Pine Labs financials: balance sheet, profit and loss, cash flow
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 ₹153.25down ₹10.96 (6.67%)BSE ₹153.45
Share price at the NSE close on 30 Oct 2026. Previous close ₹164.21.
30 Oct: open ₹166.25, high ₹167.19, low ₹151.26
Range of traded prices from listing on 14 Nov 2025 to 30 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
- ₹17,697 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
- 110.68
- 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
- 2.94
- 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
- 3,47,73,30030.3% delivered
Pine Labs' financial statements for the year to Mar 2026, consolidated: the company and its subsidiaries together, with the half year to Sep 2026 after them.
1 year at a glance
₹ crore, years to March.Pine Labs annual reports
Revenue, net profit and borrowings, ₹ crore
- Revenue
- Net profit
- Borrowings
Operating and net margin, per cent
- Operating marginOperating margin. Operating profit before depreciation as a percentage of revenue: how much of each rupee of sales is left after running costs. Operating margin in the glossary
- 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
Results for the year to Mar 2026
Consolidated: the company and its subsidiaries together. ₹ crore.
From revenue to net profit
- Revenue2,711
- Materials and goods−366
- Employee costs−1,069
- Other expenses−917
- Operating profit358
- Depreciation−270
- Other income+137
- One-off items−3.3
- Finance costs−84
- Profit before tax137
- Tax−25
- Joint ventures−0.2
- Net profit113
What the company owns
- Cash and bank₹8,226 Cr
- Plant, investments and other assets₹3,997 Cr
- Receivables₹1,042 Cr
- Inventory₹32 Cr
What pays for it: net worth and liabilities
- Other liabilities₹6,736 Cr
- Net worth₹5,895 Cr
- Owed to suppliers₹383 Cr
- Borrowings₹283 Cr
Pine Labs business segments, year to Mar 2026
A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Pine Labs segment results by quarter
Revenue by segment
₹2,711 CrTotal
- Digital infrastructure and transaction platform₹1,837 Cr67.8% of total
- Issuing and acquiring platform₹874 Cr32.2% of total
Profit by segment
- Digital infrastructure and transaction platform₹1,531 Cr75.0% of total
- Issuing and acquiring platform₹510 Cr25.0% of total
Segment results by year
Consolidated, ₹ crore, years to March.
Digital infrastructure and transaction platform
Revenue, ₹ croreProfit, ₹ croreIssuing and acquiring platform
Revenue, ₹ croreProfit, ₹ crore
| ₹ crore | Mar 2026 |
|---|---|
| Revenue of all businesses | 2,711 |
| Company revenue, as in its resultsCompany revenue. The company's revenue from operations for the period in its results, on the same accounts as its segments. It is below the businesses' sum where they sell to one another, or where the segments include a business the results report as discontinued. | 2,711 |
| Revenue | 1,837 |
| ProfitSegment profit. What the business earned before tax and finance costs, as the company measures each of its businesses. Segment profit in the glossary | 1,531 |
| MarginSegment margin. Segment profit as a percentage of the segment's revenue. Segment margin in the glossary | 83.4% |
| Revenue | 874 |
Profit is before tax and finance costs, the way companies report their segments.
Profit and loss
Consolidated, ₹ crore, years to March. The last column is the twelve months to Sep 2026, the latest four quarters added.Pine Labs quarterly results
| ₹ crore | Mar 2026Filed 25 May | Sep 2026Twelve monthsFiled 29 Oct |
|---|---|---|
| Revenue from operations | 2,711 | 2,988 |
| Operating expenses. What the business spent to run itself in the period, materials, staff and other costs, before depreciation, interest and tax. Operating expenses in the glossary | 2,352 | 2,529 |
| Materials and goods boughtCost of materials and goods. Raw materials used and goods bought for resale in the period, adjusted for the change in stock held. Cost of materials and goods in the glossary | 366 | 432 |
| Employee costsEmployee costs. Salaries, wages, bonuses and other benefits paid to staff in the period. Employee costs in the glossary | 1,069 | 1,045 |
| Other expensesOther expenses. Every operating cost besides materials and staff: power, rent, freight, repairs, marketing and the like. Other expenses in the glossary | 917 | 1,052 |
| Operating profit before depreciationOperating profit before depreciation (EBITDA). Revenue less operating expenses: what the business earns from its operations before depreciation, interest and tax. Operating profit before depreciation (EBITDA) in the glossary | 358 | 459 |
| Operating margin | 13.2% | 15.4% |
| Materials, % of revenueMaterials, % of revenue. Raw materials used and goods bought for resale, adjusted for the change in stock, divided by revenue, times 100. Materials, % of revenue in the glossary | 13.5% | 14.4% |
| Employee costs, % of revenueEmployee costs, % of revenue. Salaries, wages and other staff costs divided by revenue, times 100. Employee costs, % of revenue in the glossary | 39.4% | 35.0% |
