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Pine Labs (PINELABS) had a P/E of 116.9× on 6 Nov 2026, above the industry P/E of 25.1×, and the shares are 43% below their 52-week high. Its ROCE of 3.5% is the second-lowest among the 7 largest Software (Infrastructure) peers, and sales grew 21% a year over 3 years. The company has almost no debt. It is a small-cap company with a market cap of ₹18,759 Cr, ranked 4th of 25 Software (Infrastructure) companies by market cap; the shares fell 35% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹158.35
Day high
₹162.80
Day low
₹157.05
Prev. close
₹161.63
Volume
1.1 Cr

Health check

1 good · 1 fair · 4 to check
  • ReturnsBehind

    −35.3% over a year, better than 1 of 7 peers.

  • Price tagPricier

    P/E 116.9 vs industry 25.1.

  • GrowthStrong

    Sales +21.0% a year over 3 years.

  • ProfitabilityWeak

    ROCE 3.5% vs peer median 10.4%.

  • Balance sheetFair

    Debt 0.06× equity, interest covered 2.7×, Piotroski 9 of 9.

  • Red flags4 to check

    Return on equity is low at 3.3%.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Software - Infrastructure

24 listed peers. Screen the industry

Small cap

₹18,759 Cr, #4 of 25 in its industry by size.

Market sensitivity

Measuring against the NIFTY 50…

Key metrics

Last 12 months to Sep 2026: sales ₹2,988 Cr · profit ₹160 Cr
Market cap
₹18,759 Cr
Small cap
P/E
116.9
Industry 25.1
Price to book
3.15
Peers 5.54
Dividend yield
0.00%
ROE
3.3%
Peers 13.6%
ROCE
3.5%
Peers 10.4%
Debt to equity
0.06
Debt ₹353 Cr
EPS (TTM)
₹1.39
Face value ₹1
OPM (TTM)
17.1%
Net margin 5.4%
Sales growth
+24.0%
Latest quarter vs a year ago
Profit growth
+546.1%
Latest quarter vs a year ago
Price to sales
6.28
EV/EBITDA 25.2

Strengths and risks

Strengths

  • Practically debt-free.
  • Quarterly profit up 546.1% on a year ago.
  • Quarterly sales up 24.0% on a year ago.

Risks to check

  • Return on equity is low at 3.3%.
  • P/E of 116.9 against an industry P/E of 25.1.
  • 43% below its 52-week high.
  • Interest coverage of only −12.0×.

Derived automatically from reported figures. Not a recommendation.

About Pine Labs

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,…

Headquarters
Noida
Employees
5,007
Sector
Technology
ISIN
INE15B701018
Website
pinelabs.com

Price range

52 weeks

₹134.73₹284.00

Today

₹157.05₹162.80
Avg volume (3M)
2.8 Cr
1-year return
minus 35.3%
From 52-week high
minus 42.8%

Analyst consensus

11 analysts
Strong buyMean target ₹223.18 plus 37.4%

Target range, with today’s price

Low ₹190.00High ₹250.00

Today’s price ₹162.45 is below the lowest analyst target.

Consensus from Yahoo Finance. Not a recommendation.

Peers · Software - Infrastructure

Compare with peersScreen the whole industry
Company
JPLJio Platforms1,406.40minus 0.80%12,95,15840.83.578.9%9.4%32.8%––0.00%minus 0.8%
PAYTMOne 97 Communications1,794.40plus 0.72%1,14,873136.16.943.7%5.3%8.0%1.2%–0.00%plus 40.5%
OFSSOracle Financial Services Software10,215.00plus 0.64%89,01025.011.5743.2%47.4%51.6%10.4%13.5%2.64%plus 21.9%
PINELABSPine Labs162.45plus 0.51%18,759116.93.153.5%3.3%17.1%21.0%–0.00%minus 35.3%
FRACTALFractal Analytics808.85minus 0.07%14,04338.04.0710.4%13.6%16.7%18.4%12.9%0.00%minus 4.5%
E2EE2E Networks487.05minus 4.97%10,00786.85.54−0.5%6.9%70.9%54.8%–0.00%plus 64.6%
MPIMANIPALManipal Payment and Identity Solutions312.80minus 0.81%7,25123.88.7843.4%46.2%24.9%13.7%29.1%0.00%minus 9.4%
NEWGENNewgen Software Technologies440.70minus 2.33%6,22925.23.5020.7%18.3%25.9%17.4%19.3%1.36%minus 53.6%
Median of 7 peers–−0.80%14,04338.05.5410.4%13.6%25.9%15.5%16.4%0.00%−0.8%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrSep 25Dec 25Mar 26Jun 26Sep 26
650744701737806
564602578631668
86.1142123106138
13.2%19.1%17.5%14.4%17.2%
22.935.440.92925.6
21.324.51712.814.2
65.968.170.973.375.9
−10.7−22.4−7.4−11.5−12.5
11.262.668.437.761.4
46.5%32.2%13.2%48.1%37.2%
642.459.419.638.6
0.050.380.510.170.33

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+21.0%
ROE
3.3%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
1,3541,4331,9052,396
–+5.9%+32.9%+25.8%
1,5491,6842,9753,344
−195−251−1,071−948
−14.4%−17.5%−56.2%−39.6%
3263611,3481,489
34.863.474.579.1
315363292270
−70.1−81.2−46.9−54.7
−289−398−136137
8.4%14.0%−6.7%18.0%
−265−342−145113
-2.31-2.98-1.451.02

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
00.10.1115
3,7393,5423,5065,781
438654970441
5,1865,4526,2396,961
9,3639,64910,71613,297
804649519489
21412449.355.4
24.655.774.3104
1,3959931,0922,656
6,9257,8278,9829,992
9,3639,64910,71613,297

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
−152−22949.7395
−37145−159−1,339
2.3−220−2011,972
−521−403−3111,029
−367−266−150−238
−519−495−101157

Shareholding pattern

Source: NSE filings

NSE hasn’t returned a shareholding pattern for this company. Institutions hold about 64.0% (Yahoo estimate).

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you