Pine Labs share price
NSE: PINELABSBSE: 544606Financial Technology (Fintech)Small Cap
Pine Labs Limited · Face value ₹1 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Nov 2025 · Issue price ₹221
Last close ₹164.21up ₹1.61 (0.99%)BSE ₹164.30
Share price at the NSE close on 29 Oct 2026. Previous close ₹162.60.
29 Oct: open ₹162.40, high ₹174.80, low ₹161.15
Range of traded prices from listing on 14 Nov 2025 to 29 Oct 2026
₹134.73Low, 27 May 2026₹284.00High, 14 Nov 2025
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹18,962 Cr332nd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 118.59
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 3.15
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonesince listing in Nov 2025
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 3.3%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 2.8%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026.
- 0.03
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 4,87,10,99918.4% delivered
About Pine Labs
Pine Labs is a technology company that builds payment, issuing and commerce software for merchants, consumer brands, enterprises and financial institutions.1 Its platform lets a retailer accept any payment, offer EMIs (equated monthly instalments) and issue gift cards, and lets a bank launch a credit card programme without its own processing systems.1 It operates in India and markets including Malaysia, the Philippines, the UAE, Singapore, Australia, the US and Africa.2
It reports 2 businesses: the Digital Infrastructure and Transaction Platform (in-store and online payments, EMIs and offers at checkout, fintech infrastructure) and the Issuing and Acquiring Platform (prepaid programmes for brands, and card issuing and merchant acquiring technology for banks).34 Its products include Pine Labs Prepaid, the Credit+ processing platform, the Woohoo gift card store and the Plural online payment gateway.56 In India it holds payment aggregator (collecting payments for merchants), prepaid payment instrument and account aggregator licences, and it holds a merchant acquiring licence in Malaysia and a Major Payment Institution licence in Singapore.7
It was incorporated on 18 May 1998.8 Qwikcilver Solutions merged into it under a tribunal order of 14 Sep 2022, and its former Singapore holding company, also called Pine Labs Limited, merged into it from 6 Jun 2025.910 Its shares were listed on the NSE and BSE on 14 Nov 2025, after an initial public offering at ₹221 a share.11 At 31 Mar 2026 it had no holding company; Synergistic Financial Networks (Mosambee) is its material subsidiary.12
Pine Labs key points
Results
- In the quarter to Jun 2026, revenue from operations was ₹737 crore, up 20%, and adjusted EBITDA (operating profit before depreciation, as the company adjusts it) was ₹126 crore, a 17% margin.13
- Profit after tax for the quarter to Jun 2026 was ₹20 crore, against ₹5 crore a year earlier.14
- In the year to Mar 2026, consolidated revenue from operations grew 19% to ₹2,711 crore and adjusted EBITDA grew 57% to ₹559 crore, a 21% margin.15
- Consolidated profit after tax for the year to Mar 2026 was ₹113 crore, against a loss of ₹145 crore a year earlier; the company calls it its first full year of profitability.16
Platform scale
- In the year to Mar 2026, its platforms processed $194 billion of gross transaction value (GTV, the value of payments handled), up 50%, across more than 740 crore transactions.17
- At the end of Jun 2026, 11.5 lakh merchants and 21.7 lakh digital checkout points (in-store payment terminals) were live.18
Business segments
- Digital Infrastructure and Transaction Platform. Revenue grew 15% to ₹1,837 crore in the year to Mar 2026, and 15% in the quarter to Jun 2026.1920
- Issuing and Acquiring Platform. Revenue grew 30% to ₹874 crore in the year to Mar 2026, and 31% in the quarter to Jun 2026 (India 24%, international 47%).2122
- Flow, affordability and transaction processing. In the quarter to Jun 2026, flow-based services revenue grew about 20% and GTV more than 54%. Its EMI network links 450+ brands and 40+ credit issuers; the company says it takes on no consumer credit risk in affordability.232425
