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Pine Labs Q2 FY27 results: net profit ₹38.57 crore vs ₹5.97 crore, revenue up 24.0%
Pine Labs Limited reported consolidated revenue of ₹806.19 crore for Q2 FY27, up 24.0% from ₹649.90 crore in the year-ago quarter. EBITDA rose to ₹125.95 crore from ₹75.36 crore, while the margin expanded to 15.6% from 11.6%; profit after tax was ₹38.57 crore and basic EPS was ₹0.33.
Key points
- Q2 FY27 consolidated revenue rose 24.0% year on year to ₹806.19 crore and increased 9.4% from ₹736.92 crore in Q1 FY27.
- EBITDA was ₹125.95 crore in Q2 FY27, up 67.1% from ₹75.36 crore, while the margin expanded 4.0 percentage points to 15.6%.
- Profit after tax rose to ₹38.57 crore from ₹5.97 crore in Q2 FY26 and ₹19.57 crore in Q1 FY27; basic EPS was ₹0.33.
- H1 FY27 revenue was ₹1,543.11 crore and profit after tax was ₹58.14 crore, compared with ₹1,265.81 crore and ₹10.76 crore in H1 FY26.
- Management raised FY27 revenue-growth guidance to above the prior 23%-23.5% range and maintained EBITDA-margin guidance at 21% or better.
How did Pine Labs perform in Q2 FY27?
Pine Labs reported consolidated revenue of ₹806.19 crore for Q2 FY27, up 24.0% from ₹649.90 crore in Q2 FY26 and 9.4% from ₹736.92 crore in Q1 FY27. EBITDA was ₹125.95 crore, compared with ₹75.36 crore a year earlier and ₹94.89 crore in the previous quarter. The EBITDA margin was 15.6%, compared with 11.6% in Q2 FY26 and 12.9% in Q1 FY27.
Profit before tax was ₹61.37 crore in Q2 FY27, compared with ₹11.23 crore in Q2 FY26 and ₹37.73 crore in Q1 FY27. Profit after tax was ₹38.57 crore, compared with ₹5.97 crore a year earlier and ₹19.57 crore in the previous quarter, while basic EPS was ₹0.33. On the standalone basis, revenue was ₹607.29 crore and profit after tax was ₹56.73 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 806.19 | 736.92 | 649.90 | +24.0% | +9.4% |
| Other income | 25.55 | 28.95 | 23.01 | +11.0% | −11.7% |
| Total expenses | 770.37 | 728.14 | 661.68 | +16.4% | +5.8% |
| EBITDA | 125.95 | 94.89 | 75.36 | +67.1% | +32.7% |
| EBITDA margin | 15.6% | 12.9% | 11.6% | +4.0 pp | +2.7 pp |
| Profit before tax | 61.37 | 37.73 | 11.23 | +446.5% | +62.7% |
| Tax | 22.80 | 18.16 | 5.19 | +339.3% | +25.6% |
| Net profit | 38.57 | 19.57 | 5.97 | +546.1% | +97.1% |
| EPS (₹) | 0.33 | 0.17 | 0.06 | +450.0% | +94.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Pine Labs' costs and profit?
Total expenses rose 16.4% year on year to ₹770.37 crore, while other income increased 11.0% to ₹25.55 crore. Employee cost declined by ₹0.18 crore to ₹267.68 crore, finance costs fell by ₹7.06 crore to ₹14.21 crore, depreciation increased by ₹10.05 crore to ₹75.92 crore, and other expenses rose by ₹71.38 crore to ₹296.71 crore. There was no exceptional item in the quarter.
Tax expense increased by ₹17.61 crore to ₹22.80 crore from ₹5.19 crore in Q2 FY26. EBITDA rose by ₹50.59 crore to ₹125.95 crore, profit before tax increased by ₹50.14 crore to ₹61.37 crore, and profit after tax rose by ₹32.60 crore to ₹38.57 crore. The EBITDA margin expanded 4.0 percentage points to 15.6%, while the profit-after-tax margin increased 3.9 percentage points to 4.8%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 267.68 | 267.86 | −0.18 | −0.1% |
| Finance costs | 14.21 | 21.27 | −7.06 | −33.2% |
| Depreciation | 75.92 | 65.87 | +10.05 | +15.3% |
| Other expenses | 296.71 | 225.33 | +71.38 | +31.7% |
| Total expenses | 770.37 | 661.68 | +108.69 | +16.4% |
| Other income | 25.55 | 23.01 | +2.54 | +11.0% |
| Tax | 22.80 | 5.19 | +17.61 | +339.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Pine Labs reported revenue of ₹1,543.11 crore, up 21.9% from ₹1,265.81 crore in H1 FY26, and total income of ₹1,597.61 crore, up 20.5% from ₹1,325.99 crore. Profit before tax rose to ₹99.10 crore from ₹6.45 crore, while profit after tax increased to ₹58.14 crore from ₹10.76 crore.
