MarketFriction

Pine Labs Ltd

NSE PINELABS · BSE 544606 · Financial Technology (Fintech)
₹167.59 -2.44%
NSE close2026-10-01
52 week range134.73 - 284.00
Market cap₹19,810 Cr.
P/E153
IPO 2025 · -24% since Nifty 500Nifty Smallcap 100Smallcap 250 Price band 20% Delivery 28.1%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales552602599616650744701737
Expenses519525542571575612594642
Operating Profit327757457513210695
OPM %6%13%9%7%12%18%15%13%
Other Income22-30123723235029
Interest1822222121241713
Depreciation7576696566687173
Profit before tax-38-51-22-511636838
Tax %-16%11%30%-199%47%32%13%48%
Net Profit-32-57-2956425920
EPS in Rs-0.38-0.67-0.340.110.130.370.520.17
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8486709321,5981,7702,2742,7112,832
Expenses7605608201,5921,7942,0562,3522,423
Operating Profit871101125-25218358409
OPM %10%16%12%0.3%-1.4%10%13%14%
Other Income181325565516133125
Interest1822243664798476
Depreciation155175189315363292270278
Profit before tax-68-74-75-289-398-136137180
Tax %-30%-25%-70%-8%-14%7%18%
Net Profit-47-56-23-265-342-145113127
EPS in Rs-3.95-4.34-1.67-18.99-4.07-1.730.981.19
Dividend Payout %0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%32%19%20%
Compounded Profit Growth%32%36%262%
Stock Price CAGR%%%%
Return on Equity%-4%-3%2%
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1213140.020.100.10115
Reserves1,0351,1781,9003,6643,4663,4315,781
Borrowings1761912365147301,046441
Other Liabilities2,2253,1854,1115,1415,4226,2226,952
Total Liabilities3,4484,5676,2609,3189,61810,69813,288
Fixed Assets1,0179801,0192,1031,9201,8251,856
CWIP5248122269222160148
Investments40345018213028
Other Assets2,3383,5055,0706,9287,4558,68311,256
Total Assets3,4484,5676,2609,3189,61810,69813,288
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity11111-79-152-22950395
Cash from Investing Activity112-260-443-441-22-486-2,045
Cash from Financing Activity1,4318231,6442-220-2011,972
Net Cash Flow1,5546741,122-591-471-637322
Free Cash Flow-156-54-407-517-486-99161
CFO/OP86%114%-25%-1,258%872%5%112%
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days92196116135134136140
Inventory Days523134653832
Days Payable1441,3451,233908693382
Cash Conversion Cycle-47-1,126116-964-708-519-210
Working Capital Days-722-1,252-1,255-813-807-762-609
ROCE %-4%-3%-7%-8%-0%4%
Dec 2025Mar 2026Jun 2026
FIIs5.23%4.80%9.49%
DIIs11.26%11.81%24.82%
Public83.51%83.39%65.68%
No. of Shareholders1,27,7921,17,5511,78,120