- Fintech infrastructure. Transactions grew 37% to 34 crore in the quarter to Jun 2026, through APIs for banks and fintechs covering UPI and bill payments, digital onboarding and account aggregator data (consented sharing of financial records).2627
Revenue mix
- In the quarter to Jun 2026, subscription fees for in-store devices made up about 29% of revenue.28
- In the year to Mar 2026, brand and consumer revenue (from issuing, flow, affordability and transaction processing) made up 66% of revenue.29
- Average revenue or fee, year to Mar 2026 (a basis point is a hundredth of a percent)30
Item year to Mar 2026 In-store, monthly revenue per checkout point about ₹350 Flow, affordability and transaction processing, blended fee on GTV about 33 basis points Issuing and acquiring, on GTV about 135 basis points
Where revenue comes from
- In the quarter to Jun 2026, international revenue grew 21% to about ₹114 crore, about 16% of consolidated revenue.31
- In the year to Mar 2026, international revenue crossed ₹400 crore, nearly 15% of revenue, and has grown at a compound annual rate of 44% over 3 years.32
- Pine Labs operates in 22+ countries; in Malaysia it runs instalment payment services for about 8 or 9 banks, and has replicated them in Singapore.3233
Customers and partners
- By Jun 2026, close to 1 lakh devices had been deployed under the oil company contracts, which earn mainly on transactions rather than fixed device fees.34
- Online payment clients the company names include IRCTC, Zepto, Croma, Reliance Digital and Lenskart.com.35
- The company stated in its annual report for the year to Mar 2026 that it expects airline prepaid partners to grow from 20 to more than 50 through Amadeus.36
What the company expects
- In its presentation of 28 Jul 2026, the company said it expects revenue growth of 21.0% to 23.5% for the year to Mar 2027.37
- On its earnings call of 29 Jul 2026, the company said it expects contribution margin (revenue less direct costs, as a share of revenue) to return closer to the 73% to 74% range in the year to Mar 2027.38
- In its presentation of 28 Jul 2026, the company said it expects net working capital (cash tied up in operations) below about 15% of revenue for the year to Mar 2027.39
Recent events
- In its exchange filing of 10 Jun 2026, the company said it had completed buying 100% of Shopflo Technologies, an online checkout platform; its board had approved a cost of up to ₹88 crore on 25 Apr 2026.404142
- On 23 Feb 2026, the company announced multi-year contracts from Bharat Petroleum, Hindustan Petroleum and Indian Oil for nearly 130,000 payment devices at petrol pumps and outlets across India.43
- On 4 Feb 2026, a GST appeals authority in Bengaluru confirmed a demand of ₹37,33,38,296, including interest and penalty, relating to Qwikcilver Solutions; the company said it would appeal to the CESTAT tax tribunal.4445
- On 26 Jan 2026, the company announced that UAE bank Wio Bank would deploy its Credit+ platform to run its merchant acquiring (signing up merchants to accept cards).46
Last updated
All 46 sources, each with its page
- 1. Annual report, 6 Oct 2026, page 66
- 2. Exchange filing, 25 Apr 2026, page 5
- 3. Annual report, 6 Oct 2026, page 67
- 4. Annual report, 6 Oct 2026, page 68
- 5. Annual report, 6 Oct 2026, page 26
- 6. Investor presentation, 28 Jul 2026, page 5
- 7. Annual report, 6 Oct 2026, page 11
- 8. Annual report, 6 Oct 2026, page 151
- 9. Exchange filing, 5 Feb 2026, page 1
- 10. Annual report, 6 Oct 2026, page 87
- 11. Annual report, 6 Oct 2026, page 78
- 12. Annual report, 6 Oct 2026, page 81
- 13. Investor presentation, 28 Jul 2026, page 10
- 14. Investor presentation, 28 Jul 2026, page 12
- 15. Annual report, 6 Oct 2026, page 5
- 16. Annual report, 6 Oct 2026, page 5
- 17. Annual report, 6 Oct 2026, page 5
- 18. Investor presentation, 28 Jul 2026, page 10
- 19. Annual report, 6 Oct 2026, page 69
- 20. Investor presentation, 28 Jul 2026, page 11
- 21. Annual report, 6 Oct 2026, page 70
- 22. Investor presentation, 28 Jul 2026, page 15
- 23. Investor presentation, 28 Jul 2026, page 13
- 24. Annual report, 6 Oct 2026, page 68
- 25. Annual report, 6 Oct 2026, page 22
- 26. Investor presentation, 28 Jul 2026, page 15
- 27. Annual report, 6 Oct 2026, page 24
- 28. Investor presentation, 28 Jul 2026, page 13
- 29. Annual report, 6 Oct 2026, page 69
- 30. Annual report, 6 Oct 2026, page 70
