Pine Labs Limited · NSE:PINELABS
Pine Labs — Investor Day (June 2026)
135 slides from Pine Labs's investor day presentation, Jun 16, 2026
Slide 1: Analysts / Institutional Investors Presentation filing letter
Date: June 16, 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 Inve
Slide 2: Pine Labs
pine labs Amrish Rau any GO =
Slide 3: Fintech is growing globally and in India
Fintech is growing globally and in India. Fintech is wide. The market we are playing inis unlimited. We have built deep commerce capabilities. Our breadth, and growth strategy.
Slide 4: Fintech is growing globally, and in India
Fintech is growing globally, and in India. Sources Mekinsy & Co, BCG research snd analysis $650B TOTAL GLOBAL FINTECH REVENUE POOL Growing ~21% year-on-year, vs overall financial services industry expanding at ~6%. $190B INDIA FINTECH REVENUE POOL ‘otal India fintech revenue pool 2030 projection. $1
Slide 5: Fintech is wide
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Slide 6: We digitise, simplify and make commerce secure
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Slide 7: Our thesis
Our thesis Digitisation of payment and commerce. Improved connectivity, security, workflow automation and integration of payment flows. UPI adoption and evolution. Accelerating payment volume and new monetisation ‘opportunities from VAS". Embedded services. Growing demand from merchants and enterpri
Slide 8: Our platform and distribution have been built over a decade
Our platform and distribution have been built over a decade. 4 A j Building blocks for commerce enablement Building our distribution In-store Payments In-store Payments In-store Payments Long Tail Merchants In-store Payments In-store Payments In-store Payments Long Tail Merchants Long Tail Merchants
Slide 9: Revenue mix shift towards value pools, driving profitability & cashflows
Revenue mix shift towards value pools, driving profitability & cashflows. Evolving revenue mix from distribution infra to value pools 2m 2,274 ra 2% 1,598 FY23 FY24 FY25 = FY26 [I Disvbutonintaroverues Nand consumervelue pools Businets Senices & Data pools 5% Adjusted EBITDA margin expansion 12% % 1
Slide 10: Our proven scale
Our proven FY26 FY26 scale. $194 B+ 11 Lakh+ Platform Gross Transaction Value 1 Merchants 2 FY26 FY26 740 Cr 20.3 Lakh Platform transactions 3 Digital checkout points3 FY26 FY26 114 Cr+ 86.5 Cr Fintech infra. transactions 4 Prepaid cards issued 5 Notes: (1) Platform GTV is defined as the total trans
Slide 11: We are building a full-stack Commerce OS
We are building a full-stack Commerce OS. Financial Platforms USER INTERFACE Simplify Issue, accept and Build affordability Merchant software checkout store currency solutions platform Orchestration CONTROL PLANE DISTRIBUTION AND BRAND Processing Infrastructure AI and analytics New credit delivery C
Slide 12: Our cloud-based software platform
Our cloud-based software platform. In-store and Online Affordability, VAS and Fintech Issuer Processing and Infrastructure Transaction Processing Infrastructure Distribution DIGITAL INFRASTRUCTURE AND DIGITAL INFRASTRUCTURE AND DIGITAL INFRASTRUCTURE AND ISSUING AND AND TRANSACTIONS TRANSACTIONS A
Slide 13: Commerce OS for the Global South
Commerce OS for the Global South PERN
Slide 14: Transforming every transaction in commerce
Transforming every transaction in commerce Kush Mehra President and CBO, Pine Labs
Slide 15: 80-85M Merchants
Not market share, but market dominance and expansion play. • Intelligent routing • Affordability solutions • Multi-channel reconciliation • Analytics solution PL Stronghold Enterprise • ERP integration • Omnichannel acceptance • Loyalty management Dominant market share in the country • Miniaturised
Slide 16: Dominance in enterprise merchants
Smart Routing, Multi TID and Dominance in Payment Aggregation enterprise merchants. Omnichannel Manage rewards, • Dominant 60% + market share in the country commerce loyalty, cashback • Continue to enhance share of wallet within enterprise merchants • Successfully winning new enterprises like all 7
Slide 17: Bespoke solutions for new segments
Traffic Police / RTO DISCOM Army Canteen Temple Solutions Bespoke 21 States, ~21,500 DCPs 3 States, 1,500 DCPs 213 Canteens, 871 DCPs 23 Temple Trusts, 400 DCPs solutions for new Municipalities & Transit (State / Tourism Gram Panchayats City Transport) Board 280 Cities & Villages, 102 Merchants, seg
