Pine Labs Ltd
Pine Labs Ltd
Financial ServicesKey Fundamentals
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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37 extracted metrics + investor summaries across FY20–FY26.
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Technical Indicators
Key Insights
Strengths
3- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 32.3% CAGR over last 5 years
Weaknesses
3- Stock is trading at 3.21 times its book value
- Company has a low return on equity of -2.93% over last 3 years.
- Company's cost of borrowing seems high
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2h agoPine Labs Ltd commands a market cap of ₹19,176 Cr at a PE of 151.4x, reflecting high growth expectations. The company has turned profitable recently with last year ROE of 2% after negative 3-year average ROE of -3%, while revenue has compounded at 19% CAGR over 3 years and profit growth stands at 262% TTM.
- Strong revenue growth with compounded sales CAGR of 32% over 5 years and 19% over 3 years, indicating consistent top-line expansion
- Dramatic profit turnaround with TTM profit growth of 262%, signaling operating leverage kicking in
- Company is almost debt-free, reducing financial risk and interest burden significantly
- Active debt reduction demonstrates improving balance sheet discipline
- 5-year compounded profit CAGR of 32.3% shows long-term earnings trajectory is upward
- ROE has turned positive at 2% in the last year after being negative for 3 and 5-year periods (-3% and -4%), indicating inflection toward sustainable profitability
- Operating in the digital payments and fintech infrastructure space with TTM sales growth of 20%, benefiting from India's ongoing digitization tailwinds
- PE ratio of 151.4x is extremely elevated, pricing in significant future growth and leaving little margin for execution misses
- 3-year average ROE of -3% and 5-year average ROE of -4% indicate the company has historically destroyed shareholder value
- Zero dividend yield with no capital return to shareholders despite recent profitability
- Price-to-book ratio of 3.26x means investors are paying a significant premium over net asset value
- Company's cost of borrowing appears high, which could erode margins if debt is taken on for expansion
- No 52-week high/low data and no stock CAGR history available suggest limited listed trading history, making valuation benchmarking difficult
- Current ROE of just 2% is far below cost of equity, meaning at present earnings levels the 151x PE is hard to justify on fundamentals alone
- EPS data is unavailable, making per-share earnings quality assessment difficult for investors
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Key executive resignation Jul 17
Anand Raisinghani resigned as President & Chief Business Officer of Setu division effective July 17, 2026, to pursue external opportunities.
- EBITDA pressured by investments Aug 3
Adjusted EBITDA margin was pressured by strategic investments in AI and network expansion during Q1FY27, though management maintains full-year margin targets.
- PAT grows 4x YoY to ₹20 Cr Jul 28
Pine Labs reported Q1 FY27 PAT of ₹19.57 Cr, a 4x YoY jump, on consolidated revenue of ₹737 Cr (up 20% YoY) with adjusted EBITDA of ₹126 Cr at 17.1% margin.
- Strong platform and issuing growth Jul 28
Platform GTV stable at $45 billion, digital checkout points grew 18%, and issuing platform revenue surged 31% YoY in Q1FY27.
- Global expansion gaining traction Aug 3
Pine Labs is leveraging distribution-led strategies in Malaysia and Singapore, with international business performance contributing to 20% revenue growth.
- Shopflo acquisition for ₹88 Cr Jul 28
Acquired Shopflo Technologies for ₹88 crore to bolster online checkout capabilities and strengthen the digital commerce stack.
- Q1FY27 earnings call held Jul 29 Jul 29
Pine Labs held its Q1FY27 analyst conference call on July 29, 2026, at 8:00 AM IST and uploaded the recording to its investor relations website per SEBI LODR requirements.
TL;DR: Pine Labs delivered a strong Q1FY27 with 20% revenue growth and a 4x jump in profitability, supported by healthy digital checkout and issuing platform momentum. Near-term margin pressure from AI and expansion investments is a watch item, and the departure of a senior executive adds mild uncertainty. The overall trend is improving with international expansion and acquisitions providing additional growth levers heading into FY27.
