Pine Labs Limited (PINELABS)
₹165.04 -1.83% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Pine Labs' revenue was ₹737 Cr (+19.6% year on year, +5.1% on the previous quarter), and net profit ₹20.0 Cr (+300.0% year on year); the operating margin was 12.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹737 | +19.6% | +5.1% |
| Operating profit | ₹95.0 | +111.1% | -10.4% |
| Net profit | ₹20.0 | +300.0% | -66.1% |
| EPS (₹) | 0.17 | +54.5% | -67.3% |
| Operating margin | 12.9% | — | — |
PINELABS delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 31.78% of the PINELABS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 30.77%. That is close to its usual level. Volume was 0.1 times its average, well below normal. 2 bulk or block deals were reported in PINELABS in the last 60 days: ₹322 Cr bought, none sold.
Delivery in the last 5 sessions: 27.2% · 13.0% · 28.6% · 31.1% · 31.8%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 18 Sep | Buy | Vanguard Total International Stock Index Fund | ₹163.71 Cr | ₹191.85 | 8,533,025 | Bulk |
| 18 Sep | Buy | Vanguard Emerging Markets Stock Index Fund A Series Of Vieif | ₹157.98 Cr | ₹191.85 | 8,234,724 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Pine Labs has announced the extension of its five-year technology partnership with Australia-based Woolworths Group. The partnership, operated through Pine Labs' step-down subsidiary Qwikcilver, powers Woolworths' gift card and stored-value ecosystem. Under the renewed engagement, Pine Labs will provide enhanced platform capabilities, deeper API integrations, and expanded digital stored-value experiences across physical and omnichannel channels. Specific contract value and exact renewal duration beyond extending the prior five-year relationship were not disclosed.
- Extends technology partnership established over the past 5 years with Woolworths Group
- Deployment executed through step-down subsidiary Qwikcilver Solutions Pty Ltd
- Aimed at powering gift card issuance, processing, and omnichannel transaction management
- Commercial deal value and extended duration terms were not disclosed
Pine Labs has announced a strategic collaboration with Google Cloud to develop an agentic commerce ecosystem for Indian merchants, targeting an addressable base of up to 60 million small businesses. The solution leverages Gemini Enterprise Agent Platform to build multi-agent tools such as 'Jarvis' on the Woohoo platform and an AI ads agent for marketing across Search, YouTube, and POS devices. Transactions will be routed via Pine Labs' P3P payment layer starting with UPI, supported by Grantex for governance and auditability. No direct financial figures, revenue-sharing terms, or capital commitments were disclosed for the partnership.
- Targets India's base of 60 million small businesses to enable automated AI-driven buying and selling
- Integrates Gemini Enterprise Agent Platform to deploy AI marketing agents and 'Jarvis' operations on Woohoo
- Launches P3P payment layer to process agentic flows starting with UPI alongside Grantex regulatory auditability
- Commercial deal value and revenue share terms are not disclosed
Pine Labs announced a strategic rollout to deploy 10 lakh (1 million) soundboxes across India to deepen digital payment acceptance and UPI penetration. This hardware expansion significantly scales the company's existing footprint of 1.9 million Digital Checkout Points (DCP). The devices feature cloud-first architecture offering real-time audio confirmations, remote device management, and over-the-air updates. While overall capex and deployment timelines were not disclosed, the move intensifies Pine Labs' footprint in merchant acquisition.
- Commitment to deploy 10 lakh (1,000,000) soundboxes across India
- Expansion adds significant scale to its current base of 1.9 million Digital Checkout Points
- Cloud-first architecture enables real-time audio confirmations and over-the-air updates
- Aims to expand UPI penetration into new business segments and merchant categories
- Total capex outlay and exact deployment timeframe were not disclosed
Pine Labs has announced the voting results and Scrutinizer's report for its 28th Annual General Meeting held on September 16, 2026. All seven resolutions were passed with the requisite majority, including the adoption of FY26 financial statements and statutory auditor re-appointment. The special resolution revising the remuneration of Whole-Time Director Kush Mehra was approved with 88.89% votes in favor and 11.11% against. Revision of remuneration for three Independent Directors also secured approval with over 98.36% votes in favor.