Slide 18: Precision crafted solutions for FIGs
Pine Labs' precision Before our solutions After our solutions crafted solutions for FIGs Branch-dependent onboarding + physical KYC Branch + field onboarding enabled Paper-based gold loan processing Fully digital gold loan journey 2L+ Market Opportunity Time-consuming disbursement Faster loan proces
Slide 19: Multi-year contract win
Multi-year What is the opportunity for Pine Labs? Unmatched Ecosystem Depth & XtraPower Fleet Cards contract win Scale ~130,000 DCPs* Stickiness 50,000+ Outlets* (IOCL ) 20 Lakh+ Fleet cards* Our position post this win Payments Player #1 From the top 3 Oil India's largest fleet across all 3 OMCs Mar
Slide 20: From payment acceptance to all-in-one checkout counter
From payment acceptance to all-in-one checkout counter 0.5 Mn TAM Opportunity Merchant today has multiple screens – ERP – POS – QR – District / Dineout - Ad Screens – Separate device for Amex & DCC. Pine Labs is transforming all in one device Why it's critical: Merchants demand : Seamless Experience
Slide 21: Competition landscape: why Pine Labs is winning
Competition landscape: Competitor 1 Competitor 2 Why Pine Labs is winning. EXITING In-store No premium play & lending pivot Pulling back from In-Store No prominent presence in 3x growth ~2x growth payments, a strategic retreat. premium retail segment. Merchant base is vulnerable and Shifted focus fr
Slide 22: Transforming mid-market segment
Transforming mid-market segment. Full-stack maps precisely to mid-market complexity. One vendor = Aggregator + ERP + Multi- TID + Field Ops User Insights Merchant Insights Each win = multi-product, India's fastest-growing merchant cohort have Consumers seeking specialised retailers multi-year relati
Slide 23: Transforming premium retail
Transforming premium retail. Integrated billing + payments + affordability stack at SMB economics. User Insights Aggregator model: Pine Labs Merchant Insights solves for the merchant end-to-end. Boutiques demand enterprise-grade Consumers expect boutiques to match Integrated billing, multi- payment
Slide 24: Winning in retail: the UPI-first segment
THE MERCHANT REALITY Winning in • Merchants run 3–5 payment modes simultaneously. Card, UPI, CC-on-UPI, Links, Aggregator retail: In-Store (Dineout, MagicPin) The UPI-first • No unified view means blind spots on revenue & disputes. segment. QR Card (DB/CC) on Device Pay By Link CC on UPI District/ D
Slide 25: Category-wise growth: new merchant acquisition
Category-wise growth: New merchant acquisition. High ATV Travel & Core Segment Organized D2C / VAS Lifestyle & Multi-Location F&B / QSR 8 sectors all growing Hospitality Grocery Premium ahead of GDP · Each a distinct Pine Labs 2X Omnichannel bookings, DCC, 2X ERP integrations, UPI 3X Omnichannel, In
Slide 26: Cross-sell engine
Cross-sell engine: GROWTH Data Intelligence One entry, PLATFORM Integrations for & Cross-sell Transaction data → multiple EXTENDED CORE Commerce & Loyalty merchant insights → Prepaid · DCC · business growth and Pine Omnichannel revenue Affordability ERP, loyalty, gifting, Labs' revenue expansion at
Slide 27: Expanding VAS universe
Enabling fintech for smart-techs through an expanding VAS universe. Dynamic Currency Pay by SMS/ SmartBill Affordability Conversion Link Pay by Points/Loyalty Scan & Go EnrichHub Wallet Rewards AcquireHub InsightHub AdHub and many more AD
Slide 28: Future enablers of growth
Future enablers of growth. 1 Commerce Intelligence 2 Partnership 3 Smarter Self-Managed & Data Signal Ecosystem Kiosk Checkouts
Slide 29: Pillar 1: Commerce intelligence & data signals
Pillar 1: Commerce intelligence & data signals. Turning transaction intelligence into personalised commerce outcomes across consumers, brands and merchants. Why it's critical: Consumers expect personalized offers while brands demand measurable ROI through closed-loop attribution and AI-driven target
Slide 30: Pillar 2: Partnership Ecosystem
Pillar 2: Partnership Ecosystem Beyond bank alliances. AI-powered partner alliances across ERPs, SaaS, loyalty, B2B marketplaces and fintechs. Why it's critical: Partner-led adoption drives merchant feature adoption at scale, with AI compressing outreach from weeks to hours like Shopify and Stripe.