Basic EPS for H1 FY27 was ₹0.51, compared with ₹0.10 in H1 FY26. The increase in profit after tax was ₹47.38 crore, while profit before tax increased by ₹92.65 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,543 | 1,266 | +21.9% |
| Profit before tax | 99.10 | 6.45 | +1436.4% |
| Net profit | 58.14 | 10.76 | +440.3% |
| EPS (₹) | 0.51 | 0.10 | +410.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets rose to ₹14,082.79 crore at 30 September 2026 from ₹13,296.96 crore at 31 March 2026, and total equity increased to ₹6,019.46 crore from ₹5,895.41 crore. Borrowings fell to ₹183.28 crore from ₹282.87 crore, while cash was ₹1,348.65 crore compared with ₹1,393.08 crore.
Trade receivables increased to ₹1,187.80 crore from ₹1,042.11 crore, inventories to ₹55.45 crore from ₹31.85 crore, and trade payables to ₹501.12 crore from ₹383.08 crore. In H1 FY27, operating cash flow was ₹191.34 crore, compared with ₹3.45 crore in H1 FY26; investing cash flow was negative ₹101.12 crore versus positive ₹83.41 crore, and financing cash flow was negative ₹33.55 crore versus positive ₹211.42 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 14,083 | 13,297 |
| Total equity | 6,019 | 5,895 |
| Borrowings | 183.28 | 282.87 |
| Cash and equivalents | 1,349 | 1,393 |
| Inventories | 55.45 | 31.85 |
| Trade receivables | 1,188 | 1,042 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 191.34 | 3.45 |
| Cash from investing | −101.12 | 83.41 |
| Cash from financing | −33.55 | 211.42 |
| Capital expenditure | 239.87 | −85.51 |
Source: Company's results filing (XBRL).
How has Pine Labs done over the last 5 quarters?
Revenue reached a five-quarter high of ₹806.19 crore in Q2 FY27 after ₹744.27 crore in Q3 FY26, ₹700.51 crore in Q4 FY26, and ₹736.92 crore in Q1 FY27. The lowest quarterly revenue in the period was ₹649.90 crore in Q2 FY26. Revenue growth accelerated to 24.0% in Q2 FY27 from 9.4% in Q1 FY27.
Profit after tax rose from ₹5.97 crore in Q2 FY26 to ₹42.39 crore in Q3 FY26 and ₹59.36 crore in Q4 FY26, before falling to ₹19.57 crore in Q1 FY27 and recovering to ₹38.57 crore in Q2 FY27. The EBITDA margin was 11.6% in Q2 FY26, peaked at 17.7% in Q3 FY26, and was 15.6% in Q2 FY27.
Which businesses drove the quarter?
The Digital infrastructure and transaction platform segment reported revenue of ₹531.55 crore, up 20.8% from ₹440.06 crore in Q2 FY26. EBIT was ₹436.21 crore, compared with ₹367.83 crore in the year-ago quarter, and the EBIT margin was 82.1%.
The Issuing and acquiring platform reported revenue of ₹274.64 crore, up 30.9% from ₹209.84 crore in Q2 FY26. EBIT rose to ₹150.82 crore from ₹129.60 crore, with an EBIT margin of 54.9%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Digital infrastructure and transaction platform | 531.55 | +20.8% | 436.21 | 82.1% |
| Issuing and acquiring platform | 274.64 | +30.9% | 150.82 | 54.9% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The Nomination and Remuneration Committee approved a grant of 16,37,152 employee stock options to eligible employees under the Pine Labs Employee Stock Option Plan 2025. The filing stated that no options had vested, the vesting period was 48 months, and the exercise period was 5 years from the date of vesting, subject to the scheme’s terms.
