Pine Labs Financial Results Q2 FY26

Pine Labs has released its financial results for Q2 FY26 following its recent launch on Indian stock exchanges last month. The company experienced an 18% increase in revenue during this quarter while maintaining profitability.

The revenue from operations rose to Rs 650 crore in Q2 FY26, up from Rs 551 crore in the same quarter last year, as detailed in its financial disclosure from NSE. Additionally, the firm garnered Rs 23 crore from other income, leading to a total revenue of Rs 673 crore for the quarter. Over a six-month period ending September 2025, revenue saw a similar growth of 18%, reaching Rs 1,266 crore in H1 FY26, compared to Rs 1,074 crore in H1 FY25.

Expense Breakdown

Addressing expenses, employee benefits represented the largest cost, constituting 40% of total expenses. This expense category increased by 4% to Rs 268 crore in Q2 FY26 from Rs 258 crore in Q2 FY25. Costs for materials also experienced a 4% rise, coming in at Rs 81 crore in Q2 FY26, compared to Rs 78 crore in Q2 FY25. Other overheads, including finance and depreciation costs, contributed to an overall expense increase of 8%, amounting to Rs 662 crore in Q2 FY26.

Profitability and Growth

Pine Labs maintained its profitable status driven by steady growth and strict cost control practices. The company reported a net profit of Rs 6 crore in Q2 FY26, a significant turnaround from the Rs 32 crore loss recorded in Q2 FY25. For the half-year period, it achieved a profit of Rs 11 crore in H1 FY26, a notable improvement when compared to the Rs 60 crore loss observed in H1 FY25.

Regulatory Approvals

The firm has successfully acquired three essential licences from the RBI for payment aggregation, gateway operations, and cross-border transactions, facilitating both offline and online merchant engagement. These authorisations empower Pine Labs to execute domestic and international payments and manage settlements, promoting the expansion of its merchant network across diverse sectors.

IPO Performance

The recent IPO, which concluded on November 11, raised approximately Rs 3,900 crore through a combination of new shares and sales from existing stakeholders. While institutional investors made up the majority of the demand, retail investment was more modest.

Pine Labs had a favourable debut on the public market, listing at a 9.5% premium over its issue price. The stock commenced trading at Rs 242 per share against the IPO price of Rs 221, establishing a stable introduction on the NSE and BSE. At the end of the day’s trading, the company’s shares reached Rs 247, reflecting a market capitalization of Rs 28,360 crore (approximately $3 billion).