Slide 31: Pillar 3: Smarter self-managed kiosk checkouts
Pillar 3: Smarter self-managed kiosk checkouts. From PoS terminal to full-stack merchant technology platform in India, then Southeast Asia. Why it's critical: Global kiosk market growing 43% with Asia-Pacific at 18% CAGR; QSR chains see 25% higher order values. 2030 Opportunity: India's $43.5B exper
Slide 32: Showcasing Smart Routing Capabilities
pine labs Showcasing G) Smart Routing Capabilities Card & UPI Pratyush Raj
Slide 33: From In-Store Dominance to Full-Funnel Affordability
From In-Store Dominance to Full-Funnel Affordability v Succes loara
Slide 34: Pine Labs' Affordability Business
Pine Labs' What Affordability unfolds for Credit Partners? • On-the-fly EMI conversion Affordability Business • Mis-use & Velocity Checks • Marketing Budget Optimization Pine Labs Technology- layer with No Credit Risk Any new brand can plug into Pine Labs’ Brand EMI & instantly tap into network of 4
Slide 35: Strong network effects driving ecosystem growth
Strong network effects driving ecosystem growth. Brands per 10,000 affordability terminals grew from 15 to 30 Txn Volume per Issuer grew by 23% TRANSACTING BRANDS 455 1717 VOLUME PER ISSUER (INR CR) 30 188 920 15
Slide 36: Strong network effects driving ecosystem growth
Strong network effects driving ecosystem growth. Merchant Penetration – Leading Electronics Retailer Brand Penetration – Leading Smartphone Brand AFFORDABILITY ENABLED DCP’S # BRANDS INTEGRATED AFFORDABILITY ENABLED DCP’S VOLUME/GTV ( NR CR) 8092 106 28,316 12,948 48 12,798 6,061 188
Slide 37: Affordability value pool growth
20+ new brands entry in affordability in Wheels segment: FY26 Addressable affordability pool of 100K Cr with CAGR of ~10% Emerging smartphone brands growing 45%+ YoY, reducing dependence on Non-electronics segment: market leaders EXISTING BUSINESS NEW BUSINESS • Current market is driven by full swip
Slide 38: Three horizons, one platform
Three horizons, one platform. IN-TRANSACTION Core Stronghold OUR MOAT 85% offline CDIT BNPL market share POST-TRANSACTION PRE-TRANSACTION Demand Creation Engagement to Monetise EXPANDING Addressable Market
Slide 39: Breaking the myth
Breaking the myth. Reality 01 The Myth Myth Debunked Affordability Beyond Cards Affordability offerings Affordability expands across cards, cardless ~10% volume contribution by UPI payments are limited to card payments & UPI payment modes Instant gratification available on UPI payments EMI on UPI en
Slide 40: EMI
pine labs EMI once)
Slide 41: EMI on UPI
EMI on UPI 1 Merchant Selects the “EMI 2 Selects the Category 3 Selects the Brand 4 Selects the Model/SKU 5 Selects the Offer as Per World Option” Customer’s Credit Card Investor and Analyst Day - 2026
Slide 42: EMI on UPI
EMI on UPI 6 Selects the tenure of the EMI Offer 7 Reviews all the details 8 Enters IMEI number for 9 Enters the OTP sent by of the EMI Offer OEM Validation Pine Labs to validate Mobile Number. Investor and Analyst Day - 2026
Slide 43: EMI on UPI
EMI on UPI 10 Selects Pay via UPI 11 Customer scans the 12 Customer opens 13 Customer confirms the EMI QR Code their Payment app offer on the Payment app Investor and Analyst Day - 2026
Slide 44: EMI on UPI
EMI on UPI 14 Customer enters the PIN 15 Payment is successful 16 Charge slip will be on payment app printed Investor and Analyst Day - 2026
Slide 45: Investor and Analyst Day - 2026
Investor and Analyst Day - 2026
Slide 46: EMI World Pay By Link Customer Journey
EMI World Pay By Link Customer Journey 1 Merchant opens EMI World 2 Selects product & SKU 3 Selects issuing bank 4 Checks offers & selects 5 Checks transaction app on mobile phone & tenure summary & proceeds to selects category/brand payment Investor and Analyst Day - 2026
Slide 47: EMI World Pay By Link Customer Journey
EMI World Pay By Link Customer Journey 6 Enters IMEI for real time 7 Payment link will be 8 Merchant will see 9 Customer clicks on 10 Customer selects validation & Enters mobile sent via SMS payment-initiated payment link in SMS to card number for payment link status view transaction details Investo
Slide 48: EMI World Pay By Link Customer Journey
EMI World Pay By Link Customer Journey 11 Customer enters card 12 Customer enters OTP 13 Customer receives 14 Merchant receives details to complete payment success payment success transaction message information on their mobile EMI World app Investor and Analyst Day - 2026
Slide 49: Capturing missed EMI value creation for consumers
Capturing missed Data advantage 2 Cr+ non-affordability transactions → data available on exact purchase timing, category, ticket EMI value creation size and issuer context. Pine Labs’ post-transaction nudges outperform every BNPL player on precision and conversion. for consumers. Engagement Model ~5
Slide 50: Investor and Analyst Day - 2026
Investor and Analyst Day - 2026
Slide 51: Convert full swipe to EMI solution
