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Pine Labs

PINELABS NSE
₹157.77 +1.89 (+1.21%)
P/E
132.58
View as Markdown
MCP
Close 4 Nov 2026 ₹157.77 −93.12 −37.1% 1Y
Start ₹250.89

Key Fundamentals

SmallcapFintechFinancial Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
4.15%
Debt to Equity
0.07
EPS (TTM)
₹1.19
Book Value
₹52.13
Market Cap
—
P/E (TTM)
132.58
P/B
3.03
ROE
2.46%
Dividend Yield
0.00%
EBITDA
₹495 Cr
52W High
₹284.00
52W Low
₹134.73
Day Range
₹154.73 – ₹161.18
Volume
1,08,77,784

Peer Comparison

Financial Services › Fintech › Financial Technology (Fintech)

Pine Labs peer comparison
Paytm
₹1,732.40170.51₹1,10,812 Cr6.700.00%4.64%4.96%₹8,967 Cr₹649 Cr
PB FinTech
₹965.0059.60₹43,573 Cr5.740.00%9.75%10.30%₹7,334 Cr₹748 Cr
Pine Labs (this company)
₹157.77132.58₹18,322 Cr3.030.00%2.46%4.15%₹2,832 Cr₹127 Cr
Moneyview
₹55.0861.20₹9,400 Cr3.140.00%19.00%18.30%₹985 Cr₹33 Cr
Manipal Payment and Identity Solutions
₹331.3525.29₹7,508 Cr21.080.00%45.10%43.30%₹1,538 Cr₹291 Cr
Seshaasai Technologies
₹318.0519.14₹5,154 Cr3.390.80%23.60%28.00%₹1,506 Cr₹270 Cr
AvenuesAI
₹127.7814.34₹4,438 Cr0.930.04%6.64%7.72%₹9,516 Cr₹322 Cr
Median 7 companies₹318.0559.60₹9,400 Cr3.390.00%9.75%10.30%₹2,832 Cr₹291 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

47 Average

Data confidence 100/100

Category scores

Quality
37
Weak
Returns, margins, earnings quality 22% weight
Valuation
27
Poor
Cheap vs sector & own history 24% weight
Growth
66
Strong
Sales & profit trajectory 9% weight
Financial Health
48
Average
Solvency, leverage, coverage 9% weight
Momentum
13
Poor
Trend strength, vol-adjusted 12% weight
Ownership
83
Strong
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 3.17 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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1171
OscillatorsBearish270
Moving AveragesStrong Bearish901

Key readings

RSI (14)
44.63
Neutral
MACD (12,26,9)
−3.90
Bearish
SMA (50)
169.40
Bearish
SMA (200)
173.18
Bearish

As of

Analyst Rating

Based on 11 analysts
BUY91%

10 of 11 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
10
91%
HOLD
1
9%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+32.25%
3Y+19.27%
1Y+19.22%
TTM+19.54%

Net profit

Net profit growth by window
5YTurned to profit
3YTurned to profit
1YTurned to profit
TTMTurned to profit

Operating cash flow

Operating cash flow growth by window
5Y+28.90%
3YTurned positive
1Y+690.00%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−3.21 pp
3Y+12.90 pp
1Y+3.62 pp
TTM+5.50 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2020₹848 Cr
Mar 2021₹670 Cr
Mar 2022₹932 Cr
Mar 2023₹1,598 Cr
Mar 2024₹1,770 Cr
Mar 2025₹2,274 Cr
Mar 2026₹2,711 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2020−₹47.00 Cr
Mar 2021−₹56.00 Cr
Mar 2022−₹23.00 Cr
Mar 2023−₹265 Cr
Mar 2024−₹342 Cr
Mar 2025−₹145 Cr
Mar 2026₹113 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹200 Cr +32.0% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk high

Pine Labs Ltd trades at ₹153.25 as of 2026-10-30 with a market cap of ₹17,682.88 Cr, a trailing P/E of 128.78x, and ROE of 1.91%. The stock is down roughly 46% from its 52-week high of ₹284 and sits near its 52-week low of ₹134.73, while the company has shown strong revenue growth of 19% CAGR over three years and profit growth of 32% CAGR over five years on a nearly debt-free balance sheet.

