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Pine Labs Ltd

PINELABS NSE

Key Fundamentals

SmallcapFintechFinancial Services
Market Cap
₹19,176 Cr
Volatility
Moderate
P/E Ratio
138.54
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 3.21 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

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 2h ago
AI opinion · based on fundamentals
Risk high

Pine 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.

Bull Case 7
  • 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
Bear Case 8
  • 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 anthropic claude-opus-4.6 2h ago
Headwinds 2
  • 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.

Positives 4
  • 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.

Neutral 1
  • 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 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 ₹19176.22 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 138.54. 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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