Convert full swipe to EMI solution 1 Transaction completed 2 SMS or Whatsapp link 3 Customer chooses the On POS Nudge to customer EMI offer Investor and Analyst Day - 2026
Slide 52: Convert full swipe to EMI solution
Convert full swipe to EMI solution 4 Customer Selects Tenure 5 EMI Conversation Successful Investor and Analyst Day - 2026
Slide 53: Unlocking new affordability categories
YoY Affordability Growth Affordability Penetration% Unlocking new FY 25 vs FY 26 (Mar’25-Mar’26)* affordability Furniture 374 788 Leadingfurniture retailer 6% 37% categories: Fashion 105% Leadingluxury Beyond traditional category CDIT 391 625 watchbrand 7% 14% 60% Leadingoptical NCDIT Healthcare 226
Slide 54: Transforming generic money into meaningful spends
Transforming generic money into meaningful spends Swarnendu Mukherjee Shashank Kohli Chief Growth Officer, Issuing Business Executive Vice President, Product, Issuing Business
Slide 55: Generic money is universal, but it has no memory
Generic money is universal, but it has Merchant E-Commerce Transit Authority Employer Nomemory. Cannot guarantee the money comes back to them without Cannot guarantee a COD return customer converts Cannot move millions of commuters through Cannot ensure a travel or meal allowance is Norules. leaking
Slide 56: Businesses need money that behaves
But businesses need money that Behaves Comes back Stays controlled
Slide 57: Prepaid makes universal money purposeful
Prepaid makes universal money purposeful. We embed intent, define who spends, how much, where, when & on what. Pine Labs orchestrates Prepaid in real-time & at scale across: 22+ Geographies 865 M+ prepaid cards issued# # FY 26
Slide 58: Comprehensive prepaid stack for Merchants
Comprehensive prepaid stack for Merchants. 1 Multi-use-case stack → Wallets , gifting, rewards, refunds, loyalty on same infra 2 Realtime ledger + APIs → Enables scale + partner integrations 3 Compliance-native architecture → Not bolted-on Global-ready stack → 4 Multi-currency, cross-border issuance
Slide 59: Comprehensive engagement stack for businesses
Comprehensive engagement stack for businesses. End-to-end program life cycle management 1 Onboarding & KYC 2 Sales Data Capture 3 Earn Module & TDS 4 Redemption 5 Communication 6 Reports One Platform to Onboard, Engage, Reward, and Grow Your Partner Ecosystem
Slide 60: One platform. Every prepaid use case
One platform. Issuance & Wallets Rewards Engine Every prepaid Create and manage prepaid instruments for any client, denomination, or currency Attach points, cashback, and incentive mechanics to any prepaid product use case. Program Config Multi-geography Rails Define rules: who can spend, where, whe
Slide 61: Flipkart Group prepaid ecosystem
Flipkart Group 100+ prepaid ecosystem Merchant Integrations Ecosystem Acquiring committed customers Exponential Via Growth Distribution 2024 - Present As a Volume Mass Distribution Layer Refunds Driver 2019 - 2023 Scale → Ecosystem & Frequency Growth Engine Layer Regulatory - 2014 - 2018 Architectur
Slide 62: Tomorrow's spend, locked today
Tomorrow's spend, locked today.
Slide 63: Always-on distribution across Australian ecosystems
Acquire & Commit Always-on Embedded gift card storefronts help bring new distribution buyers into worths channels, year-round. We support 25+ programs across students, across Australian government-linked seniors' programs, insurance, hospitality and member-benefit networks. ecosystems. Ecosystem / p
Slide 64: Amadeus: Refunds at the gate, under rules
Govern with airlines Amadeus : Refunds at the gate, under rules. 5 years ago, Amadeus and Pine Labs That collaboration led to Asset Manager, a came together to solve airline-specific solution deeply integrated across the Amadeus business challenges. platform, bringing together travel expertise and p
Slide 65: We also power the banking ecosystem
WE ALSO POWER THE BANKING ECOSYSTEM J&K Bank Issuing platform powering cards & UPI for J&K Bank Scaled for large programs; expansion underway Bank of Baroda Issuing partnership for prepaid & forex at Bank of Baroda Multi-use programs via Pine Labs network
Slide 66: A large market, an early position
A large market, an early position. MARKET TAM · CY2028P US$146B US$1.1T India Closed & Semi-Closed Loop International / Global Prepaid TPV, CY2028P Prepaid Market PINE LABS PREPAID · US$~7.3B +25% THE HEADROOM CURRENT Substantial Current Issuing TPV YoY TPV Growth growth headroom Exchange rate $1= ₹
Slide 67: The engines behind our growth
The engines behind our Growth. Expand New Existing Business Growth Vectors Enabling Catalyst
Slide 68: New growth vectors
New growth vectors Employee Benefits Gaming USA 50M+* Formal employees 500M+* Active gamers in India US$260B U.S. gift card market by 2026, BHN Tax regulation changes improving Omni-channel distribution unlocks Geography-agnostic, scalable adoption gaming demand platform, Expanded benefits basket dr
Slide 69: Prepaid is a new primitive for commerce
Prepaid is not a product. It is a new primitive for commerce.