Bull Case 7
  • Strong revenue growth trajectory with TTM sales growth of 20% and a 5-year compounded sales CAGR of 32%, indicating robust top-line expansion in the digital payments space.
  • Impressive profit growth of 32.3% CAGR over the last 5 years and TTM profit growth of 262%, showing the company is scaling toward profitability rapidly.
  • Nearly debt-free balance sheet with a debt-to-equity ratio of just 0.07, providing significant financial flexibility and low solvency risk.
  • The company has been actively reducing debt, strengthening its balance sheet for future growth investments or to weather economic downturns.
  • Trading at ₹153.25 versus a 52-week high of ₹284, the stock has corrected approximately 46%, potentially compressing valuations from earlier peaks.
  • Three-year compounded profit CAGR of 36% suggests an accelerating profitability trend, with the business model gaining operating leverage.
  • Pine Labs operates in the fast-growing Indian digital payments and merchant commerce ecosystem, a structural tailwind as India's digital transaction volumes continue to expand.
Bear Case 8
  • Trailing P/E of 128.78x is extremely elevated, demanding sustained high growth to justify the valuation — any earnings miss could lead to sharp de-rating.
  • ROE stands at just 1.91% currently, with a negative 3-year average ROE of -3%, indicating the company has historically struggled to generate adequate returns on shareholder equity.
  • Price-to-book ratio of 2.94x (noted as 3.17x per screening data) is high for a company generating sub-2% ROE, suggesting the market is pricing in future returns not yet demonstrated.
  • Zero dividend yield reflects the company's inability or unwillingness to return capital to shareholders, making investors entirely dependent on capital appreciation.
  • The stock trades near its 52-week low of ₹134.73, with a decline of ~46% from the 52-week high of ₹284, reflecting sustained negative market sentiment and possible structural concerns.
  • TTM EPS of just ₹1.19 on a ₹153.25 stock price underscores how thin current earnings are relative to the market capitalization of ₹17,682.88 Cr.
  • Company's cost of borrowing appears high despite low absolute debt levels, which could weigh on margins if the business requires growth capital in the future.
  • Five-year average ROE of -4% indicates prolonged periods of net losses in recent history, raising questions about the durability of the recent profit turnaround.

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

AI News Digest

9h ago

TL;DR: Pine Labs delivered a standout Q2 FY27 with profit up 543% YoY and strong EBITDA margin expansion to 15.6%, supported by broad-based growth in online payments, UPI and international markets. Key risks include the stock trading 32% below its ₹221 IPO price, UPI's dilutive effect on blended take rates, and the uncertain timing and structure of UPI MDR which caps fees on the company's higher-ticket merchant base. The operational trend is clearly improving with accelerating profit growth and expanding margins, but sustained re-rating depends on continued margin recovery and clarity on UPI monetisation policy.

Headwinds 6
  • Stock 32% below IPO price Oct 11

    Pine Labs trades roughly 32% below its IPO issue price of ₹221, reflecting broader investor concerns beyond any single catalyst.

  • UPI dilutes blended take rate Oct 11

    Over 70% of DCP transactions now run on UPI, which carries lower margins than card products, pressuring blended take rates even as UPI GTV grew over 80% YoY in Q1 FY27.

  • MDR cap compresses high-ticket fees Oct 11

    The ₹300 cap on UPI MDR for transactions above ₹75,000 disproportionately hits Pine Labs' higher-ticket merchant base — a ₹5 lakh payment yields an effective rate of just 0.06%.

Positives 6
  • Q2 profit surges 543% YoY Oct 29

    Pine Labs reported Q2 FY27 net profit of ₹39 crore, up 543% YoY, with revenue rising 24% YoY to ₹806.2 crore and EBITDA jumping 67.3% to ₹126 crore.

  • EBITDA margin expands to 15.6% Oct 29

    EBITDA margin improved to 15.6% from 11.6% a year earlier, while contribution margin expanded 54 bps QoQ to 72.8% in Q2.

