Pine Labs Ltd
PINELABS NSE
Pine Labs Ltd
Financial ServicesNSE: PINELABS BSE: 544606 Fintech
Key Fundamentals
SmallcapFintechFinancial ServicesMarket 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Pine Labs Ltd insights
37 extracted metrics + investor summaries across FY20–FY26.
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 claude-opus-4.6 2d agoAI 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 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 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
1
Communication To Shareholders For Weblink Of The Annual Report For The FY 2025-26
25 Aug - Pine Labs sent FY2025-26 annual report web link; 28th AGM on September 16, 2026. 25 Aug - Pine Labs sent FY2025-26 annual report web link; 28th AGM on September 16, 2026.
3
Board Meeting Intimation for To Consider And Approve The Audited Standalone And Consolidated Financial Results Of The Company For The Quarter And Year Ended March 31 2026 And Other Matters.
6 May - Board meets May 25, 2026 to approve audited FY26 results; analyst call on May 26. 6 May - Board meets May 25, 2026 to approve audited FY26 results; analyst call on May 26.
4
Announcement under Regulation 30 (LODR)-Acquisition
25 Apr - Pine Labs approved acquiring 100% of Shopflo Technologies for up to ₹88 crore within 3 months. 25 Apr - Pine Labs approved acquiring 100% of Shopflo Technologies for up to ₹88 crore within 3 months.
5
Announcement under Regulation 30 (LODR)-Press Release / Media Release
25 Apr - Pine Labs approved 100% acquisition of Shopflo Technologies for up to ₹88 crore cash. 25 Apr - Pine Labs approved 100% acquisition of Shopflo Technologies for up to ₹88 crore cash.
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]