Pine Labs Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Digital Payments: 66.0% • Issuing: 34.0%
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 55.0% YoY, showing strong momentum
- Company has delivered good sales growth of 24.3% CAGR over last 5 years
- 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 (96.4% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -50.39x)
- Company has a low return on capital employed of 0.0%
- Company has a low return on equity of -1.7% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GROWW | 200.20 | 51.48 | 125597.40 | 0.00 | 7350.40 | — | 15014.20 | 1560.13 | 37.54 | 64.60 |
| PAYTM | 1806.25 | 178.29 | 115890.41 | 0.00 | 220.00 | 79.59 | 2448.00 | 27.67 | 3.87 | 8.29 |
| POLICYBZR | 1795.75 | 111.06 | 83098.83 | 0.00 | 1629.10 | 1824.51 | 18882.80 | 1300.81 | 10.84 | 7.24 |
| PINELABS | 202.35 | 183.43 | 23348.32 | 0.00 | 195.70 | 3985.59 | 7369.20 | 1096.47 | 4.21 | 12.88 |
| STYL | 386.25 | 23.69 | 6249.75 | 0.65 | 60.34 | 63.78 | 376.47 | 21.10 | 28.03 | 23.21 |
| CCAVENUE | 16.31 | 19.40 | 5702.66 | 0.00 | 84.77 | 45.08 | 2680.40 | 109.37 | 7.98 | 3.80 |
| TURTLEMINT | 136.25 | 0.00 | 4012.28 | 0.00 | -377.80 | — | 2940.80 | — | -38.38 | -11.20 |
| MOBIKWIK | 209.55 | 0.00 | 1650.14 | 0.00 | 7.62 | 118.17 | 281.48 | 3.73 | 8.02 | 2.88 |
| SUVIDHAA | 2.26 | 0.00 | 47.42 | 0.00 | -1.91 | 55.58 | 2.40 | 135.29 | -32.85 | -70.42 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| 377 | 432 | 416 | 427 | 435 | 548 | 515 | 535 | |
| 362 | 370 | 365 | 454 | 394 | 445 | 426 | 524 | |
| Operating Profit | 15 | 61 | 51 | -27 | 41 | 104 | 89 | 11 |
| OPM % | 3.94% | 14.23% | 12.28% | -6.30% | 9.39% | 18.90% | 17.33% | 1.97% |
| 29 | 35 | 62 | 44 | 21 | 40 | 65 | 48 | |
| Interest | 16 | 19 | 19 | 19 | 18 | 20 | 14 | 10 |
| Depreciation | 50 | 55 | 49 | 46 | 47 | 48 | 51 | 54 |
| Profit before Tax | -22 | 22 | 44 | 17 | -3 | 75 | 90 | 59 |
| Tax % | 31.13% | 31.12% | 14.90% | -65.94% | 26.67% | 24.45% | 25.10% | 25.42% |
| Net Profit | -15 | 15 | 38 | 28 | -2 | 57 | 67 | 44 |
| -0.15 | 0.15 | 0.37 | 0.27 | -0.02 | 0.51 | 0.59 | 0.38 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 191 | 332 | 492 | 664 | 650 | 932 | 1,281 | 1,333 | 1,597 | 1,926 | 6,849 | |
| 156 | 291 | 441 | 607 | 552 | 820 | 1,127 | 1,291 | 1,429 | 1,655 | 6,510 | |
| Operating Profit | 35 | 41 | 51 | 58 | 98 | 112 | 153 | 42 | 168 | 271 | 339 |
| OPM % | 18.52% | 12.37% | 10.32% | 8.71% | 15.03% | 12.06% | 11.95% | 3.14% | 10.55% | 14.09% | 4.95% |
| 4 | 4 | 12 | 15 | 33 | 25 | 47 | 42 | 143 | 170 | 606 | |
| Interest | 2 | 5 | 5 | 16 | 22 | 24 | 36 | 58 | 70 | 70 | 156 |
| Depreciation | 34 | 58 | 72 | 102 | 183 | 189 | 239 | 266 | 205 | 192 | 691 |
| Profit before Tax | 4 | -18 | -15 | -46 | -74 | -74 | -75 | -240 | 36 | 179 | 747 |
| Tax % | 1.57% | 86.27% | 9.70% | 26.93% | 24.64% | 69.69% | 24.86% | 22.07% | 22.43% | 16.16% | 25.28% |
| Net Profit | 4 | -3 | -14 | -33 | -56 | -23 | -56 | -187 | 28 | 150 | 558 |
| EPS | 0.45 | -0.28 | -1.48 | -2.91 | -4.34 | -4.38 | -0.68 | -2.23 | 280.20 | 1.31 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 32%
- 5 Years:
- 24%
- 3 Years:
- 15%
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:
- -2%
- 5 Years:
- -2%
- 3 Years:
- -2%
- Last Year:
- 3%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 12 | 13 | 14 | 14 | 84 | 0 | 115 |
| 159 | 219 | 273 | 1,048 | 1,178 | 1,747 | 2,171 | 1,961 | 3,836 | 6,243 | |
| 11 | 6 | 47 | 142 | 240 | 296 | 414 | 600 | 854 | 359 | |
| Trade Payables | 26 | 19 | 37 | 40 | 208 | 265 | 384 | 577 | 509 | 366 |
| 104 | 136 | 203 | 393 | 2,891 | 3,849 | 4,314 | 4,523 | 5,427 | 6,274 | |
| Total Liabilities | 309 | 389 | 569 | 1,635 | 4,530 | 6,170 | 7,297 | 7,744 | 10,626 | 13,357 |
| 147 | 204 | 219 | 328 | 980 | 1,019 | 1,115 | 985 | 942 | 977 | |
| Capital Work in Progress | 39 | 12 | 38 | 52 | 47 | 95 | 206 | 117 | 41 | 31 |
| 0 | 0 | 0 | 761 | 34 | 50 | 13 | 16 | 1,420 | 1,746 | |
| 1 | 2 | 4 | 3 | 4 | 12 | 21 | 23 | 15 | 20 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 504 | 665 | 822 | |
| Cash & Bank | 15 | 10 | 77 | 155 | 2,563 | 3,773 | 4,417 | 4,838 | 5,899 | 8,071 |
| 107 | 163 | 230 | 336 | 902 | 1,222 | 1,524 | 1,261 | 1,644 | 1,689 | |
| Total Assets | 309 | 389 | 569 | 1,635 | 4,530 | 6,170 | 7,297 | 7,744 | 10,626 | 13,357 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 18 | 78 | 78 | 128 | 123 | -29 | 38 | -34 | 11 | 490 | |
| Cash from Investing | -61 | -159 | -124 | -973 | -256 | -443 | -261 | 11 | -163 | -1,535 |
| Cash from Financing | 44 | 49 | 104 | 893 | 823 | 1,644 | 935 | -79 | -195 | 1,985 |
| 3 | 1 | 61 | 19 | 676 | 1,122 | 635 | -102 | -348 | 940 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | 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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Pine Labs Ltd.
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