Pine Labs has filed its Red Herring Prospectus (RHP), revealing a profitable first half of FY26 with revenues crossing ₹650 crore.
The company’s operating revenue rose 18% to ₹616 crore in Q1 FY26 from ₹522 crore in Q1 FY25. The bulk of this growth came from transaction processing and settlement services, which accounted for 70% of total operating revenue, increasing 14% to ₹432 crore. Revenue from device sales, plastic cards, and other sources surged 57%, reaching ₹88 crore compared to ₹56 crore in the year-ago quarter.
On the expense side, employee benefits remained the largest cost, constituting 44% of total expenditure and rising 25% to ₹291 crore. Material costs stood at ₹71 crore, while other significant expenses pushed total expenses up 17.5% to ₹658 crore from ₹560 crore in Q1 FY25.
The company reported a profit after tax (PAT) of ₹4.8 crore, from a ₹28 crore loss in Q1 FY25. Pine Labs attributed this turnaround to ₹14 crore in deferred tax credits, which helped offset pre-tax losses and achieve profitability.
For its upcoming IPO, Pine Labs plans a fresh equity issue of ₹2,080 crore and an offer for sale (OFS) of up to 8.23 crore shares by existing shareholders. Notable investors participating in the OFS include Peak XV Partners, Temasek, PayPal, Mastercard, Invesco, Madison India, and Sofina Ventures.
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