Pine Labs Limited
₹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%
Price chart
Technical chartScreen technicals →-38.9% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
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 StockStrengths1
- 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
Key statistics
Screen fundamentals →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
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹1,597 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 19.8%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 15.0%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹146 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -26.3%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -123.5%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹34.0 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -10.5%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹150 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 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.
| Line | FY2025 |
|---|---|
| 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.
| Date | Revenue | Net 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).
| Date | Operating cash flow | Free 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%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹1,597 Cr | ₹241 Cr | — | ₹44 Cr | ₹30 Cr | -₹306 Cr | 2.1% | +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.
| Line | FY2025 |
|---|---|
| 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.
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.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| Pine Labs LimitedPINELABSthis companyP/E ↑ premium | ₹24,711 Cr | 442.0x | — | -9.1% | 164.0x |
| J.B. Chemicals & Pharmaceuticals LtJBCHEPHARM | ₹29,217 Cr | 41.5x | 7.9x | 18.8% | 32.1x |
| Gland Pharma LimitedGLAND | ₹28,321 Cr | 24.5x | 2.8x | 11.6% | 17.3x |
| Syngene International LimitedSYNGENE | ₹25,375 Cr | 58.0x | 5.5x | 11.1% | 26.5x |
| Krishna Institute of Medical Sciences LimitedKIMS | ₹24,919 Cr | 87.7x | 10.9x | 12.6% | 65.6x |
| Dr. Lal Pathlabs LimitedLALPATHLAB | ₹23,777 Cr | 45.0x | 10.2x | 20.2% | 38.3x |
| Wockhardt LtdWOCKPHARMA | ₹22,539 Cr | 160.0x | 7.8x | -23.5% | -2690.8x |
| PIRAMAL PHARMA LIMITEDPPLPHARMA | ₹22,363 Cr | 31.7x | 2.9x | 5.8% | 27.6x |
| Pfizer Ltd.PFIZER | ₹22,230 Cr | 31.5x | 5.8x | 15.3% | 26.2x |
| Peer median | — | 52.6x | 5.9x | 12.1% | 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
| Date | Operating margin |
|---|---|
| FY2021 | 15.0% |
| FY2022 | 12.0% |
| FY2023 | 12.0% |
| FY2024 | 8.0% |
| FY2025 | 15.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹1,597 Cr |
| Costs | |
| Interest | ₹70 Cr |
| Expenses | ₹1,356 Cr |
| Operating profitOperating Profit | ₹241 Cr |
| Other income and charges | |
| Profit before tax | ₹58 Cr |
| Tax | |
| Net profitNet Profit | ₹44 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹9,048 Cr |
| Equity capitalEquity Capital | ₹84 Cr |
| Reserves | ₹1,987 Cr |
| Borrowings | ₹848 Cr |
| Other liabilitiesOther Liabilities | ₹6,129 Cr |
| AssetsTotal Assets | ₹9,048 Cr |
| Fixed assetsFixed Assets | ₹942 Cr |
| Capital work in progressCWIP | ₹134 Cr |
| Investments | ₹21 Cr |
| Other assetsOther Assets | ₹7,951 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹30 Cr |
| Investing cash flowCash from Investing Activity | -₹336 Cr |
| Financing cash flowCash from Financing Activity | -₹210 Cr |
| Change in cashNet Cash Flow | -₹516 Cr |
Learn while you research
Academy chapters picked for Pine Labs Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 442.0, learn when high multiples are justified.6 min read
- 04 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 05 Sector Analysis MattersHealthcare valuation is driven by pipelines and regulation, not just numbers.6 min read
- 06 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read