---
title: "Pine Labs Ltd (PINELABS) — Share Price, Financials & Analysis"
symbol: "PINELABS"
company: "Pine Labs Ltd"
canonical: "https://tapetide.com/stocks/PINELABS"
isin: "INE15B701018"
nse_symbol: "PINELABS"
bse_code: "544606"
sector: "Financial Services"
industry: "Fintech"
market_cap_cr: 20540.37
generated_at: "2026-09-13T18:59:16.461Z"
---

# Pine Labs Ltd (PINELABS)

Canonical page: https://tapetide.com/stocks/PINELABS

## Company

- **NSE Symbol:** PINELABS
- **BSE Code:** 544606
- **ISIN:** INE15B701018
- **Sector:** Financial Services
- **Industry:** Fintech
- **Macro Sector:** Financial Services
- **Stock Type:** EQUITY
- **Listed Since:** 2025-11-14
- **Face Value:** ₹1
- **F&O Eligible:** No
- **Website:** pinelabs.com

## About

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]

## Latest Price

- **Price:** ₹202.17
- **Change:** +29 (+16.75%)
- **Open:** ₹171
- **Day High:** ₹206.38
- **Day Low:** ₹170.96
- **Previous Close:** ₹173.17
- **Volume:** 276696049
- **As Of:** 2026-09-11T10:29:40+00:00

## Key Fundamentals

Observed at 2026-09-11T04:32:06.878591Z.

- **Market Cap:** ₹20540.37 Cr
- **Classification:** Smallcap
- **P/E (reported):** 157.4
- **P/E (TTM):** 169.89
- **EPS (TTM):** ₹1.19
- **Book Value:** ₹51.1
- **Price to Book:** 3.39
- **Dividend Yield:** 0%
- **ROE:** 1.91%
- **ROCE:** 3.62%
- **Debt to Equity:** 0.07
- **Revenue (yearly):** ₹2847.2 Cr
- **Net Income:** ₹112.5 Cr
- **EBITDA:** ₹495 Cr
- **52-Week High:** ₹284
- **52-Week Low:** ₹134.73
- **RSI (14):** 60.42

## Tapetide Score

- **Score:** 47 / 100
- **Score date:** 2026-09-04
- **Archetype:** Weak and Under Pressure
- **What it means:** Weak financials are the defining feature, and neither the valuation nor the trend reading is strong enough to offset them. Worth reading the risk flags and recent filings closely before anything else.
- **Pillar profile:** Quality: Weak · Valuation: Expensive · Momentum: Falling
- **Percentile:** 35.6 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 42.71 | 9% |
| growth | 66.25 | 9% |
| momentum | 23.03 | 12% |
| ownership | 82.6 | 24% |
| quality | 37.28 | 22% |
| valuation | 26.47 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 32.3% CAGR over last 5 years

### Weaknesses

- Stock is trading at 3.94 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 Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | 695.23% | 272.65% | 601.45% |
| ebitda margin growth | -20.79% | 49.14% | 966.87% | 20.85% |
| net income growth | -67% | -177.32% | 36% | 32% |
| revenue growth | 2.07% | 22.35% | 19% | 32% |
| roce | -40.79% | -336.6% | -142.09% | -2.97% |
| roe | -67.03% | -146.02% | -3.96% | -261.86% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | 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 |
| Profit before tax | -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

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 848 | 670 | 932 | 1598 | 1770 | 2274 | 2711 | 2832 |
| Expenses | 760 | 560 | 820 | 1592 | 1794 | 2056 | 2352 | 2423 |
| 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 |
| Profit before tax | -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 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | 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 | 1035 | 1178 | 1900 | 3664 | 3466 | 3431 | 5781 |
| Borrowings | 176 | 191 | 236 | 514 | 730 | 1046 | 441 |
| Other Liabilities | 2225 | 3185 | 4111 | 5141 | 5422 | 6222 | 6952 |
| Total Liabilities | 3448 | 4567 | 6260 | 9318 | 9618 | 10698 | 13288 |
| Fixed Assets | 1017 | 980 | 1019 | 2103 | 1920 | 1825 | 1856 |
| CWIP | 52 | 48 | 122 | 269 | 222 | 160 | 148 |
| Investments | 40 | 34 | 50 | 18 | 21 | 30 | 28 |
| Other Assets | 2338 | 3505 | 5070 | 6928 | 7455 | 8683 | 11256 |
| Total Assets | 3448 | 4567 | 6260 | 9318 | 9618 | 10698 | 13288 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 11 | 111 | -79 | -152 | -229 | 50 | 395 |
| Cash from Investing Activity | 112 | -260 | -443 | -441 | -22 | -486 | -2045 |
| Cash from Financing Activity | 1431 | 823 | 1644 | 2 | -220 | -201 | 1972 |
| Net Cash Flow | 1554 | 674 | 1122 | -591 | -471 | -637 | 322 |
| Free Cash Flow | -156 | -54 | -407 | -517 | -486 | -99 | 161 |
| CFO/OP | 86 | 114 | -25 | -1258 | 872 | 5 | 112 |

