Tata Consultancy Services Ltd.
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Technology · Information Technology Services
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Research updated
Pine Labs Limited
NSE: PINELABSTechnologySoftware - Infrastructure
- Last close
- ₹153.25
- Day change
- −₹10.96 (−6.67%)vs
- Market cap
- ₹18,294 crIndian rupees
- Research updated
- 2 reports
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About Pine Labs
Pine Labs Limited is a prominent Indian fintech company specializing in merchant commerce and payment technology solutions. Founded in 1998, the company provides an integrated platform for point-of-sale (POS) systems, payment processing, and merchant financing, targeting businesses ranging from retail chains and supermarkets to restaurants, consumer electronics, healthcare, and travel outlets. Pine Labs leverages cloud-based technology to streamline digital payments, enabling merchants to accept multiple payment modes, manage loyalty programs, and offer consumer credit options, thereby enhancing the transaction experience for both businesses and customers. The company's services extend beyond India, with a growing presence in markets such as Malaysia, Singapore, United Arab Emirates, Australia, the United States, and Africa. Pine Labs plays a pivotal role in the digitization of commerce and financial operations, collaborating with banks, consumer brands, large enterprises, and new-age technology firms. Its offerings have positioned it as a key facilitator in the shift toward a cashless economy and omnichannel retail environment, supporting the evolving needs of merchants and financial institutions in the digital age.
- Sector
- Technology
- Industry
- Software - Infrastructure
- Listing
- NSE: PINELABS
- Chief executive
- Mr. Bairavarasu Amrish Rau
- Employees
- 5,007
- Headquarters
- Noida, India
- ISIN
- INE15B701018
- Website
- pinelabs.com
Public research · Report of
Business model & financial foundation
Pine Labs (NSE: PINELABS), Merchant payments, issuing and commerce software platform: revenue of ₹2,711 crore in FY26 (+19.2% on FY25), an EBITDA margin of 13.4%, net profit of ₹112.5 crore and net cash of ₹2,449 crore.
- Revenue, FY26 (₹ crore)
- 2,711
- consolidated
- Revenue growth, FY26
- +19.2%
- on FY25
- EBITDA margin, FY26
- 13.4%
- EBITDA (operating; before other income and non-current impairment) / revenue
- Net profit, FY26 (₹ crore)
- 112.5
- to owners
- Return on equity, FY26
- 2.4%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,449
- Company net debt, counting unencumbered deposits (negative = net cash)
- Market capitalisation (₹ crore)
- 19,058
- at the close of 21 Oct 2026
Company profile
Pine Labs is an Indian commerce and payments technology platform. Its Digital Infrastructure and Transaction Platform (about two-thirds of revenue) runs 21.7 lakh digital checkout points for 11.5 lakh merchants, earning subscription, transaction and affordability (EMI) fees on in-store and online payments. Its Issuing and Acquiring Platform (Qwikcilver gift cards, prepaid, Setu and processing for banks) provides issuing and acquiring technology to brands and financial institutions. About 15% of revenue is international across 20+ countries.
| Item | Value |
|---|---|
| Legal name | Pine Labs Limited (formerly Pine Labs Private Limited) |
| Exchange and ticker | NSE: PINELABS; BSE: 544606 |
| ISIN | INE15B701018 |
| CIN | L67100HR1998PLC113312 |
| Sector | Financial Technology |
| Industry | Merchant payments, issuing and commerce software platform |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2022-02-05) |
| Market capitalisation | ₹19,058 crore (21 Oct 2026) |
| Shares outstanding | 114.83 crore shares (FY26) |
| Price | ₹163.8 (close, 21 Oct 2026) |
| Website | https://www.pinelabs.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Synergistic Financial Networks Private Limited (Mosambee) | 100% | Material subsidiary; mobile POS and payment acceptance software for banks and merchants |
| BrokenTusk Technologies Private Limited (Setu) | 100% | API infrastructure for financial services (account aggregator, bill payments, UPI) |
| Pine Labs Solutions Pte. Ltd. (formerly Qwikcilver Solutions Pte. Ltd.) | 100% | Gift card and prepaid issuing platform, international |
| Qwikcilver Solutions Pty Limited (Australia) | 100% | Gift card processing, Australia |
| Qwikcilver Solutions Inc (USA) | 100% | Gift card processing, US |
| Fave Group Pte Ltd / Fave Asia Sdn Bhd | 100% | Consumer rewards app and merchant platform, Malaysia/Singapore |
| Pine Labs Private Limited (Thailand) | 99.99% | Merchant payments, Thailand |
No identifiable promoter: erstwhile holding company Pine Labs Singapore amalgamated with the company effective 6 Jun 2025 and its shares were cancelled.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 5.23% | 4.80% | 9.49% | 13.18% |
| Domestic institutions | 11.25% | 11.81% | 24.82% | 29.58% |
| of which mutual funds | 8.50% | 8.88% | 21.25% | 26.69% |
| Retail | 2.76% | 9.88% | ||
| Other | 80.63% | 47.36% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Pine Labs runs a merchant payments and commerce platform. Digital Infrastructure and Transaction Platform (DITP) combines subscriptions, processing and affordability fees; Issuing and Acquiring Platform (IAP) combines gift-card, prepaid and bank infrastructure. FY26 DITP revenue was ₹1,836.82 crore and IAP ₹873.77 crore on consolidated revenue of ₹2,710.59 crore. Closing digital checkout points rose from 20.3 lakh at FY26 to 21.7 lakh in Q1 FY27; international is about 16% of Q1 FY27 revenue. The consolidated group is the relevant analytical perimeter because material international, Setu and Mosambee businesses sit in subsidiaries.