Fundamentals

Market Cap₹ 19,810 Cr.
Current Price₹ 172
Stock P/E153
Book Value₹ 51.3
ROCE4.15 %
ROE2.46 %
Dividend Yield0.00 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)20%
Compounded Profit Growth (TTM)262%
Consolidated figures.
Valuation
Market capRs 19,352 Cr
Enterprise valueRs 14,746 Cr
P/E (TTM)798.37x
Price to book5.28x
Price to sales7.42x
EV / EBITDA36.52x
EV / EBIT108.94x
EV / sales5.65x
Earnings yield0.13%
Profitability
Operating margin (excl. other income)0.34%
Operating margin (incl. other income)3.84%
EBITDA margin15.48%
Pre-tax margin1.79%
Net profit margin0.93%
Net margin, latest quarter5.70%
ROE-9.51%
ROCE-8.02%
ROA-3.40%
ROE, 3-year average-5.32%
ROCE, 3-year average-4.96%
ROA, 3-year average-1.74%
Tax rate8.40%
Other income / net worth1.53%
Growth
Sales growth (latest year)71.36%
Sales CAGR, 3 years23.52%
Sales growth QoQ14.52%
Profit growth QoQ610.05%
Sales growth YoY (latest quarter)23.71%
Per share
EPS (TTM)Rs 0.21
EPS (latest year)Rs -16,623.72
EPS (latest quarter)Rs 0.37
EPS, 3-year averageRs -5,543.24
Book value per shareRs 31.73
Sales per shareRs 22.59
Cash flow per shareRs -1.32
Free cash flow per shareRs 1.39
Efficiency
Asset turnover0.17x
Fixed asset turnover0.76x
Inventory turnover8.16x
Inventory days45 days
Debtor days135 days
Debtors turnover2.71x
Creditor days382 days
Cash conversion cycle-210 days
Working capital days-609 days
Leverage
Total debtRs 514 Cr
Cash and bankRs 5,120 Cr
Net debtRs -4,607 Cr
Debt to equity0.14x
Net debt / EBITDA-11.41x
Interest coverage1.53x
Current ratio (filing 2026-03-31)1.52x
Quick ratio (filing 2026-03-31)1.51x
Trade payables (filing 2026-03-31)Rs 383 Cr
Owners' fund to total sources39.32%
Debt to assets5.51%
Cash flow
Cash from Operating Activity (latest year)Rs -152 Cr
Cash from Investing Activity (latest year)Rs -441 Cr
Cash from Financing Activity (latest year)Rs 2 Cr
Net Cash Flow (latest year)Rs -591 Cr
Free cash flow (latest year)Rs 161 Cr
FCFE (approx.: FCF + change in debt)Rs 438 Cr
Statement figures
Net sales (TTM)Rs 2,609 Cr
Net sales (latest year)Rs 1,598 Cr
Sales (latest quarter)Rs 744 Cr
Operating profit excl. other income (latest year)Rs 5 Cr
Operating profit (latest quarter)Rs 132 Cr
Other income (TTM)Rs 95 Cr
EBITDA (TTM)Rs 404 Cr
PBDT (TTM)Rs 315 Cr
Profit before tax (TTM)Rs 47 Cr
Tax (latest year)Rs -24 Cr
Net profit (TTM)Rs 24 Cr
Net profit (latest year)Rs -265 Cr
Net profit (latest quarter)Rs 42 Cr
Depreciation (TTM)Rs 268 Cr
Depreciation (latest quarter)Rs 68 Cr
Interest (TTM)Rs 89 Cr
Cost of goods sold (latest year)Rs 325 Cr
Total expenditure (latest year)Rs 1,592 Cr
Total income (latest year)Rs 1,654 Cr
Share capitalRs 0 Cr
ReservesRs 3,664 Cr
Shareholders' fundsRs 3,664 Cr
Total assetsRs 9,318 Cr
Net blockRs 2,103 Cr
Capital work in progressRs 269 Cr
InvestmentsRs 18 Cr
ReceivablesRs 589 Cr
InventoryRs 40 Cr
Other liabilitiesRs 5,141 Cr
Shares outstanding (crore)115.47
Computed by MarketFriction from the consolidated statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
PeriodPINELABSNifty 50Difference
1 week-6.5%-2.8% -3.8 pts
1 month+4.8%-6.8% +11.6 pts
3 months+7.3%-7.6% +15.0 pts
6 months+7.3%+0.4% +6.9 pts
107 mutual fund schemes hold about ₹4,089 Cr. Over three months 28 bought more and 61 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Small Cap Fund2.41%1,027 +50%
Franklin India Small Cap Fund2.60%384 +23%
Nippon India Small Cap Fund0.32%266 -7%
Franklin India Flexi Cap Fund1.10%214 -3%
Axis Small Cap Fund0.63%199 -9%
SBI Flexicap Fund0.79%184 -5%
SBI Multi Asset Allocation Fund(A0.65%136 -10%
Nippon India Banking & Financial Services Fund1.60%126 +6%
ICICI Pru Technology Fund0.71%97 -10%
Aditya Birla SL Large Cap Fund0.32%95 -5%
JM Flexi Cap Fund1.78%93 +57%
Nippon India Balanced Advantage Fund0.82%81 +100%
HSBC Small Cap Fund0.42%80 -9%
Franklin India ELSS Tax Saver Fund1.28%80 -3%
SBI Innovative Opportunities Fund1.49%78 -9%
SBI Banking & Financial Services Fund0.59%64 -3%
Edelweiss Mid Cap Fund0.30%61 +100%
HSBC ELSS Tax saver Fund1.30%55 +16%
Mirae Asset Aggressive Hybrid Fund0.48%46 -4%
HSBC Aggressive Hybrid Fund0.77%45 -6%
Tata Digital India Fund0.41%42 -13%
Tata Balanced Adv Fund0.46%40 +1%
Mirae Asset Small Cap Fund0.69%39 +32%
Bandhan Small Cap Fund0.11%37 +124%
Tata Multi Asset Allocation Fund0.66%34 -4%