### Ratios

| Item | 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 | 1345 | — | 1233 | 908 | 693 | 382 |
| Cash Conversion Cycle | -47 | -1126 | 116 | -964 | -708 | -519 | -210 |
| Working Capital Days | -722 | -1252 | -1255 | -813 | -807 | -762 | -609 |
| ROCE % | — | -4 | -3 | -7 | -8 | 0 | 4 |

## Shareholding Pattern

### Quarterly

| Category | Jun 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- |
| Promoters | 0% | 0% | 0% | 0% |
| FIIs | 0% | 5.23% | 4.8% | 9.49% |
| DIIs | 0% | 11.25% | 11.81% | 24.82% |
| Government | 0% | 0% | 0% | 0% |
| Public | 0% | 7.56% | 7.41% | 12.3% |
| Others | 100% | 75.95% | 75.98% | 53.39% |
| No. of Shareholders | 526 | 127792 | 117561 | 178120 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 12 / 3 / 4

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 169.36 | Buy |
| EMA (10) | 173.66 | Buy |
| SMA (20) | 165.68 | Buy |
| EMA (20) | 167.9 | Buy |
| SMA (50) | 157.59 | Buy |
| EMA (50) | 162.13 | Buy |
| SMA (100) | 160.52 | Buy |
| EMA (100) | 166.65 | Buy |
| SMA (200) | 184.93 | Buy |
| EMA (200) | 186.25 | Buy |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 74.96 | Sell |
| MACD (12,26,9) | 6.2 | Buy |
| Stochastic (14,3,3) | 89.32 | Sell |
| ADX (14) | 23.89 | Neutral |
| Williams %R (14) | -8.21 | Sell |
| ATR (14) | 9.18 | High Volatility |
| ROC (12) | 21.15 | Buy |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 64.17 | Neutral |

## Analyst Ratings

| Recommendation | Analysts | Share |
| --- | --- | --- |
| Buy | 7 | 87.5% |
| Hold | 1 | 12.5% |
| Sell | 0 | 0% |

Based on 8 analyst ratings, observed at 2026-09-11T04:56:35.891878+00:00.

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-02 | [Announcement under Regulation 30 (LODR)-Press Release / Media Release](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f10e6977-d8a9-4ff6-9807-56da4432a277.pdf) |
| 2026-08-25 | [Communication To Shareholders For Weblink Of The Annual Report For The FY 2025-26](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7e44106f-441a-422a-b403-bb279df4e27f.pdf) |
| 2026-08-24 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=24faa495-7fc8-4a82-a88f-beb9514fd016.pdf) |
| 2026-08-22 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=269df9af-40ac-4ad1-8cd8-cb1841608c07.pdf) |
| 2026-08-21 | [Notice Of Annual General Meeting To Be Held On September 16 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4de91c6d-f100-4bc3-8dbf-2c48a702e788.pdf) |
| 2026-08-21 | [Annual Report Pursuant To Regulation 34(1) Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ae1f7fe0-13c8-424b-ac2b-0fb78f66ac77.pdf) |
| 2026-08-20 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=795cb8d6-f99c-4962-8d08-57f0370f90ff.pdf) |
| 2026-08-19 | [Intimation Of 28Th Annual General Meeting Of The Company](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=75234111-87ff-4ce2-9782-dc1babd136b0.pdf) |
| 2026-08-10 | [Announcement Under Regulation 30 (LODR)-Updates (Grant Of ESOP)](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=03e24940-77a6-48af-9534-a080dcebe3fc.pdf) |
| 2026-07-29 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8251a5b4-9657-4e6d-ae95-1010574d00a1.pdf) |

### Earnings Call Transcripts

| Date | Document |
| --- | --- |
| 2026-08-03 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=83c289fa-7547-4b23-a91a-44b9b622e3c1.pdf) |
| 2026-06-01 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3b167afe-5626-443a-b1ab-d818bdd0e4b7.pdf) |
| 2026-02-03 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ffc377d8-8aaa-4a39-ac91-3298dbf8a0e7.pdf) |
| 2025-12-09 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=64aa76c7-3a14-4e04-abd3-d106743338e8.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-07-28 | [Result - Financial Results For Quarter Ended June 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=43c7ae2b-c63a-4e35-8cda-b99d81612de8.pdf) |
| 2026-05-25 | [Results - Quarter And Financial Year Ended 31/03/2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2ecd33b0-bf51-4192-a471-a2b98bacebcc.pdf) |
| 2026-01-28 | [Results-Financial Results For 31-12-2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=15034f13-d3fe-4b7f-88cc-2589a3d5d252.pdf) |
| 2025-12-03 | [Unaudited Standalone And Consolidated Financial Statements For Quarter And Half Year Ended On September 30 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4ff55938-037b-4cfc-9496-89688f1055f4.pdf) |

