Pine Labs Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Digital Payments: 67.8% • Issuing: 32.2%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company is almost debt free
- Latest quarter profit grew 308.6% YoY, showing strong momentum
- Company has delivered good sales growth of 33.1% CAGR over last 5 years
- Operating margins have improved to 13.2% from 6.1%
- Institutional investors have been accumulating - FII+DII up 34.3pp
CONS
- Promoter holding has decreased over last 2 years: -99.5pp
- A large part of profit comes from other income (99.5% of PBT)
- Company has a low return on equity of -4.3% over last 3 years
- Company has a low return on capital employed of -1.8%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.58x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GROWW | 195.95 | 50.39 | 122931.13 | 0.00 | 7350.40 | — | 15014.20 | 1560.13 | 37.54 | 64.60 |
| PAYTM | 1739.00 | 171.65 | 111575.60 | 0.00 | 220.00 | 79.59 | 2448.00 | 27.67 | 3.87 | 8.29 |
| POLICYBZR | 1803.00 | 111.51 | 83434.32 | 0.00 | 1629.10 | 1824.51 | 18882.80 | 1300.81 | 10.84 | 7.24 |
| PINELABS | 173.10 | 156.91 | 19973.28 | 0.00 | 195.70 | 3985.59 | 7369.20 | 1096.47 | 4.21 | 12.88 |
| STYL | 385.65 | 23.65 | 6240.04 | 0.65 | 60.34 | 63.78 | 376.47 | 21.10 | 28.03 | 23.21 |
| CCAVENUE | 15.37 | 18.28 | 5374.00 | 0.00 | 84.77 | 45.08 | 2680.40 | 109.37 | 7.98 | 3.80 |
| TURTLEMINT | 132.00 | 0.00 | 3887.12 | 0.00 | -377.80 | — | 2940.80 | — | -38.38 | -11.20 |
| MOBIKWIK | 194.20 | 0.00 | 1529.27 | 0.00 | 7.62 | 118.17 | 281.48 | 3.73 | 8.02 | 2.88 |
| SUVIDHAA | 2.40 | 0.00 | 50.35 | 0.00 | -1.91 | 55.58 | 2.40 | 135.29 | -32.85 | -70.42 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| 552 | 602 | 599 | 616 | 650 | 744 | 701 | 737 | |
| 519 | 525 | 542 | 658 | 575 | 612 | 594 | 728 | |
| Operating Profit | 32 | 77 | 57 | -42 | 75 | 132 | 106 | 9 |
| OPM % | 5.89% | 12.79% | 9.45% | -6.81% | 11.60% | 17.73% | 15.19% | 1.19% |
| 22 | -30 | 12 | 37 | 23 | 23 | 50 | 29 | |
| Interest | 18 | 22 | 22 | 21 | 21 | 24 | 17 | 13 |
| Depreciation | 75 | 76 | 69 | 65 | 66 | 68 | 71 | 73 |
| Profit before Tax | -38 | -51 | -22 | -5 | 11 | 63 | 68 | 38 |
| Tax % | 16.42% | -10.64% | -30.17% | 198.97% | 46.22% | 32.21% | 13.22% | 48.13% |
| Net Profit | 0 | 0 | 0 | 5 | 6 | 42 | 59 | 20 |
| -0.32 | -0.57 | -0.28 | 0.05 | 0.06 | 0.38 | 0.52 | 0.17 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 843 | 650 | 934 | 1,598 | 1,770 | 2,274 | 2,711 | 9,464 | |
| 761 | 560 | 820 | 1,594 | 1,794 | 2,056 | 2,352 | 9,062 | |
| Operating Profit | 82 | 90 | 114 | 4 | -25 | 218 | 358 | 402 |
| OPM % | 9.74% | 13.81% | 12.20% | 0.25% | -1.41% | 9.59% | 13.23% | 4.24% |
| 23 | 33 | 24 | 57 | 55 | 17 | 133 | 386 | |
| Interest | 18 | 22 | 24 | 36 | 64 | 79 | 84 | 191 |
| Depreciation | 155 | 175 | 189 | 315 | 363 | 292 | 270 | 938 |
| Profit before Tax | -68 | -74 | -75 | -289 | -398 | -136 | 137 | 520 |
| Tax % | 30.43% | 24.63% | 69.64% | 8.40% | 14.00% | -6.67% | 18.04% | 41.57% |
| Net Profit | -47 | -56 | -23 | -265 | -342 | -145 | 113 | 304 |
| EPS | -4.13 | -4.34 | -0.29 | -2.70 | -3561.49 | -1454.90 | 0.98 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 33%
- 3 Years:
- 19%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- -5%
- 3 Years:
- -4%
- 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 | 0 | 0 | 115 |
| 1,035 | 1,178 | 1,746 | 3,349 | 3,055 | 3,403 | 5,781 | |
| 190 | 240 | 296 | 642 | 681 | 972 | 431 | |
| Trade Payables | 103 | 208 | 193 | 368 | 390 | 542 | 383 |
| 2,107 | 2,891 | 3,924 | 4,893 | 5,361 | 5,657 | 6,459 | |
| Total Liabilities | 3,447 | 4,530 | 6,174 | 9,252 | 9,487 | 10,575 | 13,169 |
| 1,017 | 980 | 1,019 | 2,103 | 1,920 | 1,825 | 1,856 | |
| Capital Work in Progress | 52 | 47 | 95 | 213 | 121 | 47 | 41 |
| 40 | 34 | 50 | 18 | 21 | 30 | 28 | |
| 3 | 4 | 12 | 40 | 28 | 30 | 32 | |
| 0 | 0 | 0 | 0 | 652 | 845 | 1,042 | |
| Cash & Bank | 1,770 | 2,563 | 3,779 | 5,120 | 5,235 | 6,033 | 8,226 |
| 564 | 902 | 1,220 | 1,758 | 1,510 | 1,764 | 1,944 | |
| Total Assets | 3,447 | 4,530 | 6,174 | 9,252 | 9,487 | 10,575 | 13,169 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 75 | 125 | -20 | -67 | -229 | 50 | 395 | |
| Cash from Investing | 112 | -260 | -446 | -371 | 45 | -159 | -1,339 |
| Cash from Financing | 1,431 | 823 | 726 | 2 | -220 | -201 | 1,972 |
| 1,554 | 674 | 212 | -521 | -403 | -311 | 1,029 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - Pine Labs Limited has informed the Exchange regarding a press release dated September 02, 2026, titled "Pine Labs Appoints Jayaram Karthik as Chief Operations Officer".
2026-08-25 - Pine Labs Limited has informed the Exchange regarding 'Communication to shareholders for weblink of the Annual Report for the FY 2025-26'.
2026-08-22 - Pine Labs Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-21 - Pine Labs Limited has informed the Exchange regarding 'Annual Report pursuant to Regulation 34(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
2026-08-21 - Pine Labs Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 16, 2026
2026-08-20 - Pine Labs Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-19 - Pine Labs Limited has informed the Exchange regarding 'Intimation of 28th Annual General Meeting of the Company'.
2026-08-10 - Pine Labs Limited has informed the Exchange regarding Grant of 1588789 Options.
2026-08-03 - Pine Labs Limited has informed the Exchange about Transcript
News
Recent coverage and analyst commentary for PINELABS
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