# PINELABS (PINELABS) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/pinelabs

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹191.51
- Change: +3.81%
- As of: 2026-09-18
- 1D return: +4.10%
- 5D return: +10.90%
- 1M return: +20.23%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-09-18_

### Technical Outlook

As of September 18, 2026, PINELABS is exhibiting a bullish technical stance, with the latest close at ₹192.04.

Across multiple timeframes, the stock shows alignment with an upward trend. Daily, weekly, and monthly analyses indicate the price is above key moving averages and the Supertrend indicator, suggesting sustained positive momentum. Specifically, on the daily chart, the price is above the 20-day and 50-day Exponential Moving Averages (EMAs) and Simple Moving Averages (SMAs), as well as the 200-day SMA and the daily Supertrend. This bullish picture extends to the weekly timeframe, where the price is above the 20-day EMA, 20-day SMA, and the weekly Supertrend. The monthly Supertrend also shows the price in a bullish zone.

Recent market activity includes several positive attention events within the last 30 days, alongside a notable upward price and volume move on September 11, 2026. A weekly 'Inside Bar' pattern was active as of September 18, 2026, suggesting potential consolidation. The stock's current setup carries a degree of risk, evidenced by an annualized volatility of 51% and a current drawdown of -23%. The nearest support is observed around ₹191.70, with further levels at ₹187.27. Resistance is noted near ₹198.91, followed by ₹203.34.

- Daily, weekly, and monthly timeframes show alignment with a bullish trend.
- The price is above key moving averages (20, 50, 200-day) and the Supertrend indicator across daily and weekly charts.
- Nearest support levels are ₹191.70 and ₹187.27.
- Nearest resistance levels are ₹198.91 and ₹203.34.
- Watch for a break above ₹198.91 to test higher resistance, or a move below ₹191.70 to indicate potential weakening.

- Inside Bar
- Bullish Engulfing Reversal
- Outside Bar

### News Context

Pine Labs experienced a notable share price increase of 5% on September 17, 2026, following the implementation of new rules by the National Payments Corporation of India (NPCI) regarding Merchant Discount Rate (MDR) on Unified Payments Interface (UPI) transactions. This development is anticipated to shift Pine Labs towards a recurring revenue model, with analysts from JPMorgan estimating that the UPI MDR could create an industry revenue pool of approximately ₹17,000 crore on a run-rate basis for FY27. The brokerage expects 20-30% of this pool to benefit payment aggregators like Pine Labs. The company's leadership views this change as a "life-changing opportunity." Separately, on September 16, 2026, foreign investors reduced their selling of Indian equities as the broader market, including the Sensex and Nifty, recovered from a three-day decline, with domestic institutions showing net buying.

- Pine Labs' stock rose 5% on September 17, 2026, after the NPCI implemented new UPI MDR rules.
- JPMorgan estimates the UPI MDR could create an industry revenue pool of ₹17,000 crore for FY27, with payment aggregators potentially receiving 20-30%.
- The new UPI framework is expected to enable a recurring revenue model for Pine Labs, potentially increasing EBIT by 20%.
- Pine Labs' CEO Amrish Rau described the UPI MDR change as a "life-changing opportunity" for the company.
- On September 16, 2026, foreign investors cut equity selling amid a market rebound, with domestic institutions buying ₹3,908 crore.

- Paytm shares upgraded, Pine Labs target raised by JPMorgan after MDR decision
- Pine Labs share price jumps 5%: Why new UPI MDR rules could boost earnings - Check new target
- UPI MDR could bring transaction value into payment apps’ market-share battle, industry executives say - The Economic Times
- Foreign investors cut selling as Indian stocks rebound from three-day slide
- UPI’s ₹16,000 crore MDR windfall could change the economics of digital payments | Mint

### What Changed

As of September 18, 2026, Pine Labs (PINELABS) on the NSE has seen a recent price increase from ₹184.48 to ₹192.04. A recent news report from JPMorgan highlights a potential industry revenue pool of approximately ₹17,000 crore by FY27, stemming from a decision regarding UPI MDR. JPMorgan anticipates that acquiring banks, payment aggregators, and third-party application providers could each capture 20-30% of this pool. The company's core profile and exchange listing remain unchanged.

- On September 18, 2026, Pine Labs' stock price was ₹192.04, up from ₹184.48.
- A September 18, 2026, news report cited JPMorgan's estimate of a potential ₹17,000 crore industry revenue pool by FY27 due to a UPI MDR decision.
- JPMorgan expects acquiring banks, payment aggregators, and third-party application providers to each receive 20-30% of this estimated revenue pool.
- Pine Labs continues to be listed on the NSE.

