Slide 1: Exchange filing cover letter: Analysts / Institutional Investors Presentation
Date: July 28, 2026 To, BSE Limited, National Stock Exchange of India Limited, 20th Floor, P.J. Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400001. Mumbai – 400 051 BSE Scrip Code: 544606 NSE Scrip Symbol: PINELABS Subject: Analysts / Institutional
Slide 2: From Payments to Commerce Infrastructure: Q1 FY27 Shareholders' Letter and Results
To be revised for Commerce OS positioning FROM PAYMENTS TO COMMERCE INFRASTRUCTURE Shareholders’ Q1 FY27 Letter and Results 25 May 2026 1
Slide 3: Our Vision
Our Vision To build the best commerce and fintech platform from Asia, for the world. Q1 FY27 2 2
Slide 4: What we do? Monetisation model
What we do? Monetisation model Issuing & Acquiring Digital Infrastructure & Transactions Issuance In-Store & Flow, Fintech Processing & Online Affordability Infrastructure Distribution Infrastructure & Transaction Processing API for digital public Solutions for infrastructure Omnichannel issuing, pr
Slide 5: We have built one of the most comprehensive commerce stacks globally
We have built one of the most comprehensive commerce stacks globally... Payment Processing & Credit & Engagement 1 Acquisition 2 Conversion 3 4 5 6 & Retention Acceptance Settlement Issuance AcquireX - EngageX – Payment links & Smart POS & Pine Customer lifecycle Customer Tokenization EMI / Affordab
Slide 6: Continue to launch new products and tech solutions across geographies
... and continue to launch new products & tech solutions across geographies Multi Products – New Innovations Multi Geographies –Expanding Rapidly SignalIQ Airline Partnerships AI based credit underwriting platform to include self-employed Strengthened international airline prepaid individuals and ea
Slide 7: AI Adoption: Accelerating across the stack, powering agentic payments and automation
AI Adoption: Accelerating across the stack, powering agentic payments and automation New AI Initiatives Tech Platform Agentic Payments (P3P) Agentic Organisation Delivered India's first Agentic Payment Protocol on UPI that allows Domain-specific AI agents tailored for each organization: finance, cus
Slide 8: Online Payments: Growing dominance, powering agentic and cross-border commerce
Online Payments: Growing dominance, powering agentic and cross-border commerce Agentic Payment Protocol (P3P) Cross-border capabilities Checkout & Conversions for D2C Key Wins (Q1 FY27) • P3P enables trusted AI agents to • Launched & Scaled PACB • Enhanced conversion through automatically execute pa
Slide 9: In-store: Dominating enterprise, winning mid-market
In-store: Dominating enterprise, winning mid-market Dominance in Continue to Win market share in Our Right to Enterprise merchants Mid Market & Premium Retail Win Dominant market share in the country Integrated billing + payments + affordability at SMB economics Ramped-up smart bill proposition acro
Slide 10: Key Highlights
Key Highlights Q1 FY27 Revenue from Contribution Adjusted EBITDA Profit after Tax Operations Margin ₹737 Cr ₹533 Cr ₹126 Cr ₹20 Cr 20% YoY 72.3% Margin 17% Margin 4x YoY Platform GTV Number of Digital Checkout Number of Transactions (#) Points (#) Merchants (#) ~$45 Bn1 201 Cr 21.7 Lakh 11.5 Lakh (₹
Slide 11: Q1 FY27 Financial Snapshot (1/2)
Q1 FY27 Financial Snapshot (1/2) Revenue from operations (₹ Cr) Contribution Margin (₹ Cr) +20% 77.9% 76.5% 74.0% 73.3% 72.3% 744 737 +11% 701 551 514 533 650 616 497 480 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Contribution Margin % Contribution Margin • DITP
Slide 12: Q1 FY27 Financial Snapshot (2/2)
Q1 FY27 Financial Snapshot (2/2) Adjusted EBITDA (₹ Cr) Profit After Tax (₹ Cr) 19.6% 18.8% 22.9% 20.8% 17.1% 4x 5% 59 42 171 146 122 126 20 121 5 6 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Adjusted EBITDA Margin % Adjusted EBITDA • We see tremendous opportunit
Slide 13: Q1 FY27 Business Highlights (1/2)
Q1 FY27 Business Highlights (1/2) In-store and Online Infrastructure Flow, Affordability & transaction processing Number of Digital Checkout Points (#Lakh) Gross Transaction Value (₹ Cr 000’s) +54% +18% 21.7 91 20.3 18.4 19.0 19.3 77 76 63 59 25% 28% 30% 30% 24% Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY
Slide 14: Q1 FY27 Business Highlights (2/2)
Q1 FY27 Business Highlights (2/2) Issuing and Acquiring Platform Fintech Infrastructure Gross Transaction Value (₹ Cr 000’s) Number of Transactions (# Crore) +37% +26% 34 18 18 31 31 27 16 25 16 14 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 • India: (24% YoY) We
Slide 15: What's on Investors' minds? (1/6)
What’s on Investors’ minds? (1/6) Q1 Pine Labs delivered 20% YoY growth in Q1’FY27. What are the key drivers behind this momentum, and how are we positioned to deliver on the full-year guidance of 21–23.5% Q1 FY27 revenue growth of 20% reflects broad-based momentum across every part of the business.