### Investor Presentations

| Date | Document |
| --- | --- |
| 2026-07-28 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8b30878d-d97e-4f6b-80ac-cd1c4e987d2a.pdf) |
| 2026-06-16 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e86a1757-790f-4ccc-b2d9-d81d1f327e97.pdf) |
| 2026-05-25 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b7129aba-2733-43b2-995f-892c5c649f6a.pdf) |
| 2026-01-28 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e010ebbd-e06e-491a-9caf-b7fe31e79632.pdf) |
| 2025-12-03 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=998d3cb3-fde5-4d06-83e3-b09bf28979fa.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b7129aba-2733-43b2-995f-892c5c649f6a.pdf) |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachLive/b7129aba-2733-43b2-995f-892c5c649f6a.pdf) |
| Jun 2026 | [Concall - Jun 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/3b167afe-5626-443a-b1ab-d818bdd0e4b7.pdf) |
| Jun 2026 | [Concall - Jun 2026](https://www.bseindia.com/xml-data/corpfiling/AttachLive/3b167afe-5626-443a-b1ab-d818bdd0e4b7.pdf) |
| Feb 2026 | [Concall - Feb 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/ffc377d8-8aaa-4a39-ac91-3298dbf8a0e7.pdf) |
| Dec 2025 | [Concall - Dec 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/64aa76c7-3a14-4e04-abd3-d106743338e8.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 6 May - Board meets May 25, 2026 to approve audited FY26 results; analyst call on May 26. | [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.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/f3651b42-7239-422c-875f-776e75746261.pdf) |
| 6 Apr - Regulation 74(5) certificate filed for quarter ended March 31, 2026; no rematerialisation requests received. | [Certificate Under SEBI (Depositories And Participants) Regulations 2018 6 Apr - Regulation 74(5) certificate filed for quarter ended March 31, 2026; no rematerialisation requests received.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d9be7d3d-b692-409e-89d1-7f56342814ff.pdf) |
| 6 Apr - Navin Chandani resigns as President & Chief Business Officer–Issuing, effective April 6, 2026. | [Announcement under Regulation 30 (LODR)-Change in Management 6 Apr - Navin Chandani resigns as President & Chief Business Officer–Issuing, effective April 6, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f75b8d70-706f-4de0-969b-6fbe8659f457.pdf) |
| 30 Mar - Trading window closed from April 1, 2026 until 48 hours after audited FY2026 results; Board date pending. | [Closure of Trading Window 30 Mar - Trading window closed from April 1, 2026 until 48 hours after audited FY2026 results; Board date pending.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/c3c97143-9e79-4e11-b46b-20e5295f0ecb.pdf) |
| 27 Mar - RBI imposed Rs.3,10,000 penalty on Pine Labs for KYC lapses in Full-KYC PPIs; order received March 27, 2026. | [Intimation Under Regulation 30 Of SEBI (Listing Obligation And Disclosure Requirements) Regulations 2015 27 Mar - RBI imposed Rs.3,10,000 penalty on Pine Labs for KYC lapses in Full-KYC PPIs; order received March 27, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/0bdf93a7-a501-47d7-bb7c-49af89721346.pdf) |
| 27 Mar - Mopay Services voluntary strike-off approved March 27, 2026; dormant, FY25 turnover nil, net worth (Rs.29,000); process 2–3 months. | [Intimation Under Regulation 30 Of SEBI (Listing Obligation And Disclosure Requirements) Regulations 2015 27 Mar - Mopay Services voluntary strike-off approved March 27, 2026; dormant, FY25 turnover nil, net worth (Rs.29,000); process 2–3 months.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f9b9835a-5b4c-4205-bcfd-253a443d1721.pdf) |
| 27 Apr - Pine Labs acquires 100% of Shopflo for up to Rs 88 crore within 3 months. | [Announcement under Regulation 30 (LODR)-Acquisition 27 Apr - Pine Labs acquires 100% of Shopflo for up to Rs 88 crore within 3 months.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/89c78628-3213-4f60-bf2f-9056573e890d.pdf) |
| 25 Apr - Pine Labs approved acquiring 100% of Shopflo Technologies for up to ₹88 crore within 3 months. | [Announcement under Regulation 30 (LODR)-Acquisition 25 Apr - Pine Labs approved acquiring 100% of Shopflo Technologies for up to ₹88 crore within 3 months.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/fa7f9407-30ff-4691-bf64-cc619833d0b4.pdf) |
| 25 Apr - Pine Labs approved 100% acquisition of Shopflo Technologies for up to ₹88 crore cash. | [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.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f6478005-5cc2-4273-9359-30426496a89c.pdf) |
| 23 Feb - Won multi-year contracts with BPCL, HPCL, IOCL to deploy ~130,000 payment devices nationwide. | [Announcement under Regulation 30 (LODR)-Press Release / Media Release 23 Feb - Won multi-year contracts with BPCL, HPCL, IOCL to deploy ~130,000 payment devices nationwide.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1f395d6b-f16f-48e8-b176-c18ac61013f1.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:59:16.461Z.