Pine Labs PINELABS
Merchant payments and card-machine leader for large retailers and brands, with EMI and issuing software; listed Nov 2025
Mapped in 1 theme: Consumer Internet.
Where Pine Labs sits in the supply chain
Pine Labs appears in 1 supply-chain layer in one theme, Consumer Internet.
Consumer Internet › Payments & consumer fintech
OperatorOther companies in this layer
Revenue and profit
| ₹ Cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 932 | 1,598 | 1,770 | 2,274 | 2,711 |
| Net profit | −23 | −265 | −342 | −145 | 113 |
Latest-year revenue ₹2,711 Cr (FY26, company-wide).
Strengths
- Leader in point-of-sale EMI for brands (electronics, appliances) - earns from brands and banks, not just per swipe
- Growing issuing and gift-card software (Qwikcilver) in India and abroad
Risks
- Card-machine business faces UPI QR substitution
- Turned profitable only recently; acquisition-heavy history
Common questions
What does Pine Labs do?
Merchant payments and card-machine leader for large retailers and brands, with EMI and issuing software; listed Nov 2025.
Where does Pine Labs sit in the supply chain?
Pine Labs (NSE: PINELABS) is mapped in 1 supply-chain layer: Payments & consumer fintech (Consumer Internet).
Who are Pine Labs' peers?
In the Payments & consumer fintech layer of Consumer Internet: One 97 Communications (Paytm), PhonePe (not NSE-listed), One MobiKwik Systems, Razorpay (not NSE-listed) and Flipkart (not NSE-listed).
What is Pine Labs' market cap and valuation?
As of 6 Nov 2026: market cap ₹18,757 Cr, P/E 116.0x, ROCE 4.2%, ROE 2.5%, dividend yield 0%.