Slide 16: What's on Investors' minds? (2/6)
What’s on Investors’ minds? (2/6) Consolidated contribution margin was 72-73% in Q1FY27, lower vs 73–74% range seen over the past two quarters. Q2 How should we think about this — is it temporary? Our unit economics remained healthy, with margins continues to reflect strategic growth rather than any
Slide 17: What's on Investors' minds? (3/6)
What’s on Investors’ minds? (3/6) Q3 Adjusted EBITDA margin was at 17% in Q1FY27. How should we think about the underlying operating leverage of the business and the full year Adjusted EBITDA margins? We see tremendous opportunity ahead and are positioning ourselves to capture it by investing ahead
Slide 18: What's on Investors' minds? (4/6)
What’s on Investors’ minds? (4/6) Q4 How is the International business performing? We are now operating across 22+ countries with our international business demonstrating strong, broad-based momentum. We continue to win new logos across geographies and scaling volumes across existing clients. We app
Slide 19: What's on Investors' minds? (5/6)
What’s on Investors’ minds? (5/6) Q6 How has the Net working capital for the quarter been? Operating cash flow (OCF) before early settlement was positive during t he quarter, while OCF including early settlement turned negative. Please explain capital requirements for early settlement? Net working c
Slide 20: What's on Investors' minds? (6/6)
What’s on Investors’ minds? (6/6) Q7 Effective tax rate (ETR) for this quarter is higher than corporate tax rate of ~25%. What are the reasons, and how should we model the ETR for FY27 and beyond? Our elevated ETR this quarter reflects the geographic mix of our operations. While, our India business
Slide 21: Management's View: Income Statement (1/2)
Management’s View: Income Statement (1/2) Particulars Unit Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 YoY FY25 FY26 YoY Revenue from Operations ₹ Cr 616 650 744 701 737 20% 2.274 2,711 19% DITP ₹ Cr 434 440 496 466 499 15% 1,603 1,837 15% IAP ₹ Cr 182 210 248 234 238 31% 671 874 30% Less: Direct Expens
Slide 22: Management's View: Income Statement (2/2)
Management’s View: Income Statement (2/2) Particulars Unit Q1 FY26 Q2 FY26 Q3 FY26 Q4FY26 Q1FY27 YoY FY25 FY26 YoY Adjusted EBITDA ₹ Cr 121 122 171 146 126 5% 357 559 57% Adjusted EBITDA % % 20% 19% 23% 21% 17% 16% 21% Less: Other Expenses ₹ Cr 125 111 108 77 89 -29% 493 422 -14% Depreciation on DCP
Slide 23: Key Performance Indicators (KPIs)
Key Performance Indicators (KPIs) Particulars Unit Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 FY25 FY26 Revenue from operations ₹ Cr 616 650 744 701 737 2,274 2,711 DITP ₹ Cr 434 440 496 466 499 1.603 1,837 IAP ₹ Cr 182 210 248 234 238 671 874 % International Revenue* % 15% 17% 13% 14% 16% 15% 15% Cont
Slide 24: Reconciliation: Profit after Tax to Adjusted EBITDA
Reconciliation Profit/Loss after Tax to Adjusted EBITDA Particulars Unit Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 FY25 FY26 Profit/(loss) for the period/year (A) ₹ Cr 5 6 42 59 20 -145 113 Add: Total tax expense/(credit) (B) ₹ Cr -10 5 20 9 18 9 25 Add: Finance costs (C) ₹ Cr 21 21 24 17 13 79 84 Add
Slide 25: Reconciliation: Adjusted EBITDA to Operating Cash Flow
Reconciliation Adjusted EBITDA to Operating Cash Flow Particulars Unit Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 FY24 FY25 FY26 Adjusted EBITDA (A) ₹ Cr 121 122 171 146 126 158 357 559 Working capital adjustments without early settlement ₹ Cr -92 138 -272 228 -126 -38 -101 1 Income taxes (paid)/ recei
Slide 26: Glossary (1/2)
Glossary (1/2) Term Description Adjusted EBITDA which is calculated as EBITDA less (i) other income; plus (ii) impairment of non-current assets; plus (iii) exceptional items; plus (iv) employee share based payment expense; plus (v) foreign exchange loss (net); plus (vi) liabilities and provisions no
Slide 27: Glossary (2/2)
Glossary (2/2) Term Description Digital Infrastructure and Transaction Platform (DITP) GTV is defined as the total transaction Digital Infrastructure and Transaction Platform GTV value processed through our Digital Infrastructure and Transaction Platform. Digital Infrastructure and Transaction Platf
Slide 28: Disclaimer
Disclaimer Forward looking statements Certain statements are included in this document which contain words or phrases, such as ‘will’, ‘aim’, ‘will likely result’, ‘believe’, ‘expect’, ‘will continue’, ‘anticipate’, ‘estimate’, ‘intend’, ‘plan’, ‘contemplate’, ‘seek to’, ‘future’, ‘objective’, ‘goal
Slide 29: Thank You
Thank You