Slide 70: Right to win in Online Commerce
pine labs Right to win ©) Eareiita Commerce Tanya Naik Head of Online and Omnichannel Business
Slide 71: Embedded across India's largest commerce ecosystems
Embedded across India's largest commerce ecosystems. Travel & hospitality Q-commerce & E-commerce Electronics Leading OTA ecosystem presence 90% + Q-commerce GMV coverage 60% + Organised electronics retail penetration Education Utilities & others Growing education payment infrastructure Expanding re
Slide 72: Embedded in every step of how India shops online
Embedded in every step of how 1 Payment conversion India shops online. • Higher SR across cards and UPI • Intelligent routing and retries • Faster authorisation and reduced failures • Reliable payment experience at scale 2 Commerce journey integration • Embedded across discovery, intent, payments an
Slide 73: India's digital commerce is ours to capture
Merchant wins India's ₹13.5 T digital commerce is ours to capture. ₹6,500 Cr + ~ 38% 25 + 8/10 Annualised enterprise GTV Average wallet share across Large enterprise accounts Top wins driven by SR uplift, routing shifted from incumbents strategic enterprise merchants won from competition intelligenc
Slide 74: Building commerce infrastructure at scale
Building commerce infrastructure at scale. Products driving improvement: Passkeys (Password-less) Biometric / device-based Faster login, The stack. authentication. zero password friction. 01 INTELLIGENT CHECKOUT & 02 CONVERSION & 03 MERCHANT INTELLIGENCE One-tap authentication PAYMENT ORCHESTRATION
Slide 75: Built for India's next 10M merchants
Built for India’s next 10M merchants. Unified checkout. Affordability. Intelligence. Infrastructure. Our next wave of growth: Government Education Government Mid-market (Offline to Online) SMB Trusted infrastructure for Digitising fee collections and Leveraging our offline merchant Winning the SMB s
Slide 76: Expanding into high-value verticals: Government
Expanding beyond enterprise into high-value commerce verticals. 1 Government Large-scale digitisation of citizen payments, utilities, and public services. OPPORTUNITY TAM ₹1 LAC CR+ India digital payments TAM KEY METRICS ADDRESSABLE ₹10K CR+ Public digital payments Active Deep relationships Institut
Slide 77: Expanding into high-value verticals: Education
Expanding beyond enterprise into high-value commerce verticals. 2 OPPORTUNITY Education Education payments TAM Digital penetration Powering recurring fee payments ₹85,000 Cr+ 55% and and campus commerce at scale. growing Soceity & campus commerce TAM ₹12,000 Cr+ WHY PINE LABS WINS Deep integrations
Slide 78: Expanding into high-value verticals: Mid-Market
Expanding beyond enterprise into high-value commerce verticals. 3 KEY ACCIOUNTS Mid-Market Leveraging offline merchant OPPORTUNITY relationships to drive online commerce adoption. TAM ADDRESSABLE ₹6.2 LAC CR+ ₹1.2 LAC CR+ India SMB digital Omnichannel payments payments TAM TAM WHY WE WIN Deepest off
Slide 79: Expanding into high-value verticals: SMB and D2C
Expanding beyond enterprise into high-value commerce verticals. 4 SMB Checkout is the key conversion and monetisation lever. Large, underpenetrated opportunity with significant wallet share potential. D2C Affordability, offers, Checkout and payment choice orchestration drive higher AOV & is complex
Slide 80: Owning checkout to capture D2C
Owning checkout to capture D2C. Security Checkout THE MERCHANT CHALLENGE WHERE MERCHANTS ARE TODAY Fragmented payment and offer ecosystem. Unified checkout layer High drop-offs and payment failures. Analytics Retries Higher conversion Rising customer acquisition costs. Affordability-led growth Limit
Slide 81: Shopflo, the checkout behind India's fastest-growing brands
Shopflo, the checkout behind India's fastest-growing brands. 1000+ brands Growing up to 2x Trusted by leading digital-first brands. Investor and Analyst Day - 2026
Slide 82: 2x growth potential
Infrastructure ownership that expands revenue share. 2x Value expansion drives: 1 Checkout (Shopflo) Controls conversions and customer intent growth 2 Affordability & offers Drives basket expansion and merchant ROI 3 Analytics & intelligence Data insights that help grow offline & online potential 4
Slide 83: Building the future of next-gen commerce
NEXT CHAPTER Building the future of of next- gen commerce. Creating commerce operating systemfor tomorrow. Addressing a $100B TAM that does not exist today. From payment Commerce Machine commerce gateway infrastructure platform
Slide 84: The paradigm shift
THE PARADIGM SHIFT Past Now Next Human-led commerce Digital orchestration Autonomous machine commerce Manual discovery Tokenised checkout AI shopping agents Card present EMI & affordability Machine wallets Human authorisation Offer stacking Programmable trust Pine Labs infrastructure stack L1 Autono
Slide 85: The edge in online commerce
The edge in online commerce. MERCHANT SEGMENTS PAYMENTS & OUR WE SERVE COMMERCE PRODUCTS DIFFERENTIATION Enterprise Commerce Unified checkout & payments Deep ecosystem embedment Goverment Affordability & conversion Full - stack ownership Education Intelligence & analytics Proven enterprise displacem
Slide 86: What commerce becomes next, starts here
pine labs What commerce becomes next, starts here. Pine Labs Online.
