PINELABS
Pine Labs Limited
Payments and merchant-commerce technology solutions provider for brands and financial institutions
Financial Services›Financial Services›Financial Technology (Fintech)›Financial Technology (Fintech)
pinelabs.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-19
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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What you need to know
Pine Labs provides the card machines, online payment checkout and gift and prepaid card services that merchants, brands and banks use to take and fund payments, and earns fees on the value of payments that run through its platform in India, Southeast Asia, the Middle East and other markets.
Company snapshot
3rdBy market cap
Ranked among 11 companies in Financial Technology (Fintech).
What we see
- ✓Cash flow from operations is higher than reported profit — earnings quality looks solid.
- ✗Interest coverage of 1.1x — earnings barely cover interest payments, which is a warning sign.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Sales | 650 Cr | 744 Cr | 701 Cr | 737 Cr |
| Operating expenses (approx.) | 575 Cr | 612 Cr | 594 Cr | 642 Cr |
| EBITDA | 75 Cr | 132 Cr | 106 Cr | 95 Cr |
| OPM % | 11.6% | 17.7% | 15.2% | 12.9% |
| Other income | 23 Cr | 35 Cr | 41 Cr | 29 Cr |
| Interest | 21 Cr | 24 Cr | 17 Cr | 13 Cr |
| Depreciation | 66 Cr | 68 Cr | 71 Cr | 73 Cr |
| Profit before tax | 11 Cr | 63 Cr | 68 Cr | 38 Cr |
| Tax % | 46.5% | 32.2% | 13.2% | 48.1% |
| Net profit | 6 Cr | 42 Cr | 59 Cr | 20 Cr |
| EPS (₹) | ₹0.06 | ₹0.38 | ₹0.52 | ₹0.17 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|
| Sales | 1,598 Cr | 1,770 Cr | 2,274 Cr | 2,711 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 1,592 Cr | 1,794 Cr | 2,056 Cr | 2,352 Cr | Sign in free for the trailing twelve months |
| EBITDA | 5 Cr | -25 Cr | 218 Cr | 358 Cr | Sign in free for the trailing twelve months |
| OPM % | 0.3% | -1.4% | 9.6% | 13.2% | Sign in free for the trailing twelve months |
| Other income | 93 Cr | 55 Cr | 53 Cr | 137 Cr | Sign in free for the trailing twelve months |
| Interest | 36 Cr | 64 Cr | 79 Cr | 84 Cr | Sign in free for the trailing twelve months |
| Depreciation | 315 Cr | 363 Cr | 292 Cr | 270 Cr | Sign in free for the trailing twelve months |
| Profit before tax | -289 Cr | -398 Cr | -136 Cr | 137 Cr | Sign in free for the trailing twelve months |
| Tax % | 8.4% | 14.0% | -6.7% | 18.0% | Sign in free for the trailing twelve months |
| Net profit | -265 Cr | -342 Cr | -145 Cr | 113 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹-2.70 | ₹-3.46 | ₹-1.45 | ₹1.05 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | 0.0% | Sign in free for the trailing twelve months |
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Equity capital | 0.02 Cr | 0.10 Cr | 0.10 Cr | 115 Cr |
| Reserves | 3,739 Cr | 3,542 Cr | 3,506 Cr | 5,781 Cr |
| Borrowings | 330 Cr | 533 Cr | 829 Cr | 283 Cr |
| Other liabilities | 5,295 Cr | 5,574 Cr | 6,380 Cr | 7,119 Cr |
| Total liabilities | 9,363 Cr | 9,649 Cr | 10,716 Cr | 13,297 Cr |
| Fixed assets (net) | 493 Cr | 421 Cr | 347 Cr | 298 Cr |
| CWIP | 213 Cr | 121 Cr | 47 Cr | 41 Cr |
| Investments | 18 Cr | 21 Cr | 30 Cr | 28 Cr |
| Loans & advances | — | — | — | 0.87 Cr |
| Inventories | 40 Cr | 28 Cr | 30 Cr | 32 Cr |
| Trade receivables | 589 Cr | 652 Cr | 845 Cr | 1,042 Cr |
| Cash & bank | 1,026 Cr | 882 Cr | 951 Cr | 1,393 Cr |
| Other assets | 6,984 Cr | 7,523 Cr | 8,465 Cr | 10,462 Cr |
| Total assets | 9,363 Cr | 9,649 Cr | 10,716 Cr | 13,297 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Cash from operating activity | -152 Cr | -229 Cr | 50 Cr | 395 Cr |
| Cash from investing | -371 Cr | 45 Cr | -159 Cr | -1,339 Cr |
| Cash from financing | 2 Cr | -220 Cr | -201 Cr | 1,972 Cr |
| Net cash flow | -521 Cr | -403 Cr | -311 Cr | 1,029 Cr |
| Free cash flow (OCF − Capex) | -519 Cr | -495 Cr | -101 Cr | 157 Cr |
Ratios
| Metric | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| ROCE % | -6.2% | -8.2% | -1.3% | 3.6% |
| ROE % | -7.1% | -9.7% | -4.1% | 1.9% |
| Debtor days | 134 | 134 | 135 | 140 |
| Inventory days | 9 | 6 | 5 | 4 |
| Days payable | 84 | 80 | 87 | 51 |
| Cash conversion cycle | 59 | 60 | 53 | 93 |
| Debt / equity | 0.09 | 0.15 | 0.24 | 0.05 |
| Current ratio | 1.31 | 1.23 | 1.19 | 1.52 |
| Net debt / EBITDA | -130.09 | — | -0.56 | -3.10 |