Pine Labs Unlisted Share
BUY
₹285.00
SELL
₹320.00
About Pine Labs Unlisted Share
1. About
Pine Labs Limited is a leading commerce and financial technology infrastructure company offering end-to-end digital payments, card issuance, and financial technology services. With presence across India, Southeast Asia, UAE, Australia, U.S., and Africa, the company leverages its cloud-based and API-driven platforms to digitize and scale commerce. It serves merchants, enterprises, financial institutions, and consumer brands with integrated solutions spanning payments, card issuance, loyalty, and affordability offerings.
2. Business Divisions
a) Digital Infrastructure & Transaction Platform
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Powers in-store & online payments, EMI affordability, and value-added services like loyalty & GST compliance.
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Processed ₹7,148 billion GTV in FY24 across 1.39 million payment points.
b) Issuing & Acquiring Platform
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Enables prepaid, debit, credit, and forex card issuance & processing.
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As of Dec 2024: 3.2B prepaid cards issued, 71M card accounts managed with 28 issuing partners.
c) Technology & Acquisitions
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Proprietary cloud infrastructure ensures 99.95% uptime.
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Strategic acquisitions: Qwikcilver (Prepaid), Plural (Online Payments), Mosambee, QFix, Setu, and Credit+.
3. Financial Highlights
P&L Performance (₹ Cr.)
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Revenue: ₹934 (2022), ₹1,291 (2023), ₹1,341 (2024).
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EBITDA: ₹114 (2022), ₹161 (2023), ₹104 (2024).
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PAT: -₹23 (2022), -₹56 (2023), -₹187 (2024).
Key 7 Points
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Revenue grew 43% FY22–FY23, slower at 4% FY23–FY24.
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Gross margins remained strong: 81.6% (FY22) to 83.6% (FY24).
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Employee costs rose from ₹448 Cr. (FY22) to ₹625 Cr. (FY24).
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EBITDA fell to ₹104 Cr. in FY24, margin at 7.76%.
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Finance costs surged from ₹24 Cr. (FY22) to ₹58 Cr. (FY24).
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PAT slipped deeper into loss: -₹23 Cr. to -₹187 Cr. by FY24.
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EPS stayed negative, improving from -₹4.03 (FY23) to -₹2.23 (FY24).
Pros
- Market leadership in digital payments, gift cards, and affordability solutions.
- Strong global presence across India, Southeast Asia, UAE, and U.S.
- Scalable cloud-based API infrastructure with 99.95% uptime.
Cons
- Continued net losses with declining PAT.
- Rising employee and finance costs pressuring margins.
- EBITDA margins dropped significantly in FY24.