Slide 87: Engineering the future of commerce
Engineering the future of €3) commerce Sanjeev Kumar Chief Te Labs fechnology Officer, Pine La pine labs
Slide 88: One stack powering every payment experience
One stack powering every payment experience. Consumer transacts on any form factor Tat: i” rll a | TE ee Huan: >, i ||| q HHONEQREAEE« Issuer -&
Slide 89: Engineered for scale. Built for trust
Engineered for 1 Microservices & API- 2 Active-active, 3 Optimised infrastructure scale. Built for trust. driven architecture always-on infrastructure to maximise uptime 4 Auto-scalable systems 5 Recovery Time 6 Recovery Point Objective with surge protection Objective (RTO) < 15 (RPO): Last committe
Slide 90: World-class tech stack built for Pay Later
World-class tech 1 Offer discovery Offers Engine stack built for 2 Product offer & schemes Networks/ Schemes Pay Later. 3 Product validation & blocking 450+ Brands Form 4 Velocity check Fraud Factors Detection POS Payments Engine PG Consumer 5 Smart acquirer selection Smart EMI Routing Mobile 6 Card
Slide 91: The platform advantage behind world-class outcomes
The platform Ecosystem of billing and merchant integrations. 1 2 Multi-acquiring, smart routing and anomaly detection. advantage Built organically over years Capability to route transactions with deep merchant integrations. across multiple acquirers to maximise success rates, optimise behind 1100 +
Slide 92: Automating everyday workflows across Pine Labs
Automating Driving Powering everyday workflows operational autonomous across Pine Labs. efficiency. payments.
Slide 93: Automating everyday workflows across Pine Labs
1 Automating everyday workflows across Pine Labs. 1 Improving developer productivity: 1.5 M lines of code updated monthly. 2 Faster time-to-market and accelerated release cycles. 3 Driving efficiency through workflow automation across Engineering, Marketing, Finance, HR, and Operations.
Slide 94: Driving operational efficiency
2 Driving operational efficiency. 1 50% of emails are auto answered via AI Agent on an average in less than a minute: AI reads email Queries internal systems Draft resolution and send automatically. 2 Edge AI based auto healing of field issues across 2M touch points.
Slide 95: Powering autonomous payments
3 Powering autonomous payments. BUYER AGENT SELLER AGENT Agents find each other. 1 The next evolution of payments is agent-led where AI agents can discover, negotiate and execute transact. negotiate. transactions autonomously. 2 We, at Pine Labs, have built the intelligence layer that connects buyer
Slide 96: Within the guardrails of Grantex
Within the guardrails of Grantex. The agent can only act within approved limits: 1 Access only authorised data and systems. 2 Spend only within defined thresholds. 3 Communicate only with approved parties. 4 Generate evidence for every action.
Slide 97: Payments moved money. Intelligence will move commerce
Payments moved money. Intelligence will move commerce. Pine Labs will power both.
Slide 98: Multi-decadal plays for the nation
Multi-decadal plays for the nation Anand Raisinghani CEO, Setu by Pine Labs
Slide 99: India's DPI 2047 roadmap
India’s DPI 2047 roadmap Roadmap for real-time payments and credit. The roadmap names both. Setu operates both. 2010 DPI 1.0 The foundation 2025 DPI 2.0 Livelihood-led growth 2035 DPI 3.0 Broad-based prosperity 2047 2010-2025 2025-2035 2025-2037 REAL-TIME PAYMENTS CREDIT ₹30T per month moved every m
Slide 100: Two engines, with compounding effects
Two engines, with compounding effects. Real-time payments Credit UPI acquiring switch Identity suite Industry-first deemed success. Individuals & businesses. BBPS platform Onboarding workflows Automated biller & merchant for digital journeys. onboarding and built-in recon & settlement. Serving use c
Slide 101: Real-time payments
pine labs Real-time payments
Slide 102: Real-time payments: a three-rung ladder
Real-time payments: A three-rung ladder. Each rung builds on the proposition. 1 Run the rail. TSP for UPI and BBPS. Bill payments is a current-account game and wedge for deepening customer engagement for banks & fintechs. Setu
Slide 103: Real-time payments: a three-rung ladder
Real-time payments: Investor and Analyst Day - 2026 A three-rung ladder. Each rung builds on the proposition. 2 Earn on the flow. Settlement, recurring mandates, recharge, transit, overseas education. Collections fully reconciled. Setu
Slide 104: Real-time payments: a three-rung ladder
Real-time payments: Investor and Analyst Day - 2026 A three-rung ladder. Each rung builds on the proposition. 3 Export the playbook. Sourtheast Asia, where the rails are nascent and the operating layer is currently being envisaged. Setu
Slide 105: BBPS users, agent institutions and billers
Agent Customer Operating Biller Operating Users Billers Institutions Unit (COU) Unit (BOU) powered by In partnership with In partnership with Leading 2 of India’s top e-Commerce platform private banks 300+ Agent Institutions Live 10,000+ billers live
Slide 106: Every household. Every month
Every household. Every month. BBPS is the rail that 25.81 Cr touches a billion lives. Total number of BBPS transactions New TAM unlock. 25.77 Cr Forex Retail EV recharges 3.72 Cr e-Challan e-Nach on BBPS Metro tickets Pine Labs powers 1.28 Cr 3.51 Cr 15% of India’s bill payments. APR 2021 AUG 2025 A
Slide 107: Powering innovation for bill payments at scale
Powering innovation for bill payments at scale
Slide 108: Credit
pine labs Credit
Slide 109: Every loan needs three things
Every loan needs three things. 01 Know who they are. 03 Catch the stress early. 02 Know how they earn.
