Pine Labs Ltd(PINELABS)

NSE: PINELABSBSE: 544606

₹ 154.85+0.19%refreshed 26 Oct, 03:50 pm ISTMarket cap: ₹ 17,881 crNext results: 29 Oct 2026Website: www.pinelabs.comUpdated: 27 Oct 2026

About

Pine Labs is an Indian fintech and commerce infrastructure platform offering in-store payments, online payments, prepaid card issuance, affordability financing, loyalty, and AI-native data services across a four-layer full-stack architecture. In FY26 the platform processed $194 Bn+ in annual GTV across 740 Cr+ transactions, serving 11 lakh+ merchants, 750+ consumer brands, and 200+ financial institutions. The company operates across 22+ markets spanning India, Southeast Asia, the Middle East, the US and Africa, with FY26 revenue from operations of Rs.2,711 Cr.^[1]

Business segments

Digital Infrastructure and Transaction Platform (DITP) contributed 67.8% of FY26 revenue at Rs.1,836.82 Cr, with a segment EBIT margin of 83.4%; covers in-store POS, online payments, bill payments, and flow/affordability processing.^[2]
Issuing and Acquiring Platform (IAP) contributed 32.2% of FY26 revenue at Rs.873.77 Cr, with a segment EBIT margin of 58.4%; covers prepaid card issuance, gift cards, loyalty, and international acquiring.^[2]
DITP grew 15% YoY and IAP grew 31% YoY in Q1 FY27, with IAP International revenue up 47% YoY.^[3]

Products and platform

A four-layer full-stack commerce platform: payment rails, processing infrastructure, orchestration, and financial platforms, covering in-store, online, prepaid issuance, affordability, loyalty, and AI-native data services.^[1]
Woohoo is the consumer-facing store for instant digital gift card purchase and delivery, scaled through Woohoo 2.0 with Q-commerce gifting, gaming-led content and corporate engagement.^[1]
P3P is India's first autonomous agentic payments protocol on UPI, where buyer and seller agents discover, negotiate and complete transactions within regulatory guardrails.^[1]
SignalIQ is an AI-based bank statement analyser and credit underwriting product; signed with 6 banks and NBFCs as of Q1 FY27.^[1]
Jarvis is a Large Language Model-agnostic multi-agent framework with an integrated harness layer and specialised prepaid knowledge base.^[1]

Network and licences

As of Q1 FY27, Pine Labs had 21.7 lakh Digital Checkout Points (DCPs), up 18% YoY, and 11.5 lakh merchants on its platform.^[3]
Holds PA-Online, PA-Physical, PA-Cross Border, PPI and Account Aggregator licences in India; a Merchant Acquiring licence in Malaysia; and a Major Payment Institution License in Singapore.^[1]
As of 31 March 2026, Pine Labs had 5,007 permanent employees: 4,797 in India and 210 in international geographies.^[1]
POS network connectivity and operational costs were Rs.130 Cr in FY26, down from Rs.141 Cr in FY25.^[1]

Key operating numbers

Flow, Affordability and Transaction Processing GTV grew 54% YoY to Rs.91,000 Cr in Q1 FY27; UPI GTV within this grew 80%+ YoY and DCC GTV grew 40%+ YoY.^[3]
30% of DCPs actively generated Flow and Affordability transaction volumes in Q1 FY27, up from 24% in Q1 FY26.^[3]
Fintech Infrastructure (bill payments/DPI) transactions were 34 Cr in Q1 FY27, up 37% YoY; 20 Cr prepaid cards were issued as of Q1 FY27.^[3]
Contribution margin was 72.3% in Q1 FY27 vs 77.9% in Q1 FY26, reflecting front-loaded investment in salespeople and technology.^[3]
Online payments revenue grew more than 56% YoY in FY26.^[1]
International revenue was Rs.403 Cr (~15% of FY26 revenue), growing at a 44% CAGR over the prior three years; international revenue mix was 13% in Q3 FY26.^[4]
Credit processing across 20 countries generates ~Rs.100 Cr annual revenue from issuing and acquiring combined as of Q1 FY27.^[3]

Customers and distribution

Online payments customers include IRCTC, Zepto, Croma, Reliance Digital, Lenskart, DMRC, Myntra, Big Basket, Swiggy and Meesho; 40+ new online merchants were added in Q1 FY27.^[3]
International clients include GCash (Philippines), Wio Bank and Emirates NBD (UAE), Woolworths (Australia), Blackhawk Network, Miniso and Google Waymo (US), and Chalhoub Group and Nahdi Pharmacy (MENA).^[4]
Multi-year fuel retail payment contracts with BPCL, HPCL and IOCL target ~130,000 DCPs across 50,000+ outlets by end-FY27; close to 1 lakh deployed between Q4 FY26 and Q1 FY27.^[4]
The IAP platform served 18 airlines globally as of Q2 FY26; gift card products cover gaming brands including Xbox, Roblox and Nintendo.^[5]

Expansion and capex

Plans to deploy 10 lakh soundboxes across India to strengthen UPI payments infrastructure (announced 24 Sep 2026).^[6]
OMC POS rollout targets 125,000 - 130,000 total deployments; ~30 - 35% of full contract revenue still to be captured in Q2 and Q3 FY27.^[3]
UAE SVF and RPSCS licensing, payment gateway expansion and Jaywan scheme rollout planned for FY27; Malaysia targeted to obtain principal acquirer status in FY27.^[4]
Steady-state capex run rate guided at Rs.180 - 190 Cr per year; elevated FY26 capex from OMC advances and chip-shortage prepayments expected to normalise.^[4]
Meal card and expense card products targeted for launch by October 2026.^[3]

Recent developments

On 29 September 2026, Pine Labs extended a five-year technology partnership with Woolworths Group covering gift card and digital stored-value platform capabilities and API integrations.^[7]
Launched P3P, India's first agentic payment protocol on UPI, during Q1 FY27.^[3]
J&K Bank went live on Credit on UPI via Pine Labs in Q1 FY27.^[3]
Signed OpenAI as a design partner in FY26; 89% of new code written in the last two quarters of FY26 was AI-generated.^[4]
AI is embedded across 2 million touchpoints for Edge AI auto-healing, and 1.5 million lines of code are updated monthly through AI-assisted tooling, as of FY26.^[1]

Market Cap

₹17,881 Cr

High / Low

₹284 / 135

Stock P/E

139.2

Price / Book

3.0

Book Value

₹51

EPS

₹1.0

No. of Shares

114.83 Cr

ROE

1.9%

Sales

₹2,711 Cr

Net Profit

₹113 Cr

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