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 ₹ 22,522 Cr.
- Current Price ₹ 196
- High / Low ₹ 284 / 151
- 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 6.07 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.
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 |
| Free Cash Flow | -156 | -54 | -407 | -517 | -486 | -99 |
| CFO/OP | 86% | 114% | -25% | -1,258% | 872% | 5% |
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% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Digital Checkout Points (DCPs) Lakhs |
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| International Revenue Mix Percentage (%) |
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| Number of Merchants Lakhs |
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| Number of Transactions Crores |
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| Platform Gross Transaction Value (GTV) Rs. Crores (000's) |
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| Prepaid Cards Issued Crores |
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Extracted by Screener AI
Documents
Announcements
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Board Meeting Intimation for To Consider And Approve The Audited Standalone And Consolidated Financial Results Of The Company For The Quarter And Year Ended March 31 2026 And Other Matters.
6 May - Board meets May 25, 2026 to approve audited FY26 results; analyst call on May 26.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 6 May
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Announcement under Regulation 30 (LODR)-Acquisition
27 Apr - Pine Labs acquires 100% of Shopflo for up to Rs 88 crore within 3 months.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
25 Apr - Pine Labs approved 100% acquisition of Shopflo Technologies for up to ₹88 crore cash.
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Announcement under Regulation 30 (LODR)-Acquisition
25 Apr - Pine Labs approved acquiring 100% of Shopflo Technologies for up to ₹88 crore within 3 months.
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