Pine Labs’ Q2 earnings: Newly listed firm clocks net profit of ₹6 crore; revenue rises to ₹650 crore YoY

The company attributed the rise in profitability to lower depreciation and ESOP expenses.

The newly listed firm’s revenue from operations jumped 18% on a year-on-year (YoY) basis to ₹650 crore in the July to September quarter as against ₹552 crore seen in Q2 FY25.

This came on the back of robust growth of issuing, affordability and online payments businesses, which continue to outpace growth in the in-store payments business, in line with Pine Labs’ growth strategies.

“Our revenue is recognised on a net basis, reflecting the portion of revenue that accrues to us after deducting payment processing fees and passthrough charges paid to banks and network partners. Other payment companies continue to show gross revenues,” the company said.

The global fintech company’s operating profit, also known as earnings before interest, taxes, depreciation, and amortisation (EBITDA), surged to ₹75 crore as against ₹33 crore in the corresponding period last year. The EBITDA margin also expanded to 11.57% in Q2 FY26, in contrast to 5.98% in the year-ago period.

Pine Labs said it has generated robust positive operating cash flow of ₹241 crore (excluding early settlement) and ₹152 crore (including early settlement) during the quarter.

The Noida-based company continued to strengthen its presence in international markets, with 17% of Q2 FY26 revenue coming from overseas operations, up from 15% in Q2 FY25.

In a statement, Pine Labs said that during the quarter, it processed the highest-ever quarterly gross transaction value (GTV) of over $48 billion, registering a growth of 92% YoY. The fintech firm’s number of transactions grew 44% YoY to 1.9 billion, “demonstrating the increasing scale, depth, and frequency of platform usage across all our businesses.”

On Wednesday, shares of Pine Labs settled at ₹246.98 apiece on NSE, falling 1.33%. The earnings, however, came after market hours.

Pine Labs IPO

Shares of Pine Labs were listed at ₹242 apiece on the National Stock Exchange (NSE) and the BSE on November 14. This reflected a premium of 9.5% over the IPO issue price of ₹221.

The ₹3,900.17 crore IPO was a fresh issue of shares worth ₹2,080.26 crore and an offer for sale (OFS) of more than 8.23 crore equity shares, valued at ₹1,819.91 crore by existing shareholders.

Under the OFS, Peak XV Partners Pine Investment Holding, Macritchie Investments Pte Ltd, PayPal Pte Ltd, Actis Pine Labs Investment Holdings Limited, AIM Investment Funds, Madison India Opportunities IV, Lone Cascad, Mastercard Asia/Pacific Pte Ltd, Sofina Ventures SA, Lone Cascade and Lokvir Kapoor offloaded their shares.

The company will use the funds for investments in its units, such as Qwikcilver Singapore, Pine Labs in the UAE and Pine Payment Solutions in Malaysia, to expand its presence outside the country.