AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 24 Sep - Pine Labs and Google Cloud collaborate on agentic commerce in India, announced September 24, 2026.
Source: Bse
Pine Labs Limited (PINELABS)
Small CapFinancial Services stocks · Small cap · NSE
Pine Labs is a full-stack Commerce OS provider, offering cloud-based software for omnichannel payment acceptance, issuing, processing, and distribution. It serves enterprise, mid-market, and SMBs with solutions like affordability, prepaid cards, and fintech infrastructure. The company is expanding its digital public infrastructure (DPI) offerings via Setu and has a global presence in 22 markets.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result28 Jul, 08:15 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
43NeutralMACD −
Stock trend: 42
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PINELABSD candles · FIT view-16.4%Latest close ₹163.79 on 2026-10-19
Daily history is available from 2025-11-14; the requested 1Y window is partially covered.
Bar
-1.0%
RSI
43
MACD hist
-1.37
52W pos
19%
2026-10-19O ₹165.50H ₹165.89L ₹163.00C ₹163.79Vol 43.8L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PINELABSNifty Financial ServicesNifty 500
- PINELABS
- +9.4%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +15.0 pp
Chart stats
19 Oct 2026- From 52W high
- -42.3%
- 52W range position
- 19%
- ATR (14)
- 5.1%
- Volume vs 20D
- 0.16x
- Avg traded value
- ₹418 Cr
- 20D price channel
- ₹154.4 - ₹205
₹284
₹134.7 - ₹284
₹8.3
Latest completed session
20-session average
39.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED27
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +19.6% · PAT +300.0% YoY
Technical
Neutral43
Price trend and sector-relative-strength timing.
Valuation
Legacy model-439.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +20% YoY · PAT +300% YoY · margin expansion · +5% QoQ · operating leverage
Filed 28 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹737 Cr | +19.6% | +5.1% |
| EBITDA | ₹95 Cr | +111.1% | -10.4% |
| Operating margin | 13.0% | +600 bps | -200 bps |
| PAT | ₹20 Cr | +300.0% | -66.1% |
| PAT margin | 2.7% | +190 bps | -571 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 147.00
- P/B
- 3.22
- EV/EBITDA
- 28.39
- Market Cap
- 19065.00Cr
Profitability
- ROE
- 2.46%
- ROCE
- 4.15%
- ROA
- 0.96%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 32.00%
- EPS 5Y
- 32.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 36.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 5.38×
- Altman Z
- 2.63
- Book Value
- 51.30
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 395.00 Cr
- EPS TTM
- 1.19
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 20%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,711+19.2% vs prev
Net Profit
₹ CrLatest: 113+177.9% vs prev
Return on Equity
%Latest: 1.9+145.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term trend down. RSI 43.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 43 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 42% off 52W high · 22% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
53
RS percentile
Stage 1 Base / Transition
1M return
-14.7%
3M return
+9.4%
6M return
-17.2%
1Y return
-
RS 1D
+3
RS 20D
-22
Sector rank
#9
Industry rank
-
Stage evidence
- Price is within 0.4% of the 30-week proxy.
- The 30-week proxy changed -0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
230 observations
19 Oct 2026Value 70.6+0.27%
RS vs Nifty 50071
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth15/25
Quality0/20
Balance Sheet6/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
27
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
27/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 15/25 to the score.
- Balance sheet contributes 6/15 to the score.
Main drags
- Fair-value margin of safety is negative at -439.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
147.0
PB
3.2
EV/EBITDA
28.4
ROE
2.5%
ROCE
4.2%
FCF Yield
—
Debt/Equity
0.1
MoS
-439.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
27
Previous: 27
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-439.8%
Previous: -439.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
27
27
27
27
27
27
27
27
27
27
27
27
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹37.06
-341.9% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹30.35
-439.8% MoS
PEG
4.38
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PPLPHARMA
Small
Piramal Pharma Limited
Healthcare Services
match 150
30
34.0
9.8%
-125%
OVERVALUED
NEULANDLAB
Small
Neuland Laboratories Limited
Healthcare Services
match 149
50
49.5
21.2%
-10%
FAIR VALUE
NATCOPHARM
Small
Natco Pharma Limited
Healthcare Services
match 148
72
13.7
17.1%
+69%
UNDERVALUED
SUVEN
Small
Suven Life Sciences Limited
Healthcare Services
match 148
29
—
-81.5%
—
OVERVALUED
MOREPENLAB
Small
Morepen Laboratories Limited
Healthcare Services
match 147
20
63.1
5.3%
-1007%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-22T07:43:03.950Z
Management commentary snapshot
Pine Labs reported FY26 Platform GTV of $194 Bn, 740 Cr transactions, and 20.3 Lakh Digital Checkout Points. Revenue grew to ₹2,711 Cr, with Adj. EBITDA at ₹569 Cr. The company swung to positive operating cash flow of ₹395 Cr and positive free cash flow of ₹167 Cr, while PAT remained negative at ₹(145) Cr.
Pine Labs shows strong operational growth in GTV, transactions, and merchant touchpoints. The shift to positive operating and free cash flow, alongside improving EBITDA margins, indicates progress towards monetization. However, sustained negative PAT warrants close monitoring of profitability trends despite revenue scale-up.
Current business mix
Revenue Mix FY26
Latest issuer-disclosed distribution across 3 reported categories.
Distribution Infra revenues55.0%
Brand & Consumer value pools29.0%
Business Services & Data value pools16.0%
Growth engines
Mid-market & High Street Expansion
Targeting 'huge headroom' in mid-market and high street segments with premiumisation and targeted solutions for underserved merchants.
