Pine Labs Limited

Pine Labs Limited

PINELABSNSE / BSEHealthcareSmall Cap

₹153.45-₹10.85 (-6.6%)

Last close · Data as of Oct 30, 2026

Market cap
₹24,711 Cr
P/E
442.0x
EV / EBITDA
164.0x
Revenue
₹1,597 Cr
Net margin
-14.0%
ROCE
4.0%

-38.9% over the last year

Pine Labs Limited price, 1Y

Daily closes.

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Performance

Price change over each period, before dividends.

1M
-10.7%
3M
+9.5%
6M
-20.9%
1Y
-38.9%
5Y
-38.9%

52-week range

Day change -₹10.85 (-6.6%) from ₹164 to ₹153 · Last close Oct 30, 2026

AI Summary

Indian Stock

Strengths1

  • Revenue grew 19.8% YoY

Concerns1

  • Low interest coverage ratio of 1.8x

Rule-based from financial data. Not advice.

About the company

Pine Labs Limited, a technology company, provides digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions in India, Malaysia, the United Arab Emirates, Singapore, Australia, the United States, and Africa. It operates through Digital Infrastructure and Transaction Platform, and Issuing and Acquiring Platform segments.

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Pine Labs Limited, a technology company, provides digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions in India, Malaysia, the United Arab Emirates, Singapore, Australia, the United States, and Africa. It operates through Digital Infrastructure and Transaction Platform, and Issuing and Acquiring Platform segments. The Digital Infrastructure and Transaction Platform segment provides technology platforms under the brand name of Pinelabs, Mosambee, Benow, Setu, Qfix, and Fave to merchants that enables acceptance of instore or online digital payments. These technology platforms and infrastructure allow merchants to accept debit cards, credit cards, prepaid instruments wallets, QR codes, unified payment interface, loyalty points, pay later, online fee collection, etc., as well as provide application programming interface modules to customers for building financial products that facilitates bill payments, credit, and savings to enable purchases made by consumers. It also engages in selling digital checkout points devices. The Issuing and Acquiring Platform segment provides a technology platform to issue, process, and distribute prepaid cards primarily in India and South East Asia. It also monetizes primarily by charging a processing fee from merchants who are utilizing the technology platform and in the case of distribution. The company was incorporated in 1998 and is based in Gurugram, India.

Sector
Healthcare
Shares outstanding
115 Cr shares
ISIN
INE15B701018
BSE code
544606

Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.

Valuation

Market cap
₹24,711 Cr
P/E
442.0x
EV / EBITDA
164.0x
EV / Sales
18.0x
P/S
18.5x
Earnings yield
0.2%
52-week high
₹251.30
52-week low
₹139.00

Profitability

Operating margin
7.8%
Net margin
-14.0%
EBITDA margin
11.0%
ROE
-9.1%
ROCE
4.0%
ROA
-2.4%
Dividend payout
0.0%
Tax rate
-22.0%
Other income, % of PBT
-17.5%

Growth

Revenue
₹1,597 Cr
Revenue growth, 1Y
19.8%
Revenue CAGR, 5Y
15.0%
EBITDA
₹146 Cr
EBITDA growth, 1Y
-26.3%
Net profit growth, 1Y
-123.5%
Cash from operations
-₹34.0 Cr
CFO growth, 1Y
-10.5%
Free cash flow
-₹150 Cr
Asset growth, 1Y
6.8%

Solvency and efficiency

Current ratio
1.27
Debt / Equity
0.28
Debt / Assets
0.07
Debt / EBITDA
3.94
Interest coverage
1.79
Financial leverage
3.86
CFO / Net profit
0.18
Cash / Market cap
27.1%
Cash per share
₹58.29
Asset turnover
0.17
Fixed asset turnover
1.35
Capital intensity
0.74
Debtor days
138 days
Cash conversion cycle
138 days

Where the revenue went

Some FY2025 lines are not reported, so the ones that are appear as a table.

LineFY2025
Sales₹1,597 Cr
Expenses₹1,356 Cr
Operating profit₹241 Cr
Other income₹98 Cr
Interest₹70 Cr
Depreciation₹210 Cr
Profit before tax₹58 Cr
Tax and other₹14 Cr
Net profit₹44 Cr

Revenue and net profit

Revenue grew 19.8% in FY2025; net profit is the dashed line.