- 31. Investor presentation, 28 Jul 2026, page 18
- 32. Annual report, 6 Oct 2026, page 71
- 33. Earnings call, 29 Jul 2026, page 5
- 34. Investor presentation, 28 Jul 2026, page 18
- 35. Earnings call, 29 Jul 2026, page 6
- 36. Annual report, 6 Oct 2026, page 76
- 37. Investor presentation, 28 Jul 2026, page 15
- 38. Earnings call, 29 Jul 2026, page 9
- 39. Investor presentation, 28 Jul 2026, page 19
- 40. Exchange filing, 10 Jun 2026, page 1
- 41. Exchange filing, 25 Apr 2026, page 4
- 42. Exchange filing, 25 Apr 2026, page 3
- 43. Exchange filing, 23 Feb 2026, page 2
- 44. Exchange filing, 5 Feb 2026, page 1
- 45. Exchange filing, 5 Feb 2026, page 2
- 46. Exchange filing, 26 Jan 2026, page 2
Results
Consolidated; ₹ crore.Pine Labs quarterly results
Quarter to Sep 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹806 Crup 9.40%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹39 Crup 97.09%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 4.8%
Revenue by quarter
Peak revenue ₹806 Cr, quarter to Sep 2026; lowest ₹616 Cr, quarter to Jun 2025
Net profit by quarter, a loss in red
| ₹ crore | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|
| Revenue | 616 | 650 | 744 | 701 | 737 | 806 |
| Net profit | 5 | 6 | 42 | 59 | 20 | 39 |
| Net margin | 0.8% | 0.9% | 5.7% | 8.5% | 2.7% | 4.8% |
Consolidated. The 6 quarters from Jun 2025, the first on record. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Year to Mar 2026
- Revenue
- ₹2,711 Cr
- Net profit
- ₹113 Cr
- Net margin
- 4.2%
| ₹ crore | Mar 2026 |
|---|---|
| Revenue | 2,711 |
| Net profit | 113 |
| Net margin | 4.2% |
Consolidated. Years to March. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Business segments
Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit
- Digital infrastructure and transaction platformDigital infrastructure and transaction platform, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹1,837 Cr67.8%
- Issuing and acquiring platformIssuing and acquiring platform, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹874 Cr32.2%
Valuation
Today, against the company's own history. Dividend yield is not shown: no dividend in the years on record.Pine Labs PE ratio and valuation
Price to book
At or below today's level on 29% of 223 trading days since Dec 2025.
LowestHighest
Its median4.62Industry median3.21
Mutual fund holdings
113 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 48 of the 63 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 113 funds holding Pine Labs
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 14
- AddedAdded. Funds that held more shares than at the end of the month before.
- 53
- CutCut. Funds that held fewer shares than at the end of the month before.
- 10
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 36
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 8
| Fund | |||
|---|---|---|---|
 SBI Small Cap FundSBI Mutual Fund | 6,26,07,250 | 2.62% | ₹1,075.5 Cr |
 Kotak Multi Cap FundKotak Mahindra Mutual Fund | 2,53,35,609 | 1.43% | ₹435.2 Cr |
 Franklin India Small Cap FundFranklin Templeton Mutual Fund | 2,34,11,324 | 2.82% | ₹402.2 Cr |
| Kotak Large & Mid Cap FundKotak Mahindra Mutual Fund | 2,00,00,000 | 1.12% | ₹343.6 Cr |
 Nippon India Small Cap FundNippon India Mutual Fund | 1,62,37,157 | 0.34% | ₹278.9 Cr |
| Franklin India Flexi Cap FundFranklin Templeton Mutual Fund | 1,30,56,138 | 1.23% | ₹224.3 Cr |
 Axis Small Cap FundAxis Mutual Fund | 1,21,05,062 | 0.68% | ₹208.0 Cr |
| SBI Flexicap FundSBI Mutual Fund | 1,12,07,829 | 0.87% | ₹192.5 Cr |
| Nippon India Banking & Financial Services FundNippon India Mutual Fund | 77,00,000 | 1.80% | ₹132.3 Cr |
 JM Flexi Cap FundJM Financial Mutual Fund | 70,45,019 | 2.40% | ₹121.0 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Promoter and insider buying and selling
Trades made since 30 Oct 2025.Pine Labs insider trading
Bought on the marketBought on the market. The value each filer stated for its purchases on the exchange, added up; gifts, transfers and pledges are not counted. A purchase filed with no value is counted under the sum, not in it. Sold on the marketSold on the market. The value each filer stated for its sales on the exchange, added up; gifts, transfers and pledges are not counted. A sale filed with no value is counted under the sum, not in it.