- Paytm shares upgraded, Pine Labs target raised by JPMorgan after MDR decision

### Official Filings

Pine Labs Limited held its Twenty-Eighth Annual General Meeting (AGM) on September 16, 2026. During the AGM, shareholders approved the adoption of the audited financial statements for the fiscal year ended March 31, 2026. The company reported its first full year of profitability for FY 2025-26, with revenue from operations of ₹2,711 Crores, a 19% year-on-year increase. Adjusted EBITDA grew by 57% year-on-year to ₹559 Crores, representing a 21% margin. Profit After Tax was ₹113 Crores, a significant turnaround from a loss of ₹145 Crores in FY 2024-25. The platform processed $194 Billion in Gross Transaction Value (GTV), a 50% year-on-year increase, across over 740 Crores transactions. Additionally, the re-appointment of Whole Time Director Mr. Kush Mehra and Statutory Auditors M/s B S R & Co. LLP were approved. Resolutions to revise remuneration for Mr. Kush Mehra and three Non-Executive Independent Directors were also passed. In a separate development, Pine Labs appointed Jayaram Karthik as Chief Operations Officer on September 2, 2026, to oversee operations and merchant experiences globally, leveraging his over 25 years of experience. The company also completed a ~₹3,900 Crores Initial Public Offering (IPO) during the fiscal year, with proceeds intended for technology infrastructure and international expansion.

- On September 16, 2026, Pine Labs Limited held its 28th AGM, approving audited financial statements for FY 2025-26.
- For FY 2025-26, the company reported ₹2,711 Crores in revenue (19% YoY growth) and ₹113 Crores in Profit After Tax, reversing a prior year loss.
- Adjusted EBITDA for FY 2025-26 was ₹559 Crores (57% YoY growth) with a 21% margin.
- The company processed $194 Billion in GTV (50% YoY growth) in FY 2025-26.
- Jayaram Karthik was appointed Chief Operations Officer on September 2, 2026.
- A ~₹3,900 Crores IPO was completed during FY 2025-26.

- Pine Labs Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 16, 2026 |SUBJECT: Shareholders meeting
- Pine Labs Limited has informed the Exchange regarding a press release dated September 02, 2026, titled "Pine Labs Appoints Jayaram Karthik as Chief Operations Officer". |SUBJECT: Press Release
- Pine Labs Limited has informed the Exchange regarding 'Communication to shareholders for weblink of the Annual Report for the FY 2025-26'. |SUBJECT: Updates
- Pine Labs Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication
- Pine Labs Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 16, 2026 |SUBJECT: Shareholders meeting
- PINE LABS LIMITED has informed the Exchange about Notice of Shareholders Meeting for Annual General Meeting to be held on 16-Sep-2026 |SUBJECT: Notice Of Shareholders Meetings-XBRL
- Pine Labs Limited has informed the Exchange regarding 'Annual Report pursuant to Regulation 34(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'. |SUBJECT: Updates
- Pine Labs Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication
- Pine Labs Limited has informed the Exchange regarding 'Intimation of 28th Annual General Meeting of the Company'. |SUBJECT: Updates

### Fundamentals

Pine Labs, listed on the NSE, reported its financial results for the periods ending Q3 FY2025-26, Q4 FY2025-26, and Q1 FY2026-27. Revenue from operations showed a sequential decline from ₹744.27 crore in Q3 FY2025-26 to ₹700.51 crore in Q4 FY2025-26, before recovering to ₹736.92 crore in Q1 FY2026-27. Profit Before Exceptional Items And Tax followed a similar pattern, decreasing from ₹74.81 crore in Q3 FY2025-26 to ₹59.52 crore in Q4 FY2025-26, and further to ₹37.73 crore in Q1 FY2026-27. This trend was also reflected in Profit Before Tax, which fell from ₹62.59 crore in Q3 FY2025-26 to ₹37.73 crore in Q1 FY2026-27. Earnings Per Share (EPS) also saw a reduction, with Basic EPS decreasing from ₹0.38 in Q3 FY2025-26 to ₹0.17 in Q1 FY2026-27. The company's operating performance indicates a challenging period with declining profitability across the reported quarters. Key monitoring areas include the sustainability of revenue recovery and the ability to improve profit margins in the upcoming periods.

- Revenue from operations was ₹744.27 crore in Q3 FY2025-26, ₹700.51 crore in Q4 FY2025-26, and ₹736.92 crore in Q1 FY2026-27.
- Profit Before Exceptional Items And Tax decreased from ₹74.81 crore in Q3 FY2025-26 to ₹37.73 crore in Q1 FY2026-27.
- Profit Before Tax declined from ₹62.59 crore in Q3 FY2025-26 to ₹37.73 crore in Q1 FY2026-27.
- Basic Earnings Loss Per Share was ₹0.38 in Q3 FY2025-26, ₹0.52 in Q4 FY2025-26, and ₹0.17 in Q1 FY2026-27.

### Bull Case

The recent implementation of a UPI MDR framework presents a potentially significant opportunity for Pine Labs. Industry estimates suggest this could create an industry revenue pool of approximately ₹17,000 crore on a run-rate basis by FY27. A portion of this revenue is expected to accrue to payment aggregators and third-party application providers, which could translate into a notable increase in earnings for companies like Pine Labs. Analysts have indicated that this shift to a recurring revenue model could lead to an estimated 20% increase in Earnings Before Interest and Taxes (EBIT). The company's chairman has described this development as a "life-changing opportunity."

- The new UPI MDR framework is estimated to create an industry revenue pool of ₹17,000 crore by FY27.
- Pine Labs could benefit from a recurring revenue model under the new UPI framework.
- An estimated 20% EBIT increase is possible for Pine Labs due to the new UPI MDR rules.
- The company's leadership views the UPI MDR change as a significant opportunity.

