Pine Labs Limited Q4 FY26 and Full Year FY26 Financial Results

Financial Performance Highlights

Standalone Results (Amounts in INR crores)

Quarter Ended March 31, 2026:

  • Revenue from operations: ₹515.42
  • Total income: ₹572.23
  • Profit before tax: ₹89.84
  • Profit for the period: ₹67.29
  • Basic EPS: ₹0.59
  • Diluted EPS: ₹0.58

Year Ended March 31, 2026:

  • Revenue from operations: ₹1,926.09
  • Total income: ₹2,098.38
  • Profit before tax: ₹178.77
  • Profit for the year: ₹149.88
  • Basic EPS: ₹1.39
  • Diluted EPS: ₹1.36
Consolidated Results (Amounts in INR crores)

Quarter Ended March 31, 2026:

  • Revenue from operations: ₹700.51
  • Total income: ₹741.44
  • Profit before tax: ₹68.41
  • Profit for the period: ₹59.36
  • Basic EPS: ₹0.52
  • Diluted EPS: ₹0.51

Year Ended March 31, 2026:

  • Revenue from operations: ₹2,710.59
  • Total income: ₹2,847.15
  • Profit before tax: ₹137.28
  • Profit for the year: ₹112.51
  • Basic EPS: ₹1.05
  • Diluted EPS: ₹1.02

Key Financial Metrics

  • Gross Transaction Value processed: $194 billion in FY26, growing 50% YoY
  • UPI volumes accelerated 68%
  • Platform enabled over 20 million daily transactions
  • Operating cash flows: ₹395.39 crores for FY26 (consolidated)
  • Adjusted EBITDA: ₹559 crores, growing 57% YoY
  • EBITDA margins expanded from 16% to 21% (FY26 vs FY25)

Segment Performance

The Group has two reportable segments:

1. Digital infrastructure and transaction platform: Revenue ₹1,836.82 crores (FY26)

2. Issuing and acquiring platform: Revenue ₹873.77 crores (FY26)

Capital Structure and IPO Details

  • Paid-up equity share capital: ₹114.83 crores (face value ₹1 per share)
  • Completed IPO in Q3 FY26 (December 2025) comprising:
  • Fresh issue: 9,41,29,524 equity shares aggregating ₹2,080.00 crores
  • Offer for sale: 8,23,48,779 equity shares by existing shareholders aggregating ₹1,819.91 crores
  • IPO proceeds utilization as of March 31, 2026: ₹797.28 crores out of ₹2,080.00 crores
  • Expected to utilize remaining proceeds by end of FY 2027-2028

Exceptional Items

  • FY25 included impairment of goodwill (₹28.46 crores) and intangibles (₹8.12 crores) from Consumer App business acquisition
  • New Labour Codes impact: One-time provision reversal of ₹8.93 crores (consolidated) and ₹8.52 crores (standalone) in Q4 FY26

Corporate Actions and Developments

Acquisitions

1. Agya Technologies Private Limited (February 21, 2026):

  • Acquired additional 74.60% equity interest, increasing total holding from 25.40% to 100%
  • Company engaged in NBFC-AA (Account Aggregator) business
  • Fair value remeasurement loss of ₹4.79 crores recognized

2. Shopflo Technologies Private Limited (Post-reporting date - April 25, 2026):

  • Signed Share Purchase Agreement to acquire 100% equity stake for cash consideration of ₹88.00 crores
  • Subject to fulfillment of precedent conditions
  • Shopflo engaged in direct-to-consumer Checkout Platform and e-commerce enablement services
Employee Stock Options
  • Pine Labs Employee Stock Option Plan 2025: 2,55,54,679 options granted, 13,41,880 options forfeited/expired, 2,75,56,978 options exercised during FY26
Scheme of Arrangement
  • Merger with Erstwhile Pine Labs Limited, Singapore effective June 6, 2025
  • Financial results prepared giving retrospective effect from April 1, 2024

International Expansion

  • International business contributes approximately 15% of total revenue (up from 9% three years ago)
  • FY26 international revenue crossed ₹400 crores
  • Operations across 22 countries including Southeast Asia, Middle East, and United States
  • Key partnerships: GCash (Philippines), Wio Bank (UAE), Emirates NBD (Saudi Arabia and Egypt)

Technology and AI Initiatives

  • 89% of code changes contributed by AI agents
  • SignallQ product live with banks and fintechs for credit underwriting using UPI transaction data
  • Partnership with OpenAI for agentic commerce solutions
  • Agentic Commerce Suite live on ChatGPT

Subsequent Events

  • Shopflo Technologies acquisition announcement (April 25, 2026)
  • Continued monitoring of Central/State Rules implementation for New Labour Codes

Financial Position (Consolidated as at March 31, 2026)

  • Total assets: ₹13,396.56 crores
  • Total equity: ₹589.541 crores
  • Cash and cash equivalents: ₹1,273.91 crores
  • Borrowings: ₹282.87 crores (current) + ₹0.58 crores (non-current)

Auditor Information

  • Statutory Auditor: BSR & Co. LLP (Firm Registration No.: 101248W/W-100022)
  • Auditor's Report Date: May 25, 2026
  • Unmodified opinion on both standalone and consolidated financial results