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 ₹ 16,035 Cr.
- Current Price ₹ 139
- High / Low ₹ 284 / 135
- Stock P/E 124
- Book Value ₹ 51.3
- Dividend Yield 0.00 %
- ROCE 4.16 %
- ROE 2.46 %
- Face Value ₹ 1.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 32.3% CAGR over last 5 years
Cons
- Stock is trading at 2.71 times its book value
- Company has a low return on equity of -2.93% over last 3 years.
- Company's cost of borrowing seems high
* 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
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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 848 | 670 | 932 | 1,598 | 1,770 | 2,274 | 2,711 | 2,832 | |
| 760 | 560 | 820 | 1,592 | 1,794 | 2,056 | 2,352 | 2,423 | |
| Operating Profit | 87 | 110 | 112 | 5 | -25 | 218 | 358 | 409 |
| OPM % | 10% | 16% | 12% | 0.3% | -1.4% | 10% | 13% | 14% |
| 18 | 13 | 25 | 56 | 55 | 16 | 133 | 125 | |
| Interest | 18 | 22 | 24 | 36 | 64 | 79 | 84 | 76 |
| Depreciation | 155 | 175 | 189 | 315 | 363 | 292 | 270 | 278 |
| Profit before tax | -68 | -74 | -75 | -289 | -398 | -136 | 137 | 180 |
| Tax % | -30% | -25% | -70% | -8% | -14% | 7% | 18% | |
| -47 | -56 | -23 | -265 | -342 | -145 | 113 | 127 | |
| EPS in Rs | -3.95 | -4.34 | -1.67 | -18.99 | -4.07 | -1.73 | 0.98 | 1.19 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 32% |
| 3 Years: | 19% |
| TTM: | 20% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 32% |
| 3 Years: | 36% |
| TTM: | 262% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -4% |
| 3 Years: | -3% |
| Last Year: | 2% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 13 | 14 | 0.02 | 0.10 | 0.10 | 115 |
| Reserves | 1,035 | 1,178 | 1,900 | 3,664 | 3,466 | 3,431 | 5,781 |
| 176 | 191 | 236 | 514 | 730 | 1,046 | 441 | |
| 2,225 | 3,185 | 4,111 | 5,141 | 5,422 | 6,222 | 6,961 | |
| Total Liabilities | 3,448 | 4,567 | 6,260 | 9,318 | 9,618 | 10,698 | 13,297 |
| 1,017 | 980 | 1,019 | 2,103 | 1,920 | 1,825 | 1,963 | |
| CWIP | 52 | 48 | 122 | 269 | 222 | 160 | 41 |
| Investments | 40 | 34 | 50 | 18 | 21 | 30 | 28 |
| 2,338 | 3,505 | 5,070 | 6,928 | 7,455 | 8,683 | 11,265 | |
| Total Assets | 3,448 | 4,567 | 6,260 | 9,318 | 9,618 | 10,698 | 13,297 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 11 | 111 | -79 | -152 | -229 | 50 | 395 | |
| 112 | -260 | -443 | -441 | -22 | -486 | -1,339 | |
| 1,431 | 823 | 1,644 | 2 | -220 | -201 | 1,972 | |
| Net Cash Flow | 1,554 | 674 | 1,122 | -591 | -471 | -637 | 1,029 |
| Free Cash Flow | -156 | -54 | -407 | -517 | -486 | -99 | 161 |
| CFO/OP | 86% | 114% | -25% | -1,258% | 872% | 5% | 112% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 92 | 196 | 116 | 135 | 134 | 136 | 140 |
| Inventory Days | 5 | 23 | 134 | 65 | 38 | 32 | |
| Days Payable | 144 | 1,345 | 1,233 | 908 | 693 | 382 | |
| Cash Conversion Cycle | -47 | -1,126 | 116 | -964 | -708 | -519 | -210 |
| Working Capital Days | -722 | -1,252 | -1,255 | -813 | -807 | -762 | -609 |
| ROCE % | -4% | -3% | -7% | -8% | -0% | 4% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Digital Checkout Points (DCPs) Lakhs |
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| Fintech Infrastructure Transactions Cr |
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| International Revenue ₹ Cr |
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| Number of Merchants Lakhs |
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| Number of Transactions Cr |
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| Platform GTV (Gross Transaction Value) ₹ Lakh Cr |
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| Prepaid Cards Issued Cr |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
2d - Pine Labs uploaded analyst and investor conference call audio/video recording from July 29, 2026.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 2d
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
28 Jul - CARE report for quarter ended June 30, 2026 shows no deviation in Pine Labs IPO proceeds utilization.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
28 Jul - Q1 FY27 results: revenue ₹737 Cr, PAT ₹20 Cr; acquired Shopflo for ₹88 Cr.
- Announcement under Regulation 30 (LODR)-Investor Presentation 28 Jul
Concalls
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Jul 2026TranscriptPPT REC
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Jun 2026Transcript PPT REC
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May 2026TranscriptAI SummaryPPT
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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