NSE: PINELABS · BSE: 544606
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%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Digital infrastructure and transaction platform (68%), Issuing and acquiring platform (32%). Asset-light, two-rail digital payments and issuing platform
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 2,711 |
| EBITDA (ex other income) | 355 |
| margin % | 13.1 |
| Owners' profit | 113 |
| EPS, as reported (₹) | 1.05 |
| ROE % · ROCE % | 1.9 · 3.6 |
| Debt / equity (x) | 0.05 |
| Cash from operations | 395 |
| Capex | (238) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 650 | 744 | 701 | 737 |
| Profit before tax | 11 | 63 | 68 | 38 |
| Net profit | 6 | 42 | 59 | 20 |
| EPS (₹) | 0.06 | 0.38 | 0.52 | 0.17 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Digital infrastructure and transaction platform | 1,402 | 67.0 |
| Issuing and acquiring platform | 692 | 33.0 |
| Total, before eliminations | 2,095 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ONE 97 COMMUNICATIONS LTD | 1,02,502 | 157.6 | 6.40 | 84.8 | 3.4 | 3.6 | — | 15.7 |
| PB FINTECH LIMITED | 46,659 | 62.1 | 6.38 | 52.1 | 9.2 | 9.2 | — | 12.3 |
| AVENUESAI LIMITED | 42,257 | 119.8 | 8.49 | 94.7 | 5.9 | 6.2 | 64.4 | 4.8 |
| PINE LABS LIMITED ◆ | 17,711 | 135.8 | 3.00 | 33.8 | 1.9 | 2.2 | — | 16.8 |
| SESHAASAI TECHNOLOGIES L | 5,141 | 16.6 | 3.60 | 12.8 | 16.8 | 22.0 | — | 25.1 |
| NETWORK PEOPLE SRV TECH L | 3,544 | 76.0 | 8.03 | 50.2 | 9.3 | 12.3 | — | 33.3 |
| ONE MOBIKWIK SYSTEMS LTD | 1,711 | — | 3.18 | — | (11.5) | (11.2) | — | 5.6 |
| WSFX Global Pay Limited | 84 | — | 2.94 | — | (4.5) | (6.4) | — | (20.5) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 135.8 | 97.9 | 5 of 6 | 20% |
| P/B | 3.0 | 3.4 | 4 of 10 | 67% |
| ROCE | 2.3 | 3.7 | 7 of 10 | 33% |
| ROE | 1.9 | 4.4 | 7 of 10 | 33% |
| Debt / Equity | 0.1 | 0.1 | 5 of 10 | 56% |
| EBITDA margin | 16.8 | 8.9 | 3 of 10 | 78% |
| Market cap | 17711 | 4342 | 4 of 10 | 67% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Pine Labs invests about INR 25 crore in wholly owned subsidiary | strategic transactions | medium | — | — |
| 19 Oct 2026 · Pine Labs board meeting on Oct 29 to consider Q2 FY27 results | results | low | — | — |
| 13 Oct 2026 · Pine Labs files SEBI Regulation 74(5) certificate for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Pine Labs extends 5-yr tech partnership with Woolworths for gift card platform | strategic transactions | high | — | — |
| 28 Sept 2026 · Pine Labs Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 | compliance | minimal | — | — |
| 24 Sept 2026 · Pine Labs partners Google Cloud to advance agentic commerce in India | strategic transactions | high | — | — |
| 24 Sept 2026 · Pine Labs to deploy 10 lakh Soundboxes across India for digital payments | business updates | medium | — | — |
| 22 Sept 2026 · Pine Labs allots 8.9 lakh shares under ESOP Plan 2025 | capital market events | low | — | — |
| 18 Sept 2026 · Pine Labs 28th AGM: All 7 resolutions passed including director remuneration hikes | board shareholder meetings | medium | — | — |
| 16 Sept 2026 · AGM proceedings - FY26 financials adopted, director remuneration revisions approved for voting | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.