Pine Labs
Pine Labs
Financial ServicesKey Fundamentals
SmallcapFintechFinancial ServicesPrice-based figures as of 9 Oct 2026, 3:58 pm IST · EPS basis: Consolidated · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
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 3.26 times its book value
- Company has a low return on equity of -2.94% over last 3 years.
- Company's cost of borrowing seems high
Growth Rate
AI Analysis — Bull vs Bear
As of the 2026-10-09 close, Pine Labs Ltd traded at ₹163.07 with a market capitalisation of ₹18,815.96 crore, a trailing P/E of 137.03 on TTM EPS of ₹1.19, and a price-to-book of 3.19. Its balance sheet carries little leverage (debt-to-equity of 0.07), and sales have compounded at 19% over 3 years and 32% over 5 years. Returns are still thin, with ROE at 1.91% and ROCE at 3.62%, and the stock sits about 42.6% below its 52-week high of ₹284.
- The balance sheet is close to debt-free, with debt-to-equity at 0.07. The company has also been reducing debt, which lowers financial risk and leaves room to fund growth.
- Revenue has compounded at 32% over 5 years and 19% over 3 years, and TTM sales growth is 20%. That shows a steady record of growth in the top line.
- Profit has grown at a 32% CAGR over 5 years and a 36% CAGR over 3 years. This suggests the business is getting more profitable as it scales.
- TTM profit growth is 262%. This sharp rise points to operating leverage as the company moves from losses toward steady profits.
- ROE has improved to 2% in the last year, up from a 3-year average of -3% and a 5-year average of -4%. Returns are now moving in the right direction.
- At ₹163.07, the stock trades about 42.6% below its 52-week high of ₹284. Part of the earlier valuation premium has already come out of the price.
- A market capitalisation of ₹18,815.96 crore puts Pine Labs among the larger listed digital payments and merchant-commerce companies in India. That gives it scale as the sector grows.
- A trailing P/E of 137.03 on EPS of just ₹1.19 is an earnings yield of about 0.73%. The valuation depends heavily on profit growth continuing.
- ROE is only 1.91% and ROCE only 3.62%. Both are well below a typical cost of equity, so the company does not yet earn enough on the capital it uses.
- ROE averaged -3% over 3 years and -4% over 5 years. The record of positive returns for shareholders is short.
- A price-to-book of 3.19 combined with an ROE of 1.91% means investors are paying a premium to book value that current returns do not support.
- The 262% TTM profit growth starts from a very low base. Such a large figure may not hold up as a lasting growth rate.
- The 52-week range of ₹134.73 to ₹284 means the high was more than double the low, which signals wide price swings. The stock is still about 21% above its 52-week low.
- Leverage is low (debt-to-equity of 0.07), but the company's borrowing costs look high relative to the debt it carries. That raises its cost of capital.
- The dividend yield is 0%, so all returns depend on the share price rising.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Mastercard fully exits strategic stake Sep 22
Mastercard Asia/Pacific sold its entire 4.31% stake (4.97 crore shares) for about ₹934 crore at ₹187.75–188 per share. That price was a 7.3% discount to the prior close and about 15% below the ₹221 IPO price. Pine Labs loses a strategic shareholder, and the stock fell more than 3% intraday on Sep 24, its second straight losing session.
- Persistent share price weakness Sep 29
The stock fell 2.14% to ₹169.50 on BSE after the Woolworths announcement, down from ₹197.58 on Sep 22. It had already dropped 6% to ₹182.2 on Sep 16 and was down 22.5% year-to-date at that point.
- Market ignores brokerage upgrades Sep 16
Pine Labs fell 6% to ₹182.2 on Sep 16 even after brokerages raised targets implying more than 25% upside, while Paytm gained 2.6% the same day. Investors appear to see Pine Labs gaining less from UPI MDR, with Emkay assuming a take rate of only 6bps.
- UPI competition squeezes merchant economics Sep 23
Pine Labs competes with Paytm, Razorpay and PhonePe in POS, online payments and affordability products. UPI via QR codes and soundboxes carries low or zero MDR, which weakens the economics of merchant acquiring.
