PINELABS
Pine Labs share price & financials
- Price
- ₹153.17
- Market cap
- ₹17.6k Cr
- Sector
- Financial Services
- Calls analysed
- 4
Pine Labs Limited Q1 FY27
What went well
- Revenue grew 20% YoY, demonstrating strong performance and aligning with the lower end of the 21-23.5% full-year guidance.
- PAT was approximately Rs. 20 Crores, indicating profitability.
- Operating cash flow stood at 16%, comfortably within the full-year target range of under 15%.
What to watch
- EBITDA margin experienced a slight dip due to upfront investments in AI, sales force, telecom, network infrastructure, and cloud capabilities.
- Contribution margin for the DITP segment declined from 84.4% in Q1 last year to 81.7% this quarter, attributed to faster growth in lower-margin distribution and upfront terminal sales.
What Pine Labs Limited does
Pine Labs builds commerce and fintech infrastructure across two lines: Digital Infrastructure & Transactions Processing (DITP), which covers in-store and online payment acceptance, flow/affordability financing at checkout, and fintech infrastructure (APIs for payments, data and underwriting) for banks and merchants; and Issuing & Acquiring Platform (IAP), which issues and processes prepaid, debit and credit instruments for brands and financial institutions. It earns processing fees as a percentage of gross transaction value on acceptance and issuance flows, and subscription/take-rate revenue on its affordability and infrastructure products. The company deploys point-of-sale devices (DCPs) with merchants, runs a prepaid/gift-card distribution business (Woohoo), and operates in India as well as Southeast Asia, the Middle East, Australia and the US.
Segments
- Digital Infrastructure & Transactions Processing (DITP)
- Issuing & Acquiring Platform (IAP)
- Digital Checkout Points (DCPs) deployed
- 20.3 Lakh
- Merchants on platform
- 11.0 Lakh
- Annual transactions processed (FY26)
- 185 Crore
- Brand partners on affordability network
- 450+
- Issuer partners on affordability network
- 40+
- Global airline partners (prepaid programs)
- 20+ (path to 50+ via Amadeus)
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 1 delivered 8 missed 8 open- Net Working Capital as % of Top Line delivered said Q3 FY26 Promised: 15-16% Q1 FY27: Promise for FY26 was achieved and has concluded. Management has issued new guidance for FY27.
- Incremental Adjusted EBITDA Flow-through went quiet said Q2 FY26 Promised: 50-57% Q1 FY27: Management did not provide an update on the incremental flow-through rate, instead focusing on full-year EBITDA margin guidance.
- FY27 Revenue Growth on track said Q4 FY26 Promised: 21% to 23.5% Q1 FY27: Reported Q1 revenue growth of 20% YoY, which is close to the lower end of the full-year guidance (21-23.5%). Management reiterated the full-year guidance.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 19.6%, net profit up 300.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 552 | 602 | 599 | 616 | 650 +18% | 744 +24% | 701 +17% | 737 +20% |
| EBITDA | 32 | 77 | 57 | 45 | 75 +134% | 132 +71% | 106 +86% | 95 +111% |
| Net profit | -32 | -57 | -29 | 5 | 6 +119% | 42 +174% | 59 +303% | 20 +300% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −14.0% YTD
YTD: ₹235.12 on 1 Jan 2026 → ₹202.17. High ₹242.52 (22 Jan 2026), low ₹137.94 (26 May 2026).
How the price took the results
close before → close after
- Q1 FY27
- −5.4%
- 29 Jul
- Q4 FY26
- −0.5%
- 1 Jun
- Q3 FY26
- +0.7%
- 28 Jan
- Q2 FY26
- −1.1%
- 3 Dec
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹2.7k Cr |
| Operating profit | ₹358 Cr |
| Operating margin | 13.2% |
| Interest | ₹83 Cr |
| Depreciation | ₹270 Cr |
| Net profit | ₹112 Cr |
| Net margin | 4.1% |
| Cash from operations | ₹395 Cr |
| Free cash flow | ₹161 Cr |
| ROCE | 4.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹13 Cr | ₹14 Cr | ₹0 Cr | ₹0 Cr | ₹103 Cr | ₹115 Cr |
| Reserves | ₹1.2k Cr | ₹1.9k Cr | ₹3.7k Cr | ₹3.5k Cr | ₹3.6k Cr | ₹5.8k Cr |
| Borrowings | ₹191 Cr | ₹236 Cr | ₹514 Cr | ₹730 Cr | ₹858 Cr | ₹441 Cr |
| Other liabilities | ₹3.2k Cr | ₹4.1k Cr | ₹5.1k Cr | ₹5.4k Cr | ₹6.7k Cr | ₹7.0k Cr |
| Total liabilities | ₹4.6k Cr | ₹6.3k Cr | ₹9.3k Cr | ₹9.6k Cr | ₹11.3k Cr | ₹13.3k Cr |
| Fixed assets | ₹980 Cr | ₹1.0k Cr | ₹2.1k Cr | ₹1.9k Cr | ₹1.9k Cr | ₹2.0k Cr |
| Capital work in progress | ₹48 Cr | ₹122 Cr | ₹269 Cr | ₹222 Cr | ₹58 Cr | ₹41 Cr |
| Investments | ₹34 Cr | ₹50 Cr | ₹18 Cr | ₹21 Cr | ₹28 Cr | ₹28 Cr |
| Other assets | ₹3.5k Cr | ₹5.1k Cr | ₹6.9k Cr | ₹7.5k Cr | ₹9.3k Cr | ₹11.3k Cr |
| Total assets | ₹4.6k Cr | ₹6.3k Cr | ₹9.3k Cr | ₹9.6k Cr | ₹11.3k Cr | ₹13.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Dec 2025, the public trimmed −17.83 pp while DIIs added +13.56 pp. The shareholder count grew 39% to 1,78,120.
