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 ₹ 28,809 Cr.
- Current Price ₹ 251
- High / Low ₹ 284 / 234
- Stock P/E 666
- Book Value ₹
- 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
- 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
| Operating Profit |
| OPM % |
| Interest |
| Depreciation |
| Profit before tax |
| Tax % |
| EPS in Rs |
| Raw PDF |
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 | |
|---|---|---|---|---|---|---|
| Equity Capital | 12 | 13 | 14 | 14 | 84 | 84 |
| Reserves | 1,048 | 1,178 | 1,900 | 2,171 | 1,961 | 1,987 |
| 147 | 191 | 236 | 390 | 575 | 848 | |
| 477 | 3,185 | 4,111 | 4,829 | 5,283 | 6,129 | |
| Total Liabilities | 1,684 | 4,567 | 6,260 | 7,403 | 7,903 | 9,048 |
| 328 | 980 | 1,019 | 1,115 | 985 | 942 | |
| CWIP | 52 | 48 | 122 | 251 | 201 | 134 |
| Investments | 761 | 34 | 50 | 13 | 16 | 21 |
| 543 | 3,505 | 5,070 | 6,024 | 6,700 | 7,951 | |
| Total Assets | 1,684 | 4,567 | 6,260 | 7,403 | 7,903 | 9,048 |
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 |
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% |
Documents
Announcements
-
Intimation Under Regulation 30(5) Of The SEBI (LODR Regulations) 2015 (Listing Regulations)
2d - 14 Nov 2025: Board authorised KMPs (Amrish Rau, Neerav Mehta, Kush Mehra, Sameer Kamath) for disclosures.
-
Intimation Under Regulation 7(1) Of The SEBI (LODR Regulations) 2015 (Listing Regulations)
2d - Pine Labs confirms KFin Technologies remains Registrar & Share Transfer Agent, appointed under Regulation 7(1), dated Nov 14, 2025.
-
Intimation Under Regulation 8(2) Of The Securities Exchange Board Of India (Prohibition Of Insider Trading) Regulations 2015 (PIT Regulations)
2d - Adopted and posted Code for fair disclosure of UPSI per SEBI PIT Regulations, dated Nov 14, 2025.
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Intimation Under Regulation 6(1) Of The SEBI (LODR) Regulations 2015 (Listing Regulations)
2d - Neerav Mehta continues as Compliance Officer (effective June 13, 2025); appointed Company Secretary February 3, 2025.
-
Closure of Trading Window
2d - Trading window closed from Nov 14, 2025; reopens 48 hours after unaudited results for quarter/H1 ended Sep 30, 2025.
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