Is Pine Labs Ltd (PINELABS) a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Pine Labs Ltd is a below average quality company .

Is Pine Labs Ltd (PINELABS) undervalued or overvalued?

The key valuation ratios of Pine Labs Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone .

What is Pine Labs Ltd (PINELABS) share price return in the past 10 years?

Data is not available for this company

Is Pine Labs Ltd (PINELABS) a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Pine Labs Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

What is the share price of Pine Labs Ltd (PINELABS)?

Company share prices are keep on changing according to the market conditions. The current trading price of Pine Labs Ltd (PINELABS) on 17-Apr-2026 16:59:59 at 16:59 is 193.90.

What is the P/E ratio of Pine Labs?

The latest standalone P/E ratio of Pine Labs as of 17-Apr-2026 is 499.35.

What is the P/B ratio of Pine Labs Ltd (PINELABS)?

The latest standalone P/B ratio of Pine Labs Ltd (PINELABS) as of 17-Apr-2026 is 3.42.

What is the 52-week high and low of Pine Labs Ltd (PINELABS)?

The 52-week high of Pine Labs Ltd (PINELABS) is Rs. 283.70 and the 52-week low is Rs. 151.15.

Pine Labs Ltd (PINELABS) Share Analysis – Quality, Growth & Valuation Zone & DeciZen Rating

Name: Pine Labs Ltd (PINELABS)
Brand: Pine Labs

Key Metrics

Market Cap

₹21,743 Cr.

P/E Ratio

499.35

Price to Book (P/B)

3.42

Price to Sales (P/S)

13.61

EV/EBITDA

49.70

Return on Capital Employed (ROCE)

4.84%

Current Price

₹193.9

Return on Equity (ROE)

2.12%

Return on Assets (ROA)

0.52%

Operating Profit Margin

15.2%

Net Profit Margin

2.73%

Gross Profit Margin

16.3%

Book Value per Share

₹55.3

Sales Growth (YoY)

19.82%

Sales Growth (3 Years)

19.66%

Operating Profit Growth (1 Year)

456.31%

Operating Profit Growth (3 Years)

27.44%

Net Profit Growth (1 Year)

NA%

52-Week Low / High

₹151 / 284

Net Profit Growth (3 Years)

N/A%

Dividend Yield

0.00%

Promoter Holding

0.00%

Pledged shares (%)
of Promoter's holding (%)

0.00%

Check Before You Invest

Q.1 Revenue growth of Pine Labs Ltd?

Pine Labs Ltd revenue growth is 19.8% for FY-2025 , which is above its 5 year CAGR of 19.2% , indicating faster growth.

Q.1 Promoter shareholding and pledge status of Pine Labs Ltd?

Promoters hold 0.00% of the Pine Labs Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Q.1 Revenue growth of Pine Labs Ltd vs industry peers?

Pine Labs Ltd revenue CAGR is 19.18% , compared to the industry median CAGR of 18.71% , indicating faster growth and gaining its market share.

Q.1 Which industry/sub-sector does Pine Labs Ltd belong to?

Pine Labs Ltd belongs to the IT & ITES sector, operating specifically within the Fintech segment.

Q.1 Stock return of Pine Labs Ltd over the last decade?

Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.

DeciZen - make an informed investing decision on Pine Labs

Based on:

Data

Overall Rating ⓘ
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1. Quality

2. Valuation ⓘ

3. Price Trend

Pine Labs stock performance

Key Ratios

Is Pine Labs Ltd an attractive stock to invest in?

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	-7.6%	3.7%	-5.8%	-3.1%	-3.8%	-4%	-2.9%	-1.7%	-7.3%	4.8%	-
Value Creation Index ⓘ	-1.7	-0.7	-1.5	-1.3	-1.3	-1.4	-1.3	-1.2	-1.7	-0.6	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	121	191	332	492	664	650	932	1,281	1,333	1,597	1,597
Sales YoY Gr.	-	58.1%	73.8%	48%	35.1%	-2.2%	43.4%	37.4%	4.1%	19.8%	-
Adj EPS ⓘ	-0.2	0.1	-0.1	-0.2	-0.4	-0.7	-0.3	-0.5	-2.2	0.6	0.4
YoY Gr.	-	NA	-171.4%	NA	NA	NA	NA	NA	NA	NA	-
BVPS (₹) ⓘ	2.3	3.2	4.2	5.1	14.8	15.4	21.7	26.1	24.3	24.7	55.3
Adj Net Profit ⓘ	-10.5	3.6	-2.6	-12.5	-31.3	-56.6	-21.5	-42.8	-184	50.1	44
Cash Flow from Ops. ⓘ	-6.1	20.9	111	81	99.7	109	-78.9	-38	-34	29.8	-
Debt/CF from Ops. ⓘ	-3.1	0.7	0.4	0.9	1.5	1.8	-3	-8.1	-14	24.6	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	33.2%	19.2%	19.7%	19.8%
Adj EPS ⓘ	NA	NA	NA	NA
BVPSⓘ	30.4%	10.8%	4.4%	1.3%
Share Price	-	-	-	-

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	-12.6	2.6	-1.3	-4.9	-4.7	-5	-1.4	-2.1	-8.7	2.4	1
Op. Profit Mgn % ⓘ	11	18.5	12.4	10.8	9.1	15	12.4	13.6	3.6	15.2	12.3
Net Profit Mgn % ⓘ	-8.7	1.9	-0.8	-2.5	-4.7	-8.7	-2.3	-3.3	-13.8	3.1	2.7
Debt to Equity ⓘ	0.2	0.1	0.2	0.3	0.1	0.2	0.1	0.1	0.2	0.4	-
Working Cap Days ⓘ	214	169	149	148	158	349	413	386	438	436	432
Cash Conv. Cycle ⓘ	41	57	74	60	37	55	19	1	-2	-20	67

Recent Performance Summary

Latest Financials

	Standalone	Consolidated
TTM EPS (₹)	0.4	-1.3
TTM Sales (₹ Cr.)	1,597	2,274
BVPS (₹) ⓘ	55.3	51.3
Reserves (₹ Cr.) ⓘ	6,240	5,779
P/BV ⓘ	3.42	3.69
PE ⓘ	499.35	0.00

From the Market
52 Week Low / High (₹)	151.15 / 283.70
All Time Low / High (₹)	151.15 / 283.70
Market Cap (₹ Cr.)	21,743
Equity (₹ Cr.)	114.8
Face Value (₹)	1
Industry PE ⓘ	119.8

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

* Pledged shares as % of Promoter's holding (%)

Valuation of Pine Labs - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max

Analyst's Notes

No data found!

Key Ratios

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	121	191	332	492	664	650	932	1,281	1,333	1,597
Operating Expenses ⓘ +	108	156	291	441	607	552	820	1,127	1,291	1,365
Manufacturing Costs	4	8	13	22	27	27	41	81	238	285
Material Costs	7	9	43	123	250	56	40	44	38	56
Employee Cost	58	83	154	179	213	306	448	607	625	659
Other Costs ⓘ	39	56	82	117	118	163	291	396	390	365
Operating Profit ⓘ	13	35	41	51	58	98	112	153	42	233
Operating Profit Margin (%)	11.0%	18.5%	12.4%	10.3%	8.7%	15.0%	12.1%	12.0%	3.1%	14.6%
Other Income ⓘ +	1	4	4	12	15	33	25	47	42	98
Exceptional Items ⓘ	0	0	0	0	0	0	0	0	0	0
Interest ⓘ	3	2	5	5	16	22	24	36	58	70
Depreciation ⓘ	22	34	58	72	102	183	189	239	266	202
Profit Before Tax ⓘ	-10	4	-18	-15	-46	-74	-74	-75	-240	58
Tax ⓘ	0	0	-16	-1	-12	-18	-52	-19	-53	15
Profit After Tax	-10	4	-3	-14	-33	-56	-23	-56	-187	44
PAT Margin (%)	-8.7%	2.0%	-0.8%	-2.8%	-5.0%	-8.6%	-2.4%	-4.4%	-14.0%	2.7%
Adjusted EPS (₹)	-0.2	0.1	-0.1	-0.3	-0.5	-0.7	-0.3	-0.7	-2.2	0.5
Dividend Payout Ratio (%)	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Balance Sheet

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	114	167	228	282	1,060	1,191	1,760	2,184	2,045	2,071
Share Capital ⓘ	8	9	9	9	12	13	14	14	84	84
Reserves ⓘ	105	159	219	273	1,048	1,178	1,747	2,171	1,961	1,987
Debt +	15	10	5	46	97	191	236	307	477	731
Long Term Debt	9	6	4	40	97	98	93	154	114	47
Short Term Debt	6	5	1	6	0	93	144	153	363	683
Minority Interest	0	0	0	0	0	0	0	0	0	0
Trade Payables	12	26	19	37	40	208	265	384	577	509
Others Liabilities ⓘ	42	105	137	204	438	2,940	3,909	4,421	4,646	5,585
Total Liabilities ⓘ	182	309	389	569	1,635	4,530	6,170	7,297	7,744	8,896
Fixed Assets
Net Fixed Assets ⓘ +	93	147	204	219	328	986	1,019	1,123	1,029	948
Gross Block	138	225	341	431	497	1,349	1,550	1,874	1,813	1,730
Accumulated Depreciation	45	77	138	212	169	364	532	751	784	782
CWIP ⓘ	9	39	12	38	52	48	122	251	201	134
Investments ⓘ	0	0	0	0	761	34	50	13	16	21
Inventories	1	1	2	4	3	4	12	21	23	15
Trade Receivables	35	73	112	111	98	360	296	481	504	665
Cash Equivalents ⓘ	10	15	10	77	155	2,563	3,773	4,417	4,838	5,684
Others Assets ⓘ	33	33	50	119	238	535	899	990	1,133	1,429
Total Assets ⓘ	182	309	389	569	1,635	4,530	6,170	7,297	7,744	8,896

Cash Flow

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	-6	21	111	81	100	109	-79	-38	-34	30
PBT ⓘ	-10	4	-18	-15	-46	-74	-74	-75	-240	58
Adjustment ⓘ	31	41	90	99	137	182	208	263	348	260
Changes in Working Capital ⓘ	-22	-27	6	-6	36	15	-162	-150	-145	-359
Tax Paid ⓘ	-5	3	23	-11	-28	-14	-50	-76	4	71
Cash Flow From Investing Activity ⓘ +	-58	-61	-159	-124	-973	-256	-443	-261	11	-65
Capex	-59	-61	-166	-120	-165	-165	-328	-339	-212	-91
Net Investments	0	0	0	0	-49	-99	-132	66	187	-52
Others ⓘ	0	0	7	-4	-759	8	16	11	35	78
Cash Flow From Financing Activity ⓘ +	63	44	49	104	893	823	1,644	935	-79	-210
Net Proceeds from Shares ⓘ	1	50	63	68	803	201	745	323	41	0
Net Proceeds from Borrowing ⓘ	0	0	0	0	0	0	0	0	0	0
Interest Paid ⓘ	-1	-2	-4	-5	-15	-19	-24	-33	-57	-70
Dividend Paid ⓘ	0	0	0	0	0	0	0	0	0	0
Others ⓘ	63	-5	-9	41	105	640	922	645	-63	-140
Net Cash Flow ⓘ	-2	3	1	61	19	676	1,122	635	-102	-245

Finance Ratio

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	-12.5	2.71	-1.27	-5.39	-4.96	-4.96	-1.53	-2.84	-8.85	2.12
ROCE (%)	-7.63	3.69	-5.75	-3.11	-3.79	-4.01	-2.88	-1.67	-7.28	4.84
Asset Turnover Ratio	0.74	0.78	0.95	1.03	0.6	0.21	0.17	0.19	0.18	0.19
PAT to CFO Conversion(x)	N/A	5.25	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0.68
Working Capital Days
Receivable Days	81	103	102	83	57	129	128	111	135	134
Inventory Days	4	2	2	2	2	2	3	5	6	4
Payable Days	620	767	192	83	56	802	2,159	2,689	4,627	3,562

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Pine Labs Ltd FAQs

The current trading price of Pine Labs on 17-Apr-2026 16:59 is ₹193.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 16-Apr-2026 the market cap of Pine Labs stood at ₹21,742.6 Cr

The latest P/E ratio of Pine Labs as of 16-Apr-2026 is 499.4.

The latest P/B ratio of Pine Labs as of 16-Apr-2026 is 3.42.

The 52-week high of Pine Labs is ₹283.7 and the 52-week low is ₹151.2.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Pine Labs is ₹1,597 ( Cr.) .

About Pine Labs Ltd

Pine Labs was incorporated as ‘Pine Labs Private Limited’ at New Delhi, India as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated May 18, 1998 issued by the Registrar of Companies, Delhi and Haryana at New Delhi (“RoC”). Prior to 2014, the company offered payment solutions to accept credit and debit cards, which streamlined transactions and allowed for equated monthly instalments, loyalty benefits and other promotions. Subsequently, the company was converted to a public limited company and the name of the company was changed to ‘Pine Labs Limited’ pursuant to a Board resolution dated May 9, 2025 and a Shareholders’ resolution dated May 16, 2025, and a fresh certificate of incorporation dated June 6, 2025 was issued by the RoC.

Pine Labs is a technology company focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions. Its advanced technology infrastructure helps to accelerate their digitization journey in India and a growing number of international markets including Malaysia, UAE, Singapore, Australia, the U.S. and Africa. Its ‘Digital Infrastructure and Transaction Platform’ comprises in-store and online payment infrastructure, affordability, value added services (VAS) such as dynamic currency conversion and transaction processing, and financial technology (FinTech) infrastructure solutions and software applications. Its ‘Issuing and Acquiring Platform’ comprises issuing, processing and distribution of prepaid solutions and engagement solutions, along with its unified issuing and acquirer processing platforms. Through its cloud-based software technology it helps digitize, simplify and make commerce more secure for its ecosystem of merchants, consumer brands and enterprises, and financial institutions, ultimately empowering them to serve consumers and enable consumption.

Its offerings enable multiple workflows for merchants, including digital payments, smooth integration with billing systems, rewards and loyalty program management, affordability for their end consumers, value-added services such as dynamic currency conversion, and digitizing their stores through business software applications. Consumer brands and enterprises use its Issuing solutions to offer prepaid cards for gifting, promotions, cashback, wallets, refunds, rewards, loyalty, company issued expense cards for their employees and employee and channel incentives. It is a technology partner for financial institutions enabling payments acceptance at merchant stores, enabling acquiring at merchant stores, and enabling credit disbursal through its affordability solutions. In addition, it offers issuing and acquiring solutions to financial institutions enabling issuance of credit cards, debit cards, prepaid cards and forex cards to consumers, and enabling merchant acquiring solutions.

Business area of the company

The company is a technology company focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions. Its advanced technology infrastructure helps to accelerate the digitization journey of its customers in India, Malaysia, UAE, Singapore, Australia, the U.S and Africa. It broadly categorizes its offerings into its ‘Digital Infrastructure and Transaction Platform’ and its ‘Issuing and Acquiring Platform’.

Services of the company

Digital infrastructure and transaction platform

In-store and online infrastructure
Affordability, Value-added services & Transaction processing
Fintech infrastructure

Issuing and acquiring platform

Awards and accreditations

2020: Qwikcilver was awarded ‘Best Prepaid Gift Card Solution’ and ‘Best Tech for Retail’ at the 10th India Digital Awards.
2022: Winner in the ‘Fintech category’ at Financial Express Best Banks Awards.
2022: Awarded in the ‘Fintech Payments’ category at India’s Best Banks Awards.
2023: Awarded ‘Best Customer Service Excellence Award Fintech/Neo Banks’ at the ETBFSI Excellence Awards.
2024: Awarded in the “Fintech Payments” category at India’s Best Banks Awards.

History and milestones

1998: Incorporated as Pine Labs Private Limited and started operations in India.
2005: Launched ‘Plutus’: A payment solution to accept credit and debit cards, which streamlines transactions and allows for equated monthly instalments, loyalty benefits and other promotions, India.
2013: Launched PayLater in India.
2014: Launched PinePerks (a part of PineLabs Prepaid): A customizable rewards and gifting solution platform, in India.
2017: Expanded its operations to Malaysia.
2019: Acquired Qwikcilver (a part of PineLabs Prepaid).
2020: Invested in Fave, and subsequently fully acquired Fave.
2021: Launched Plural (now Pine Labs Online), in India.
2022: Acquired QFix.
2022: Acquired Mosambee.
2022: Acquired Setu.
2023: Acquired Credit+.
2025: Merged with Pine Labs Singapore through the Scheme of Arrangement.

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Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
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Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
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SEBI Registration Number:	INA000013323 Validity – May 16, 2019 – Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
Address:	B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045
Compliance officer Details:	Name: Shrikant Jagtap Email: shrikant.jagtap@moneyworks4me.com Telephone: +919860359463 Address: Same as IA
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Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com Telephone: +91 91758 99463 Address: Same as IA
Standard Warning:	Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
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Pine Labs Ltd (PINELABS) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Pine Labs Share Price