PINELABS · NSE
Pine Labs Limited
₹192.04
+4.10% (+₹7.56)
Prev. close
₹184.48
Volume
6,68,08,323
Delivery %
46.9%
As of
18 Sept 2026
Price history
Nitin Aggarwal · Motilal Oswal Financial Services · 16 Sept 2026
“Bullish on Pine Labs, expecting a double-digit earnings impact from the new UPI MDR framework. While the benefit is relatively lower than Paytm's, the 40 bps MDR on eligible transactions above ₹2,000 is a positive development for payment intermediaries, creating a new revenue pool.”
Published mid-session at 12:29 IST. Tracking counts only prices printed after publication — the chart's dashed divider marks that moment; earlier prices never count toward entry or results.
Analyst sentiment
Analysts lean bullish
5 analyst stances · last 90 days · one per analyst
Trackable
3 · 2 bull / 1 neutral / 0 bear
Long-Horizon
none in window
Commentary
2 · 2 bull / 0 neutral / 0 bear
Trackable = verdict-bearing calls · Long-Horizon = 1yr+ horizon, verdict pending · Commentary = context, not graded
Analyst opinions
| Call | Analyst | Instrument | Verdict | Actions | |||
|---|---|---|---|---|---|---|---|
| “Retained a 'Neutral' recommendation on Pine Labs, but raised its price target to ₹190. MDR-related benefits are estimate…” | JPMorgan AnalysisJPMorgan | Pine Labs | PENDING | ||||
| “Bullish on Pine Labs, expecting a double-digit earnings impact from the new UPI MDR framework. While the benefit is rela…” | Nitin AggarwalMotilal Oswal Financial Services | Pine Labs | PENDING | ||||
“Bullish on Pine Labs, expecting a double-digit earnings impact from the new UPI MDR framework. While the benefit is relatively lower than Paytm's, the 40 bps MDR on eligible transactions above ₹2,000 is a positive development for payment intermediaries, creating a new revenue pool.” This call hasn't reached its evaluation window yet — the verdict will appear here once it's graded. | |||||||
| “Maintains a 'Buy' call on Pine Labs, increasing its target price to ₹230. The new UPI acquiring model, with its contract…” | Emkay Global Financial Services AnalysisEmkay Global Financial Services | Pine Labs | PENDING | ||||
| “Recommends buying Pine Labs for intraday trading at ₹169, targeting ₹178, with a stop loss at ₹165.” | Vaishali ParekhPrabhudas Lilladher | Pine Labs | PENDING | ||||
Market commentary · 3 · levels, conditionals, previews, macro & hedged views — context, not graded
| Call | Analyst | Instrument | Verdict | Actions |
|---|---|---|---|---|
| “Estimates Pine Labs' FY28 UPI MDR revenue at Rs 1.55 billion. The discounted value of this revenue stream could add Rs 5…” | Emkay Global Financial Services AnalysisEmkay Global Financial Services | Pine Labs | PENDING | |
| “Estimates Pine Labs could generate Rs 1.6 billion of incremental revenue from UPI MDR in FY28. This new revenue stream w…” | Jefferies AnalysisJefferies | Pine Labs | PENDING | |
| “Raised the target price for Pine Labs to ₹235 apiece. This adjustment reflects the positive impact of the new UPI MDR ch…” | Jefferies AnalysisJefferies | Pine Labs | PENDING |
Fundamentals
About Pine Labs Limited
Pine Labs Limited, a technology company, provides digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions in India and internationally. It operates through Digital Infrastructure and Transaction Platform, and Issuing and Acquiring Platform segments. The Digital Infrastructure and Transaction Platform segment provides technology platforms under the brand name of Pinelabs, Mosambee, Benow, Setu, Qfix, and Fave to merchants that enables acceptance of instore or online digital payments. These technology platforms and infrastructure allow merchants to accept debit cards, credit cards, prepaid instruments wallets, QR codes, unified payment interface (UPI), loyalty points, pay later, online fee collection, etc., as well as provide application programming interface (API) modules to customers for building financial products that facilitates bill payments, credit, and savings. It also engages in selling digital checkout points devices. The Issuing and Acquiring Platform segment provides a technology platform to issue, process, and distribute prepaid cards. It also monetizes by charging a processing fee from merchants who are utilizing the technology platform and in the case of distribution. The company was incorporated in 1998 and is based in Noida, India.
Details
Sector
Technology
Industry
Software - Infrastructure
CEO
Mr. Bairavarasu Amrish Rau
Headquarters
Noida
Employees
5,007
Website
pinelabs.comExchange
View on NSE ↗Key stats
Market cap
₹22,158.69 Cr
P/E ratio (TTM)
173.0
EPS (TTM)
₹1.11
Beta (1Y · daily vs NIFTY 50)
1.13
Shares float
79.46 Cr
EPS · quarter ended Jun 2026
₹0.17
Financial Performance
01 · Financials
FY23 growth needs FY22 filings, which the data source doesn't provide.
02 · Earnings Per Share (EPS)
04 · Operating Efficiency (Growth Rates)
Balance-sheet-based · pre-FY23 not filed in verifiable form
05 · Capital Structure & Asset Utilization
Pre-FY23 not filed in verifiable form
Asset turnover needs a prior year of assets — omitted for the earliest available year.