| Other expenses, % of revenueOther expenses, % of revenue. Operating costs besides materials and staff divided by revenue, times 100; with the two above and the operating margin it makes 100. Other expenses, % of revenue in the glossary | 33.8% | 35.2% |
| Depreciation and amortisationDepreciation and amortisation. The part of the cost of plant, buildings and other long-lived assets charged against each year they are used. Depreciation and amortisation in the glossary | 270 | 288 |
| Operating profit after depreciationOperating profit after depreciation (EBIT). Operating profit before depreciation, less depreciation and amortisation. Operating profit after depreciation (EBIT) in the glossary | 88 | 171 |
| Other incomeOther income. Income from outside the main business, such as interest on deposits, dividends received and gains on investments. Other income in the glossary | 137 | 131 |
| Finance costsFinance costs. Interest and the other costs of borrowing in the period. Finance costs in the glossary | 84 | 68 |
| Profit before one-off items and taxProfit before one-off items and tax. Profit before tax as it would be without the one-off items below it, as the company states it. Profit before one-off items and tax in the glossary | 141 | 233 |
| One-off itemsExceptional items. Gains or losses the company reports separately because they are not expected to recur, such as selling a business or writing down an asset. Exceptional items in the glossary | −3 | −3 |
| Profit before tax | 137 | 230 |
| 25 | 70 | |
| Share of profit of joint ventures and associatesShare of profit of joint ventures and associates. The group's share of the profit of companies it part-owns and does not consolidate, as stated. It is part of net profit but not of revenue or operating profit: their sales and costs are not in the group's lines. Share of profit of joint ventures and associates in the glossary | 0 | 0 |
| Net profit | 113 | 160 |
| Other comprehensive incomeOther comprehensive income. Gains and losses booked straight to net worth rather than through profit, such as changes in the value of some investments, pension plans and currency translation. Other comprehensive income in the glossary | 14 | 18 |
| Total comprehensive incomeTotal comprehensive income. Net profit plus other comprehensive income. Total comprehensive income in the glossary | 126 | 178 |
| Net margin | 4.2% | 5.4% |
| Net margin without joint ventures and associatesNet margin without joint ventures and associates. Net profit less the share of profit of joint ventures and associates, as a percentage of revenue: the margin on the businesses whose revenue the statement carries. Shown where the company states such a share. Net margin without joint ventures and associates in the glossary | 4.2% | – |
Balance sheet
Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.
| ₹ crore | Mar 2026Filed 25 May | Sep 2026Half yearFiled 29 Oct |
|---|---|---|
| Net worth. What the company owns less everything it owes: the money shareholders have in the business, paid in and kept from profits. Net worth in the glossary | 5,895 | 6,019 |
| Share capitalShare capital. The face value of all the shares the company has issued. Share capital in the glossary | 115 | 115 |
| ReservesReserves. The rest of the shareholders' net worth: profits kept in the business over the years, and money paid for shares above their face value. Reserves in the glossary | 5,781 | 5,904 |
| Borrowings. Loans, bonds and other money the company has borrowed and must repay with interest. Borrowings in the glossary | 283 | 183 |
| Liabilities due within a year. Everything the company must pay within twelve months: borrowings falling due, suppliers, and other dues and provisions. Liabilities due within a year in the glossary | 7,184 | 7,846 |
| Liabilities due after a year. Everything the company owes that falls due more than twelve months on, borrowings among it. Liabilities due after a year in the glossary | 217 | 217 |
| Total assetsTotal assets. Everything the company owns or controls: plant, investments, stock, money owed by customers and cash. Total assets in the glossary | 13,297 | 14,083 |
| Assets held for longer than a year. Everything the company owns that it does not expect to turn into cash within twelve months: plant, intangibles, long-term investments, loans given and the like. Assets held for longer than a year in the glossary | 2,413 | 2,649 |
| Assets turning to cash within a year. Everything the company expects to turn into cash or use up within twelve months: stock, money owed by customers, cash and short-term investments. Assets turning to cash within a year in the glossary | 10,884 | 11,434 |
| Net debtNet debt. Borrowings less cash, other bank balances and current investments: what the company would still owe if it used its cash to repay. Net debt in the glossary | −7,943 | −8,357 |
Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only.