- Paytm shares upgraded, Pine Labs target raised by JPMorgan after MDR decision
- Pine Labs share price jumps 5%: Why new UPI MDR rules could boost earnings - Check new target
- UPI MDR could bring transaction value into payment apps’ market-share battle, industry executives say - The Economic Times
- Foreign investors cut selling as Indian stocks rebound from three-day slide
- UPI’s ₹16,000 crore MDR windfall could change the economics of digital payments | Mint

### Bear Case

While recent news highlights potential revenue growth from UPI MDR, a review of the company's technical indicators reveals some cautionary signals. The stock's current price of ₹192.04 is trading above its 20-day and 50-day exponential moving averages (EMA), suggesting some positive momentum. However, the return since the start of the year is -18% and the return over the last year is not provided, indicating a potential for significant past declines. The current drawdown stands at -23%, with a maximum drawdown of -45%, suggesting the stock has experienced substantial price drops from its peaks. The annualized volatility is 51%, indicating a high degree of price fluctuation.

- The stock has experienced a current drawdown of -23% and a maximum drawdown of -45% from its peaks.
- The annualized volatility is 51%, indicating a high degree of price fluctuation.
- The year-to-date return is -18%, suggesting a challenging performance in the current year.

- Paytm shares upgraded, Pine Labs target raised by JPMorgan after MDR decision
- Pine Labs share price jumps 5%: Why new UPI MDR rules could boost earnings - Check new target
- UPI MDR could bring transaction value into payment apps’ market-share battle, industry executives say - The Economic Times
- Foreign investors cut selling as Indian stocks rebound from three-day slide
- UPI’s ₹16,000 crore MDR windfall could change the economics of digital payments | Mint

### FAQs

**How might the new UPI MDR rules impact Pine Labs' financial performance?**

The implementation of UPI MDR (Merchant Discount Rate) is anticipated to create a new revenue stream for companies like Pine Labs. JPMorgan estimates this could lead to an industry revenue pool of approximately ₹17,000 crore on a run-rate basis for FY27. For Pine Labs specifically, a shift to a recurring revenue model from this new UPI framework could potentially increase Earnings Before Interest and Taxes (EBIT) by 20%. The company's chairman, managing director, and chief executive officer, Amrish Rau, has described this change as a "life-changing opportunity".

**What were Pine Labs' key financial results for the fiscal year ended March 31, 2026?**

For the fiscal year ended March 31, 2026, Pine Labs reported its first full year of profitability. Revenue from operations was ₹2,711 Crores, marking a 19% year-over-year growth. Adjusted EBITDA grew by 57% year-over-year to ₹559 Crores, representing a 21% margin. The company achieved a Profit After Tax of ₹113 Crores, a significant improvement from a loss of ₹145 Crores in FY 2024-25. The platform processed $194 Billion in Gross Transaction Value (GTV), a 50% year-over-year increase, through over 740 Crore transactions.

**What recent operational and corporate governance developments has Pine Labs announced?**

Pine Labs announced the appointment of Jayaram Karthik as Chief Operations Officer on September 2, 2026, to oversee operations and merchant experiences. The company also held its Twenty-Eighth Annual General Meeting on September 16, 2026, where shareholders approved the adoption of the audited financial statements for FY 2025-26, re-appointed Mr. Kush Mehra as Whole Time Director, and approved revised remuneration for certain directors. The company also completed a ~₹3,900 Crore IPO during FY 2025-26.

**What is the current technical trading sentiment for Pine Labs based on recent data?**

As of September 18, 2026, technical indicators suggest a bullish trend. The daily trend shows the closing price at ₹192.04, above the 20-day Exponential Moving Average (EMA) of ₹174.84 and the 50-day EMA of ₹166.10. The SuperTrend indicator is also bullish at ₹165.59. On a weekly basis, the SuperTrend is bullish at ₹136.59, with the closing price above the 20-day EMA of ₹169.06. The stock has shown positive returns over various short-term periods, with a 1-month return of 20% and a 3-month return of 28%.

- Paytm shares upgraded, Pine Labs target raised by JPMorgan after MDR decision
- Pine Labs share price jumps 5%: Why new UPI MDR rules could boost earnings - Check new target
- UPI MDR could bring transaction value into payment apps’ market-share battle, industry executives say - The Economic Times
- Foreign investors cut selling as Indian stocks rebound from three-day slide
- UPI’s ₹16,000 crore MDR windfall could change the economics of digital payments | Mint
- Pine Labs Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 16, 2026 |SUBJECT: Shareholders meeting
- Pine Labs Limited has informed the Exchange regarding a press release dated September 02, 2026, titled "Pine Labs Appoints Jayaram Karthik as Chief Operations Officer". |SUBJECT: Press Release
- Pine Labs Limited has informed the Exchange regarding 'Communication to shareholders for weblink of the Annual Report for the FY 2025-26'. |SUBJECT: Updates
- Pine Labs Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication
- Pine Labs Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 16, 2026 |SUBJECT: Shareholders meeting
## Technical analytics

- As of: 2026-09-18
- Daily trend: Moderate Uptrend
- Weekly trend: Weak Uptrend
- Pivot point: ₹187.27
- Risk regime: Price Risk Requires Attention

### Support levels
- 155.755625
- 151.12
- 148.05

### Resistance levels
- 207.0525
- 243.35999999999999
- 253.275

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +4.10% |
| return_10 | +22.71% |
| return_1m | +19.79% |
| return_20 | +20.23% |
| return_3m | +28.17% |
| return_5 | +10.90% |
| return_6m | +11.99% |
| return_since_start | -23.46% |
| return_ytd | -18.32% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -45.02% |
| annualized_volatility | +50.82% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Revenue Rise Offset by Expense Growth, Profit Slips

