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Pine Labs Ltd

PINELABS NSE

Key Fundamentals

SmallcapFintechFinancial Services
Market Cap
₹18,122 Cr
Volatility
Moderate
P/E Ratio
137.55
EBITDA
₹355 Cr
Return on Equity
-4.15%
Debt to Equity
0.07
Book Value
₹51.1
52W High
₹284
52W Low
₹134.73

Insights

Beta

AI-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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Tapetide Score

Data-driven rating, 0–100. How it works →

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 3.19 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

Revenue Growth
16.48%
Net Income Growth
-167.64%
Cash Flow Change
121.71%
ROE
-56.99%
ROCE
-82.21%
EBITDA Margin (Avg.)
6.95%

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Pine Labs Ltd trades at a market cap of ₹18,428 Cr with a PE of 145.4x, reflecting high growth expectations. The company has turned profitable recently with TTM profit growth of 262% and is nearly debt-free, but carries a negative 3-year average ROE of -3% and trades at 3.13x book value.

Bull Case 7
  • Strong revenue growth with 5-year compounded sales CAGR of 32%, indicating rapid business scaling
  • TTM profit growth of 262% signals a sharp inflection toward profitability
  • Company is almost debt-free, reducing financial risk and interest burden
  • 5-year compounded profit CAGR of 32.3% demonstrates sustained earnings momentum
  • ROE has turned positive at 2% in the last year, reversing a multi-year negative trend
  • Company has actively reduced debt, strengthening the balance sheet for future growth
  • TTM sales growth of 20% continues to outpace broader financial services sector averages
Bear Case 8
  • PE ratio of 145.4x is extremely elevated, leaving little margin of safety if growth slows
  • 3-year average ROE of -3% indicates the company has historically struggled to generate returns on equity
  • Price-to-book ratio of 3.13x means investors are paying a significant premium over net asset value
  • Zero dividend yield offers no income cushion to shareholders during potential drawdowns
  • 5-year average ROE of -4% suggests profitability is a very recent phenomenon and not yet proven durable
  • Cost of borrowing appears high, which could pressure margins if the company takes on debt for expansion
  • No established track record of sustained positive earnings makes the 145x PE difficult to justify on historical fundamentals
  • TTM sales growth has decelerated to 20% from the 5-year CAGR of 32%, suggesting potential growth slowdown

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 1
  • EBITDA pressured by strategic investments Aug 3

    Adjusted EBITDA was pressured by strategic investments in AI and network expansion during Q1FY27, though management maintains confidence in full-year margin targets.

Positives 2
  • PAT grows 4x YoY to ₹20 Cr Jul 28

    Pine Labs reported Q1 FY27 PAT of ₹20 Cr, a 4x increase YoY, with consolidated revenue of ₹737 Cr up 20% YoY and adjusted EBITDA margin at 17.1%.

  • Strong platform and international growth Jul 28

    Platform GTV stable at $45 billion, digital checkout points up 18%, issuing platform revenue up 31%, supported by Shopflo acquisition for ₹88 Cr and expansion into Malaysia and Singapore.

Neutral 2
  • AGM scheduled for September 16 Aug 19

    Pine Labs will hold its 28th AGM on September 16, 2026 via video conference, with FY26 annual report sent electronically to members.

  • Q4FY26 analyst call uploaded Jul 29

    Audio/video recording of the July 29, 2026 analyst conference call uploaded to the investor relations website per SEBI LODR requirements.

TL;DR: Pine Labs is delivering strong top-line momentum with 20% revenue growth and a dramatic improvement in profitability (PAT up 4x YoY). International expansion and digital checkout growth are clear strategic drivers. The key risk is near-term margin pressure from AI and network investments, though management is confident on full-year targets. The trend is improving as the company scales toward sustained profitability.

Quarterly Results

  Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
Figures in ₹ Crores

Balance Sheet

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Shareholding Pattern

As of Jun 2026
Others 53.39%
DIIs 24.82%
Public 12.30%
FIIs 9.49%
Total 100.00%
  Jun 2025Oct 2025Nov 2025Dec 2025Mar 2026Jun 2026
Promoters
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
FIIs
0.00%
0.00%
5.14%
5.23%
4.80%
9.49%
DIIs
0.00%
0.00%
9.91%
11.25%
11.81%
24.82%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
0.00%
0.00%
8.88%
7.56%
7.41%
12.30%
Others
100.00%
100.00%
76.07%
75.95%
75.98%
53.39%
No. of Shareholders
526
1,921
2,16,316
1,27,792
1,17,561
1,78,120

Documents

Frequently Asked Questions about Pine Labs Ltd

What does Pine Labs Ltd do?
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]
Where is Pine Labs Ltd (PINELABS) listed?
Pine Labs Ltd is listed on the Indian stock exchanges. It is listed on NSE: PINELABS and BSE: 544606. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Pine Labs Ltd belong to?
Pine Labs Ltd operates in the Financial Services sector within the Fintech industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Pine Labs Ltd?
Pine Labs Ltd has a market capitalisation of approximately ₹18122.10 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Pine Labs Ltd?
The Price-to-Earnings (PE) ratio of Pine Labs Ltd is 137.55. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Pine Labs Ltd?
Over the past 52 weeks, Pine Labs Ltd has traded between a low of ₹134.73 and a high of ₹284. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Pine Labs Ltd?
Pine Labs Ltd has a Return on Equity (ROE) of -4.15%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Pine Labs Ltd on Tapetide?
On Tapetide, you can view Pine Labs Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website pinelabs.com
Listed 2025-11-14
Face Value ₹ 1
Issued Size 1,14,82,76,377

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