- All 7 resolutions passed at the 28th AGM held on September 16, 2026
- Adoption of FY26 financial statements approved with 99.9985% votes in favor
- Revision in remuneration for Whole-Time Director Kush Mehra passed with 88.89% votes in favor (74,30,21,720 votes) and 11.11% against (9,28,27,296 votes)
- Remuneration revisions for Independent Directors approved with ~98.36% votes in favor
- Total shareholder count on record date (September 9, 2026) stood at 2,37,635
Pine Labs Limited concluded its 28th Annual General Meeting (AGM) on September 16, 2026, conducted via video conferencing with 101 members present. Shareholders considered the adoption of FY26 audited standalone and consolidated financial statements and the reappointment of statutory auditors M/s B S R & Co. LLP. In addition, ordinary and special resolutions regarding the reappointment of Whole-Time Director Kush Mehra and remuneration revisions for executive and independent directors were tabled. Final voting results will be announced separately following the receipt of the Scrutinizer's report.
- 28th Annual General Meeting held on September 16, 2026, with 101 members attending via VC
- Meeting commenced at 12:00 P.M. (IST) and concluded at 02:21 P.M. (IST)
- 7 key agenda items tabled, including adoption of FY2025-26 financials and auditor reappointment
- Special resolutions presented to revise remuneration for 1 executive director and 3 independent directors
Pine Labs has appointed Jayaram Karthik as its Chief Operations Officer (COO) to oversee operations and merchant experiences across India and international markets. Karthik brings over 25 years of experience across operations, risk, analytics, and technology, having previously worked at American Express, Citibank, Amazon, Tata, and Razorpay. The appointment comes as Pine Labs scales its presence across more than 20 countries and strengthens its technology-enabled operating foundation.
- Appointed Jayaram Karthik as Chief Operations Officer (COO) on September 2, 2026.
- Jayaram Karthik brings over 25 years of experience across operations, risk, analytics, and technology.
- Prior leadership stints include American Express, Citibank, Amazon, Tata, and Razorpay.
- Mandated to lead operational transformation and standardize merchant journeys across more than 20 countries.
Pine Labs Limited has issued an intimation regarding the dispatch of letters containing weblinks for its FY2025-26 Annual Report and 28th AGM Notice to shareholders whose email IDs are not registered. The 28th Annual General Meeting is scheduled to be held virtually on Wednesday, September 16, 2026, at 12:00 PM IST. The cut-off date for remote e-voting eligibility is set for September 9, 2026, with the voting window open from September 12 to September 15, 2026.
- 28th Annual General Meeting scheduled for Wednesday, September 16, 2026, at 12:00 PM IST via VC/OAVM
- Cut-off date for remote e-voting set as Wednesday, September 9, 2026
- Remote e-voting window runs from September 12, 2026 (9:00 AM IST) to September 15, 2026 (5:00 PM IST)
- Communication sent under SEBI LODR Regulation 36(1)(b) for FY 2025-26 Annual Report access
Pine Labs Limited has submitted its Annual Report for FY 2025-26 along with the Notice of its 28th Annual General Meeting pursuant to SEBI Regulation 34(1). The report highlights full-year FY26 revenue growth of 19% YoY to ₹2,711 Crores and a swing to net profitability with a PAT of ₹113 Crores, compared to a net loss of ₹145 Crores in FY25. Adjusted EBITDA rose 57% YoY to ₹559 Crores (21% margin), and operating cash flow grew eight-fold to ₹395 Crores. The company processed $194 Billion in GTV across 740+ crore transactions while expanding its merchant base to over 11 lakhs across 20+ lakh digital checkout points.