  • Online payments GTV surges 140% Oct 29

    Online payments business grew over 45% YoY with GTV surging 140%, while overall GTV across Flow, Affordability and Transaction Processing rose 52% YoY.

Neutral 3
  • ₹25 Cr injected into subsidiary Oct 21

    Pine Labs invested ₹24.99 crore in subsidiary Synergistic Financial Networks via a rights issue to fund working capital and growth.

  • UPI MDR rollout uncertain Oct 11

    A 0.4% MDR on P2M UPI transactions above ₹2,000 was scheduled for Oct 15 but merchant bodies requested deferment to Jan 2027; a formal decision is awaited.

  • Soundbox rollout plan announced Oct 29

    Pine Labs plans to roll out 10 lakh QR soundboxes over the medium term to deepen UPI acceptance, while also adding ~500 sales staff over the past six months.

Quarterly Results

₹ Cr
PINELABS quarterly results, ₹ crore
Particulars Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
552
602
599
616
650
744
701
737
806
Expenses
519
525
542
571
575
612
594
642
680
Operating Profit
32
77
57
45
75
132
106
95
126
OPM %
6%
13%
9%
7%
12%
18%
15%
13%
16%
Other Income
22
−30
12
37
23
23
50
29
26
Interest
18
22
22
21
21
24
17
13
14
Depreciation
75
76
69
65
66
68
71
73
76
PBT
−38
−51
−22
−5
11
63
68
38
61
Tax %
−16%
11%
30%
−199%
47%
32%
13%
48%
37%
Net Profit
−32
−57
−29
5
6
42
59
20
39
EPS (₹)
−0.38
−0.67
−0.34
0.11
0.13
0.37
0.52
0.17
—

Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
PINELABS profit and loss, annual, ₹ crore
Particulars 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 (₹)
−0.66
−0.72
−0.28
−3.17
−4.07
−1.73
0.98
1.19
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
PINELABS balance sheet, annual, ₹ crore
Particulars 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
6,952
Total Liabilities
3,448
4,567
6,260
9,318
9,618
10,698
13,288
Fixed Assets
1,017
980
1,019
2,103
1,920
1,825
1,856
CWIP
52
48
122
269
222
160
148
Investments
40
34
50
18
21
30
28
Other Assets
2,338
3,505
5,070
6,928
7,455
8,683
11,256
Total Assets
3,448
4,567
6,260
9,318
9,618
10,698
13,288

Cash Flow

₹ Cr
PINELABS cash flow, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
11
111
−79
−152
−229
50
395
Investing
112
−260
−443
−441
−22
−159
−1,339
Financing
1,431
823
1,644
2
−220
−201
1,972
Net Cash Flow
1,554
674
1,122
−591
−471
−310
1,029
Free Cash Flow
−156
−54
−407
−517
−486
−99
161
CFO/EBITDA
86
114
−25
−1,258
872
5
112

Ratios

PINELABS financial ratios, annual
Particulars 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%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Pine Labs insights

58 extracted metrics across FY20–FY27.

Shareholding Pattern

As of Sep 2026

  • Others 44.06%
  • DIIs 29.58%
  • FIIs 13.18%
  • Public 13.18%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Pine Labs

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.
Where is Pine Labs Ltd (PINELABS) listed?
Pine Labs Ltd trades as PINELABS on the NSE and under code 544606 on the BSE.
Which sector does Pine Labs Ltd belong to?
Pine Labs Ltd is classified under the Financial Services sector, in the Fintech industry.
What is the PE ratio of Pine Labs Ltd?
Pine Labs Ltd trades at a PE ratio of 132.58 as of 4 Nov 2026, on earnings per share of ₹1.19, against a book value of ₹52.13 per share.
What is the 52-week high and low of Pine Labs Ltd?
Over the last 52 weeks Pine Labs Ltd has traded between ₹134.73 and ₹284 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Pine Labs Ltd?
Pine Labs Ltd reported a return on equity of 2.46%. Its debt-to-equity ratio is 0.07.

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.

Website pinelabs.com
Listed 14 Nov 2025
Face Value ₹1

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