Pine Labs Limited · NSE:PINELABS
Pine Labs — Q2 FY27 Earnings Presentation
22 slides from Pine Labs's earnings presentation, Oct 29, 2026
Slide 1: Stock exchange filing cover letter
Date: October 29, 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 / Institution
Slide 2: Shareholders' Letter and Results Q2 FY27
pine labs Shareholders’ Letter and Results Q2 | FY27 + <>
Slide 3: Our Vision
Our Vision To build the best commerce and fintech platform from Asia, for the world. Q2 FY27 2 2
Slide 4: Key Highlights – Q2 FY27
Key Highlights – Q2 FY27 Revenue from Contribution Margin Adjusted EBITDA Profit after Tax Operations ₹806 Cr ₹587 Cr ₹155 Cr ₹39 Cr 24% YoY 18% YoY 27% YoY 6x YoY 19% Margin Platform GTV Number of Digital Checkout Number of Transactions (#) Points (#) Merchants (#) ~$46.5 Bn1 229 Cr 22.3 Lakh 11.6
Slide 5: Revenue growth accelerates to a 5 quarter high of ~24% YoY
Revenue growth accelerates to a 5 quarter high of ~24% YoY; Driving improvement in profitability and cash flow +24% 18.8% 17.1% 19.2% Revenue from 806 Adjusted EBITDA 737 +₹33 Cr Operations +24% YoY 650 238 275 +27% YoY 155 210 122 126 ₹ Cr % Adj. EBITDA margin 499 532 ₹ Cr 440 ■ DITP1 +21% ■ IAP2 +
Slide 6: Our underlying businesses continue to compound
Our underlying businesses continue to compound Business Q2 FY27 highlights 17% 49% In-store Payments Mid-market led, enterprise anchored: Continuing to drive higher flow-based revenue Overall DCPs base Mid-market DCPs base Partnerships with Global tech players: Deepening Tap & Pay, UPI & wallet acce
Slide 7: Key products launched at Global Fintech Fest 2026
Key products launched at Global Fintech Fest 2026 Business Product launches/showcased What it does Opening new value pools Employee Benefits Multi-wallet, compliant, widely accepted card on Pine Labs' acceptance Opens a significant new TAM; 50m+ formal Card (Prism) and issuing network; employers off
Slide 8: What's on Investors' minds? (1/5)
What’s on Investors’ minds? (1/5) Q1 How has revenue growth performed this quarter? Do you expect this pace of growth to continue in H2? Q2 FY27 revenue grew 24% YoY reflecting broad-based momentum across both our platforms. Our confidence in sustaining this Revenue from Operations pace into H2 is a
Slide 9: What's on Investors' minds? (2/5)
What’s on Investors’ minds? (2/5) Adjusted EBITDA margin remained strong at ~19% in Q2 FY27. How does management see indirect costs, Q2 ongoing investments and margins evolving through H2 FY27? We are excited about the opportunities ahead, and we are consciously investing in the future of commerce.
Slide 10: What's on Investors' minds? (3/5)
What’s on Investors’ minds? (3/5) Q3 While Adj EBITDA has grown by 27%, PAT increased ~ 6x. What is driving the improvement below Adjusted EBITDA? Profit after Tax 6x YoY Q2 FY27 extended the sharp improvement in bottom-line performance that began in Q1 FY27. PBT grew to ₹61 Cr (+450% ₹ Cr YoY) and
Slide 11: What's on Investors' minds? (4/5)
What’s on Investors’ minds? (4/5) Q4 What drove the sharp improvement in Operating Cash Flow this quarter? Operating Cashflow 2x YoY ₹ Cr Operating cash flow was significantly stronger YoY in Q2 FY27: ₹350 Cr, vs ₹152 Cr in Q2 FY26. The step-up reflects better working capital management, with early
Slide 12: What's on Investors' minds? (5/5)
What’s on Investors’ minds? (5/5) Following recent regulatory developments on MDR on UPI, how does management see the opportunity for Pine Labs, given Pine labs platform Q5 processes large volumes of UPI linked transactions in the premium merchant category? How is the platform positioned to monetize
Slide 13: Management's View: Income Statement (1/2)
Management’s View: Income Statement (1/2) Particulars Unit Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 YoY FY25 FY26 YoY Revenue from Operations ₹ Cr 650 744 701 737 806 24% 2,274 2,711 19% DITP ₹ Cr 440 496 466 499 532 21% 1,603 1,837 15% IAP ₹ Cr 210 248 234 238 275 31% 671 874 30% Less: Direct Expens
Slide 14: Management's View: Income Statement (2/2)
Management’s View: Income Statement (2/2) Particulars Unit Q2 FY26 Q3 FY26 Q4FY26 Q1FY27 Q2FY27 YoY FY25 FY26 YoY Adjusted EBITDA ₹ Cr 122 171 146 126 155 27% 357 559 57% Adjusted EBITDA % % 19% 23% 21% 17% 19% 16% 21% Less: Other Expenses ₹ Cr 111 108 77 89 93 -16% 493 422 -14% Depreciation on DCPs
Slide 15: Key Performance Indicators (KPIs)
Key Performance Indicators (KPIs) Particulars Unit Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 FY25 FY26 Revenue from operations ₹ Cr 650 744 701 737 806 2,274 2,711 DITP ₹ Cr 440 496 466 499 532 1,603 1,837 IAP ₹ Cr 210 248 234 238 275 671 874 % International Revenue* % 17% 13% 14% 16% 15% 15% 15% Cont
Slide 16: Reconciliation
Reconciliation Profit/Loss after Tax to Adjusted EBITDA Particulars Unit Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 FY25 FY26 Profit/(loss) for the period/year (A) ₹ Cr 6 42 59 20 39 -145 113 Add: Total tax expense/(credit) (B) ₹ Cr 5 20 9 18 23 9 25 Add: Finance costs (C) ₹ Cr 21 24 17 13 14 79 84 Add
Slide 17: Reconciliation
Reconciliation Adjusted EBITDA to Operating Cash Flow Particulars Unit Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 FY24 FY25 FY26 Adjusted EBITDA (A) ₹ Cr 122 171 146 126 155 158 357 559 Working capital adjustments without early settlement ₹ Cr 138 -272 228 -126 65 -38 -101 1 Income taxes (paid)/ receiv
Slide 18: 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 19: 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 20: 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 21: Thank You
Thank You 20
Slide 22: 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