- Revenue from operations grew 19% YoY to ₹2,711 Crores in FY 2025-26
- Turned profitable with full-year PAT of ₹113 Crores vs a loss of ₹145 Crores in FY25
- Adjusted EBITDA expanded 57% YoY to ₹559 Crores with margins improving to 21%
- Operating cash flow surged eight-fold to ₹395 Crores
- Platform GTV grew 50% YoY to $194 Billion across 740 Crores+ transactions
Pine Labs Limited has issued the notice for its 28th Annual General Meeting (AGM) scheduled for September 16, 2026, via Video Conferencing. In the accompanying Annual Report for FY 2025-26, the company reported full-year revenue of ₹2,711 crore (up 19% YoY) and turned profitable with a PAT of ₹113 crore, compared to a net loss of ₹145 crore in FY 2024-25. Total GTV processed reached $194 billion across 740 crore+ transactions, with operating cash flows scaling eight-fold to ₹395 crore. Key resolutions include approval of independent directors' revised remuneration of ₹65 lakh per annum plus sitting fees.
- 28th Annual General Meeting scheduled for September 16, 2026, with cut-off date set to September 9, 2026
- FY26 revenue from operations reached ₹2,711 crore (up 19% YoY) with Adjusted EBITDA of ₹559 crore (21% margin)
- Delivered full-year PAT of ₹113 crore versus a net loss of ₹145 crore in FY25
- Processed $194 billion in GTV across 11 lakh+ merchants and 20 lakh+ digital checkout points
- Proposed independent director remuneration revised to ₹65,00,000 per annum plus ₹1,00,000 per meeting sitting fees
Pine Labs Limited has scheduled its 28th Annual General Meeting (AGM) for Wednesday, September 16, 2026, at 12:00 P.M. IST. The meeting will be conducted virtually through Video Conference / Other Audio Visual Means (VC/OAVM). The Integrated Annual Report and AGM Notice for FY 2025-26 will be dispatched electronically to registered shareholders and made available on stock exchange portals.
- 28th Annual General Meeting scheduled for September 16, 2026, at 12:00 P.M. IST
- Meeting to be conducted via Video Conference / Other Audio Visual Means (VC/OAVM)
- Annual Report and Notice for FY 2025-26 to be dispatched electronically to registered members
Pine Labs Limited has approved the grant of 1,588,789 stock options to eligible employees under its Employee Stock Option Plan 2025. The grant includes 1,429,976 options priced at INR 136.61 (a 10% discount to the 3-month VWAP) and 158,813 options at a nominal price of INR 5.40. The majority of these options (15.64 lakh) follow a 48-month vesting schedule, with the first 25% vesting after one year. This grant is part of a larger shareholder-approved pool of 10.20 crore options.
- 15,88,789 total stock options granted to eligible employees on August 10, 2026
- 14,29,976 options priced at INR 136.61 per share based on 3-month VWAP minus 10% discount
- 1,58,813 options granted at a significantly lower exercise price of INR 5.40
- Vesting period of 48 months for 15,64,188 options with a 1-year cliff for the first 25%
- Total approved limit for the ESOP 2025 scheme stands at 10,20,98,072 options
Pine Labs reported a 20% YoY revenue growth for Q1 FY2027, aligning with the lower end of its full-year guidance of 21-23.5%. The company achieved a PAT of approximately Rs 20 crore, supported by a Rs 56 crore YoY increase in issuing revenues. Management highlighted a significant tech transition, with 90% of new code in four divisions now written using AI. While working capital stood at 16% due to seasonal payouts, the company maintains a full-year target of 13-15%.
- Revenue grew 20% YoY in Q1 FY2027, tracking toward the full-year guidance of 21-23.5%
- Issuing segment revenue increased by Rs 56 crore YoY with a 20% incremental contribution margin
- Operating cash flow reached 16% in Q1, with management aiming for under 15% for the full year
- Signed 6 banks and NBFCs for the new SignalIQ data-driven underwriting platform
- 90% of all new code across four divisions is now being generated using AI to drive operational efficiency
Pine Labs has published the audio/video recording of its analyst and institutional investor conference call held on July 29, 2026. The call, which lasted 62 minutes, likely covered the company's strategic shift toward software-only deployments and its international expansion into 20+ countries. This filing is a standard regulatory requirement following investor interactions. Investors can access the recording via the company's investor relations website to gauge management's commentary on the 18-30% expected growth rate.
