Pine Labs’ consolidated net profit nearly quadrupled year-on-year to ₹19.6 crore from ₹5 crore, while revenue from operations increased by 19.6% to ₹737 crore from ₹616 crore last year.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) more than doubled to ₹95 crore from ₹44.6 crore a year ago, while EBITDA margin expanded to 12.9% from 7.2%.
Profit before tax stood at ₹37.7 crore during the quarter, compared with a loss of ₹4.8 crore in the corresponding period last year. The company’s digital infrastructure and transaction platform remained its largest business, contributing ₹499.1 crore in revenue, while the issuing and acquiring platform generated ₹237.8 crore.
The company processed gross transaction value (GTV) of around ₹4.22 lakh crore during the quarter, while its digital checkout points (DCP) base grew 18% year-on-year to 21.7 lakh. More than 70% of transactions on its platform were routed through UPI.
Pine Labs said merchant digitisation continued to accelerate during the quarter. Flow, affordability and transaction processing GTV increased more than 54% year-on-year to ₹91,000 crore, UPI GTV grew over 80%, while dynamic currency conversion (DCC) GTV rose more than 40%.
Pine Labs also added over 40 online merchants across quick commerce, e-commerce, direct-to-consumer brands, travel and enterprise segments. Shopflo Checkout, acquired earlier this year, processed more than ₹400 crore of D2C and small business volumes during the quarter.
Managing Director and CEO Amrish Rau said Pine Labs launched India’s first Agentic Payment Protocol (P3P) and Credit Line on UPI during the quarter.
“P3P and Credit Line on UPI aren’t products—they’re architectural primitives, built where the rest of the world hasn’t caught up yet. India built the public rails; we’re building the intelligence and credit layer on top of them. That shifts us from a payments processor into the infrastructure layer that merchants, brands, and financial institutions build on,” Rau said.
Its international business also maintained momentum, with revenue rising 21% year-on-year to ₹114 crore, accounting for around 16% of consolidated revenue. During the quarter, Pine Labs expanded operations across markets including the UAE, Singapore and the Philippines, while strengthening partnerships with Emirates NBD, Wio Bank, British Airways and TAROM.
During the quarter, Pine Labs acquired a 100% stake in Shopflo Technologies for a cash consideration of ₹88 crore, including deferred consideration. Shopflo develops direct-to-consumer checkout and e-commerce enablement solutions and has been consolidated into the company’s financial statements with effect from May 26, 2026.
Shares of Pine Labs are now trading 4% higher after the results announcements at ₹154.78. The stock though, is still down 35% so far this year, and trades well below its issue price of ₹242 apiece.