| Segment | revenue, FY26 (₹ crore) | Share | contribution margin, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Digital infrastructure and transaction platform | 1,837 | 67.8% | 1,531 | 75.0% |
| Issuing and acquiring platform | 873.8 | 32.2% | 509.9 | 25.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| One 97 Communications (Paytm) (PAYTM) | Largest listed Indian merchant payments and devices competitor |
| PB Fintech (POLICYBZR) | |
| Infibeam Avenues (INFIBEAM) | Listed payment gateway/online acquiring peer |
| One MobiKwik Systems (MOBIKWIK) | Listed payments and wallet peer |
| Zaggle Prepaid Ocean Services (ZAGGLE) | Listed prepaid card and expense issuing peer to the issuing platform |
| AGS Transact Technologies (AGSTRA) | Listed payment terminal and merchant solutions provider |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 1,770 | 2,274 | 2,711 |
| Cost of revenue (vendor classification) * | 384.2 | 545.4 | 669.4 |
| Other operating costs (vendor classification) * | 433.3 | 617.1 | 552.4 |
| EBITDA (vendor classification) * | 109.8 | 310.1 | 541.2 |
| EBIT * | -334.1 | -57.4 | 216.4 |
| Finance costs | 63.4 | 79.0 | 84.1 |
| Profit/(loss) before tax | -397.6 | -136.4 | 137.3 |
| Total tax expense/(credit) | -55.7 | 9.10 | 24.8 |
| Profit/(loss) for the period | -341.9 | -145.5 | 112.5 |
| Diluted EPS (₹) | -3.46 | -1.45 | 1.02 |
| Other income | 54.6 | 52.8 | 136.6 |
| Employee benefits expense | n.r. | 984.2 | 1,069 |
| Transaction and related costs | n.r. | 260.1 | 303.0 |
| Purchases of stock-in-trade + changes in inventories | n.r. | 285.3 | 366.4 |
| Other expenses | n.r. | 487.4 | 562.6 |
| Impairment losses on financial assets & contract assets and bad debts | n.r. | 30.1 | 46.0 |
| Impairment of non-current assets | 64.0 | 8.72 | 5.14 |
| EBITDA (operating; before other income and non-current impairment) | n.r. | 227.1 | 363.6 |
| Depreciation and amortisation expenses | 363.0 | 292.1 | 270.1 |
| Total expenses | 2,222 | 2,427 | 2,706 |
| Share in net loss of associate, net of tax | 0.00 | -0.21 | |
| Exceptional items (charge negative) | 0.00 | -36.6 | -3.29 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | |
| Profit attributable to owners of the parent | -341.9 | -145.5 | 112.5 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total equity | 3,542 | 3,506 | 5,895 |
| Borrowings (current + non-current, excl. lease liabilities) | 654.2 | 829.5 | 282.9 |
| Cash and cash equivalents + other bank balances | n.r. | 6,033 | 8,136 |
| Trade receivables (current) | 652.0 | 844.9 | 1,042 |
| Inventories | 28.0 | 30.1 | 31.9 |
| Trade payables (MSME + others) | 389.8 | 541.7 | 383.1 |
| Net property, plant and equipment * | 64.7 | 87.7 | 105.3 |
| Capital work in progress * | 124.0 | 49.3 | 55.4 |
| Total assets | 9,649 | 10,716 | 12,997 |
| Cash and cash equivalents only | 882.1 | 951.5 | 1,303 |
| Current investments | 0.00 | 0.00 | |
| Company net debt, counting unencumbered deposits (negative = net cash) | -122.0 | -2,449 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net cash generated from operating activities (audited) | n.r. | 49.7 | 395.4 |
| Free cash flow (vendor definition) * | -495.4 | -100.5 | 157.0 |
| Purchase of PPE and intangible assets (outflow negative) | n.r. | -150.2 | -238.4 |
| Free cash flow: audited CFO plus signed capex | -100.5 | 157.0 | |
| Increase in liabilities towards prepaid cards | 635.2 | 611.2 | |
| Increase in other bank balances (earmarked; outflow) | -699.6 | -628.1 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Issued equity shares | 114.83 | n.a. | 114.83 |
| Employee share-based payment expense (ESOP, per adj. EBITDA bridge) | 106.0 | 115.0 | 152.0 |
| Adjusted EBITDA (company definition) | 158.0 | 357.0 | 559.0 |
| Share-based compensation, equity settled (cash-flow add-back) | 89.4 | 143.1 | |
| Management OCF including early settlement (rounded) | -229.0 | 50.0 | 395.0 |