- Conference call conducted for 62 minutes from 8:00 AM to 9:02 AM on July 29, 2026
- Company currently manages 1.9 million Digital Checkout Points, representing a 19% YoY increase
- Gross Transaction Value (GTV) processed reached $48.2 billion (₹424k Cr), up 92% YoY
- Software, VAS, and Online segments now contribute 71% of total revenue
- Merchant base expanded to over 1 million, a 29% YoY growth
Pine Labs reported a strong start to FY27 with consolidated revenue of ₹737 Cr and a 4x YoY increase in Profit After Tax to ₹20 Cr. The company achieved a high contribution margin of 72.3% (₹533 Cr), reflecting a successful shift toward software-led revenue streams. Operational scale expanded significantly, with Digital Checkout Points reaching 21.7 Lakh and Gross Transaction Value (GTV) hitting ₹422,000 Cr. Standalone revenue grew 25% YoY to ₹535 Cr, while standalone PAT rose 55% to ₹43.66 Cr, demonstrating strong operational leverage.
- Consolidated Revenue from Operations reached ₹737 Cr for Q1 FY27
- Profit After Tax (PAT) grew 4x YoY to ₹20 Cr on a consolidated basis
- Digital Checkout Points (DCP) increased to 21.7 Lakh, up from 1.9 million in previous filings
- Gross Transaction Value (GTV) processed reached approximately ₹422,000 Cr ($45Bn)
- Standalone PAT grew 55% YoY to ₹43.66 Cr from ₹28.16 Cr in the year-ago period
Pine Labs reported a 20% YoY revenue growth to ₹737 Cr for Q1 FY27, driven by strong performance in its Issuing and Acquiring Platform (IAP) which grew 31%. Profit After Tax (PAT) rose to ₹20 Cr from ₹5 Cr in the year-ago period, despite a high effective tax rate of 48%. The company is successfully transitioning to a software-led model, with 70% of Digital Checkout Point (DCP) transactions now on UPI and mid-market DCPs growing 40% YoY. Management has invested heavily in AI and sales (500+ new hires), expecting productivity gains to materialize in H2 FY27.
- Revenue from operations increased 20% YoY to ₹737 Cr, up from ₹616 Cr in Q1 FY26.
- Profit After Tax (PAT) reached ₹20 Cr, a 300% increase from ₹5 Cr in the previous year.
- Digital Checkout Points (DCP) reached 21.7 Lakh, with the mid-market segment growing 40% YoY.
- Gross Transaction Value (GTV) processed reached approximately ₹422,000 Cr ($45 Bn) for the quarter.
- AI adoption is significant with ~89% AI contribution to code changes and 60% of email queries auto-responded.
Financial Performance
Revenue Growth by Segment
Revenue from Operations grew 18% YoY to ₹650 Cr in Q2 FY26. In-store (POS) subscription-based revenues contributed ~29% (₹188.5 Cr), while Issuing, VAS, Affordability, and Online businesses contributed ~71% (₹461.5 Cr), growing at 30%+ YoY.
Geographic Revenue Split
India remains the primary market contributing ~83.4% of revenue. International business grew ~30% YoY to ₹108 Cr (16.6% of total) across 20 countries including Southeast Asia, Australia, UAE, and the US.
Profitability Margins
Contribution Margin was 77% (₹497 Cr), up 21% YoY. Profit After Tax (PAT) swung to a positive ₹6 Cr in Q2 FY26 from a loss of ₹32 Cr in Q2 FY25, marking the second consecutive profitable quarter.
EBITDA Margin
Adjusted EBITDA margin expanded to 19% (₹122 Cr) in Q2 FY26 from 14% in Q2 FY25, representing a 62% YoY growth in absolute EBITDA.
Capital Expenditure
Capex has significantly decreased as the company shifts to a capex-light model: FY23: ₹398 Cr, FY24: ₹85 Cr, and FY25: ₹101 Cr.