Slide 110: Know who they are. Acquire: identify the borrower
01 Know who they are. Acquire: Identify the borrower. KYC and KYB, with AI bolted into the flow. Switchboard: End-to-end journeys and granular APIs. Merchant onboarding fully automated. PAN verification Business verification Enter PAN Memorandum of Association Articles of Association XXXXXXX561L mem
Slide 111: Know how they earn. Underwrite: read their money
02 Know how they earn. Underwrite: Read their money. The most accurate Fixed Obligation to Income Ratio (FOIR) picture the industry has seen. Payment plus consented data into a borrower picture no bureau score can match. Richer categorisation, a better-quality approved cohort.
Slide 112: Catch stress early. Collect: help with repayments
Recurring SIP Payment RISK DETECTED 5 DAY DELAY ₹5,000 PAYMENT MISSED ₹5,000 PAYMENT MISSED 03 ₹5,000 Catch stress early. Collect: Help with repayments. SignalIQ watches the payment rail, not the repayment record, so stress shows before the EMI is missed. Signal 30 to 45 days earlier.
Slide 113: Tell me where you've been, and I'll tell you where you're going
Tell me where you’ve been, and I’ll tell you where you’re going 2010 DPI 1.0 The foundation 2025 DPI 2.0 Livelihood-led growth 2035 DPI 3.0 Broad-based prosperity 2047 2010-2025 2025-2035 2025-2037 REAL-TIME PAYMENTS CREDIT
Slide 114: Powering commerce across the globe
pine labs Powering commerce across the globe. Dheeraj Chowdhry | Venugopal Choudhary Chief Business Officer, South-East Asia Chief Business Officer & Chief Technology Officer, Credit+
Slide 115: Present in 22 markets
Present Transit Bill Stored Issuing Payments Payments Value Card Stack in 22 Payment markets. Acceptance Stablecoin Backed Instruments Real-time Cross - Border Payments Commerce Tap on Fleet/Gas QR Station Solution Payment Mall Gateway Solution Investor and Analyst Day - 2026
Slide 116: Top global markets
Top 5 global ~$ 4T Merchants need Banks need markets. Combined GDP One checkout. Affordability that converts. Insights that drives growth. Turn-key infrastructure. No ecosystem rebuild. Fast integration. Fast scale. $1.7T Consumers want The choices? Digital payments opportunity, Real-time payments.
Slide 117: Global expansion playbook
Global BUILD & PROVE expansion IND Built at scale in one of the world's most complex payments markets. 30+ financial institutions. playbook SCALE & VALIDATE MY | UAE 90M+ Deployed with leading institutions cards processed (domestic + intl.) and scaled successfully. REPLICATE SGP | IDN | PHL 50,000+
Slide 118: How we expand with purpose
How we expand with purpose. SELECT ANCHOR LOCAL PLATFORM CAPABILITY MARKET INSTITUTION INTEGRATION DEPLOYMENT EXPANSION Select global markets Partner with strong local Ensure compliance and trust Deploy proven capabilities with Add capabilities that solve real primed for digital institutions. with d
Slide 119: Markets that prove it
markets | that prove it.