Red flags

F-score 2 of 8
explainReceivables outrunning sales Receivables grew 99% vs sales +71% in 2026
explainDebt up, profit down Borrowings up 117% while net profit fell in 2026
lookRepeated losses Net loss in each of the last two years
lookRegulator order or action Regulator order or action 2026-02-05: Pine Labs Limited has informed the Exchange about Action(s) taken or orders passed
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2025-12-31Shankar Balan-sell29,117Rs 0.70 CrMarket Sale
2025-12-31Anand Kuppuswamy-sell95,000Rs 2.25 CrMarket Sale
2025-12-31Saurabh Sharma-sell8,995Rs 0.21 CrMarket Sale
2025-12-26Shankar Balan-sell8,263Rs 0.20 CrMarket Sale
2025-12-24Shankar Balan-sell41,000Rs 0.98 CrMarket Sale
2025-12-24Sami Afsar-sell17,000Rs 0.41 CrMarket Sale
2025-12-24K N Kailash-sell2,200Rs 0.05 CrMarket Sale
2025-12-23Saurabh Sharma-sell8,494Rs 0.20 CrMarket Sale
2025-12-23Shankar Balan-sell8,500Rs 0.20 CrMarket Sale
2025-12-23K N Kailash-sell7,654Rs 0.18 CrMarket Sale
2025-12-22Swarnendu Mukherjee-sell26,021Rs 0.63 CrMarket Sale
2025-12-22Swarnendu Mukherjee-other100,616Rs 7.11 Cr-
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹737 Cr +19.6% vs Jun 2025. Net profit ₹20 Cr +300.0%.

Activity

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No bulk or block deals on record.
No corporate actions on record.
DateTypeWhat it says
2026-09-29Press ReleaseA press release dated September 29, 2026, titled "Pine Labs extends five-year technology partnership with Woolworths Group".
2026-09-24Press ReleaseA press release dated September 24, 2026, titled "Pine Labs and Google Cloud Collaborate to Advance Agentic Commerce in India".
2026-09-24Press ReleaseA press release dated September 24, 2026, titled "Pine Labs to Deploy 10 Lakh Soundboxes Across India to Power Digital Commerce".
2026-09-22ESOPAllotment of 890722 Shares.
2026-09-18Shareholder meetingVoting results.
2026-09-16Shareholder meetingProceedings of Annual General Meeting held on September 16, 2026
2026-09-02Press ReleaseA press release dated September 02, 2026, titled "Pine Labs Appoints Jayaram Karthik as Chief Operations Officer".
2026-08-25UpdatesCommunication to shareholders for weblink of the Annual Report for the FY 2025-26.
2026-08-21UpdatesAnnual Report pursuant to Regulation 34(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
2026-08-21Shareholder meetingNotice of Annual General Meeting to be held on September 16, 2026
2026-08-19UpdatesIntimation of 28th Annual General Meeting of the Company.
2026-08-10ESOPGrant of 1588789 Options.
2026-08-03Concall / analyst meetTranscript
2026-07-29Concall / analyst meetLink of Recording
2026-07-28Monitoring Agency ReportMonitoring Agency Report for the quarter ended June 30, 2026
2026-07-28Press ReleaseA press release dated July 28, 2026, titled "Q1 FY27 Performance".
2026-07-28Investor PresentationInvestor Presentation
2026-07-28Board meeting outcomePine Labs Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-17ResignationResignation of Director/KMP/SMP
2026-07-17ResignationResignation of Anand Raisinghani as Other of the company w.e.f. July 17, 2026.
2026-06-29AcquisitionAcquisition
2026-06-29Concall / analyst meetSchedule of meet
2026-06-25ESOPAllotment of 5581713 Shares.
2026-06-19ESOPGrant of 2610989 Options.
2026-06-16Rumour Verification - RegulaRumour Verification - Regulation 30(11)
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Pine Labs Ltd?

Pine Labs Ltd (PINELABS) has a market capitalisation of Rs 19,810 Cr. at the 2026-10-01 close.

What is the P/E ratio of Pine Labs Ltd?

Pine Labs Ltd trades at a P/E of 153 on trailing twelve-month profit, at the 2026-10-01 close.

What were Pine Labs Ltd's latest quarterly results?

In the Jun 2026 quarter, Pine Labs Ltd sales was Rs 737 Cr (+19.6% vs Jun 2025) and net profit was Rs 20 Cr.

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

The 52-week high is Rs 284.00 and the 52-week low is Rs 134.73.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03