In the quarter ended 30 June 2026 (Q1 FY2026-27), Pine Labs reported a 5.2% increase in revenue from operations to ₹736.92 crore. Total expenses grew faster at 6.8%, reaching ₹728.14 crore. As a result, profit before tax fell to ₹37.73 crore from ₹68.45 crore in the previous quarter, a decline of 44.9%. Basic and diluted earnings per share both dropped to ₹0.17 from ₹0.52 and ₹0.51 respectively. The quarter included no exceptional items, unlike the prior quarter which recorded a positive exceptional item of ₹8.93 crore.

## Revenue and Income

Revenue from operations of ₹736.92 crore increased from ₹700.51 crore in the preceding quarter, a sequential gain of 5.2%. Compared to Q2 FY2025-26, revenue has grown 13.4% from ₹649.90 crore. Other income for the quarter was ₹28.95 crore, bringing total income to ₹765.87 crore.

## Expenses and Profitability

Total expenses for the quarter were ₹728.14 crore, up from ₹681.92 crore in Q4, an increase of 6.8%. The expense growth rate exceeded the revenue growth rate, compressing profitability. Key expense lines included employee benefit expense at ₹267.52 crore, other unallocable expenditure (net of unallocable income) at ₹482.08 crore, depreciation and amortisation at ₹73.30 crore, purchases of stock in trade at ₹111.67 crore, changes in inventories that reduced expenses by ₹4.33 crore, and finance costs at ₹12.81 crore.

Finance costs fell 24.4% from ₹16.95 crore in Q4. Profit before tax stood at ₹37.73 crore, down from ₹68.45 crore in the prior quarter. Excluding the effect of exceptional items, profit before exceptional items and tax was ₹37.73 crore in Q1 versus ₹59.52 crore in Q4, a decrease of 36.6%. The profit before tax margin relative to revenue fell from 9.8% to 5.1%.

## Capital and Earnings Per Share

Paid-up equity share capital was ₹115.39 crore at the end of the quarter, a marginal increase of 0.49% from ₹114.83 crore in Q4. Since Q2 FY2025-26, paid-up capital has more than doubled from ₹44.71 crore, reflecting a capital increase in Q3 of the prior fiscal year. The current quarter’s change is minimal.

Basic and diluted earnings per share were both ₹0.17, indicating no material dilutive effect from convertible instruments. The decline from the prior quarter’s EPS of ₹0.52 (basic) and ₹0.51 (diluted) mirrors the drop in profit.

## Key Takeaway

Revenue grew sequentially, but expenses increased at a faster pace, compressing profitability. Profit before tax fell 44.9% to ₹37.73 crore, and earnings per share declined to ₹0.17. The largest expense lines were employee benefits and other unallocable expenditure. The capital base remained largely stable following a significant increase in the prior fiscal year.