- UPI MDR triggers target upgrades Sep 16
NPCI will charge a 0.4% MDR on eligible UPI person-to-merchant payments above ₹2,000 from Oct 15, with acquirers keeping 12bps. Emkay raised its target to ₹230 from ₹190 and Jefferies to ₹235. Jefferies sees ₹1.6 billion of incremental FY28 revenue, about 20% of FY28e EBIT and PAT.
- Q1 profit up fourfold Sep 23
Q1 FY27 revenue rose 19.6% YoY to ₹737 crore and PAT rose to ₹19.6 crore from ₹4.8 crore, while expenses grew only 10.6%. DITP revenue grew 15% to ₹499 crore and IAP revenue grew 31%.
- Institutions absorb Mastercard block Sep 23
Thirteen institutions bought the stake at ₹187.75, 4.6% above the ₹179.50 floor, led by ICICI Prudential Life (0.80%, ₹174.79 crore), Societe Generale (0.76%) and Citigroup (0.57%). Removing the overhang helped the stock close 2% higher at ₹197.58 on Sep 22.
- Woolworths partnership extended five years Sep 29
Subsidiary Qwikcilver renewed its gift card technology partnership with Woolworths Group for another five years, disclosed under SEBI LODR Regulation 30. The renewed deal moves to a modular, API-led architecture for digital and omnichannel stored-value products in Australia and New Zealand.
- 10 lakh soundbox rollout planned Sep 24
Pine Labs plans to deploy 10 lakh cloud-first soundboxes across India to take advantage of new UPI monetisation opportunities. UPI processed 22.35 billion transactions worth ₹29.03 lakh crore in April 2026.
- GHFL adopts card-linked EMI Sep 18
Garware Hi-Tech Films became the first company in India's auto films and detailing industry to offer card-linked EMI at the point of sale through Pine Labs. It offers 3, 6 and 9-month tenors across 25+ banks and NBFCs on products priced above ₹1.5 lakh.
- Google Cloud agentic commerce tie-up Sep 24
Pine Labs partnered with Google Cloud to build AI-driven agentic commerce for the Indian market. No financial terms or timelines were disclosed.
- AGM approves director, auditor Sep 16
Shareholders at the 28th AGM on Sep 16, 2026 approved the re-appointment of Kush Mehra as director and B S R & Co. LLP as statutory auditor.
- Large-trade signal on NSE Sep 22
About 11.98 lakh shares worth ₹23.28 crore changed hands at ₹194.33 on NSE. This was a real-time signal, not a confirmed block or bulk deal.
TL;DR: Fundamentals are getting stronger: Q1 FY27 revenue grew about 20%, PAT rose fourfold, and the new UPI MDR from Oct 15 led brokerages to set targets of ₹230–235. Enterprise wins such as the Woolworths renewal and the GHFL EMI deal add to this. The stock is still weak, though: it is down 22.5% YTD, slid from ₹197.58 to ₹169.50 after Mastercard's ₹934 crore exit, and faces UPI pricing pressure from competitors. Fundamentals are improving faster than the price, so the next test is whether UPI MDR revenue after Oct 15 and Q2 results confirm the operating leverage seen in Q1.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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 | 6,952 |
| Total Liabilities | 3,448 | 4,567 | 6,260 | 9,318 | 9,618 | 10,698 | 13,288 |
| Fixed Assets | 1,017 | 980 | 1,019 | 2,103 | 1,920 | 1,825 | 1,856 |
| CWIP | 52 | 48 | 122 | 269 | 222 | 160 | 148 |
| Investments | 40 | 34 | 50 | 18 | 21 | 30 | 28 |
| Other Assets | 2,338 | 3,505 | 5,070 | 6,928 | 7,455 | 8,683 | 11,256 |
| Total Assets | 3,448 | 4,567 | 6,260 | 9,318 | 9,618 | 10,698 | 13,288 |
Cash Flow
| Particulars | 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 | -159 | -1,339 |
| Financing | 1,431 | 823 | 1,644 | 2 | -220 | -201 | 1,972 |
| Net Cash Flow | 1,554 | 674 | 1,122 | -591 | -471 | -310 | 1,029 |
| Free Cash Flow | -156 | -54 | -407 | -517 | -486 | -99 | 161 |
| CFO/OP | 86 | 114 | -25 | -1,258 | 872 | 5 | 112 |
Ratios
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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58 extracted metrics + investor summaries across FY20–FY27.
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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]
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