- FIIs
- 9.5%
- DIIs
- 24.8%
- Public
- 65.7%
Since Dec 2025
- Public −17.83 pp
- DIIs +13.56 pp
- FIIs +4.26 pp
How it drifted, 3 quarters
Over this window the public fell from 83.5% to 65.7% — −17.8 pp.
Ownership split by quarter, oldest first. Dec '25: FIIs 5.2%, DIIs 11.3%, Public 83.5%.Mar '26: FIIs 4.8%, DIIs 11.8%, Public 83.4%.Jun '26: FIIs 9.5%, DIIs 24.8%, Public 65.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- SBI Mutual Fund - Through its various Schemes Mutual fund newly disclosed 7.97% held
- FRANKLIN INDIA MUTUAL FUND - Through its various schemes Mutual fund newly disclosed 3.37% held
- NIPPON LIFE INDIA MUTUAL FUND - Through its various schemes Mutual fund newly disclosed 2.05% held
- ICICI Prudential Life Insurance Company Limited Insurer newly disclosed 1.25% held
- AXIS MUTUAL FUND - Through its various schemes Mutual fund newly disclosed 1.24% held
- Mirae Asset Mutual Fund - Through its various Schemes Mutual fund newly disclosed 1.22% held
- HSBC MUTUAL FUND - Through its various schemes Mutual fund newly disclosed 1.20% held
- TATA MUTUAL FUND - Through its various schemes Mutual fund newly disclosed 1.15% held
The same filing shows 1 holder trimming and 12 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Pine Labs Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Peak Xv Partners Pine Investment Holdings | 16.73% | −0.08 pp |
| SBI Mutual Fund - Through its various Schemes Mutual fund | 7.97% | newly disclosed |
| Macritchie Investments Pte Ltd FPI fund | 5.77% | unchanged |
| Paypal Pte. Ltd | 4.94% | unchanged |
| Mastercard Asia/Pacific Pte. Ltd. | 4.31% | unchanged |
| FRANKLIN INDIA MUTUAL FUND - Through its various schemes Mutual fund | 3.37% | newly disclosed |
| Alpha Wave Ventures Ii , Lp | 3.11% | unchanged |
| Bairavarasu Amrish Rau | 2.29% | unchanged |
| NIPPON LIFE INDIA MUTUAL FUND - Through its various schemes Mutual fund | 2.05% | newly disclosed |
| Act Equity Holdings Pte Ltd | 1.85% | unchanged |
| Lokvir Kapoor | 1.62% | unchanged |
| Marshall Wace Investment Strategies - Eureka Fund | 1.45% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in PINELABS
Filings to Aug 2026
0 new, 6 added, 1 trimmed, 0 sold out — net +38.60 L shares (+3.3%).
- Held by funds
- ₹2.0k Cr
- 13 schemes
- Biggest holder
- SBI Smallcap Fund
- ₹1.0k Cr · 2.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Smallcap Fund SBI Mutual Fund | ₹1.0k Cr | +0.01 L | Nov '25 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹266 Cr | held | Jun '26 |
| SBI Flexicap Fund SBI Mutual Fund | ₹184 Cr | held | Nov '25 |
| SBI Multi Asset Allocation Fund SBI Mutual Fund | ₹136 Cr | held | May '26 |
| Nippon India Banking & Financial Services Fund Nippon India Mutual Fund | ₹126 Cr | held | May '26 |
| SBI Innovative Opportunities Fund SBI Mutual Fund | ₹82 Cr | held | Feb '26 |
| Nippon India Balanced Advantage Fund Nippon India Mutual Fund | ₹81 Cr | +38.52 L | Jul '26 |
| SBI Banking And Financial Services Fund SBI Mutual Fund | ₹64 Cr | held | Nov '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
6 added, 1 trimmed — net +38.60 L shares (+3.3%)
- Funds are sitting on
- -13%
- vs est. average cost
- Held by funds
- ₹2.0k Cr
- 13 schemes · ≈ 11% of the company
- Biggest holder
- SBI Smallcap Fund
- ₹1.0k Cr · 2.4% of that fund
Shares held by these funds +143%
Nov '25 11.66 cr shares Jul '26
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse Pine Labs Limited
Guides on how to read this kind of business and the numbers that matter.