a significant order win that provides multi-year revenue visibility and scale (130,000 devices) from high-credit-quality public sector clients. It strengthens Pine Labs' growth story and could positively influence investor sentiment around its business pipeline and market leadership in digital payments.