### Ratios

## Official filings

- 2026-09-18 — Generic Announcement: Pine Labs Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_18092026165929_VotingResultsandScrutinizer_signed.pdf)
- 2026-09-16 — Generic Announcement: Pine Labs Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_16092026165304_AGMProceedingsCoveringLetter.pdf)
- 2026-09-02 — Press Release: Pine Labs Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_02092026143856_IntimationJayaramKarthikChiefOperationsOfficer.pdf)
- 2026-08-25 — Generic Announcement: Pine Labs Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_25082026155946_5LettersNon-EmailCases.pdf)
- 2026-08-22 — Generic Announcement: Pine Labs Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_22082026120959_PostAGMnoticedispatchintimation.pdf)
- 2026-08-21 — Generic Announcement: Pine Labs Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_21082026142511_3AgmNoticeSubmission.pdf)
- 2026-08-21 — Generic Announcement: Pine Labs Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_26410_WebXMLFile_20260821_143420116.xml)
- 2026-08-21 — Generic Announcement: Pine Labs Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_21082026143040_4AnnualReportSubmission.pdf)
- 2026-08-20 — Generic Announcement: Pine Labs Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_20082026160951_2NewspaperAdvt.pdf)
- 2026-08-19 — Generic Announcement: Pine Labs Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_19082026174629_1AgmDateIntimation.pdf)
- 2026-08-03 — Generic Announcement: Pine Labs Limited held an Analysts/Institutional Call on July 29, 2026, to discuss Q1 FY2027 results. The company reported a 20% year-on-year growth, with adjusted EBITDA performance strong despite forward-looking investments. PAT was close to Rs. 20 Crores, and operating cash flow was 16%. Pine Labs is expanding its fintech offerings globally, becoming the largest installment payments provider in Malaysia and launching services in Singapore and Dubai. The company is also investing in AI, with 90% of new code written using AI, and has achieved an end-to-end agentic payment transaction. Offline POS transactions are now 70% UPI, with an average ticket size over Rs. 1400. Pine Labs has hired 500 new sales people and invested in infrastructure, impacting EBITDA, but expects full-year contribution margin to return to 73-74%. — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_03082026151218_6EarningCallTranscript.pdf)
- 2026-07-29 — Generic Announcement: Pine Labs Limited has uploaded an audio/video recording of its conference call with analysts and investors held on July 29, 2026, from 8:00 AM to 9:02 AM IST. The recording is available on the company's investor relations website. — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_29072026154330_ExchnageintimationAVcall.pdf)
- 2026-07-29 — Generic Announcement: Pine Labs Limited published its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, on July 29, 2026. These results were approved by the Board of Directors on July 28, 2026, and appeared in the newspapers Mint and Navodaya Times. The information is also available on the company's website. — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_29072026153850_NewspaperAdvtFinal.pdf)
- 2026-07-28 — Earnings Presentation: Pine Labs Limited is presenting an investor and analyst presentation on July 29, 2026, detailing its Q1 FY27 financial performance. The company reported a 20% year-over-year revenue growth, reaching ₹737 Cr, with a contribution margin of 72.3% and a Profit After Tax of ₹20 Cr. Key business segments, including In-store and Online Infrastructure (DITP) and Issuing and Acquiring Platform (IAP), showed significant growth, with DITP revenue up 15% YoY and IAP revenue up 31% YoY. The company highlighted investments in technology and sales, anticipating future margin expansion. — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_28072026144954_InvestorPresentationFinal_.pdf)
- 2026-07-28 — Generic Announcement: Pine Labs Limited announced its unaudited financial results for the quarter ended June 30, 2026, with revenue of ₹737 crore, a 20% year-over-year increase. Profit After Tax grew fourfold to ₹20 crore, and Profit Before Tax was ₹38 crore, up from a loss of ₹5 crore in the prior year's quarter. The company also reported acquiring 100% equity in Shopflo Technologies Private Limited for ₹88 crore during the quarter. — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_28072026144042_BM_outcome_.pdf)
- 2026-07-28 — Press Release: Pine Labs Limited announced its unaudited financial results for the quarter ended June 30, 2026, with revenue of ₹737 crore, a 20% year-over-year increase. Profit After Tax grew fourfold to ₹20 crore, and Profit Before Tax was ₹38 crore, up from a loss of ₹5 crore in the prior year's quarter. The company also reported acquiring 100% equity in Shopflo Technologies Private Limited for ₹88 crore during the quarter. — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_28072026145410_BM_outcome_.pdf)
- 2026-07-28 — Generic Announcement: Pine Labs Limited submitted its Monitoring Agency Report for the quarter ended June 30, 2026, to BSE Limited and the National Stock Exchange of India Limited. The report, issued by CARE Ratings Limited, confirms no material deviation from the utilization of IPO proceeds, which aggregated to Rs. 2,080.00 crore. During Q1FY27, Rs. 49.85 crore was utilized for IT assets, cloud infrastructure, and procurement of DCPs, with an additional Rs. 73.39 crore used for general corporate purposes, including the acquisition of Shopflo Technologies Private Limited for Rs. 65.99 crore. — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_28072026163726_MonitoringAgencyReport_.pdf)
- 2026-07-22 — Official Filing: Pine Labs Limited will hold a board meeting on July 28, 2026, to discuss unaudited standalone and consolidated financial results for the quarterly period ending June 2026. The trading window for company insiders will be closed from July 1, 2026, and will reopen 48 hours after the declaration of these financial results.
- 2026-07-17 — Management Change: Pine Labs Limited announced the resignation of Mr. Anand Raisinghani, President & Chief Business Officer - Setu and Senior Management Personnel, effective July 17, 2026. Mr. Raisinghani is resigning to pursue other career opportunities outside the company. His resignation was submitted via a letter dated April 15, 2026. — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_17072026212946_Resgn_intimation.pdf)
- 2026-07-07 — Generic Announcement: Pine Labs Limited has submitted a certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended June 30, 2026. KFin Technologies Limited, the Registrar and Share Transfer Agent, confirmed that all of Pine Labs Limited's shares are in dematerialized form and no rematerialization requests were received during the quarter. This information will be available on the company's investor relations website. — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_07072026181416_Compliance_certificate_signed.pdf)
- 2026-06-29 — Generic Announcement: On June 29, 2026, Pine Labs Limited invested INR 24,99,93,297 in 49,869 equity shares of its wholly owned subsidiary, Synergistic Financial Networks Private Limited (SFNPL), through a Rights Issue. This investment is intended to meet SFNPL's working capital needs and support further growth opportunities. SFNPL operates in the financial technology industry, facilitating financial transactions and providing payment processing solutions, with a turnover of INR 1,89,74,69,654 as of March 31, 2026. The investment does not alter Pine Labs' shareholding percentage in SFNPL. — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_29062026191855_SFNPL.pdf)
- 2026-06-29 — Generic Announcement: Pine Labs Limited will host an Analyst / Institutional Investors’ Meet on June 30, 2026, in Mumbai. The company will present information consistent with its December 03, 2025, website disclosure. The schedule is subject to change due to unforeseen circumstances. — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_29062026181705_Investor_Meet_Intimation_PLL.pdf)
- 2026-06-26 — Generic Announcement: Pine Labs Limited will close its trading window from July 1, 2026, until 48 hours after the declaration of its unaudited financial results for the quarter ending June 30, 2026, in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015. Designated persons and insiders are prohibited from trading the company's securities during this period. — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_26062026154110_Intimation_for_closure_of_trading_window_PIT.pdf)
- 2026-06-25 — Generic Announcement: Pine Labs Limited has allotted 55,81,713 equity shares on June 25, 2026, following the exercise of employee stock options under the Pine Labs Employee Stock Option Plan 2025. This allotment increased the company's paid-up equity share capital from ₹1,14,82,76,377 to ₹1,15,38,58,090. The company is completing formalities for the listing and trading approval of these new shares. — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_25062026211051_ESOPallotment_25062026.pdf)
- 2026-06-19 — Generic Announcement: On June 19, 2026, Pine Labs Limited's Nomination and Remuneration Committee approved the grant of 2,610,989 employee stock options under the Pine Labs Employee Stock Option Plan 2025. These options are convertible into equity shares with a face value of INR 1 each. A portion of the options (1,905,257) were granted at an exercise price of INR 150.70, calculated as the volume-adjusted weighted average price of the last three months discounted by 10%, while the remaining 705,732 options were granted at INR 5.40 per option. Vesting schedules vary from 36 to 48 months, with exercise periods set at 5 years from vesting, contingent on the grantee being an active employee. — [Official attachment](https://nsearchives.nseindia.com/corporate/PINELABS_19062026224310_Intimation_-_ESOP_Grant_19062026.pdf)