Operational Drivers
Raw Materials
Data, Cloud & IT Costs (approx. 9-12% of contribution margin) and Employee Expenses (approx. 34-38% of contribution margin).
Import Sources
Not specifically disclosed, though POS hardware is sourced for the in-store segment.
Key Suppliers
Top 5 Indian Banks (partners for processing), Payment Networks (Visa, Mastercard, NPCI), and unnamed Cloud/IT infrastructure providers.
Capacity Expansion
Current footprint includes 1.9 million Digital Checkout Points (DCP), up 19% YoY, and 1 million+ merchants, up 29% YoY. GTV processed reached $48.2 Bn (₹424k Cr), up 92% YoY.
Raw Material Costs
Direct costs (Data, Cloud, IT, and Employee expenses) represent approximately 43-50% of the contribution margin, demonstrating strong operating leverage where every ₹100 incremental margin generates ₹50-₹57 EBITDA.
Manufacturing Efficiency
Headcount increased modestly by 6% (4,498 vs 4,262) while revenue grew 18%, reflecting strong operational discipline and productivity gains.
Strategic Growth
Expected Growth Rate
18-30%
Growth Strategy
Transitioning from hardware-heavy deals to capex-light software and platform revenues (Issuing, VAS, Affordability, Online) which are growing at 30%+ YoY. Expanding international footprint in 20 countries and leveraging dominant partnerships with top banks and retailers to cross-sell high-margin tech services.
Products & Services
POS terminals, Issuing & Acquiring platforms, Gift card solutions (Qwikcilver), EMI/Affordability platforms, and Online payment gateways.
Brand Portfolio
Pine Labs, Qwikcilver.
New Products/Services
Software-only deployments and UPI-based EMI/Affordability products; Issuing/VAS/Online segments now contribute 71% of revenue.
Market Expansion
Targeting 20+ countries; recently went live with Woolworths in Australia and partnered with Blackhawk Network in the US for digital payouts.
Market Share & Ranking
Market leader in the Prepaid segment (26% CAGR industry) and dominant leader in the Indian enterprise and mid-market merchant segments.
Strategic Alliances
Partnerships with Samsung Pay for issuing, Blackhawk Network for prepaid solutions, and dominant partnerships with the top 5 banks in India.
External Factors
Industry Trends
Industry shifting from hardware-centric to software-led VAS and instrument-agnostic platforms; UPI is a structural tailwind broadening the digital pie.
Competitive Landscape
Aggressive competition in the POS space; Pine Labs differentiates via a complex solution-based approach for enterprise clients rather than pure price competition.
Competitive Moat
Durable advantages include deep ERP integrations in hospitality/retail and dominant network effects with top banks/merchants, creating high switching costs.
Macro Economic Sensitivity
Highly sensitive to digital transaction volume growth and UPI adoption; UPI volumes on Pine Labs terminals grew 50% YoY.
Consumer Behavior
Increasing preference for UPI and instant account-to-account payments, which Pine Labs monetizes via instrument-agnostic platform fees.
Geopolitical Risks
Exposure in 20 international markets; mitigated by a scalable, replicable tech stack that allows quick entry and local tailoring.
Regulatory & Governance
Industry Regulations
Compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) 2015 and global payment infrastructure standards.
Risk Analysis
Key Uncertainties
Topline moderation due to business model shift (18% growth vs historical CAGR) and potential margin hits from aggressive competitor price wars.
Geographic Concentration Risk
India accounts for ~83.4% of revenue; International accounts for 16.6%.
Third Party Dependencies
High dependency on the top 5 Indian banks and payment networks (Visa/Mastercard/NPCI) for transaction routing.
Technology Obsolescence Risk
Risk of hardware becoming obsolete; mitigated by transition to software-only deployments and UPI-agnostic rails.
Credit & Counterparty Risk
Early settlement advances to merchants (T+1) involves advancing funds ahead of bank/scheme settlement, impacting quarterly cash flows by ₹152 Cr.
