| PE TTM | 147.51Sector PE 22.88 |
|---|---|
| Market Cap | ₹18,776 CrLarge Cap |
| Piotroski Score | 8Strong Health |
| RSI | 46.83Neutral Zone |
| Metric | Q2-27 | Q1-27 | Q2-26 |
|---|---|---|---|
| Revenue from Operations | 806 | 737 | 650 |
| Other Income | 25.6 | 28.9 | 23.0 |
| Total Income | 832 | 766 | 673 |
| Profit Before Tax | 61.4 | 37.7 | 11.2 |
| Net Profit | 38.6 | 19.6 | 6.0 |
| Operating Margin | 7.4% | 4.9% | 1.7% |
| Net Profit QoQ | +96.9% | ||
| Net Profit YoY | +543.3% | ||
| Adj. Profit QoQ | +306.8% | ||
| Adj. Profit YoY | +403.4% | ||
Key highlights
- Revenue from operations grew 24% year-on-year to ₹806 crore in Q2 FY27
- Net profit surged 543.3% YoY and 96.9% sequentially to ₹38.6 crore
- Operating margins expanded to 7.4% from 1.7% in the same quarter last year
- International markets contributed 15% of the total quarterly revenue
- Digital Checkout Points base grew 17% YoY to reach 22.3 lakh
Operational Leverage and Margin Expansion
Pine Labs demonstrated strong operational leverage in the September quarter, as profit before tax reached ₹61.4 crore, up from ₹11.2 crore in the corresponding period last year. This growth was underpinned by a sharp rise in operating margins, which climbed to 7.4% from 4.9% in the preceding June quarter. The consolidated net profit of ₹38.6 crore represents a 96.9% sequential increase, reflecting improved monetization across digital transaction platforms.
These results follow management's earlier guidance on July 28, 2026, which targeted a contribution margin between 73% and 74% for the second half of the current fiscal year.
Digital Infrastructure and Transaction Growth
- Platform Gross Transaction Value reached approximately $46.5 billion (₹4.45 lakh crore)
- The company is on track to average ₹34,000-35,000 crore of monthly UPI GTV by FY28
- Over 70% of Digital Checkout Point transactions are now running on the UPI framework
- UPI GTV is primarily driven by tickets above ₹2,000, which account for 65% of the total
- The Group successfully completed the 100% acquisition of Shopflo Technologies for ₹88 crore
Efficiency Gains Through Artificial Intelligence
AI is fundamentally changing how Pine Labs is built and operated, with ~89% of code changes now contributed by AI agents.
Market Performance and Strategic Expansion
The company’s market capitalization stands at ₹18,776.22 crore, trading at a price-to-earnings multiple of 147.51 against an industry average of 46.15. While the stock has seen a 26.43% decline over the past year, its high Piotroski score of 8 suggests robust financial fundamentals. Pine Labs is aggressively expanding its international footprint, with Southeast Asia revenue growing approximately 40% year-on-year.
The group now processes roughly 25 million transactions daily, representing a 22% increase from the previous year, as it extends its retail and premium merchant playbook from Malaysia into the UAE, Philippines, and Singapore.
| Date | Announcement | Amount |
|---|---|---|
| 28 Jul 2026 | Q1 FY27 consolidated net profitSource: kotakneo.com | ₹19.57 Cr |
| 28 Jul 2026 | Management guidance of 21% to 23.5% YoY revenue growth for FY27Source: multibagg.ai | – |
| 25 May 2026 | Q4 FY26 consolidated net profitSource: kotakneo.com | ₹59.36 Cr |
| 25 May 2026 | Management guidance of FY27 operating cash flow around Rs 400 croreSource: scanx.trade | ₹400.00 Cr |
| 28 Jan 2026 | Q3 FY26 consolidated net profitSource: moizz.in | ₹42.39 Cr |
| 03 Dec 2025 | Q2 FY26 consolidated net profitSource: moizz.in | ₹5.97 Cr |
What to watch next
- Rollover of 10 lakh QR soundboxes to deepen UPI acceptance in retail corridors
- Achievement of ₹34,000-35,000 crore average monthly UPI GTV target by FY28
- Expansion of credit processing capabilities into additional international markets
- Progress of the Bharat Yatra initiative aiming for 5 million trips in FY27
“Q2 was an all-round quarter—growth across acceptance and issuing, 15% of revenues from global markets, and 14% from products launched only in the last two years.”
| Share price | ₹162.6 |
|---|---|
| Market capitalisation | ₹18,776.22 Cr |
| Revenue (annual) | ₹2,710.59 Cr |
| Net profit (annual) | ₹112.51 Cr |
| Revenue (latest quarter) | ₹736.92 Cr+5.20% vs previous quarter |
| Net profit (latest quarter) | ₹19.57 Cr-67.03% vs previous quarter |
| P/E (TTM) | 147.51×Sector 22.88× |
| Promoter holding | 0%0.00% QoQ |
| FII holding | 13.18%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Pine Labs Limited announcing unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. Market figures from a third-party data provider.
