PINE LABS LIMITED

Builds digital checkout and payment infrastructure for merchants, processing transactions across point-of-sale devices, online checkouts, and prepaid cards. Revenue splits into two segments: Digital infrastructure and transaction platform, contributing 67.8% of FY26 revenue, houses merchant-facing checkout services including a Digital Checkout Points network of 21.7 lakh devices spread across 11.5 lakh merchants, plus international operations spanning 22 countries. Issuing and acquiring platform contributes 32.2% of FY26 revenue and covers prepaid card issuance, payment processing for co-branded programs, and the Setu bill payments platform that handles 15% of India's bill payment volume. The combined platform processed about ₹4.22 lakh crore of gross transaction value in a single recent quarter across 201 crore transactions, and the prepaid card base exceeds 865 million. Multi-year contracts cover roughly 1.3 lakh fuel outlets across BPCL, HPCL, and IOCL, and the company reports about 85% share of the offline consumer durables BNPL market. Employee cost is the largest operating expense at 39.4% of revenue, followed by other operating expenses at 33.8% and depreciation at 10%.