The same-day investor presentation reported revenue of ₹806 crore, adjusted EBITDA of ₹155 crore and profit after tax of ₹39 crore. It also described the suspension of Roblox gift-card sales and the company’s attempt to establish a direct formal contractual relationship with Roblox to allow the products to be relaunched. No dividend or fund-raising announcement was disclosed in the cited same-day filings.
What did Pine Labs' management say?
Management raised FY27 revenue-growth guidance to above the prior 23%-23.5% range and maintained FY27 EBITDA-margin guidance at 21% or better, with H2 expected materially above H1. The company expects overall contribution margin of 72%-75%, including 52%-55% for issuance and 81%-83% for DITP, while full-year cash flow remains guided at 13%-15% of top line. Management expects Q3 cash flow to be negative and Q4 positive due to festive working-capital seasonality.
Management said at least 10 lakh additional soundboxes or POS terminals would be deployed to capture missed UPI transactions from existing merchants. It also expects approximately 70% UPI transaction growth over the next 1-2 years and believes this can continue for at least one more year. The company is targeting an employee tax-benefit card by end-November or early December 2026.
Management identified the timing and net economics of UPI MDR implementation, a roughly nine-month period before sales hires become revenue-productive, dependence on bank promotions and consumer sentiment for Diwali affordability, and cloud and data costs of 8%-9% of revenue as risks. It said sales investment would continue in H2, while flow-based income grew 25% year on year as data, marketing and advertising broadened the revenue mix.
How did Pine Labs shares react?
The stock was up 6.0% within 5 minutes of the filing appearing, up 5.4% after 30 minutes, and closed 1.4% above the pre-results close on the reaction day. By the next day’s close, it was down 5.7% from its pre-results close. The Financial Technology industry median was up 1.5% on the reaction day and down 2.2% by the next day’s close, making Pine Labs’ relative moves negative 0.1 percentage point and negative 3.5 percentage points.
Earlier reaction-day moves were positive 4.1% on 28 July 2026, negative 5.2% on 25 May 2026, positive 1.2% on 28 January 2026, and negative 3.0% on 3 December 2025.
| After the filing | Stock | Financial Technology (Fintech) median |
|---|---|---|
| 5 minutes | +6.0% | |
| 15 minutes | +1.2% | |
| 30 minutes | +5.4% | |
| Reaction day | +1.4% | +1.5% |
| Next day | −5.7% | −2.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 28 July 2026 | +4.1% |
| 25 May 2026 | −5.2% |
| 28 January 2026 | +1.2% |
| 3 December 2025 | −3.0% |
Source: MarketPing price-reaction measurement.
How did other Financial Technology (Fintech) companies do?
Five other Financial Technology companies filed results this quarter, with a median revenue growth of 27.5%. Of those companies, two grew more slowly than Pine Labs and three grew faster; four of the five reported higher profit, with profit compared for five peers. Pine Labs’ Q2 FY27 revenue growth was 24.0%.
| Pine Labs revenue growth (YoY) | +24.0% |
|---|---|
| Median of 5 other Financial Technology (Fintech) companies | +27.5% |
| Companies with slower revenue growth than Pine Labs | 2 of 5 |
| Companies with faster revenue growth than Pine Labs | 3 of 5 |
| Companies whose net profit rose | 4 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Pine Labs' revenue in Q2 FY27?
Revenue from operations was ₹806.19 crore, up 24.0% from ₹649.90 crore in Q2 FY26 (consolidated).
Did Pine Labs make a profit in Q2 FY27?
Yes. Net profit was ₹38.57 crore, against a net profit of ₹5.97 crore in Q2 FY26.
What was Pine Labs' EPS in Q2 FY27?
Basic earnings per share were ₹0.33, against ₹0.06 in Q2 FY26.
How did Pine Labs shares react to the Q2 FY27 results?
On the reaction day the stock moved +1.4% from the previous close; the median Financial Technology (Fintech) stock moved +1.5%.
When did Pine Labs announce its Q2 FY27 results?
On 29 October 2026, in a filing to the NSE.
Sources
- Analysts/Institutional Investor Meet/Con. Call Updates (NSE, 19 October 2026) · PDF
- Outcome of Board Meeting (NSE, 29 October 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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