Slide 1: Exchange filing cover letter
Date: May 25, 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 Sub: Analysts / Institutional Inves
Slide 2: From Payments to Commerce Infrastructure
FROM PAYMENTS TO COMMERCE INFRASTRUCTURE Shareholders’ Q4 and Full Year FY26 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. Q4 FY26 Results 2 2
Slide 4: What we do? Monetization model
What we do? Monetization model Issuing & Acquiring Digital Infrastructure & Transactions Issuance In-Store & Flow, Fintech Processing & Online Affordability Infrastructure Distribution Infrastructure & Transaction Processing Solutions for Omnichannel Affordability and API for digital public issuing,
Slide 5: Strategic Growth Focus: Network effects emerging across our segments and platform
Strategic Growth Focus: Network effects emerging across our segments and platform Long term focus on sustainable value pools, both existing and emerging value pools Business Services Online & autonomous Agentic Commerce & Agentic bill payments, payments-owning automated underwriting identity & data
Slide 6: Q4 & FY26: Financial Performance
Q4 & FY26: Financial Performance Revenue Adj. EBITDA Profit After Tax Operating Cashflow ₹2,711 Cr ₹559 Cr ₹113 Cr ₹395 Cr FY26 19% YoY 57% YoY +₹258 Cr YoY 8x YoY ₹701 Cr ₹146 Cr ₹59 Cr ₹676 Cr Q4 FY26 17% YoY 73% YoY +₹88 Cr YoY +₹700 Cr YoY Q4 FY26 Results 5 5
Slide 7: Key Highlights
Key Highlights Q4 FY26 Revenue from Contribution Adjusted Profit After Tax Highest Quarterly PAT of ₹59 Cr+ Q4 FY26 (+ ₹88 Cr YoY) Operations Margin EBITDA & ₹113 Cr+ for FY26 (+ ₹258 Cr YoY) ₹701 Cr ₹513 Cr ₹146 Cr ₹59 Cr Highest Quarterly net operating cash of ₹676 Cr Q4 FY26, incl. early settleme
Slide 8: Key Wins Through The Year
Key Wins Through The Year During the year Key Wins • We doubled down on mid-market and SMB customers across India’s #1 Airport In-store Payments 20 Lakh+ F&B*, lifestyle, D2C, electronics, automobiles, hypermarkets etc Operator DCP’s • Teamed up with a new-age fintech partner to roll-out DCP’s to To
Slide 9: Multi-year contract win in Q4 FY26 from top 3 Oil Marketing Companies
Multi-year contract win in Q4 FY26 from top the 3 Oil Marketing Companies in India In Q4, we won multi year landmark contracts from Top 3 leading Oil and Marketing Companies (OMCs) in India involving deploying, managing, and maintaining the digital payments infrastructure at petrol pumps and merchan
Slide 10: We are re-wiring the organization for the AI era
We are re-wiring the organization for the AI era AI is a once-in-a-generation phenomenon — ushering in a world where the only limitation to new products and services is human imagination. A new wave of entrepreneurs and businesses is being created, and we want to co-build the future of Agentic Comme
Slide 11: Operating at scale in India, expanding footprint globally
Operating at scale in India, expanding footprint globally Platform GTV Transactions DCP’s International Revenue +57% CAGR last 3 Yrs +42% CAGR last 3 Yrs +19% CAGR last 3 Yrs +44% CAGR last 3 Yrs $Bn # Crores # Lakhs ₹ Cr [₹ Cr (000’s)] 194 740 403 [1715] 20.3 569 338 17.8 129 [1143] 13.9 344 194 69
Slide 12: From investment-and-build to monetization-at-scale
From "investment-and-build" to "monetization-at-scale” Revenue Adj. EBITDA PAT Operating Cashflow +19% CAGR last 3 Yrs +42% CAGR last 3 Yrs Swung by ₹ 258Cr YOY 8x YOY 12% 9% 16% 21% 395 ₹ Cr 2,711 ₹ Cr 559 ₹ Cr ₹ Cr 113 2,274 50 1,770 357 1,598 197 158 (152) (145) (229) (265) (342) FY23 FY24 FY25 F
Slide 13: Disciplined cost management with revenue scale-up
Disciplined cost management with revenue scale-up Indirect Expenses as % of Revenue* ESOP Cost as % of Revenue D&A as % of Revenue +13% +4% 10% 68% 69% 60% 10% 24% 55% 20% 6% 6% 15% 5% 10% 46% 44% 38% 34% FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Employee Cost ex ESOP’s as % of Rev
Slide 14: Q4 FY26 Financial Snapshot
Q4 FY26 Financial Snapshot Revenue from operations (₹ Cr) Contribution Margin (₹ Cr) +17% 74% 78% 77% 74% 73% 744 +15% 701 551 513 650 616 497 480 599 445 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Contribution Margin % Contribution Margin Revenue from operations
Slide 15: Q4 FY26 Financial Snapshot
Q4 FY26 Financial Snapshot Adjusted EBITDA (₹ Cr) Profit After Tax (₹ Cr) 14% 20% 19% 23% 21% +88 Cr +74% 171 59 42 146 5 122 6 121 84 -29 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY25 Q4 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Adjusted EBITDA Margin % Adjusted EBITDA ▪ In line with our stated guidance, more
Slide 16: Q4 FY26 Business Highlights
Q4 FY26 Business Highlights In-store and Online Infrastructure Flow, Affordability & transaction processing Number of Digital Checkout Points (#Lakhs) Gross Transaction Value (₹ Cr 000’s) +44% +14% 76 77 19.3 20.3 18.4 19.0 17.8 63 59 53 24% 25% 28% 30% 22% Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY25 Q4 FY26 Q4
Slide 17: Q4 FY26 Business Highlights
Q4 FY26 Business Highlights Issuing and Acquiring Platform Fintech Infrastructure Gross Transaction Value (₹ Cr 000’s) Number of Transactions (# Crore) +35% +24% 31 31 18 27 25 16 23 16 14 13 28% 30% 22% 24% 25% Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY25 Q4 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 India: D
Slide 18: What's on Investors' minds?