| Management OCF excluding early settlement (rounded) | 49.0 | 250.0 | 554.0 |
| Management early settlement adjustment (rounded) | -278.0 | -200.0 | -159.0 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 551.6 | 601.6 | 598.6 | 615.9 | 649.9 | 744.3 | 700.5 | 736.9 |
| Cost of revenue (vendor classification) * | 139.6 | 153.8 | 136.1 | 193.7 | 187.1 | 204.3 | ||
| Other operating costs (vendor classification) * | 132.7 | 129.4 | 159.6 | 145.1 | 144.2 | 158.7 | ||
| EBITDA (vendor classification) * | 84.2 | 85.9 | 95.8 | 177.6 | 163.6 | 135.3 | ||
| EBIT * | -29.6 | -0.69 | 16.6 | 87.0 | 85.4 | 50.5 | ||
| Finance costs | 18.0 | 21.7 | 21.5 | 21.4 | 21.3 | 24.5 | 17.0 | 12.8 |
| Profit/(loss) before tax | -38.3 | -51.2 | -22.2 | -4.84 | 11.2 | 62.6 | 68.4 | 37.7 |
| Total tax expense/(credit) | -6.29 | 5.45 | 6.70 | -9.63 | 5.19 | 20.2 | 9.05 | 18.2 |
| Profit/(loss) for the period | -32.0 | -56.7 | -28.9 | 4.79 | 5.97 | 42.4 | 59.4 | 19.6 |
| Diluted EPS (not annualised) (₹) | -0.32 | -0.57 | -0.28 | 0.05 | 0.06 | 0.38 | 0.51 | 0.17 |
| Other income | 22.0 | 6.35 | 11.9 | 37.2 | 23.0 | 35.5 | 40.9 | 29.0 |
| Employee benefits expense | 258.4 | 251.5 | 241.5 | 291.3 | 267.9 | 263.3 | 246.5 | 267.5 |
| Transaction and related costs | n.r. | 70.6 | 65.2 | 59.5 | 71.1 | 89.6 | 82.8 | 97.0 |
| Purchases of stock-in-trade + changes in inventories | n.r. | 69.0 | 88.6 | 76.6 | 81.4 | 104.1 | 104.3 | 107.3 |
| Other expenses | 114.7 | 132.7 | 129.4 | 129.8 | 143.5 | 145.1 | 144.2 | 158.7 |
| Impairment losses on financial assets & contract assets and bad debts | 4.59 | 0.69 | 12.8 | 13.6 | 9.55 | 9.20 | 13.7 | 10.4 |
| Impairment of non-current assets | 0.09 | 0.24 | 4.63 | 0.34 | 1.18 | 0.97 | 2.65 | 1.13 |
| EBITDA (operating; before other income and non-current impairment) | 32.6 | 77.2 | 61.2 | 45.1 | 76.5 | 133.0 | 109.1 | 96.0 |
| Depreciation and amortisation expenses | 74.7 | 76.3 | 69.2 | 65.2 | 65.9 | 68.1 | 70.9 | 73.3 |
| Total expenses | 611.8 | 622.6 | 632.8 | 657.9 | 661.7 | 704.9 | 681.9 | 728.1 |
| Share in net loss of associate, net of tax | 0.00 | 0.00 | 0.00 | -0.06 | -0.07 | -0.04 | -0.04 | 0.00 |
| Exceptional items (charge negative) | 0.00 | -36.6 | 0.00 | 0.00 | 0.00 | -12.2 | 8.93 | 0.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners of the parent | -32.0 | -56.7 | -28.9 | 4.79 | 5.97 | 42.4 | 59.4 | 19.6 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 28.5% | 19.2% | |
| EBITDA margin | 10.0% | 13.4% | |
| Net margin | -19.3% | -6.4% | 4.2% |
| Return on equity | -9.7% | -4.1% | 2.4% |
| Return on capital employed | -8.0% | -1.3% | 4.1% |
| Return on assets | -3.5% | -1.4% | 0.9% |
| Net debt (₹ crore) | -122.0 | -2,449 | |
| Net debt / EBITDA | -0.54x | -6.74x | |
| Interest cover | -5.27x | -0.73x | 2.57x |
| Asset turnover | 0.18x | 0.22x | 0.23x |
| Receivable days | 134 | 136 | 140 |
| Inventory days (on revenue) | 6 | 5 | 4 |
| Payable days (on revenue) | 80 | 87 | 52 |
| Cash conversion | -0.34x | 3.51x | |
| Capex intensity | 6.6% | 8.8% | |
| Free cash flow (₹ crore) | -100.5 | 157.0 | |
| EPS, diluted (₹) | -3.46 | -1.45 | 1.02 |
| Book value per share (₹) | 30.85 | 51.34 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (operating; before other income and non-current impairment) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company net debt, counting unencumbered deposits (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (operating; before other income and non-current impairment).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 21 Oct 2026); market data at the close of 21 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Pine Labs includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Pine Labs
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 21 Oct 2026; page updated 2 Nov 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.