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 ₹ 27,497 Cr.
- Current Price ₹ 239
- High / Low ₹ 284 / 220
- Stock P/E
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE -0.49 %
- ROE -3.31 %
- Face Value ₹ 1.00
Pros
Cons
- Company has low interest coverage ratio.
- Company has a low return on equity of -7.02% over last 3 years.
* 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.
Peer comparison
Financial Services Financial Services Financial Technology (Fintech) Financial Technology (Fintech)
Part of BSE IPO
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 848 | 670 | 932 | 1,598 | 1,770 | 2,274 | |
| 760 | 560 | 820 | 1,592 | 1,794 | 2,056 | |
| Operating Profit | 87 | 110 | 112 | 5 | -25 | 218 |
| OPM % | 10% | 16% | 12% | 0% | -1% | 10% |
| 18 | 13 | 25 | 56 | 55 | 16 | |
| Interest | 18 | 22 | 24 | 36 | 64 | 79 |
| Depreciation | 155 | 175 | 189 | 315 | 363 | 292 |
| Profit before tax | -68 | -74 | -75 | -289 | -398 | -136 |
| Tax % | -30% | -25% | -70% | -8% | -14% | 7% |
| -47 | -56 | -23 | -265 | -342 | -145 | |
| EPS in Rs | -3.95 | -4.34 | -1.67 | -18.99 | -4.07 | -1.73 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 22% |
| 3 Years: | 35% |
| TTM: | 29% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 67% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -6% |
| 3 Years: | -7% |
| Last Year: | -3% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 13 | 14 | 0.02 | 0.10 | 0.10 | 103 |
| Reserves | 1,035 | 1,178 | 1,900 | 3,664 | 3,466 | 3,431 | 3,608 |
| 176 | 191 | 236 | 514 | 730 | 1,046 | 858 | |
| 2,225 | 3,185 | 4,111 | 5,141 | 5,422 | 6,222 | 6,737 | |
| Total Liabilities | 3,448 | 4,567 | 6,260 | 9,318 | 9,618 | 10,698 | 11,306 |
| 1,017 | 980 | 1,019 | 2,103 | 1,920 | 1,825 | 1,905 | |
| CWIP | 52 | 48 | 122 | 269 | 222 | 160 | 58 |
| Investments | 40 | 34 | 50 | 18 | 21 | 30 | 28 |
| 2,338 | 3,505 | 5,070 | 6,928 | 7,455 | 8,683 | 9,315 | |
| Total Assets | 3,448 | 4,567 | 6,260 | 9,318 | 9,618 | 10,698 | 11,306 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 11 | 111 | -79 | -152 | -229 | 50 | |
| 112 | -260 | -443 | -441 | -22 | -486 | |
| 1,431 | 823 | 1,644 | 2 | -220 | -201 | |
| Net Cash Flow | 1,554 | 674 | 1,122 | -591 | -471 | -637 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 92 | 196 | 116 | 135 | 134 | 136 |
| Inventory Days | 5 | 23 | 134 | 65 | 38 | |
| Days Payable | 144 | 1,345 | 1,233 | 908 | 693 | |
| Cash Conversion Cycle | -47 | -1,126 | 116 | -964 | -708 | -519 |
| Working Capital Days | -722 | -1,252 | -1,255 | -813 | -807 | -762 |
| ROCE % | -4% | -3% | -7% | -8% | -0% |
Documents
Announcements
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Closure of Trading Window
2d - Trading window closed from Jan 1, 2026 until 48 hours after Dec 31, 2025 quarter unaudited results.
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Announcement under Regulation 30 (LODR)-Change in Management
17 Dec - Board approved postal ballot for ESOP amendments, ESOP extension, secretarial auditor appointment, and creation of charges; meeting Dec 17, 2025.
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Board Meeting Outcome for Outcome Of The Board Meeting Held On December 17 2025
17 Dec - Dec 17, 2025: Board sought postal ballot for ESOP amendments, ESOP extension, auditor appointment (5-year term), and charge creation.
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Intimation Of Schedule Of Analyst / Institutional Investors Meet
10 Dec - Pine Labs schedules analyst/investor one-to-one meetings Dec 15–18, 2025 with UBS, Axis, ICICI, JP Morgan, Kotak, BlackRock.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
9 Dec - Setu launches agentic bill-pay on ChatGPT and Claude, Dec 9, 2025; automates bill fetching, anomaly checks, payments.
Concalls
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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