Affordability Business
Aims for '25%+ YoY Growth for next 3 years' by tapping into a '380K cr New Value Pool' through EMI on UPI and post-purchase EMI conversion.
Prepaid Business
Expanding into new growth vectors like Employee Benefits, Gaming, and the US gift card market (US$260B by 2026).
Online Commerce & D2C
Focusing on capturing India's ₹13.5 T digital commerce market by owning the checkout experience for D2C brands via Shopflo.
Capacity and execution
Affordability Brand Partnerships
Added '20+ new brands entry in affordability in FY26' to expand the network of credit partners and digital checkout points.
Global Licensing & Expansion
Plans to 'Get Principal Acquirer status by FY27' in Malaysia and pursue 'SVF & RPSCS licensing (FY27) + PG expansion' in UAE.
Partner Ecosystem Expansion
Signed '83 partners in Q1' for AI-powered alliances across ERPs, SaaS, loyalty, and fintechs to drive merchant acquisition.
Tailwinds
Underserved Mid-Market & New Retailers
India's fastest-growing merchant cohort remains underserved, with new-age retailers emerging rapidly, open to value-added services.
Growing Affordability Market
An addressable affordability pool of 100K Cr in the Wheels segment (CAGR ~10%) and 70% youth demand for affordability in non-electronics.
Digital Public Infrastructure (DPI) Adoption
India’s DPI 2047 roadmap and UPI's status as the world’s busiest rail provide a strong foundation for real-time payments and credit.
Global Digital Payments Growth
A global digital payments opportunity of $1.7T, growing at 30% CAGR, supports international expansion efforts.
Risk radar
Regulatory & Compliance Burden
Operating platforms require extensive certifications (PCI-DSS, ISO 27001:2022, SOC 2) and compliance with RBI, CERT-In, and global schemes.
Credit Risk in Affordability/Lending
Expanding affordability solutions to '400M+ adults with no bureau file' necessitates robust underwriting and early stress detection mechanisms.
Cybersecurity & Fraud
The need for 'best-in-class encryption' and 'dedicated Infosec governance' highlights ongoing threats and the critical importance of security in payment processing.
Autonomous Agent Control
The development of 'agent-led' and 'autonomous payments' introduces risks in ensuring agents act 'within approved limits' and with 'authorised data and systems'.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document primarily presents annual financial and operational data (FY23-FY26), making year-over-year comparisons essential to assess growth trends, profitability shifts, and cash flow generation.
Sector KPIs management disclosed
Platform GTV
FY26: $194 Bn, +57% YoY
Platform Transactions
FY26: 740 Cr, +32% YoY
Digital Checkout Points (DCPs)
FY26: 20.3 Lakh, +13% YoY
Revenue
FY26: ₹2,711 Cr, +19% YoY
Management forward view
25%+ YoY Growth Target
Management aims for '25%+ YoY Growth for next 3 years' driven by a balanced strategy of core business expansion and new growth engines.
Shift to Monetization
The company is transitioning 'from an "investment-and-build" to a "monetization-at-scale"' phase, focusing on value pools.
Future of Commerce OS
Management envisions creating a 'commerce operating system for tomorrow,' addressing a 'new $100B TAM' through machine commerce and AI agents.
Global Playbook Export
Plans to 'Export the playbook' for real-time payments to Southeast Asia, where digital payment rails are nascent.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Profit After Tax (PAT) | ₹(145) Cr (FY26) | Continued reduction in losses and progress towards sustained profitability. |
| Free Cash Flow (FCF) | ₹167 Cr (FY26) | Sustained positive FCF generation and growth. |
| Adjusted EBITDA Margin | 21% (FY26) | Further margin expansion as monetization efforts scale. |
| New Affordability Value Pool Penetration | ₹74K Cr (FY26) | Progress in capturing the identified '380K cr New Value Pool' in affordability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
export growthnot yet verifiable
Pine Labs aims to build a global commerce and fintech platform originating from Asia.
Direction: positiveConfidence: high
project executionnot yet verifiable
Pine Labs plans to extend its programmable currency platform to a wider range of use cases and industries beyond airlines.
Direction: positiveConfidence: high
project executionnot yet verifiable
Pine Labs is planning to launch a go-to-market strategy for its patented Tap to Pay Online technology both in India and globally.
Direction: positiveConfidence: medium
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 57th percentile within Financial Services. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
32 docs text-extracted · 7 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Financial Services: 57th pctile, median 62 · Small: 47th pctile, median 66
Evidence depth
Financial-only
32 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
3 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
48
watch · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.07.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸ROCE is low at 4.2%.
- ▸ROE is low at 2.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Pine Labs Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Communication To Shareholders For Weblink Of The Annual Report For The FY 2025-26 25 Aug - Pine Labs sent FY2025-26 annual report web link; 28th AGM on September 16, 2026.
Source: Bse
Annual reportSep 2026
Sep 2026 · Intimation Of 28Th Annual General Meeting Of The Company 19 Aug - Pine Labs AGM scheduled for September 16, 2026 via VC/OAVM; FY2025-26 annual report to be shared electronically.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 29 Sep - Pine Labs extended its five-year technology partnership with Woolworths Group for gift card platform support.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 24 Sep - Pine Labs will deploy 10 lakh soundboxes across India to expand digital payments infrastructure.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 22 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 2 Sep - Pine Labs appoints Jayaram Karthik as COO to lead operations across India and international markets.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 29 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 29 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 25 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.