- Directors and key managers0 purchases, 1 saleNo purchase₹2.41 CrNetNet. The value bought on the market less the value sold, over the trades whose filers stated a value.−₹2.41 Cr1 pledge created · 1 pledge released
- Others0 purchases, 37 salesNo purchase₹23 CrNet−₹23 Cr5 pledges created · 4 pledges released · 4 pledge filings of unclear kind
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.
Pine Labs competitors and peers
Financial Technology (Fintech), 15 listed companies, priced on 29 Oct 2026. The table lists the 8 companies closest to Pine Labs in market cap.Finance companies
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 One 97 CommunicationsPAYTM | 1,08,207 | 126.56 | 6.52 | +23.8% | – | 5.4% | 1.3% | 0.00% |
 PB FintechPOLICYBZR | 47,117 | 62.97 | 6.44 | +38.0% | +98.3% | 10.9% | 6.4% | 0.00% |
| MoneyviewMONEYVIEW | 9,266 | – | – | – | – | – | – | 0.00% |
 Manipal Payment and Identity SolutionsMPIMANIPAL | 7,228 | – | – | – | – | – | – | 0.00% |
 Seshaasai TechnologiesSTYL | 5,339 | 19.36 | 3.52 | – | – | 19.7% | 22.4% | 0.76% |
 AvenuesAICCAVENUE | 4,308 | 14.66 | 0.91 | +110.2% | +35.6% | 6.9% | 5.4% | 0.00% |
 Network People Services TechnologiesNPST | 3,449 | 77.17 | 7.83 | – | – | 16.4% | 9.6% | 0.12% |
 One Mobikwik SystemsMOBIKWIK | 1,729 | – | 3.21 | +2.7% | – | −2.2% | −0.6% | 0.00% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Latest announcements
Routine notices left out.Pine Labs announcements
Oct 2026
29 Oct · Business
29 Oct · Business
29 Oct · Results
28 Oct · Disclosure
21 Oct · Business
19 Oct · Analysts
Pine Labs share price by year
Each calendar year to 2025.Pine Labs share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 239.33 | – | 250.89 | 223.90 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2025 is from its first session, 14 Nov 2025.
Recent sessions
The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 28 Oct 2026 | 153.85 | 163.80 | 152.48 | 162.60 | 159.59 | 1,58,65,612 | 28.0% |
| 27 Oct 2026 | 154.85 | 157.95 | 153.00 | 153.79 | 154.76 | 62,41,440 | 38.5% |
| 26 Oct 2026 | 154.20 | 155.35 | 149.76 | 154.85 | 152.91 | 81,15,387 | 28.8% |
| 23 Oct 2026 | 160.81 | 160.81 | 152.01 | 154.57 | 155.03 | 1,01,17,521 | 33.0% |
| 22 Oct 2026 | 159.18 | 162.00 | 155.00 | 161.58 | 159.33 | 83,15,886 | 26.4% |
| 21 Oct 2026 | 164.50 | 164.94 | 157.25 | 158.42 | 160.26 | 90,47,422 | 41.4% |
| 19 Oct 2026 | 165.50 | 165.89 | 163.00 | 163.79 | 164.36 | 43,77,111 | 28.3% |
| 16 Oct 2026 | 168.49 | 170.07 | 164.56 | 165.04 | 166.98 | 63,55,655 | 31.8% |
| 15 Oct 2026 | 167.40 | 171.50 | 166.87 | 168.12 | 169.08 | 1,34,43,456 | 31.1% |
Prices in ₹ per share as traded, not adjusted.
Company details
- Chairperson and managing director and CEO
- Bairavarasu Amrish Rau
- At the end of the quarter to Sep 2026
- NSE symbol
- PINELABS
- BSE code
- 544606
- ISIN
- INE15B701018
- Industry
- Financial Technology (Fintech)
- Website
- www.pinelabs.com
- CIN
- U67100HR1998PLC113312
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1998
- Registered office
- Unit No. 408, Time Tower, 4th Floor, MG Road, DLF QE, Gugaon 122002, Haryana
- Share registrar
- KFin Technologies Ltd
- Keeps the register of shareholders and handles transfers and dividend payments
In Nifty 500, BSE 500, Nifty Smallcap 250, BSE 250 SmallCap Index, Nifty Smallcap 100, BSE MidCap