Pine Labs Ltd. reported a net profit of Rs 113 crore for FY26, marking a turnaround after three consecutive years of losses, while also introducing what it described as India’s first agentic AI payments protocol.
The company disclosed its audited financial results and operational update under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.
Shares of Pine Labs traded at Rs 151, compared with the previous close of Rs 153.59. The stock touched an intraday high of Rs 156.65 and a low of Rs 146.50.
The company has a market capitalization of Rs 17,339 crore and trades at a price-to-earnings ratio of 151.
Returns to profitability
Pine Labs reported a profit after tax of Rs 113 crore in FY26.
That compares with losses of:
- Rs 145 crore in FY25
- Rs 342 crore in FY24
- Rs 265 crore in FY23
Revenue increased 19.2 percent year-on-year to Rs 2,711 crore.
Adjusted EBITDA rose to Rs 569 crore, from Rs 357 crore a year earlier.
EBITDA margin improved to 21 percent, compared with 16 percent in FY25.
Cash flow improves
Operating cash flow rose to Rs 395 crore, representing about 71 percent of EBITDA.
The company generated:
- Free cash flow of Rs 167 crore
According to Pine Labs, stronger cash generation reflects improved operational efficiency and a more sustainable earnings profile.
Shift towards software-led revenues
The company continued reducing its dependence on lower-margin hardware businesses.
Infrastructure-related businesses accounted for:
- 29 percent of revenue in FY26
- 40 percent in FY23
Meanwhile, higher-margin businesses, including:
- Merchant financing
- EMI processing
- Software offerings
contributed 66 percent of revenue, up from 58 percent in FY23.
Cost controls support margins
Pine Labs also reported improvements in operating efficiency.
Key metrics included:
- Corporate indirect expenses fell to 55 percent of revenue, from 68 percent in FY24.
- Employee costs excluding ESOP expenses remained at 10 percent of revenue.
- ESOP expenses declined to 5 percent.
Transaction scale expands
The company reported strong growth in transaction volumes and merchant reach.
FY26 operating metrics
- Gross Transaction Value (GTV): $194 billion
- Transactions processed: 740 crore
- Merchants onboarded: More than 11 lakh
- Checkout points: 20.3 lakh
Large fuel-retail contracts secured
Pine Labs won contracts from:
- Indian Oil Corporation (IOCL)
- Bharat Petroleum Corporation (BPCL)
- Hindustan Petroleum Corporation (HPCL)
The agreements cover more than 50,000 outlets.
The company expects these partnerships to generate monthly GTV of Rs 7,000 crore by FY27.
Pine Labs also reported:
- Three-fold growth in mid-market merchant additions.
- Six-fold growth in UPI GTV.
Balance sheet strengthens
The company improved its liquidity position during FY26.
Balance sheet highlights
- Cash reserves increased to Rs 2,732 crore.
- Borrowings declined to Rs 283 crore.
- Net cash position stood at Rs 2,449 crore.
- Shareholders’ equity rose 68 percent to Rs 5,895 crore.
Agentic AI payments platform introduced
Pine Labs unveiled a new payments architecture under its Grantex programmable consent framework.
The platform is designed to enable transactions between autonomous AI agents operating within predefined spending limits.
According to the company, the technology is aimed at supporting machine-to-machine commerce and expanding into emerging AI-driven payment ecosystems.
About the company
Pine Labs Ltd. provides payment and commerce solutions for merchants, banks and brands.
Its offerings include:
- Point-of-sale systems
- Online payment infrastructure
- Consumer financing
- Credit and commerce solutions
The company operates as a digital commerce platform serving businesses in India and overseas.
TL;DR:
Pine Labs reported a profit of Rs 113 crore in FY26 after three years of losses. Revenue rose 19.2%, margins improved and the company unveiled an agentic AI payments platform aimed at supporting machine-to-machine transactions.
AI Summary:
- Pine Labs posted FY26 profit of Rs 113 crore.
- Revenue grew 19.2% to Rs 2,711 crore.
- EBITDA margin improved to 21%.
- Cash reserves rose to Rs 2,732 crore and borrowings fell to Rs 283 crore.
- The company introduced an agentic AI payments protocol.