Cash flow
Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.
| ₹ crore | Mar 2026Filed 25 May | Sep 2026Half year |
|---|---|---|
| Cash from operations. Cash the business brought in from its operations in the period, after paying suppliers, staff and tax. | 395 | 191 |
| Cash generated before tax. Cash from operations before income tax paid: profit before tax, with non-cash items added back and the change in working capital. Cash generated before tax in the glossary | 400 | 172 |
| Change in working capital. Cash taken up, below nought, or released by the change in stock, money owed by customers, money owed to suppliers and other short-term items over the year. Change in working capital in the glossary | −146 | −119 |
| ReceivablesChange in receivables. Cash taken up, below nought, or released by the change in what customers owe. Change in receivables in the glossary | −231 | −154 |
| InventoriesChange in inventories. Cash taken up, below nought, or released by the change in stock held. Change in inventories in the glossary | 45 | 9 |
| PayablesChange in payables. Cash kept, above nought, or paid out by the change in what the company owes suppliers. Change in payables in the glossary | −170 | 118 |
| Other working capitalOther working capital. The working-capital change from every other short-term item: advances, provisions, other assets and liabilities. Other working capital in the glossary | 210 | −93 |
| Tax paidTax paid. Income tax paid in cash during the year, net of refunds. Tax paid in the glossary | −5 | 19 |
| Capital spendingCapital spending. Cash spent in the period on plant, equipment, buildings and other long-lived assets. | 238 | 240 |
| Free cash flowFree cash flow. Cash from operations less capital spending: what is left to repay borrowings, pay dividends or keep. Free cash flow in the glossary | 157 | −49 |
| Cash from investing. Cash spent on, below nought, or received from plant, investments, businesses bought or sold, and interest and dividends received. | −1,339 | −101 |
| Cash from financing. Cash raised from, or paid to, lenders and shareholders: borrowings taken and repaid, interest, lease payments, dividends and shares issued or bought back. | 1,972 | −34 |
| Dividends paidDividends paid. Cash paid to shareholders as dividends during the period. | 0 | 0 |
| Shares bought backShares bought back. Cash spent buying the company's own shares back from shareholders. | 0 | 0 |
| Shares issuedShares issued. Cash raised by selling new shares. Shares issued in the glossary | 2,120 | 4 |
| Net change in cashNet change in cash. Cash from operations, investing and financing added together: how much cash and cash equivalents rose or fell over the year, before currency effects. Net change in cash in the glossary | 1,029 | 57 |
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only.
Ratios
Consolidated, years to March.Pine Labs PE ratio and valuation
| Ratio | Mar 2026Filed 25 May |
|---|---|
| Return on equityReturn on equity. Profit belonging to shareholders as a percentage of their average net worth over the year. | 1.9%what Return on equity, Mar 2026, includes. This year's return on equity, asset turnover and assets per rupee of net worth are on its year-end balance sheet: none a year before is on record to average with. |
| Return on capital employedReturn on capital employed. Operating profit after depreciation divided by net worth plus borrowings at the year end, times 100: what the business earns on all the money in it. | 1.4% |
| Cash conversionCash conversion. Cash from operations as a percentage of net profit: how much of the reported profit came in as cash. Cash conversion in the glossary | 351.4% |
| Interest coverInterest cover. Operating profit after depreciation divided by finance costs: how many times over the profit pays the interest bill. Interest cover in the glossary | 1.1 |
| Debt to equityDebt to equity. Borrowings at the year end divided by net worth: rupees borrowed for each rupee shareholders have in the business. | 0.05 |
| Receivable daysReceivable days. Trade receivables divided by revenue, times 365: the average days customers take to pay. Receivable days in the glossary | 140 |
| Inventory daysInventory days. Inventories divided by the cost of materials and goods, times 365: the days of stock the company holds. Inventory days in the glossary | 32 |
| Payable daysPayable days. Trade payables divided by the cost of materials and goods, times 365: the average days the company takes to pay suppliers. Payable days in the glossary | 382 |
| Cash conversion cycle, daysCash conversion cycle. Receivable days plus inventory days less payable days: how long money is tied up between paying suppliers and being paid by customers. Cash conversion cycle in the glossary | −210 |
| Working capital daysWorking capital days. Assets turning to cash within a year, less cash, bank deposits and current investments, minus liabilities due within a year, less borrowings, divided by the year's revenue, times 365. Working capital days in the glossary | −571 |
| Asset turnoverAsset turnover. Revenue divided by average total assets: rupees of sales for each rupee of assets. Asset turnover in the glossary | 0.20 |
| Assets per rupee of net worthAssets per rupee of net worth. Average total assets divided by average net worth: how far borrowings and other liabilities stretch the shareholders' money. Assets per rupee of net worth in the glossary | 2.26 |
| Sales per rupee of plantSales per rupee of plant. Revenue divided by the net block: rupees of sales for each rupee of plant in use. Sales per rupee of plant in the glossary | 9.09 |
| Capital spending to depreciationCapital spending to depreciation. Capital spending for the period divided by its depreciation and amortisation. Capital spending to depreciation in the glossary | 0.88 |
| Plant being built, % of plant in useCapital work in progress, % of net block. Plant still being built as a percentage of the plant in use. Capital work in progress, % of net block in the glossary | 13.7% |
Growth and returns over 3, 5 and 10 years
Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.
