Pine Labs Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹18,967 Cr
- P/E
- 146.55
- ROE
- 2.46%
- PEG
- 4.11
- Price to sales
- 6.70
- Debt to equity
- 0.07
- 52W high / low
- ₹251 / ₹138
- Sales growth (5Y)
- 32.25%
- EBITDA margin
- 14.43%
- Net profit margin
- 4.23%
- Sales (last year)
- ₹2,832 Cr
Incorporated in 1998, Pine Labs is a leading Indian merchant commerce platform that provides point-of-sale (POS) solutions, payment processing, and merchant financing services.[1]
Guidance scorecard · Q2 FY27 call
What Pine Labs Ltd's management guided
and where it ranks in Financial Technology (Fintech)
Financial Technology (Fintech)
RevenueQ1 FY27 call
20–40%- The business aims for at least 20% revenue growth and sees potential for even higher growth through better execution.
- International markets show strong growth, particularly on the issuing and acquiring platform (IAP) side, with over 40% growth in some areas.
- Growth in distribution is higher than processing currently, viewed as an entry strategy in new markets, with plans to increase processing share.
- The flow-based income segment historically grows around 25% annually, with online and bill payments growing at about 50% or more, indicating strong momentum.
- Marketing and sales force expansion (500 new employees) is expected to impact offline merchant sales and online payments, boosting revenue.
2 more points from Pine Labs Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Pine Labs Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- The company continues to invest significantly in building new technologies and capabilities, including new products and areas of business, to drive future growth.
- Investments are being made in technology infrastructure such as terminal management systems that centralize management of diverse terminals.
- There are upfront costs related to cloud services and network upgrades to support expanded terminal deployments and AI-driven features, some of which are one-time while others partially recurring.
- The salesforce expansion, including about 500 new employees, supports growth especially in offline merchant sales and international markets.
- Strategic investments focus on maintaining a tight working capital cycle without increasing balance sheet risk.
2 more points from Pine Labs Ltd's call on capex
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FundraisingQ1 FY27 call
See what Pine Labs Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Ask what Pine Labs Ltd said on the order book →
Full Q1 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Financial Technology (Fintech)
on management's own guidance
- Strong growth2
- Strong growth1
- One 97Good growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Financial Technology (Fintech) companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹3,847 Cr | 86.1 | |
| 2 | 40%+ | Flat | ₹4,826 Cr | 16.3 | |
| 3 | One 97 | 20–40% | Up 2%+ | ₹1.09L Cr | 134.0 |
| 4 | Pine Labs LtdThis stock | 20–40% | Flat | ₹19,058 Cr | 147.3 |
| 5 | 20–40% | Flat | ₹7,659 Cr | 26.5 | |
| 6 | 20–40% | Flat | ₹1,808 Cr | 614.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Financial Technology (Fintech) rankingFinancials of Pine Labs Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Pine Labs Ltd
Shareholding breakup across reporting periods.
| Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|
| FIIs + | 5.23% | 4.80% | 9.49% | 13.18% |
| DIIs + | 11.26% | 11.81% | 24.82% | 29.57% |
| Public + | 83.51% | 83.39% | 65.68% | 57.24% |
| No. of Shareholders | 1,27,792 | 1,17,551 | 1,78,120 | 2,68,596 |