What’s on Investors’ minds? Q1: Why did the Q4’FY26 growth year-on-year moderated vs earlier quarters ? We grew revenues by 20.4% in H2 FY26, reflecting strong underlying momentum. Q3 FY26 benefited from a strong festive season. Q4 FY26 moderated as it typically does after strong Diwali as brands an
Slide 19: What's on Investors' minds?
What’s on Investors’ minds? Q2: What are the key business drivers to accelerate growth in FY27 and beyond? Pine Labs continues to progress in the strategy to own The Commerce OS. There are growth drivers across our product set 1 Foundation. Enterprise merchants continue to expand with small format s
Slide 20: What's on Investors' minds?
What’s on Investors’ minds? Q3: How should we think about cash flow and working capital — both the quarterly movements and the steady-state trajectory? Working capital for Pine Labs is best assessed on an annualized net working capital basis, including all current assets and liabilities along with c
Slide 21: What's on Investors' minds?
What’s on Investors’ minds? Q4: On the recently announced OMC contracts with IOCL, BPCL and HPCL, please share some details around these contracts. We have won acquiring and loyalty mandates from the 3 largest OMCs in India— BPCL, HPCL, and IOCL; Pine Labs will power majority of card based fuel tran
Slide 22: What's on Investors' minds?
What’s on Investors’ minds? Q5: As an industry leader, how are we investing today for future growth? We are at a genuine industry inflection point. AI-based payments will make transactions micro and drive an explosion in volumes, with AI agents increasingly acting on behalf of users — and our tech a
Slide 23: What's on Investors' minds?
What’s on Investors’ minds? Q6: How is Pine Labs building a sustainable competitive moat in international markets? What are the key focus geographies, go-to- market strategy, and trajectory of international business? Our international strategy is anchored on a phased market-entry framework that prog
Slide 24: What's on Investors' minds?
What’s on Investors’ minds? Q7 Pine Labs has delivered strong operating leverage, with adjusted EBITDA margins expanding meaningfully year on year, is this trajectory sustainable? Our margin expansion to ~21% is an outcome of conscious business mix change. The capital and operating investments to bu
Slide 25: What's on Investors' minds?
What’s on Investors’ minds? Q8: How is Pine Labs positioning its Online & Omnichannel business for long-term growth? Pine Labs' Online & Omnichannel business has grown 80% CAGR for the last 3 years. We have established ourself as one of India's fastest-growing payments and bill payments infrastructu
Slide 26: Management's View: Income Statement (1/2)
Management’s View: Income Statement (1/2) Particulars Unit Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 YoY FY25 FY26 YoY Revenue from Operations ₹ Cr 599 616 650 744 701 17% 2.274 2,711 19% DITP ₹ Cr 410 434 440 496 466 14% 1,603 1,837 15% IAP ₹ Cr 188 182 210 248 234 24% 671 874 30% Less: Direct Expens
Slide 27: Management's View: Income Statement (2/2)
Management’s View: Income Statement (2/2) Particulars Unit Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4FY26 YoY FY25 FY26 YoY Adjusted EBITDA ₹ Cr 84 121 122 171 146 73% 357 559 57% Adjusted EBITDA % % 14% 20% 19% 23% 21% 7% 16% 21% 5% Less: Other Expenses ₹ Cr 106 125 111 108 77 -27% 493 422 -14% Depreciatio
Slide 28: Key Performance Indicators (KPIs)
Key Performance Indicators (KPIs) Particulars Unit Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY25 FY26 Revenue from operations ₹ Cr 599 616 650 744 701 2,274 2,711 DITP ₹ Cr 410 434 440 496 466 1.603 1,837 IAP ₹ Cr 188 182 210 248 234 671 874 % International Revenue* % 17% 15% 17% 13% 14% 15% 15% Cont
Slide 29: Reconciliation
Reconciliation Profit/Loss after Tax to Adjusted EBITDA Particulars Unit Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY25 FY26 Profit/(loss) for the period/year (A) ₹ Cr -29 5 6 42 59 -145 113 Add: Total tax expense/(credit) (B) ₹ Cr 7 -10 5 20 9 9 25 Add: Finance costs (C) ₹ Cr 22 21 21 24 17 79 84 Add
Slide 30: Reconciliation
Reconciliation Adjusted EBITDA to Operating Cash Flow Particulars Unit Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY24 FY25 FY26 Adjusted EBITDA (A) ₹ Cr 84 121 122 171 146 158 357 559 Other items ₹ Cr 33 -38 12 0 25 -59 -45 -1 Working capital adjustments without early settlement ₹ Cr -108 -92 138 -272
Slide 31: 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 32: 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 33: 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 34: Thank You
Thank You Q4 FY26 Results 33