Pine Labs Limited (PINELABS)

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Pine Labs Limited (PINELABS) · mywealthgrid

About

Pine Labs is a financial technology company with a market cap of ₹19,023 Cr. Quarterly standalone revenues have ranged from ₹435–₹700 Cr, and the company recovered from a loss in September 2025 to post net profits of ₹43–₹59 Cr in subsequent quarters.

Face value: ₹1

Market cap

₹19,338 Cr

P/E

151.9×

P/B

3.3×

Dividend yield

ROE

2.4%

ROCE

4.6%

Debt / equity

0.05

OPM

13.2%

EPS (TTM)

₹1.1

Book value

₹51.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation disconnect: PE of 149.45 with ROE of 2.42% suggests the market prices in significant earnings growth not yet evident in current returns; verify what growth rate justifies the multiple.
Profitability volatility: Net profit swung from -₹2.2 Cr (September 2025) to ₹59.36 Cr (March 2026); clarify whether the loss was one-time or signals structural weakness.
Revenue stability unclear: Standalone revenue moved ₹435 Cr → ₹700 Cr → ₹535 Cr over nine months; determine whether this reflects seasonality, customer concentration, or stalling growth.
Unusual capital structure: Zero promoter holding is rare for Indian companies; verify how the founding team exited and whether management remains incentivized for long-term value creation.

Generated analysis · source review pending

Growth drivers

Operating margin expansion: OPM improved from 9.39% (September 2025) to 15–18% in recent quarters; verify whether this is sustainable given ongoing revenue swings.
Profitability recovery: EPS moved from -0.02 (September 2025) to 0.51–0.52 (December 2025–March 2026), indicating return to positive earnings after the loss quarter.
Financial flexibility: Debt-to-equity ratio of 0.05 provides capacity to invest in growth without refinancing stress, alongside quarterly revenues of ₹500–₹700 Cr indicating material scale.

Generated analysis · source review pending

215 historical price candles were omitted because the exchange source has not been verified.

₹167.6-2.3%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)

Cons

−Low return on equity of -3.8% (3-yr avg)
−Modest revenue growth of 8.9% a year over the last 5 years
−Expensive at 151.9× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

49/100

Business quality: 27
Growth: 100
Valuation: 20

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Pb Fintech LimitedPOLICYBZRPOLICYBZR	₹45,345 Cr	₹45,345 Cr	₹7,334 Cr	₹614 Cr	7.5%	₹748 Cr	9.9%	10.3%	9.7%	66
Pine Labs LimitedPINELABSPINELABS	₹19,338 Cr	₹19,621 Cr	₹2,832 Cr	₹409 Cr	13.2%	₹127 Cr	4.2%	4.6%	2.4%	-210
Manipal Payment And Identity Solutions LimitedMPIMANIPALMPIMANIPAL	₹9,304 Cr	₹9,305 Cr	₹1,327 Cr	₹426 Cr	32.1%	₹253 Cr	19.1%	48.9%	46.2%	196
Seshaasai Technologies LimitedSTYLSTYL	₹5,922 Cr	₹5,999 Cr	₹1,507 Cr	₹395 Cr	26.3%	₹264 Cr	16.7%	23.4%	16.8%	122
Avenuesai LimitedCCAVENUECCAVENUE	₹5,330 Cr	₹5,729 Cr	₹9,516 Cr	₹384 Cr	4.4%	₹294 Cr	3.6%	7.5%	6.6%	4
Network People Services Technologies LimitedNPSTNPST	₹3,692 Cr	₹3,698 Cr	₹218 Cr	₹55 Cr	26%	₹51 Cr	21%	20.1%	17.3%	-6,400
Turtlemint Fintech Solutions LimitedTURTLEMINTTURTLEMINT	₹2,055 Cr	₹2,055 Cr	₹1,098 Cr	₹-130 Cr	-11.9%	₹-184 Cr	-16.8%	-41.7%	-60.4%	32
One Mobikwik Systems LimitedMOBIKWIKMOBIKWIK	₹1,544 Cr	₹1,806 Cr	₹1,129 Cr	₹9 Cr	-3.6%	₹-13 Cr	-5.6%	-3.3%	-11%	-7
WSFx Global Pay LtdWSFXWSFX	₹78 Cr	₹85 Cr	₹21 Cr	₹-6 Cr	9.6%	₹-5 Cr	5.7%	20.3%	15.8%	-185
Suvidhaa Infoserve LimitedSUVIDHAASUVIDHAA	₹43 Cr	₹45 Cr	₹5 Cr	₹-7 Cr	-281.4%	₹-8 Cr	-288.6%	-28.2%	-31.3%	960
Ags Transact Technologies LimitedAGSTRAAGSTRA	—	—	₹1,250 Cr	₹57 Cr	13.4%	₹-170 Cr	-5.5%	1.8%	-16.1%	-578