- Return on assets, latest yearReturn on assets, latest year. Profit to the company's own shareholders in the latest year ÷ the average of that year's opening and closing total assets × 100; empty for a bank, a lender or an insurer, whose own return on assets is shown with its accounts.
- 0.8%
- Cash from operations against operating profitCash from operations against operating profit. Cash from operating activities in the latest year ÷ operating profit before depreciation × 100: how much of the operating profit arrived as cash; empty where that profit is nought or a loss.
- 110.3%
Where the cash came from and went
Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.
| ₹ crore | Latest year |
|---|---|
| Cash from operationsCash from operations. Latest year: Cash from operating activities in the latest year. 3 years: Cash from operating activities added over the last three years, needing every one of them. 5 years: Cash from operating activities added over the last five years, needing every one of them. Cash from operations in the glossary | 395 |
| Cash from investingCash from investing. Latest year: Cash from investing activities in the latest year. 3 years: Cash from investing activities added over the last three years, needing every one of them. 5 years: Cash from investing activities added over the last five years, needing every one of them. Cash from investing in the glossary | −1,339 |
| Cash from financingCash from financing. Latest year: Cash from financing activities in the latest year. 3 years: Cash from financing activities added over the last three years, needing every one of them. 5 years: Cash from financing activities added over the last five years, needing every one of them. Cash from financing in the glossary | 1,972 |
| Capital spendingCapital spending. Latest year: Spending on property, plant and equipment in the latest year. 3 years: Spending on property, plant and equipment added over the last three years, needing every one of them. 5 years: Spending on property, plant and equipment added over the last five years, needing every one of them. Capital spending in the glossary | 238 |
| Dividends paidDividends paid. Latest year: Dividends paid in the latest year. 3 years: Dividends paid added over the last three years, needing every one of them. 5 years: Dividends paid added over the last five years, needing every one of them. Dividends paid in the glossary | 0 |
| Shares bought backShares bought back. Latest year: Shares bought back in the latest year. 3 years: Shares bought back added over the last three years, needing every one of them. 5 years: Shares bought back added over the last five years, needing every one of them. Shares bought back in the glossary | 0 |
| Shares issued for cashShares issued for cash. Latest year: Shares issued for cash in the latest year. 3 years: Shares issued for cash added over the last three years, needing every one of them. 5 years: Shares issued for cash added over the last five years, needing every one of them. | 2,120 |
| Borrowings raisedBorrowings raised. Latest year: Money raised by borrowing, as a positive amount, in the latest year; empty where a year's filing states only borrowing net of repayment, which says neither how much was raised nor how much paid back. 3 years: Money raised by borrowing, as a positive amount, added over the last three years, needing every one of them; empty where a year's filing states only borrowing net of repayment, which says neither how much was raised nor how much paid back. 5 years: Money raised by borrowing, as a positive amount, added over the last five years, needing every one of them; empty where a year's filing states only borrowing net of repayment, which says neither how much was raised nor how much paid back. Borrowings raised in the glossary | 111 |
| Borrowings repaidBorrowings repaid. Latest year: Money paid back on borrowings, as a positive amount, in the latest year. 3 years: Money paid back on borrowings, as a positive amount, added over the last three years, needing every one of them. 5 years: Money paid back on borrowings, as a positive amount, added over the last five years, needing every one of them. Borrowings repaid in the glossary | 72 |
Accounting checks
Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.
| Check | Mar 2026 |
|---|---|
| Altman Z-scoreAltman Z-score. Working capital, reserves, operating profit, market value and sales, each over total assets, weighted and added: a published measure of financial strain. Altman Z-score in the glossaryPublished threshold 1.1 | 4.19 |
| Effective tax rateEffective tax rate. Tax charged as a percentage of profit before tax. Effective tax rate in the glossaryPublished threshold 17.16 per cent | 18.02 |
| Tax charged less tax paid, % of profitTax charged less tax paid. Tax charged against profit less tax actually paid in cash, as a percentage of profit before tax. Tax charged less tax paid in the glossaryOur threshold 10 percentage points | 14.55 |
A threshold marked as ours has no published figure; it is the line we read the check against.