Slide 120: Malaysia
Malaysia Leading CDIT merchants ~$1.3B Annualised GTV ~40%+ CAGR FY24-26 Leading hospital network 12 Banks 25,000+ Merchant footprint Largest pharmacy chains ~40%+ Instalments market share
Slide 121: Malaysia: we're embedded locally
Malaysia A compete payment ecosystem Digital Wallets We're embedded locally. Pine Labs Pay Later • BNM acquiring license. • DuitNow (local RTP) acquirer. Buy Now Pay Later • 5 offices, majority-local teams. Brand Currency & Loyalty Payment Marketing PayByPoints Automation Domestic & X-Border
Slide 122: Malaysia: we're embedded locally
Malaysia A compete payment ecosystem Digital Wallets We're embedded locally. Pine Labs Pay Later • BNM acquiring license. • DuitNow (local RTP) acquirer. Buy Now Pay Later • 5 offices, majority-local teams. Brand Currency & Loyalty Payment Marketing PayByPoints Automation Domestic & X-Border
Slide 123: Growth opportunity and what's next
Growth opportunity What's next ~$250B Get Principal Acquirer status by FY27. Principal Acquiring payments opportunity Open loop issuance. ~90M+ open-loop cards Large addressable Issuing opportunity
Slide 124: Philippines
Philippines $122B Largest consumer wallet 81M users · 2.5M merchants Digital payments market. ~$120B Cards ($70B; +18.8% YoY) & e-wallets (~50B) in Largest retail chain transaction value. $40B In remittances, cross-order payment opportunity. Largest state-owned bank 70%+ Smartphone penetration I med
Slide 125: UAE
UAE ~$490M Fastest growing digital bank Annualized GTV 4 Acquirers Largest banking group in MENAT 50+ Corporate clients 1000+ Third-largest bank in the UAE Merchant relationships 2000+ Merchant network points
Slide 126: UAE: we're embedded locally, what's next
We're embedded locally What's next • Local compliance • SVF & RPSCS licensing (FY27) infrastructure. + PG expansion. • Direct integrations with 18+ card schemes and APMs ~$150B • Jaywan rollout (domestic scheme). (Alternate Payment Methods). Acquiring market opportunity • Aani expansion into RTP • F
Slide 127: 30+ banks and financial institutions. Brands & Merchants
30+ banks and financial institutions. Brands & Merchants HHUOB | €Xpis00 | CATIB |spiomiocis RUBS maim FArrWeank Savccome | ERE BSE Docec Suuxair || <teAD ¢ dyson ARMANI. = amaveus TBR SWAROVSKI BP Lua resema | amazon |) M&S || OPPO Ashopify PHILIPS Avianca HEH ets GAP Ges HYATT! meee eB @ MAP | ss
Slide 128: Group Level P&L View
pine labs Group Level apa Pa View 1 at
Slide 129: Multiple monetisation models
Multiple monetisation models | Self-reinforcing network effects at scale Digital Infrastructure & Transaction Platform Issuing & Acquiring Platform 68% 32% In-store & Online Flow, Affordability Fintech Issuance Payments Infrastructure & Transaction Processing Infrastructure Processing & Settlement 3
Slide 130: Operating at Scale
Operating at Scale Exchange rate $1 = ₹ 88.3 (Avg. RBI reference rate for the year) +57% +42% +19% CAGR in last 3 Yrs +44% CAGR in last 3 Yrs CAGR in last 3 Yrs CAGR in last 3 Yrs CAGR in last 3 Yrs CAGR in last 3 Yrs 194 740 20.3 403 559 [17.2] 18.0 338 129 [11.4] 344 13.9 69 194 257 11.9 50 [6.1]
Slide 131: Evolving revenue mix from distribution infra to value pools
From an "investment-and-build" to a "monetization-at-scale" Evolving Evolvingrevenue Revenuemix Mix from from ₹ Cr Adj. EBITDA ₹ Cr PAT ₹ Cr Operating Cashflow ₹ Cr distribution Distributioninfra Infra to to value pools Value Pools 1,770 2,274 5% 2,711 5% +42% CAGR in last 3 Yrs swung by 258Cr YOY 8
Slide 132: Disciplined cost management with revenue scale-up
Disciplined cost management with revenue scale-up Indirect Expenses as % of Revenue* # Lakhs ESOP Cost as % of Revenue D&A as % of Revenue +13% +4% 10% 10% 24% 69% 68% 20% 60% 15% 55% 6% 6% 5% 10% 0.0995261 0.0504763 FY23 FY24 FY25 FY26 Employee Cost ex ESOP’s as % of Revenue FY23 FY24 FY25 FY26 FY2
Slide 133: Balance Sheet & Cashflow View
Balance Sheet & Cashflow View
Slide 134: Balance Sheet
Particulars (₹ Crore) FY23 FY24 FY25 FY26 PPE (Incl CWIP) 706 542 394 339 Intangible assets (Goodwill, Software & Acquired Intangibles) 1570 1494 1468 1529 Trade & Lease Receivables 722 766 877 1081 Cash & cash equivalent and bank deposits 1402 1027 1145 2732 Escrow Customer Balance 3725 4242 4942 5
Slide 135: Operating Cashflow conversion from Adj. EBITDA with stable Net Working Capital
Adjusted EBITDA to Free Cashflow Particulars Unit FY24 FY25 FY26 Adjusted EBITDA (A) ₹ Cr 158 357 559 Other items ₹ Cr -59 -45 -1 Working capital adjustments without early settlement ₹ Cr -38 -101 1 Income taxes (paid)/ received (net of refunds) ₹ Cr -12 38 -5 Operating Cashflow (Ex Early settlement