Pine Labs Ltd.

•

pinelabs.comBSE: 544606NSE: PINELABS

Market Cap₹ 20,204 Cr.

Current Price

High / Low₹ 284 / 135

Stock P/E122.2

Book Value₹ 55

Price to Book2.81

Dividend Yield0.00 %

ROCE4.4 %

ROE2.9 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2023 • Digital Payments: 66.0% • Issuing: 34.0%

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 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

Financial ServicesITFintech

Part ofNIFTY SMLCAP 250 NIFTY 500 NIFTY TOTAL MKT

S.No.	Name
1.	GROWW	194.60	50.04	122084.19	0.00	7350.40	—	15014.20	1560.13	37.54	64.60
2.	PAYTM	1752.25	172.96	112425.73	0.00	220.00	79.59	2448.00	27.67	3.87	8.29
3.	POLICYBZR	1799.30	111.26	83252.69	0.00	1629.10	1824.51	18882.80	1300.81	10.84	7.24
4.	PINELABS	175.10	158.72	20204.06	0.00	195.70	3985.59	7369.20	1096.47	4.21	12.88
5.	STYL	388.55	23.83	6286.97	0.64	60.34	63.78	376.47	21.10	28.03	23.21
6.	CCAVENUE	15.41	18.33	5387.98	0.00	84.77	45.08	2680.40	109.37	7.98	3.80
7.	TURTLEMINT	134.55	0.00	3962.21	0.00	-377.80	—	2940.80	—	-38.38	-11.20
8.	MOBIKWIK	195.30	0.00	1537.93	0.00	7.62	118.17	281.48	3.73	8.02	2.88
9.	SUVIDHAA	2.43	0.00	50.98	0.00	-1.91	55.58	2.40	135.29	-32.85	-70.42

Detailed Comparison with:

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

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

194.60

50.04

122084.19

0.00

7350.40

—

15014.20

1560.13

37.54

64.60

PAYTM

1752.25

172.96

112425.73

0.00

220.00

79.59

2448.00

27.67

3.87

8.29

POLICYBZR

1799.30

111.26

83252.69

0.00

1629.10

1824.51

18882.80

1300.81

10.84

7.24

PINELABS

175.10

158.72

20204.06

0.00

195.70

3985.59

7369.20

1096.47

4.21

12.88

STYL

388.55

23.83

6286.97

0.64

60.34

63.78

376.47

21.10

28.03

23.21

CCAVENUE

15.41

18.33

5387.98

0.00

84.77

45.08

2680.40

109.37

7.98

3.80

TURTLEMINT

134.55

0.00

3962.21

0.00

-377.80

—

2940.80

—

-38.38

-11.20

MOBIKWIK

195.30

0.00

1537.93

0.00

7.62

118.17

281.48

3.73

8.02

2.88

SUVIDHAA

2.43

0.00

50.98

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

377

432

416

427

435

548

515

535

362

370

365

454

394

445

426

524

Operating Profit

-27

104

OPM %

3.94%

14.23%

12.28%

-6.30%

9.39%

18.90%

17.33%

1.97%

Interest

Depreciation

Profit before Tax

-22

-3

Tax %

31.13%

31.12%

14.90%

-65.94%

26.67%

24.45%

25.10%

25.42%

Net Profit

-15

-2

-0.15

0.15

0.37

0.27

-0.02

0.51

0.59

0.38

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

112

153

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%

143

170

606

Interest

156

Depreciation

102

183

189

239

266

205

192

691

Profit before Tax

-18

-15

-46

-74

-75

-240

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

-3

-14

-33

-56

-23

-56

-187

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%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

115

159

219

273

1,048

1,178

1,747

2,171

1,961

3,836

6,243

142

240

296

414

600

854

359

Trade Payables

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

206

117

761

1,420

1,746

504

665

822

Cash & Bank

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

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

128

123

-29

-34

490

Cash from Investing

-61

-159

-124

-973

-256

-443

-261

-163

-1,535

Cash from Financing

104

893

823

1,644

935

-79

-195

1,985

676

1,122

635

-102

-348

940

Mar 2017

Mar 2018

Mar 2019

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

Sign in to Chat with AI

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