Pine Labs Ltd.
PINELABSFinancial Services filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
4 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 4 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20251209 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260203 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260601 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260803 | 2026-06-30 | yes |
PINELABS
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 179.31 |
| 52-week range | not reported for this period |
| Return 1M | 9.54% |
| Return 3M | 12.02% |
| Return 1Y | not reported for this period |
| Return 3Y | not reported for this period |
| Return 5Y | not reported for this period |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 737.00 |
| Other income | 29.00 |
| Total income | 766.00 |
| Cost of materials consumed | 0.00 |
| Purchases of stock-in-trade | 112.00 |
| Changes in inventories | -4.00 |
| Employee benefit expense | 268.00 |
| Finance costs | 13.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | not disclosed | — |
| institutions foreign | 0.09 | 0.05 |
| institutions domestic | 0.25 | 0.13 |
| mutual funds | 0.21 | 0.12 |
| public | 1.00 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 4 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|
| Revenue from operations | 650.00 | 744.00 | 701.00 | 737.00 |
| Other income | 23.00 | 35.00 | 41.00 | 29.00 |
| Total income | 673.00 | 780.00 | 741.00 | 766.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 81.00 | 110.00 | 103.00 | 112.00 |
| Changes in inventories | 1.00 | -6.00 | 1.00 | -4.00 |
| Employee benefit expense | 268.00 | 263.00 | 246.00 | 268.00 |
| Finance costs | 21.00 | 24.00 | 17.00 | 13.00 |
| Depreciation and amortisation | 66.00 | 68.00 | 71.00 | 73.00 |
| Other expenses | 225.00 | 245.00 | 243.00 | 267.00 |
| Total expenses | 662.00 | 705.00 | 682.00 | 728.00 |
| Profit before exceptional items and tax | 11.00 | 75.00 | 60.00 | 38.00 |
| Exceptional items | 0.00 | -12.00 | 9.00 | 0.00 |
| Profit before tax | 11.00 | 63.00 | 68.00 | 38.00 |
| Current tax | 8.00 | 5.00 | 21.00 | 19.00 |
| Deferred tax | -3.00 | 15.00 | -12.00 | -1.00 |
| Tax expense | 5.00 | 20.00 | 9.00 | 18.00 |
| Profit for the period | 6.00 | 42.00 | 59.00 | 20.00 |
| Profit attributable to owners | 6.00 | 0.00 | — | 0.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | — | 0.00 |
| Other comprehensive income | 2.00 | -0.00 | 8.00 | 4.00 |
| Total comprehensive income | 8.00 | 42.00 | 67.00 | 23.00 |
| Earnings per share, basic | 0.06 | 0.38 | 0.52 | 0.17 |
| Earnings per share, diluted | 0.06 | 0.38 | 0.51 | 0.17 |
Annual results, as filed
| Line | 2026-03-31 |
|---|---|
| Revenue from operations | 2,711.00 |
| Other income | 137.00 |
| Total income | 2,847.00 |
| Cost of materials consumed | 0.00 |
| Purchases of stock-in-trade | 365.00 |
| Changes in inventories | 2.00 |
| Employee benefit expense | 1,069.00 |
| Finance costs | 84.00 |
| Depreciation and amortisation | 270.00 |
| Other expenses | 917.00 |
| Total expenses | 2,706.00 |
| Profit before exceptional items and tax | 141.00 |
| Exceptional items | -3.00 |
| Profit before tax | 137.00 |
| Current tax | 39.00 |
| Deferred tax | -14.00 |
| Tax expense | 25.00 |
| Profit for the period | 113.00 |
| Other comprehensive income | 14.00 |
| Total comprehensive income | 126.00 |
| Earnings per share, basic | 1.05 |
| Earnings per share, diluted | 1.02 |
Balance sheet, as filed
| Line | 2025-09-30 | 2026-03-31 |
|---|---|---|
| Total assets | 11,306.00 | 13,297.00 |
| Non-current assets | 2,523.00 | 2,413.00 |
| Current assets | 8,782.00 | 10,884.00 |
| Property, plant and equipment | 312.00 | 298.00 |
| Capital work-in-progress | 58.00 | 41.00 |
| Goodwill | 1,164.00 | 1,178.00 |
| Other intangible assets | 205.00 | 243.00 |
| Inventories | 26.00 | 32.00 |
| Trade receivables | 983.00 | 1,042.00 |
| Cash and cash equivalents | 605.00 | 1,393.00 |
| Total equity and liabilities | 11,306.00 | 13,297.00 |
| Equity | 3,711.00 | 5,895.00 |
| Equity share capital | 103.00 | 115.00 |
| Other equity | 3,608.00 | 5,781.00 |
| Total liabilities | 7,595.00 | 7,402.00 |
| Non-current liabilities | 224.00 | 217.00 |
| Current liabilities | 7,371.00 | 7,184.00 |
| Borrowings, non-current | 19.00 | 1.00 |
| Borrowings, current | 707.00 | 282.00 |
| Trade payables | 408.00 | 383.00 |
Cash flow, as filed
| Line | 2025-09-30 | 2026-03-31 |
|---|---|---|
| Net cash from operating activities | 3.00 | 395.00 |
| Net cash from investing activities | 83.00 | -1,339.00 |
| Net cash from financing activities | 211.00 | 1,972.00 |
| Purchase of property, plant and equipment | -86.00 | 238.00 |