## News and market events

- 2026-09-18 — MONEYCONTROL: **Vanguard Group picks up over 1% stake each in Avalon Tech, Pine Labs, SJS Enterprises, SKF India** — Bulk Deals,Avalon Technologies,Pine Labs,SJS Enterprises,SKF India Industrial, — [Source](https://www.moneycontrol.com/news/business/markets/vanguard-group-picks-up-over-1-stake-each-in-avalon-tech-pine-labs-sjs-enterprises-skf-india-14033270.html)
- 2026-09-18 — CNBC-TV18: **Paytm shares upgraded, Pine Labs target raised by JPMorgan after MDR decision** — JPMorgan estimates that the UPI MDR could create an industry revenue pool of around ₹17,000 crore on a run-rate basis for FY27. Of this, the brokerage expects 20-30% each to accrue to acquiring banks and their payment aggregators (PAs), as well as third-party application providers (TPAPs). — [Source](https://www.cnbctv18.com/market/paytm-shares-upgraded-pine-labs-target-raised-by-jpmorgan-upi-mdr-decision-19993287.htm)
- 2026-09-17 — Mint: **Pine Labs share price jumps 5%: Why new UPI MDR rules could boost earnings - Check new target** — With a shift to a recurring revenue model from the new UPI framework, Pine Labs could see a 20% EBIT increase. Following NPCI's MDR implementation, the company’s stock has risen 5%. — [Source](https://www.livemint.com/market/stock-market-news/pine-labs-share-price-jumps-5-why-new-upi-mdr-rules-could-boost-earnings-check-new-target-11789620515487.html)
- 2026-09-17 — Economic Times: **UPI MDR could bring transaction value into payment apps’ market-share battle, industry executives say - The Economic Times** — The new revenue stream could also draw banks and ecommerce companies into consumer UPI. Pine Labs chairman, managing director and chief executive officer Amrish Rau called the change a "life-changing opportunity" for the company. — [Source](https://economictimes.indiatimes.com/tech/technology/upi-mdr-could-bring-transaction-value-into-payment-apps-market-share-battle-industry-executives-say/articleshow/134295534.cms)
- 2026-09-16 — CNBC-TV18: **Foreign investors cut selling as Indian stocks rebound from three-day slide** — Foreign investors sold ₹2,033 crore of Indian equities on Wednesday, while domestic institutions bought ₹3,908 crore as the Sensex and Nifty recovered from a three-day slide. — [Source](https://www.cnbctv18.com/market/foreign-investors-cut-selling-as-indian-stocks-rebound-from-three-day-slide-19992163.htm)
- 2026-09-16 — Mint: **UPI’s ₹16,000 crore MDR windfall could change the economics of digital payments | Mint** — Historically, UPI generated negligible direct revenue for payment apps; however, potential MDR of ₹16,000 crore is reshaping the landscape. This revenue could enhance bank capacities and provide UPI apps new resources to attract consumers and merchants, helping evolving the payment ecosystem. — [Source](https://www.livemint.com/opinion/columns/upi-mdr-merchant-discount-rate-phonepe-paytm-google-pay-11789549630155.html)
- 2026-09-16 — CNBC-TV18: **Market snaps 3-day losing streak as Nifty holds 23,200 despite IT drag; FOMC in focus** — Indian equities snapped a three-day losing streak, with the Nifty reclaiming and holding 23,200 after recovering from opening-hour lows. Financials and FMCG led the rebound, while IT stocks remained a drag ahead of the FOMC meeting. — [Source](https://www.cnbctv18.com/market/market-snaps-3-day-losing-streak-as-nifty-holds-23200-despite-it-drag-fomc-in-focus-19991976.htm)
- 2026-09-16 — BUSINESSTODAY: **Will MDR strengthen the UPI ecosystem?** — UPI, UPI MDR, UPI transaction charges, merchant discount rate, digital payments India, NPCI, UPI payments, zero MDR, UPI merchant payments, UPI transaction fees, fintech India, digital payment ecosystem, UPI growth, small merchants UPI, financial inclusion, UPI MDR charges, UPI transactions 2026, Taxation and Other Laws Amendment Bill 2026, UPI payment charges, MDR on UPI payments — [Source](https://www.businesstoday.in/magazine/deep-dive/story/will-mdr-strengthen-the-upi-ecosystem-555896-2026-09-16)
- 2026-09-16 — BUSINESSTODAY: **UPI MDR: Google Pay leads, Paytm to gain; what Goldman Sachs, Jefferies see for other UPI players** — UPI MDR: Google Pay leads, Paytm to gain; what Goldman Sachs, Jefferies see for other UPI players — [Source](https://www.businesstoday.in/latest/corporate/story/upi-mdr-google-pay-leads-paytm-to-gain-what-goldman-sachs-jefferies-see-for-other-upi-players-555887-2026-09-16)