Financials of Pine Labs Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 552 | 602 | 599 | 616 | 650 | 744 | 701 | 737 |
| Expenses + | 519 | 525 | 542 | 571 | 575 | 612 | 594 | 642 |
| Operating Profit | 32 | 77 | 57 | 45 | 75 | 132 | 106 | 95 |
| OPM % | 6% | 13% | 9% | 7% | 12% | 18% | 15% | 13% |
| Other Income + | 22 | -30 | 12 | 37 | 23 | 23 | 50 | 29 |
| Interest | 18 | 22 | 22 | 21 | 21 | 24 | 17 | 13 |
| Depreciation | 75 | 76 | 69 | 65 | 66 | 68 | 71 | 73 |
| Profit before tax | -38 | -51 | -22 | -5 | 11 | 63 | 68 | 38 |
| Tax % | -16% | 11% | 30% | -199% | 47% | 32% | 13% | 48% |
| Net Profit + | -32 | -57 | -29 | 5 | 6 | 42 | 59 | 20 |
| EPS in Rs | -0.38 | -0.67 | -0.34 | 0.11 | 0.13 | 0.37 | 0.52 | 0.17 |
Financials of Pine Labs Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 848 | 670 | 932 | 1,598 | 1,770 | 2,274 | 2,711 | 2,832 |
| Expenses + | 760 | 560 | 820 | 1,592 | 1,794 | 2,056 | 2,352 | 2,423 |
| Operating Profit | 87 | 110 | 112 | 5 | -25 | 218 | 358 | 409 |
| OPM % | 10% | 16% | 12% | 0.3% | -1.4% | 10% | 13% | 14% |
| Other Income + | 18 | 13 | 25 | 56 | 55 | 16 | 133 | 125 |
| Interest | 18 | 22 | 24 | 36 | 64 | 79 | 84 | 76 |
| Depreciation | 155 | 175 | 189 | 315 | 363 | 292 | 270 | 278 |
| Profit before tax | -68 | -74 | -75 | -289 | -398 | -136 | 137 | 180 |
| Tax % | -30% | -25% | -70% | -8% | -14% | 7% | 18% | |
| Net Profit + | -47 | -56 | -23 | -265 | -342 | -145 | 113 | 127 |
| EPS in Rs | -0.66 | -0.72 | -0.28 | -3.17 | -4.07 | -1.73 | 0.98 | 1.19 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Pine Labs Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 13 | 14 | 0.02 | 0.10 | 0.10 | 115 |
| Reserves | 1,035 | 1,178 | 1,900 | 3,664 | 3,466 | 3,431 | 5,781 |
| Borrowings + | 176 | 191 | 236 | 514 | 730 | 1,046 | 441 |
| Other Liabilities + | 2,225 | 3,185 | 4,111 | 5,141 | 5,422 | 6,222 | 6,952 |
| Total Liabilities | 3,448 | 4,567 | 6,260 | 9,318 | 9,618 | 10,698 | 13,288 |
| Fixed Assets + | 1,017 | 980 | 1,019 | 2,103 | 1,920 | 1,825 | 1,856 |
| CWIP | 52 | 48 | 122 | 269 | 222 | 160 | 148 |
| Investments | 40 | 34 | 50 | 18 | 21 | 30 | 28 |
| Other Assets + | 2,338 | 3,505 | 5,070 | 6,928 | 7,455 | 8,683 | 11,256 |
| Total Assets | 3,448 | 4,567 | 6,260 | 9,318 | 9,618 | 10,698 | 13,288 |
Financials of Pine Labs Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 11 | 111 | -79 | -152 | -229 | 50 | 395 |
| Cash from Investing Activity + | 112 | -260 | -443 | -441 | -22 | -159 | -1,339 |
| Cash from Financing Activity + | 1,431 | 823 | 1,644 | 2 | -220 | -201 | 1,972 |
| Net Cash Flow | 1,554 | 674 | 1,122 | -591 | -471 | -310 | 1,029 |
| Free Cash Flow | -156 | -54 | -407 | -517 | -486 | -99 | 161 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 86% | 114% | -25% | -1,258% | 872% | 5% | 112% |
Financials of Pine Labs Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 92 | 196 | 116 | 135 | 134 | 136 | 140 |
| Inventory Days | 5 | 23 | 134 | 65 | 38 | 32 | |
| Days Payable | 144 | 1,345 | 1,233 | 908 | 693 | 382 | |
| Cash Conversion Cycle | -47 | -1,126 | 116 | -964 | -708 | -519 | -210 |
| Working Capital Days | -722 | -1,252 | -1,255 | -813 | -807 | -762 | -609 |
| ROCE % | -4% | -3% | -7% | -8% | -0% | 4% |
Guidance history
How Pine Labs Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | — |
| Q4 FY26 call → | 20–40% | Flat | Planned | None planned | Rising |
| Q3 FY26 call → | 20–40% | Flat | None planned | — | Rising |
| Q2 FY26 call → | 20–40% | Flat | None planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Pine Labs Ltd's management said in earlier quarters
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