Pine Labs Ltd.

•

pinelabs.comBSE: 544606NSE: PINELABS

Market Cap₹ 19,973 Cr.

Current Price

High / Low₹ 284 / 135

Stock P/E156.9

Book Value₹ 51

Price to Book3.04

Dividend Yield0.00 %

ROCE4.2 %

ROE2.4 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Digital Payments: 67.8% • Issuing: 32.2%

AI Sector View

AI GENERATED

Financial Services

Buy

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.

Confidence

84%

View full sector analysis →

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

Financial ServicesITFintech

Part ofNIFTY TOTAL MKT NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	GROWW	195.95	50.39	122931.13	0.00	7350.40	—	15014.20	1560.13	37.54	64.60
2.	PAYTM	1739.00	171.65	111575.60	0.00	220.00	79.59	2448.00	27.67	3.87	8.29
3.	POLICYBZR	1803.00	111.51	83434.32	0.00	1629.10	1824.51	18882.80	1300.81	10.84	7.24
4.	PINELABS	173.10	156.91	19973.28	0.00	195.70	3985.59	7369.20	1096.47	4.21	12.88
5.	STYL	385.65	23.65	6240.04	0.65	60.34	63.78	376.47	21.10	28.03	23.21
6.	CCAVENUE	15.37	18.28	5374.00	0.00	84.77	45.08	2680.40	109.37	7.98	3.80
7.	TURTLEMINT	132.00	0.00	3887.12	0.00	-377.80	—	2940.80	—	-38.38	-11.20
8.	MOBIKWIK	194.20	0.00	1529.27	0.00	7.62	118.17	281.48	3.73	8.02	2.88
9.	SUVIDHAA	2.40	0.00	50.35	0.00	-1.91	55.58	2.40	135.29	-32.85	-70.42

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Nov 2025	Dec 2025	Mar 2026	Jun 2026
	99.53	99.56	99.88	99.89	99.89	0.00	0.00	0.00	0.00
	0.00	0.00	0.00	0.00	0.00	5.14	5.23	4.80	9.49
	0.00	0.00	0.00	0.00	0.00	9.91	11.26	11.81	24.82
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.47	0.44	0.12	0.11	0.11	84.95	83.51	83.39	65.69

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-02

Press Release

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

Updates

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

Copy of Newspaper Publication

2026-08-22 - Pine Labs Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-21

Updates

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

Shareholders meeting

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

Copy of Newspaper Publication

2026-08-20 - Pine Labs Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-19

Updates

2026-08-19 - Pine Labs Limited has informed the Exchange regarding 'Intimation of 28th Annual General Meeting of the Company'.

2026-08-10

ESOP/ESOS/ESPS

2026-08-10 - Pine Labs Limited has informed the Exchange regarding Grant of 1588789 Options.

2026-08-03

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-03 - Pine Labs Limited has informed the Exchange about Transcript

News

Recent coverage and analyst commentary for PINELABS

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AI Stock Analyst

Pine Labs Ltd.

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Free 5nance Account

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

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

-42

132

106

OPM %

5.89%

12.79%

9.45%

-6.81%

11.60%

17.73%

15.19%

1.19%

-30

Interest

Depreciation

Profit before Tax

-38

-51

-22

-5

Tax %

16.42%

-10.64%

-30.17%

198.97%

46.22%

32.21%

13.22%

48.13%

Net Profit

-0.32

-0.57

-0.28

0.05

0.06

0.38

0.52

0.17

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

114

-25

218

358

402

OPM %

9.74%

13.81%

12.20%

0.25%

-1.41%

9.59%

13.23%

4.24%

133

386

Interest

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%

—

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

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

213

121

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

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

125

-20

-67

-229

395

Cash from Investing

112

-260

-446

-371

-159

-1,339

Cash from Financing

1,431

823

726

-220

-201

1,972

1,554

674

212

-521

-403

-311

1,029

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Nov 2025

Dec 2025

Mar 2026

Jun 2026

99.53

99.56

99.88

99.89

0.00

5.14

5.23

4.80

9.49

0.00

9.91

11.26

11.81

24.82

Government

0.00

0.47

0.44

0.12

0.11

84.95

83.51

83.39

65.69

Pine Labs Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Pine Labs Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI