Key Metrics 
Check Before You Invest 
10 Yrs X-Ray 
Valuation 
Analyst Note 
Qtr. Results 
Financials 
News 
About
Pine Labs Ltd (PINELABS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544606 NSE: PINELABS Fintech | Small Cap | Pine Labs Share Price
₹197.65 24.55 (14.18%)
As on 11-Sep'26 14:41
Pine Labs Ltd (PINELABS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544606 NSE: PINELABS Fintech | Small Cap | Pine Labs Share Price
₹197.65 24.55 (14.18%)
As on 11-Sep'26 14:41
Key Metrics
Valuation Multiples
Market Cap
₹19,973 Cr.
Current Price
₹197.7
52-Week Low / High
₹135 / 284
TTM EPS
₹1.1
TTM Sales
₹2,832 Cr.
Book Value per Share
₹51.3
P/E Ratio
156.91
Higher than its 5-year historical median
Industry PE
113.7
Price to Book (P/B)
3.38
Higher than its 5-year historical median
Price to Sales (P/S)
7.05
Lower than its 5-year historical median
EV/EBITDA
22.40
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
2.42%
Outperforms industry median
Return on Capital Employed (ROCE)
4.21%
Underperforms industry median
Return on Assets (ROA)
0.95%
Operating Profit Margin
13.4%
Net Profit Margin
4.15%
Gross Profit Margin
15.2%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
20.58%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
64.34%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
0.00%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹5,800 Cr.
Equity
₹115.4 Cr.
Face Value
₹1
All Time Low / High
₹134.75 / 283.70
Check Before You Invest
Quality
Not GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Strong
Is Pine Labs Ltd a good quality company?
Pine Labs Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Pine Labs Ltd performance compare with that of its Peers?
Revenue growth of Pine Labs Ltd vs industry peers?
Pine Labs Ltd revenue CAGR is 24.27%, compared to the industry median CAGR of 9.36%, indicating faster growth and gaining its market share.
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.
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.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Pine Labs Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 3.7% | -5.8% | -3.1% | -3.8% | -4% | -2.9% | -1.7% | -7.3% | 3% | 4.4% | - |
| Value Creation Index ⓘ | -0.7 | -1.4 | -1.2 | -1.3 | -1.3 | -1.2 | -1.1 | -1.5 | -0.8 | -0.6 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 191 | 332 | 492 | 664 | 650 | 932 | 1,281 | 1,333 | 1,597 | 1,926 | 2,034 |
| Sales YoY Gr. | - | 73.8% | 48% | 35.1% | -2.2% | 43.4% | 37.4% | 4.1% | 19.8% | 20.6% | - |
| Adj EPS ⓘ | 0.1 | -0.1 | -0.2 | -0.4 | -0.7 | -0.3 | -0.5 | -2.2 | 48.6 | 1.3 | 1.4 |
| YoY Gr. | - | -171.4% | NA | NA | NA | NA | NA | NA | NA | -97.3% | - |
| BVPS (₹) ⓘ | 3.2 | 4.2 | 5.1 | 14.8 | 15.4 | 21.7 | 26.1 | 24.3 | 38,362.5 | 55.4 | 55.5 |
| Adj Net Profit ⓘ | 3.6 | -2.6 | -12.5 | -31.3 | -56.6 | -21.5 | -42.8 | -184 | 4.7 | 150 | 165 |
| Cash Flow from Ops. ⓘ | 20.9 | 111 | 81 | 99.7 | 109 | -78.9 | -38 | -34 | 11.2 | 490 | - |
| Debt/CF from Ops. ⓘ | 0.7 | 0.4 | 0.9 | 1.5 | 1.8 | -3 | -8.1 | -14 | 65.5 | 0.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 29.3% | 24.3% | 14.6% | 20.6% | ||||
| Adj EPS ⓘ | 38.5% | NA | NA | -97.3% | ||||
| BVPSⓘ | 37.5% | 29.1% | 28.5% | -99.9% | ||||
| Share Price | - | - | - | - | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 2.6 | -1.3 | -4.9 | -4.7 | -5 | -1.4 | -2.1 | -8.7 | 0.2 | 2.9 | 2.6 |
| Op. Profit Mgn % ⓘ | 18.5 | 12.4 | 10.8 | 9.1 | 15 | 12.4 | 13.6 | 3.6 | 10.6 | 14.1 | 15.2 |
| Net Profit Mgn % ⓘ | 1.9 | -0.8 | -2.5 | -4.7 | -8.7 | -2.3 | -3.3 | -13.8 | 0.3 | 7.8 | 8.1 |
| Debt to Equity ⓘ | 0.1 | 0.2 | 0.3 | 0.1 | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0 | - |
| Working Cap Days ⓘ | 169 | 149 | 148 | 158 | 349 | 413 | 386 | 438 | 449 | 446 | 885 |
| Cash Conv. Cycle ⓘ | 57 | 74 | 60 | 37 | 55 | 19 | 1 | -2 | -19 | 31 | 216 |
Valuation of Pine Labs - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|
| Sales | 843 | 650 | 934 | 1,598 | 1,770 | 2,274 | 2,711 |
| Operating Expenses ⓘ + | 761 | 560 | 820 | 1,594 | 1,794 | 2,056 | 2,352 |
| Operating Profit ⓘ | 82 | 90 | 114 | 4 | -25 | 218 | 358 |
| Operating Profit Margin (%) | 9.7% | 13.8% | 12.2% | 0.2% | -1.4% | 9.6% | 13.2% |
| Other Income ⓘ + | 23 | 33 | 24 | 94 | 55 | 53 | 137 |
| Interest ⓘ | 18 | 22 | 24 | 36 | 64 | 79 | 84 |
| Depreciation ⓘ | 155 | 175 | 189 | 315 | 363 | 292 | 270 |
| Profit Before Tax ⓘ | -68 | -74 | -75 | -289 | -398 | -136 | 137 |
| Tax ⓘ | -21 | -18 | -52 | -24 | -56 | 9 | 25 |
| Profit After Tax | -47 | -56 | -23 | -265 | -342 | -145 | 113 |
| PAT Margin (%) | -5.6% | -8.6% | -2.4% | -16.6% | -19.3% | -6.4% | 4.2% |
| Adjusted EPS (₹) | -0.7 | -0.7 | -0.3 | -2,761.9 | -3,561.5 | -1,454.9 | 1.0 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 1,047 | 1,191 | 1,760 | 3,349 | 3,056 | 3,404 | 5,895 | ||||
| Debt + | 127 | 191 | 236 | 330 | 533 | 829 | 283 | ||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Trade Payables | 103 | 208 | 193 | 368 | 390 | 542 | 383 | ||||
| Others Liabilities ⓘ | 2,169 | 2,940 | 3,984 | 5,205 | 5,509 | 5,800 | 6,607 | ||||
| Total Liabilities ⓘ | 3,447 | 4,530 | 6,174 | 9,252 | 9,487 | 10,575 | 13,169 | ||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 1,017 | 980 | 1,019 | 2,112 | 1,966 | 1,825 | 1,860 | ||||
| CWIP ⓘ | 52 | 48 | 122 | 269 | 222 | 160 | 148 | ||||
| Investments ⓘ | 40 | 34 | 50 | 18 | 21 | 30 | 28 | ||||
| Inventories | 3 | 4 | 12 | 40 | 28 | 30 | 32 | ||||
| Trade Receivables | 214 | 360 | 300 | 589 | 652 | 845 | 1,042 | ||||
Cash Equivalents 
ⓘ
| 1,770 | 2,563 | 3,779 | 5,120 | 5,235 | 6,033 | 8,226 | ||||
| Others Assets ⓘ | 350 | 541 | 894 | 1,104 | 1,364 | 1,651 | 1,832 | ||||
| Total Assets ⓘ | 3,447 | 4,530 | 6,174 | 9,252 | 9,487 | 10,575 | 13,169 | ||||
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 11 | 111 | -68 | -152 | -229 | 50 | 395 |
| Cash Flow From Investing Activity ⓘ + | 112 | -260 | -446 | -371 | 45 | -159 | -1,339 |
| Cash Flow From Financing Activity ⓘ + | 1,431 | 823 | 726 | 2 | -220 | -201 | 1,972 |
| Net Cash Flow ⓘ | 1,554 | 674 | 212 | -521 | -403 | -311 | 1,029 |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -4.51 | -4.99 | -1.53 | -10.38 | -10.68 | -4.5 | 2.42 | |||
| ROCE (%) | -4.08 | -3.9 | -2.88 | -8.16 | -8.18 | -1.37 | 4.21 | |||
| Asset Turnover Ratio | 0.24 | 0.16 | 0.17 | 0.21 | 0.19 | 0.23 | 0.23 | |||
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | N/A | 3.5 | |||
| Working Capital Days | ||||||||||
| Receivable Days | 92.70 | 161.20 | 128.90 | 101.50 | 128 | 120.10 | 127.10 | |||
| Inventory Days | 1.40 | 1.90 | 3 | 5.90 | 7 | 4.70 | 4.20 | |||
| Payable Days | 143.90 | 1,007 | 2,656.30 | 939.40 | 882.80 | 595.80 | 460.60 | |||
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
Pine Labs Ltd FAQs
The current trading price of Pine Labs on 11-Sep-2026 14:41 is ₹197.7.
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 10-Sep-2026 the market cap of Pine Labs stood at ₹19,973.3 Cr
The latest P/E ratio of Pine Labs as of 10-Sep-2026 is 120.8.
The latest P/B ratio of Pine Labs as of 10-Sep-2026 is 3.12.
The 52-week high of Pine Labs is ₹283.7 and the 52-week low is ₹134.8.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Pine Labs is ₹2,034 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Pine Labs Ltd is a below average quality company.
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.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Pine Labs Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
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.
You have 48 views remaining as a Guest User. To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login Now