Quarterly Results
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 552 | 602 | 599 | 616 | 650 | 744 | 701 | 737 |
| Expenses | 519 | 525 | 542 | 571 | 575 | 612 | 594 | 642 |
| Operating Profit | 32 | 77 | 57 | 45 | 75 | 132 | 106 | 95 |
| OPM % | 6% | 13% | 9% | 7% | 12% | 18% | 15% | 13% |
| Other Income | 22 | -30 | 12 | 37 | 23 | 23 | 50 | 29 |
| Interest | 18 | 22 | 22 | 21 | 21 | 24 | 17 | 13 |
| Depreciation | 75 | 76 | 69 | 65 | 66 | 68 | 71 | 73 |
| PBT | -38 | -51 | -22 | -5 | 11 | 63 | 68 | 38 |
| Tax % | -16% | 11% | 30% | -199% | 47% | 32% | 13% | 48% |
| Net Profit | -32 | -57 | -29 | 5 | 6 | 42 | 59 | 20 |
| EPS in Rs | -0.38 | -0.67 | -0.34 | 0.11 | 0.13 | 0.37 | 0.52 | 0.17 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 848 | 670 | 932 | 1,598 | 1,770 | 2,274 | 2,711 | 2,832 |
| Expenses | 760 | 560 | 820 | 1,592 | 1,794 | 2,056 | 2,352 | 2,423 |
| Operating Profit | 87 | 110 | 112 | 5 | -25 | 218 | 358 | 409 |
| OPM % | 10% | 16% | 12% | 0.3% | -1.4% | 10% | 13% | 14% |
| Other Income | 18 | 13 | 25 | 56 | 55 | 16 | 133 | 125 |
| Interest | 18 | 22 | 24 | 36 | 64 | 79 | 84 | 76 |
| Depreciation | 155 | 175 | 189 | 315 | 363 | 292 | 270 | 278 |
| PBT | -68 | -74 | -75 | -289 | -398 | -136 | 137 | 180 |
| Tax % | -30% | -25% | -70% | -8% | -14% | 7% | 18% | — |
| Net Profit | -47 | -56 | -23 | -265 | -342 | -145 | 113 | 127 |
| EPS in Rs | -3.95 | -4.34 | -1.67 | -18.99 | -4.07 | -1.73 | 0.98 | 1.19 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 13 | 14 | 0.02 | 0.1 | 0.1 | 115 |
| Reserves | 1,035 | 1,178 | 1,900 | 3,664 | 3,466 | 3,431 | 5,781 |
| Borrowings | 176 | 191 | 236 | 514 | 730 | 1,046 | 441 |
| Other Liabilities | 2,225 | 3,185 | 4,111 | 5,141 | 5,422 | 6,222 | 6,961 |
| Total Liabilities | 3,448 | 4,567 | 6,260 | 9,318 | 9,618 | 10,698 | 13,297 |
| Fixed Assets | 1,017 | 980 | 1,019 | 2,103 | 1,920 | 1,825 | 1,963 |
| CWIP | 52 | 48 | 122 | 269 | 222 | 160 | 41 |
| Investments | 40 | 34 | 50 | 18 | 21 | 30 | 28 |
| Other Assets | 2,338 | 3,505 | 5,070 | 6,928 | 7,455 | 8,683 | 11,265 |
| Total Assets | 3,448 | 4,567 | 6,260 | 9,318 | 9,618 | 10,698 | 13,297 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Operating | 11 | 111 | -79 | -152 | -229 | 50 | 395 |
| Investing | 112 | -260 | -443 | -441 | -22 | -486 | -1,339 |
| Financing | 1,431 | 823 | 1,644 | 2 | -220 | -201 | 1,972 |
| Net Cash Flow | 1,554 | 674 | 1,122 | -591 | -471 | -637 | 1,029 |
| Free Cash Flow | -156 | -54 | -407 | -517 | -486 | -99 | 161 |
| CFO/OP | 86 | 114 | -25 | -1,258 | 872 | 5 | 112 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 92 | 196 | 116 | 135 | 134 | 136 | 140 |
| Inventory Days | 5 | 23 | — | 134 | 65 | 38 | 32 |
| Days Payable | 144 | 1,345 | — | 1,233 | 908 | 693 | 382 |
| Cash Conversion Cycle | -47 | -1,126 | 116 | -964 | -708 | -519 | -210 |
| Working Capital Days | -722 | -1,252 | -1,255 | -813 | -807 | -762 | -609 |
| ROCE % | — | -4% | -3% | -7% | -8% | 0% | 4% |
Documents
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Company Information
Incorporated in 1998, Pine Labs is a leading Indian merchant commerce platform that provides point-of-sale (POS) solutions, payment processing, and merchant financing services.[1]