Pine Labs Limited revenue and net profit by fiscal year
Pine Labs Limited revenue and net profit by fiscal year
DateRevenueNet profit
FY2021₹650 Cr-₹56 Cr
FY2022₹932 Cr-₹23 Cr
FY2023₹1,281 Cr-₹56 Cr
FY2024₹1,333 Cr-₹187 Cr
FY2025₹1,597 Cr₹44 Cr

Cash flows

FY2025: ₹30.0 Cr from operations, -₹306 Cr free after investment (dashed).

Pine Labs Limited operating and free cash flow by fiscal year
Pine Labs Limited operating and free cash flow by fiscal year
DateOperating cash flowFree cash flow
FY2021₹109 Cr-₹147 Cr
FY2022-₹79 Cr-₹522 Cr
FY2023-₹38 Cr-₹299 Cr
FY2024-₹34 Cr-₹71 Cr
FY2025₹30 Cr-₹306 Cr

Growth

Latest fiscal year FY2025 (ending March): each figure with its change over the year before.

Revenue
₹1,597 Cr+19.8%1Y
Net profit
₹44 Cr
Cash from operations
₹30 Cr
Free cash flow
-₹306 Cr
Revenue CAGR, 5Y
15.0%
EBITDA CAGR, 5Y
15.2%
YearRevenueOperating incomeEBITDANet profitCFOFCFROERevenue growth 1YNet profit growth 1Y
FY2025₹1,597 Cr₹241 Cr—₹44 Cr₹30 Cr-₹306 Cr2.1%+19.8%-123.5%

Monthly returns

Month-by-month returns of PINELABS across the years, with the seasonal pattern.

Balance sheet

What the company owns and owes at the end of FY2025.

LineFY2025
Liabilities and equity₹9,048 Cr
Equity capital₹84 Cr
Reserves₹1,987 Cr
Borrowings₹848 Cr
Other liabilities₹6,129 Cr
Assets₹9,048 Cr
Fixed assets₹942 Cr
Capital work in progress₹134 Cr
Investments₹21 Cr
Other assets₹7,951 Cr

Market cap against peers

8 peers: same sector group, nearest by size.

  1. Pine Labs Limited (this company)₹24,711 Cr
  2. Wockhardt Ltd₹22,539 Cr
  3. Pfizer Ltd.₹22,230 Cr

P/E against peers

PINELABS trades at 442.0x earnings against a peer median of 52.6x (a 740% premium).

Peer comparison

Same-sector peers by market cap, with the median.

CompanyMarket capP/EP/BROEEV/EBITDA
Pine Labs LimitedPINELABSthis companyP/E ↑ premium₹24,711 Cr442.0x—-9.1%164.0x
J.B. Chemicals & Pharmaceuticals LtJBCHEPHARM₹29,217 Cr41.5x7.9x18.8%32.1x
Gland Pharma LimitedGLAND₹28,321 Cr24.5x2.8x11.6%17.3x
Syngene International LimitedSYNGENE₹25,375 Cr58.0x5.5x11.1%26.5x
Krishna Institute of Medical Sciences LimitedKIMS₹24,919 Cr87.7x10.9x12.6%65.6x
Dr. Lal Pathlabs LimitedLALPATHLAB₹23,777 Cr45.0x10.2x20.2%38.3x
Wockhardt LtdWOCKPHARMA₹22,539 Cr160.0x7.8x-23.5%-2690.8x
PIRAMAL PHARMA LIMITEDPPLPHARMA₹22,363 Cr31.7x2.9x5.8%27.6x
Pfizer Ltd.PFIZER₹22,230 Cr31.5x5.8x15.3%26.2x
Peer median—52.6x5.9x12.1%38.3x

Year-to-date ROI

PINELABS since 1 January, against earlier years.

Historical volatility

PINELABS's day-to-day swings over 30, 60 and 180 days.

Financial statements

Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.

Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.

Operating margin by fiscal year

Pine Labs Limited operating margin by fiscal year
Pine Labs Limited operating margin by fiscal year
DateOperating margin
FY202115.0%
FY202212.0%
FY202312.0%
FY20248.0%
FY202515.0%
LineFY2025
RevenueSales₹1,597 Cr
Costs
Interest₹70 Cr
Expenses₹1,356 Cr
Profit before tax₹58 Cr

Learn while you research

Academy chapters picked for Pine Labs Limited and the metrics on this page.

  1. 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
  2. 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
  3. 03 Valuation Multiples ExplainedThis stock trades at a P/E of 442.0, learn when high multiples are justified.6 min read
  4. 04 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
  5. 05 Sector Analysis MattersHealthcare valuation is driven by pipelines and regulation, not just numbers.6 min read
  6. 06 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read
Browse the full Equiscale Academy →