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2022	Mar 2023	Dec 2023	Mar 2024	Jun 2024	Dec 2024	Mar 2025	Jun 2025	Mar 2026
	934	1,598	934	1,770	1,598	1,291	2,274	1,770	2,711
COGS	28	109	28	157	109	27	285	157	366
Gross profit	906	1,489	906	1,613	1,489	1,264	1,989	1,613	2,344
	793	1,483	793	1,638	1,483	1,111	1,771	1,638	1,986
	114	5	114	-25	5	153	218	-25	358
OPM %	12.2%	0.3%	12.2%	-1.4%	0.3%	11.8%	9.6%	-1.4%	13.2%
Depreciation	189	315	189	363	315	231	292	363	270
Interest	24	36	24	64	36	34	79	64	84
	24	130	24	55	130	37	89	55	133
Profit before tax	-75	-289	-75	-398	-289	-75	-136	-398	137
Tax	-52	-24	-52	-56	-24	-19	9	-56	25
Tax %	-69.6%	-8.4%	-69.6%	-14%	-8.4%	-24.8%	6.7%	-14%	18%
PAT	-23	-265	-23	-342	-265	-56	-145	-342	113
PAT margin %	-2.4%	-16.6%	-2.4%	-19.3%	-16.6%	-4.4%	-6.4%	-19.3%	4.2%
EPS (₹)	—	—	—	—	—	—	—	—	1.1
EPS adjusted (₹)	—	—	—	—	—	—	—	—	1

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	14	0	0	0	115
Reserves	1,900	3,640	3,443	3,403	5,781
Minority interest	—	99	99	103	—
	236	330	533	829	283
	4,114	5,295	5,574	6,380	7,119
Total equity & liabilities	6,264	9,363	9,649	10,716	13,297
	980	2,006	1,814	1,701	1,719
CWIP	95	213	121	47	41
Investments	41	0	0	9	28
	5,148	7,144	7,713	8,958	11,509
Total assets	6,264	9,363	9,649	10,716	13,297

₹ Cr	Mar 2026
	395
	-1,339
	1,972
Net cash flow	1,029
Free cash flow	157
CFO / Operating profit %	110.3%

Compounded sales growth

7 years: 11%
5 years: 9%
3 years: 19%
1 year: 19%

Return on equity

7 years: —
5 years: -4%
3 years: -4%
Last year: 2%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Digital infrastructure and transaction platform	1,836.82	1,531.27	0	0
Issuing and acquiring platform	873.77	509.91	0	0

SegmentFigure

Digital infrastructure and transaction platform · revenue

₹ crore by fiscal year

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2023	Dec 2023	Mar 2024	Jun 2024	Dec 2024	Mar 2025	Jun 2025	Mar 2026
Margins
Gross margin %	93.2%	97.1%	91.1%	93.2%	97.9%	87.5%	91.1%	86.5%
EBITDA margin %	0.3%	12.2%	-1.4%	0.3%	11.8%	9.6%	-1.4%	13.2%
EBIT margin %	-19.4%	-8%	-21.9%	-19.4%	-6.1%	-3.2%	-21.9%	3.3%
PAT margin %	-16.6%	-2.4%	-19.3%	-16.6%	-4.4%	-6.4%	-19.3%	4.2%
Working capital
Receivable days	135	—	134	—	—	137	—	140
Inventory days	133	—	65	—	—	39	—	32
Payable days	—	—	—	—	—	—	—	382
NWC days	—	—	—	—	—	—	—	-210
Leverage
Current ratio	1.31	—	1.23	—	—	1.19	—	1.52
Debt to EBITDA	61.59	—	—	—	—	3.8	—	0.79
Debt to equity	0.09	—	0.15	—	—	0.24	—	0.05
Interest coverage	-6.1	-2.1	-5.2	-6.1	-1.2	-0.3	-5.2	2.7
Asset turnover	0.17	—	0.18	—	—	0.21	—	0.2
Return ratios
Return on assets %	-2.8%	—	-3.5%	—	—	-1.4%	—	0.8%
Return on capital employed %	-6.8%	—	-8.6%	—	—	-0.6%	—	3.7%
Return on equity %	-7.3%	—	-9.9%	—	—	-4.3%	—	1.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoter	0%	0%	0%	0%
	5.14%	5.23%	4.8%	9.49%
	9.91%	11.25%	11.81%	24.82%
Government	0%	0%	0%	0%
	84.95%	83.52%	83.39%	65.69%
No. of shareholders	2,16,316	1,27,792	1,17,551	1,78,120

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 11 fund houses

Held by these funds

16.78%

of the company's equity

All mutual funds

21.25%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

52 schemes · 11 fund houses

		Shares
Smallcap Fund	SBI Mutual Fund	6.26 Cr	1,026.95	2.41%	5.426%	+1,167
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	2.34 Cr	384.02	2.6%	2.029%	+6.98 L
SMALL CAP FUND	Nippon India Mutual Fund	1.62 Cr	266.34	0.32%	1.407%	-0
Franklin India Flexi Cap Fund ( Formerly known as Franklin India Equity Fund) ^NEW	Franklin Templeton Mutual Fund	1.31 Cr	214.16	1.1%	1.131%	—
Small Cap Fund	Axis Mutual Fund	1.21 Cr	198.56	0.63%	1.049%	-0
Flexicap Fund	SBI Mutual Fund	1.12 Cr	183.84	0.79%	0.971%	-0
Multi Asset Allocation Fund	SBI Mutual Fund	82.73 L	135.7	0.65%	0.717%	-0
BANKING & FINANCIAL SERVICES FUND	Nippon India Mutual Fund	77 L	126.3	1.6%	0.667%	-0