06 · Asset Base Composition
Pre-FY23 not filed in verifiable form
07 · Debt Level & Coverage
Pre-FY23 not filed in verifiable form
08 · Profit & Loss
Annual
| Line item | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ₹1,353.71 Cr | ₹1,433.12 Cr | ₹1,904.80 Cr | ₹2,396.23 Cr | |
| EBITDA | ₹60.34 Cr | ₹28.64 Cr | ₹230.22 Cr | ₹491.75 Cr |
| ₹-265.15 Cr | ₹-341.90 Cr | ₹-145.49 Cr | ₹112.51 Cr | |
| Diluted EPS | ₹-2.31 | ₹-2.98 | ₹-1.45 | ₹1.02 |
Total expenses (as filed), Employee benefit expense, Other expenses, Other income have filed figures for only some of the years shown — no further verified source covers the rest, so those years are left blank rather than estimated.
09 · Balance Sheet
Annual
| Line item | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ₹9,363.21 Cr | ₹9,648.56 Cr | ₹10,715.73 Cr | ₹13,296.96 Cr | |
| ₹438.18 Cr | ₹654.17 Cr | ₹970.40 Cr | ₹440.65 Cr | |
| Stockholders' equity | ₹3,738.98 Cr | ₹3,541.93 Cr | ₹3,506.15 Cr | ₹5,895.41 Cr |
CWIP, Others have filed figures for only some of the years shown — no further verified source covers the rest, so those years are left blank rather than estimated.
Annual only — the data source doesn’t publish quarterly balance-sheet detail for most NSE-listed companies.
10 · Cash Flow Statement
Annual
| Line item | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ₹-152.36 Cr | ₹-229.01 Cr | ₹49.72 Cr | ₹395.39 Cr | |
| Investing cash flow | ₹-370.84 Cr | ₹45.04 Cr | ₹-159.15 Cr | ₹-1,338.87 Cr |
| ₹2.34 Cr | ₹-219.51 Cr | ₹-201.09 Cr | ₹1,972.17 Cr | |
| Capital expenditure | ₹-366.68 Cr | ₹-266.39 Cr | ₹-150.24 Cr | ₹-238.38 Cr |
| End cash position | ₹955.96 Cr | ₹555.62 Cr | ₹245.21 Cr | ₹1,273.91 Cr |
Dividends paid has filed figures for only some of the years shown — no further verified source covers the rest, so those years are left blank rather than estimated.
Annual only — the data source has no quarterly cash-flow-statement coverage.
11 · Shareholding Pattern
NSE, quarterly
| Line item | Nov 25–Jun 26(4Q) |
|---|---|
| Promoter | 0.00% |
| Public | 100.00% |
| Employee trusts | 0.00% |
Source: NSE quarterly shareholding-pattern filings, collapsed to periods where the reported percentages held steady — a column spanning several quarters means no change was filed across them. No FII/DII sub-split available from this source — Public includes all non-promoter, non-employee-trust holders.
12 · Peer Comparison
Technology
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| Tata Consultancy Services Limited | ₹7.92 L Cr | ₹2,105 | 15.9 | 7.39 | 45.9% | 0.11 | +4.6% | -33.7% |
| Infosys Limited | ₹4.20 L Cr | ₹1,037.7 | 13.5 | — | 33.9% | 0.10 | +4.6% | -31.2% |
| HCL Technologies Limited | ₹3.40 L Cr | ₹1,249.3 | 19.5 | 4.53 | 22.1% | 0.07 | +11.2% | -16.4% |
| Wipro Limited | ₹1.65 L Cr | ₹166.4 | 13.5 | 1.86 | 14.9% | 0.23 | +4.0% | -34.5% |
| Tech Mahindra Limited | ₹1.38 L Cr | ₹1,537.1 | 27.0 | 4.67 | 16.2% | 0.07 | +7.2% | -0.9% |
| LTM Limited | ₹1.26 L Cr | ₹4,275.1 | 24.2 | 5.26 | 20.9% | 0.10 | +11.3% | — |
| One 97 Communications Limited | ₹1.13 L Cr | ₹1,849.9 | 175.9 | 7.05 | 3.5% | 0.01 | +21.5% | +50.5% |
| LG Electronics India Limited | ₹1.11 L Cr | ₹1,652.9 | 60.6 | 14.42 | 22.0% | 0.06 | +1.3% | — |
| Oracle Financial Services Software Limited | ₹1.01 L Cr | ₹11,896 | 29.7 | 12.93 | 33.7% | 0.00 | +12.1% | +29.7% |
| Persistent Systems Limited | ₹85,505.25 Cr | ₹5,416 | 44.7 | 10.91 | 23.8% | 0.06 | +23.5% | -2.7% |
| Dixon Technologies (India) Limited | ₹80,805.72 Cr | ₹13,005 | 43.3 | 17.28 | 30.8% | 0.21 | +25.8% | -29.1% |
| Pine Labs Limited | ₹21,428.30 Cr | ₹184.48 | 168.8 | 3.63 | 1.9% | 0.07 | +25.8% | — |
Ranked by market cap within Technology, same metrics as the Fundamentals screener. Click a column to sort.
Documents
IPO documents
Annual reports
Concall transcripts
Official documents linked from their sources — offer documents as filed with SEBI (sebi.gov.in), annual reports and earnings-call transcripts as published on BSE (bseindia.com) and NSE (nseindia.com). Links open the source's own hosting; nothing is re-hosted here.
Index membership
26 indices
NSE weights are a free-float market-cap-share estimate, not NSE’s own published (and sometimes capped) index weight. BSE weights are BSE’s own published index weight, not an estimate. Indices without weight data are listed without one, in alphabetical order after the weighted ones.