- 2026-09-16 — REDIFF.COM: **New UPI Merchant Fee Sparks Volatility In Fintech Shares** — The Indian government has introduced a 0.4% fee on UPI transfers above Rs 2,000 made to merchants, effective October 15, ending nearly six years of free merchant payments. This move led to initial rallies in fintech stocks like Paytm and Mobikwik, though some later pared gains. Person-to-person transactions and small payments remain free for customers, with the fee being a Merchant Discount Rate (MDR). — [Source](https://www.rediff.com/business/report/paytm-shares-jump-as-upi-fee-introduced-for-merchants/20260916.htm)
- 2026-09-16 — MONEYCONTROL: **Paytm, Pine Labs stocks get bullish brokerage calls after UPI MDR; targets imply up to 35% upside** — paytm share price today, paytm stock update, paytm share price target, paytm stock rating, pine labs share price today, pine labs stock update, pine labs share price target, pine labs stock outlook, one mobikwik share price today, mobikwik stock update, mobikwik share price target, mobikwik stock outlook, upi mdr, upi charges — [Source](https://www.moneycontrol.com/news/business/markets/paytm-pine-labs-stocks-get-bullish-brokerage-calls-after-upi-mdr-targets-imply-up-to-35-upside-14031034.html)
- 2026-09-16 — CNBC-TV18: **New UPI MDR opens ₹18,000 crore revenue pool; Paytm earnings may rise 50%: Motilal Oswal** — Nitin Aggarwal, Head of BFSI, Institutional Equities at Motilal Oswal Financial services explain the revenue split, why UPI growth may remain resilient, and what investors should watch in HDFC Bank's growth trajectory. — [Source](https://www.cnbctv18.com/market/upi-mdr-revenue-opportunity-paytm-pine-labs-hdfc-bank-motilal-oswal-alpha-article-19991608.htm)
- 2026-09-16 — MONEYCONTROL: **ATM-related stocks rise up to 5% amid introduction of UPI MDR: Here's why** — UPI, ATM, CMS Info, — [Source](https://www.moneycontrol.com/news/business/markets/atm-related-stocks-rise-up-to-5-amid-introduction-of-upi-mdr-here-s-why-14030995.html)
- 2026-09-16 — Economic Times: **UPI MDR bonanza: Why Paytm may win bigger, but Pine Labs could gain faster** — Paytm and Pine Labs stand to benefit from the new UPI MDR framework, but the impact could differ sharply. Paytm has a larger absolute revenue opportunity, with analysts estimating FY28 UPI MDR revenue of up to Rs 1,160 crore, while Pine Labs could see a bigger impact on earnings and profitability. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/upi-mdr-bonanza-why-paytm-may-win-bigger-but-pine-labs-could-gain-faster/articleshow/134279070.cms)
- 2026-09-16 — CNBC-TV18: **Payment aggregators stand to gain most from MDR move; AvenuesAI on watchlist: Deven Choksey** — Deven Choksey, MD, DRChoksey Finserv, said banks will benefit too, but payment aggregators could see a sharper earnings boost as infrastructure costs begin translating into profits. He also shares his views on IT, largecaps and Solar Industries. What else is he bullish on? — [Source](https://www.cnbctv18.com/market/payment-aggregators-to-gain-mdr-move-avenusai-watchlist-deven-choksey-indian-equities-pine-labs-paytm-solar-industries-it-services-companies-market-analysts-alpha-article-19991542.htm)
- 2026-09-16 — Economic Times: **Select UPI Payments get 0.4% MDR** — The National Payments Corporation of India (NPCI) announced a 0.4% merchant discount rate (MDR) on Unified Payments Interface transactions for person-to-merchant payments over ₹2,000 starting October 15, keeping small-ticket transactions outside its remit. — [Source](https://economictimes.indiatimes.com/epaper/delhicapital/2026/sep/16/et-front/select-upi-payments-get-0-4-mdr/articleshow/134273405.cms)
- 2026-09-16 — BUSINESSTODAY: **Paytm shares surge 7%, Pine Labs falls 8% | Impact of MDR on UPI transactions above Rs 2,000** — Paytm share price, Paytm share, Paytm news, Paytm share MDR news, Pine Labs share price — [Source](https://www.businesstoday.in/markets/stocks/story/paytm-shares-surge-7-pine-labs-falls-8-impact-of-mdr-on-upi-transactions-above-rs-2000-555802-2026-09-16)
- 2026-09-16 — Economic Times: **Paytm shares jump 7% as Jefferies, other brokerages raise target prices and earnings estimates after new UPI charges** — Paytm shares surged over 7% after brokerages raised target prices following the introduction of MDR on select UPI transactions above Rs 2,000. Jefferies, JM Financial and Emkay Global retained Buy ratings on the stock. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/paytm-shares-jump-7-as-jefferies-other-brokerages-raise-target-prices-and-earnings-estimates-after-new-upi-charges/articleshow/134278132.cms)