1–8 of 52

1 / 7

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results28 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

25 announcementsExport CSV

29 Sept 2026, 11:19 amCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

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Ratio	Mar 2023	Dec 2023	Mar 2024	Jun 2024	Dec 2024	Mar 2025	Jun 2025	Mar 2026
Margins
Gross margin %	93.2%	97.1%	91.1%	93.2%	97.9%	87.5%	91.1%	86.5%
EBITDA margin %	0.3%	12.2%	-1.4%	0.3%	11.8%	9.6%	-1.4%	13.2%
EBIT margin %	-19.4%	-8%	-21.9%	-19.4%	-6.1%	-3.2%	-21.9%	3.3%
PAT margin %	-16.6%	-2.4%	-19.3%	-16.6%	-4.4%	-6.4%	-19.3%	4.2%
Working capital
Receivable days	135	—	134	—	—	137	—	140
Inventory days	133	—	65	—	—	39	—	32
Payable days	—	—	—	—	—	—	—	382
NWC days	—	—	—	—	—	—	—	-210
Leverage
Current ratio	1.31	—	1.23	—	—	1.19	—	1.52
Debt to EBITDA	61.59	—	—	—	—	3.8	—	0.79
Debt to equity	0.09	—	0.15	—	—	0.24	—	0.05
Interest coverage	-6.1	-2.1	-5.2	-6.1	-1.2	-0.3	-5.2	2.7
Asset turnover	0.17	—	0.18	—	—	0.21	—	0.2
Return ratios
Return on assets %	-2.8%	—	-3.5%	—	—	-1.4%	—	0.8%
Return on capital employed %	-6.8%	—	-8.6%	—	—	-0.6%	—	3.7%
Return on equity %	-7.3%	—	-9.9%	—	—	-4.3%	—	1.9%

86 deals · 14 Nov 2025 – 22 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
22 Sept 2026	MASTERCARD ASIA/PACIFIC PTE. LTD.	Bulk	BSE	Sell	4,97,24,182	₹187.75	₹933.57 Cr
22 Sept 2026	ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED	Block	BSE	Buy	93,10,000	₹187.75	₹174.80 Cr
22 Sept 2026	ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED	Bulk	BSE	Buy	93,10,000	₹187.75	₹174.80 Cr
22 Sept 2026	MASTERCARD ASIA/PACIFIC PTE. LTD.	Block	BSE	Sell	93,10,000	₹187.75	₹174.80 Cr
22 Sept 2026	SOCIETE GENERALE	Block	BSE	Buy	87,70,000	₹187.75	₹164.66 Cr
22 Sept 2026	SOCIETE GENERALE	Bulk	BSE	Buy	87,70,000	₹187.75	₹164.66 Cr
22 Sept 2026	MASTERCARD ASIA/PACIFIC PTE. LTD.	Block	BSE	Sell	87,70,000	₹187.75	₹164.66 Cr
22 Sept 2026	CITIGROUP GLOBAL MARKETS SINGAPORE PTE LIMITED	Block	BSE	Buy	66,70,000	₹187.75	₹125.23 Cr
22 Sept 2026	CITIGROUP GLOBAL MARKETS SINGAPORE PTE LIMITED	Bulk	BSE	Buy	66,70,000	₹187.75	₹125.23 Cr
22 Sept 2026	MASTERCARD ASIA/PACIFIC PTE. LTD.	Block	BSE	Sell	66,70,000	₹187.75	₹125.23 Cr

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Date	Category	Subject	Filing
29 Sept 2026, 11:19 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
28 Sept 2026, 5:14 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
22 Sept 2026, 3:41 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
18 Sept 2026, 4:58 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
16 Sept 2026, 4:57 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
2 Sept 2026, 2:35 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
25 Aug 2026, 3:59 pm	Company Update General	Communication To Shareholders For Weblink Of The Annual Report For The FY 2025-26	PDF
24 Aug 2026, 11:34 am	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF

Pine Labs Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Compounded sales growth

Return on equity

Segment results

Digital infrastructure and transaction platform · revenue

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

1

Announcements

1

Not in the F&O segment

Announcements

Offer and rights documents

Investor Presentation and earnings call

Compounded sales growth

Return on equity

Segment results

Digital infrastructure and transaction platform · revenue

Pine Labs Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

Segment results

Digital infrastructure and transaction platform · revenue

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Board meetings1

Announcements

Ratio timeline

Board meetings1

Not in the F&O segment

Announcements

Quarterly record

Offer and rights documents

Investor Presentation and earnings call

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

Segment results

Digital infrastructure and transaction platform · revenue

1

1