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 ₹ 28,435 Cr.
- Current Price ₹ 248
- High / Low ₹ 284 / 231
- 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 -6.19% 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 | 1,281 | 1,770 | 2,274 | |
| 760 | 560 | 820 | 1,130 | 1,794 | 2,056 | |
| Operating Profit | 87 | 110 | 112 | 151 | -25 | 218 |
| OPM % | 10% | 16% | 12% | 12% | -1% | 10% |
| 18 | 13 | 25 | 47 | 55 | 16 | |
| Interest | 18 | 22 | 24 | 34 | 64 | 79 |
| Depreciation | 155 | 175 | 189 | 239 | 363 | 292 |
| Profit before tax | -68 | -74 | -75 | -75 | -398 | -136 |
| Tax % | -30% | -25% | -70% | -25% | -14% | 7% |
| -47 | -56 | -23 | -56 | -342 | -145 | |
| EPS in Rs | -3.95 | -4.34 | -1.67 | -4.02 | -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: | -5% |
| 3 Years: | -6% |
| 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 | 14 | 0.10 | 0.10 | 103 |
| Reserves | 1,035 | 1,178 | 1,900 | 2,170 | 3,466 | 3,431 | 3,608 |
| 176 | 191 | 236 | 307 | 730 | 1,046 | 858 | |
| 2,225 | 3,185 | 4,111 | 4,912 | 5,422 | 6,222 | 6,737 | |
| Total Liabilities | 3,448 | 4,567 | 6,260 | 7,403 | 9,618 | 10,698 | 11,306 |
| 1,017 | 980 | 1,019 | 1,115 | 1,920 | 1,825 | 1,905 | |
| CWIP | 52 | 48 | 122 | 251 | 222 | 160 | 58 |
| Investments | 40 | 34 | 50 | 13 | 21 | 30 | 28 |
| 2,338 | 3,505 | 5,070 | 6,024 | 7,455 | 8,683 | 9,315 | |
| Total Assets | 3,448 | 4,567 | 6,260 | 7,403 | 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 | -38 | -229 | 50 | |
| 112 | -260 | -443 | -261 | -22 | -486 | |
| 1,431 | 823 | 1,644 | 935 | -220 | -201 | |
| Net Cash Flow | 1,554 | 674 | 1,122 | 635 | -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 | 137 | 134 | 136 |
| Inventory Days | 5 | 23 | 65 | 38 | ||
| Days Payable | 144 | 1,345 | 908 | 693 | ||
| Cash Conversion Cycle | -47 | -1,126 | 116 | 137 | -708 | -519 |
| Working Capital Days | -722 | -1,252 | -1,255 | -1,035 | -807 | -762 |
| ROCE % | -4% | -3% | -2% | -10% | -0% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Newspaper Publication 1d
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
3 Dec - Dec 3, 2025 analyst/investor conference call recording uploaded to Pine Labs investor relations website.
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
3 Dec - Unaudited standalone and consolidated Q2/H1 results for period ended Sep 30, 2025; limited review reports; trading window opens Dec 8.
-
Unaudited Standalone And Consolidated Financial Statements For Quarter And Half Year Ended On September 30 2025
3 Dec - Unaudited consolidated revenue INR 619.90 crore; Q2/H1 results ended Sept 30, 2025; limited review attached.
- Announcement under Regulation 30 (LODR)-Investor Presentation 3 Dec
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