Pine Labs Ltd
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]
- Market Cap ₹ 18,530 Cr.
- Current Price ₹ 161
- High / Low ₹ 284 / 156
- Stock P/E 428
- Book Value ₹ 36.2
- Dividend Yield 0.00 %
- ROCE 4.64 %
- ROE 2.10 %
- Face Value ₹ 1.00
Pros
- Company has delivered good profit growth of 27.0% CAGR over last 5 years
Cons
- Stock is trading at 4.46 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of -3.28% over last 3 years.
- Earnings include an other income of Rs.97.9 Cr.
- Company has high debtors of 152 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 664 | 650 | 932 | 1,281 | 1,333 | 1,597 | |
| 606 | 552 | 820 | 1,130 | 1,230 | 1,356 | |
| Operating Profit | 58 | 98 | 112 | 151 | 104 | 241 |
| OPM % | 9% | 15% | 12% | 12% | 8% | 15% |
| 14 | 33 | 25 | 47 | 42 | 98 | |
| Interest | 16 | 22 | 24 | 34 | 58 | 70 |
| Depreciation | 102 | 183 | 189 | 239 | 328 | 210 |
| Profit before tax | -46 | -74 | -74 | -75 | -240 | 58 |
| Tax % | -27% | -25% | -70% | -25% | -22% | 26% |
| -33 | -56 | -23 | -56 | -187 | 44 | |
| EPS in Rs | -2.78 | -4.34 | -1.67 | -4.02 | -2.23 | 0.52 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 19% |
| 3 Years: | 20% |
| TTM: | 20% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 27% |
| 3 Years: | 56% |
| TTM: | 123% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -3% |
| 3 Years: | -3% |
| Last Year: | 2% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 13 | 14 | 14 | 84 | 84 | 103 |
| Reserves | 1,048 | 1,178 | 1,900 | 2,171 | 1,961 | 1,987 | 4,054 |
| 147 | 191 | 236 | 390 | 575 | 848 | 711 | |
| 477 | 3,185 | 4,111 | 4,829 | 5,283 | 6,129 | 6,525 | |
| Total Liabilities | 1,684 | 4,567 | 6,260 | 7,403 | 7,903 | 9,048 | 11,393 |
| 328 | 980 | 1,019 | 1,115 | 985 | 942 | 1,004 | |
| CWIP | 52 | 48 | 122 | 251 | 201 | 134 | 45 |
| Investments | 761 | 34 | 50 | 13 | 16 | 21 | 1,544 |
| 543 | 3,505 | 5,070 | 6,024 | 6,700 | 7,951 | 8,800 | |
| Total Assets | 1,684 | 4,567 | 6,260 | 7,403 | 7,903 | 9,048 | 11,393 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 100 | 109 | -79 | -38 | -34 | 30 | |
| -973 | -256 | -443 | -261 | -37 | -336 | |
| 893 | 823 | 1,644 | 935 | -79 | -210 | |
| Net Cash Flow | 19 | 676 | 1,122 | 635 | -150 | -516 |
| Free Cash Flow | -65 | -56 | -407 | -377 | -246 | -61 |
| CFO/OP | 220% | 126% | -25% | 26% | -36% | -17% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 54 | 202 | 116 | 137 | 138 | 152 |
| Inventory Days | 5 | 23 | ||||
| Days Payable | 58 | 1,347 | ||||
| Cash Conversion Cycle | 0 | -1,121 | 116 | 137 | 138 | 152 |
| Working Capital Days | -102 | -1,343 | -1,255 | -1,035 | -1,116 | -1,113 |
| ROCE % | -4% | -3% | -2% | -7% | 5% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Digital Checkout Points (DCPs) Lakhs |
|
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| International Revenue Mix Percentage (%) |
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| Number of Merchants Lakhs |
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| Number of Transactions Crores |
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| Platform Gross Transaction Value (GTV) Rs. Crores (000's) |
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| Prepaid Cards Issued Crores |
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Documents
Announcements
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Intimation Under Regulation 30 Of SEBI (Listing Obligation And Disclosure Requirements) Regulations 2015
2d - RBI imposed Rs.3,10,000 penalty on Pine Labs for KYC lapses in Full-KYC PPIs; order received March 27, 2026.
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Intimation Under Regulation 30 Of SEBI (Listing Obligation And Disclosure Requirements) Regulations 2015
2d - Mopay Services voluntary strike-off approved March 27, 2026; dormant, FY25 turnover nil, net worth (Rs.29,000); process 2–3 months.
-
Intimation Of Schedule Of Analyst / Institutional InvestorS Meeting
17 Mar - One-on-one investor meetings in Hong Kong on 23-24 March 2026; no UPSI will be disclosed.
- Disclosures under Reg. 29(1) of SEBI (SAST) Regulations 2011 25 Feb
-
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.
Concalls
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Feb 2026Transcript PPT REC
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Dec 2025Transcript PPT REC
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Nov 2025TranscriptAI SummaryPPT
Business Profile[1]
Pine Labs is a technology-first company focused on digitizing commerce in India and select global markets like Malaysia, Singapore, UAE, Australia, the US, and Africa. Their core business is providing digital payment and issuing solutions for merchants, consumer brands, enterprises, and financial institutions. Its customer base spans across department stores, supermarkets, retail chains, restaurants, grocery outlets, consumer electronics, healthcare, travel, hospitality, and a growing roster of banks and new-age technology firms