- 2026-09-16 — CNBC-TV18: **Paytm, Pine Labs, MobiKwik shares witness profit booking after the new MDR framework** — JPMorgan has estimated a maximum revenue pool of ₹17,000 crore. This includes, ₹11,700 crore for the issuer and acquiring banks, ₹3,400 crore for TPAPs and ₹1,700 crore for Payer payment service providers (PSPSs). — [Source](https://www.cnbctv18.com/market/paytm-pine-labs-mobikwik-share-price-mdr-norms-benefits-implications-revenue-pool-profit-booking-19991512.htm)
- 2026-09-16 — Economic Times: **Paytm, MobiKwik, Pine Labs shares rally up to 6% after govt announces UPI fees above Rs 2,000. Why brokerages are bullish** — Paytm, MobiKwik and Pine Labs are likely to remain in focus after the government announced MDR on select UPI transactions above Rs 2,000. From October 15, merchants will pay a 0.4% fee on eligible P2M UPI transactions, capped at Rs 300 for payments of Rs 75,000 or more. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/paytm-mobikwik-pine-labs-shares-rally-up-to-6-after-govt-announces-upi-fees-above-rs-2000-why-brokerages-are-bullish/articleshow/134277476.cms)
- 2026-09-16 — BUSINESS: **Paytm, Mobikwik rally up to 7% as NCPI levies charge on UPI transactions** — Paytm shares rallied 7 per cent to a fresh 52-week high of ₹1,856.50 on the BSE. Mobikwik stock rose by 6 per cent to ₹214. However, Pine Labs slumped 6 per cent to ₹182 per share. — [Source](https://www.business-standard.com/markets/news/paytm-mobikwik-rally-up-to-7-as-ncpi-levies-charge-on-upi-transactions-126091600158_1.html)
- 2026-09-16 — Economic Times: **Select UPI Payments get 0.4% MDR** — The National Payments Corporation of India (NPCI) announced a 0.4% merchant discount rate (MDR) on Unified Payments Interface transactions for person-to-merchant payments over ₹2,000 starting October 15, keeping small-ticket transactions outside its remit. — [Source](https://economictimes.indiatimes.com/et-front/select-upi-payments-get-0-4-mdr/articleshow/134273405.cms)
- 2026-09-15 — The Hindu: **Fintech AI products to yield meaningful revenue only from FY28: Emkay** — 32% of Global Fintech Fest sessions on AI; Paytm, PhonePe, Razorpay and others showcase tools, but monetisation still early — [Source](https://www.thehindubusinessline.com/money-and-banking/fintech-ai-products-to-yield-meaningful-revenue-only-from-fy28-emkay/article71466811.ece)
- 2026-09-15 — BUSINESSTODAY: **Paytm, Kalyan Jewellers, BSE, Tenneco, Titagarh, Cochin Shipyard, Sharda Motor shares: Targets** — Paytm share price, Kalyan Jewellers share price, BSE share price, Cochin Shipyard share price, Titagarh Rail share price, Usha Martin share price, Sharda Motor share price, Tenneco Clean Air share price — [Source](https://www.businesstoday.in/markets/stocks/story/paytm-kalyan-jewellers-bse-tenneco-titagarh-cochin-shipyard-sharda-motor-shares-targets-555480-2026-09-15)
- 2026-09-11 — CNBC-TV18: **Sensex ends in red, Nifty Bank rebounds over 900 points: 6 reasons behind today’s move** — The Sensex slipped 121 points to 74,782, while the Nifty fell 80 points to 23,398. The Nifty Bank ended 135 points higher at 56,607, while the Nifty Midcap index declined 160 points to 62,197. — [Source](https://www.cnbctv18.com/market/sensex-ends-in-red-nifty-bank-rebounds-over-900-points-6-reasons-behind-todays-move-19989425.htm)

## Business profile

**Strategic vision:** Provides payment and merchant commerce solutions for businesses.

### Business segments
- **In-store Payments:** Provides end-to-end solutions for in-store retail growth, enabling merchants to accept various payment modes with speed and safety.
- **Online Payments:** Offers solutions for online commerce including payment gateways, payouts, and affordability options through an intuitive dashboard and APIs.
- **Prepaid Solutions:** Provides a full-stack platform for issuing, processing, and distributing brand currencies and purpose-specific prepaid solutions globally.
- **Credit Processing:** Offers seamless card issuance and processing services, including transaction routing, merchant management, and co-branded credit card programs.
- **Fintech Infrastructure:** Provides foundational fintech infrastructure solutions such as bill payment solutions, identity services, and recurring payment capabilities.

### Competitive strengths
- Comprehensive suite of payment and merchant commerce solutions
- Integrated platform for in-store and online payments
- Full-stack prepaid and credit processing capabilities
- Foundational fintech infrastructure offerings

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## Freshness and sources

- Data as of: 2026-09-18
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/pinelabs
Markdown representation: https://faxioms.com/stocks/pinelabs?render=md