| Net increase in cash | 299.00 | 1,029.00 |
| con:CFO.BEFORE_TAX | -93.00 | 400.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | -57.00 | 5.00 |
| con:CF_OTHER.OPERATING | 40.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 1.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 3.00 | 4.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 14.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2025-11-14 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|
| Domestic institutions | 0.10 | 0.11 | 0.12 | 0.25 |
| Mutual funds | 0.06 | 0.09 | 0.09 | 0.21 |
| Insurance companies | 0.01 | 0.01 | 0.01 | 0.02 |
| Foreign institutions | 0.05 | 0.05 | 0.05 | 0.09 |
| Government | — | — | — | 0.00 |
| Public | 1.00 | 1.00 | 1.00 | 1.00 |
| Non-institutional | 0.85 | 0.84 | 0.83 | 0.66 |
| Shares outstanding | 1148276377 | 1148276377 | 1148276377 | 1153858090 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-03 | Q1FY27 | Read the call | |
| 2026-06-01 | Q4FY26 | Read the call | |
| 2026-02-03 | Q3FY26 | LIMITED | Read the call |
| 2025-12-09 | Q2FY26 | Read the call |
What they said about it, quarter by quarter
| Topic | Q1FY27 | Q2FY26 | Q3FY26 | Q4FY26 |
|---|---|---|---|---|
| Capex | We called out those payments earlier as well, like employee payments, variable pays, certain advances that had to be paid for capex because of the sup… | Emirates NBD, one of the largest banks in Dubai has taken us as a tech platform provider for the acquiring merchant business across the entire Dubai w… | — | Just on the capex part, this Rs.238 Crores, could you break it down between DCPs and what are the other components and how do you expect that to trend… |
| Capital allocation | — | — | We have added a significant amount of brands across geographies, which trust Pine Labs offering for its prepaid solutions, which is a great store valu… | I will talk later about the recent acquisition that we did around Shopflo which is in the online payments space, but if you see there is a very clear … |
| Costs | Is this a cost saving measure or is this a revenue driver? | — | — | — |
| Debt and cash | As far as operating cash flow is concerned, we came in at about 16%. | — | We have seen, there will always be, given the nature of our business, where we process GTV as an account aggregator, we will see some seasonal volatil… | Another question which had been coming up all through the year had been around the operating cash flow. |
| Demand | As we speak, we are seeing great demand in the Indian market, especially on the agentic payment side. | — | — | — |
| Guidance | Thank you for the opportunity and congrats on meeting the growth guidance, Amrish, that we discussed in the last call. | And lastly, should we expect any upside on the headcount on future? | I think this is a reference point we will always use to guide through how one should look at the operating leverage with every incremental Rs.100 of c… | Going into FY2027, we have not really given a very specific guidance in terms of EBITDA, but what we have done is we have given out a hard guidance wh… |
| Margin | When you look at our EBITDA and you look at the adjusted EBITDA on an adjusted EBITDA basis, you would see that we came in, again, with a very strong … | These conditionalities are also the ones that allow for very targeted promotions, revenue assurance programs, margin management programs on the same p… | The contribution margin came in at about Rs.551 Crores. | On an adjusted EBITDA side, from somewhere around Rs.357 Crores of adjusted EBITDA, we have now delivered about Rs.559 Crores on adjusted EBITDA. |
| People | One, it solves the depreciation problem for me, but it also solves for me the attrition problem. | Our overall headcount also has marginally increased by only 6% which is about INR 4500 crores. | So these are very real use cases that we are doing using AI today, and that is ensuring that we really do not need to scale in terms of hiring more en… | — |
| Pricing | But we continue to work through those costing, managing those pricing, and try and keep that cost low. | — | — | — |
| Revenue growth | Going back to the Pranav's first question, what we are getting to see actually, from a historical point of view, the processing revenue growth has bee… | The four pillars that we have continue to deliver stellar growth of almost 18% for this quarter. | As Amrish said that typically Q3 is a strong quarter for us and we have come out with stellar set of numbers given the seasonal impact etc. Coming to … | The question number two is any color on what has been the revenue growth in the affordability business per se within the flow and segment you had in F… |