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 ₹ 23,116 Cr.
- Current Price ₹ 201
- High / Low ₹ 284 / 193
- Stock P/E
- Book Value ₹ 32.3
- Dividend Yield 0.00 %
- ROCE -0.49 %
- ROE -3.31 %
- Face Value ₹ 1.00
Pros
Cons
- Stock is trading at 6.23 times its book value
- 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
- Announcement Under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2d
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
5 Feb - GST demand order (4 Feb 2026) totaling ₹37,33,38,296 for FY2019-20; Pine Labs to appeal.
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 3 Feb
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Announcement under Regulation 30 (LODR)-Acquisition
30 Jan - Invested INR 128,99,95,290 for 2,57,330 SFNPL shares on Jan 30, 2026.
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Announcement Under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
29 Jan - Pine Labs to meet analysts Feb 3-4 (ICICI, Singapore) and Feb 11-12 (Axis Capital, Mumbai); no UPSI disclosure.
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