Pine Labs Limited has reported a solid financial performance for the quarter ending September 30, 2025, reflecting continued momentum across its payments and fintech offerings.
Steady Revenue Growth and Better Profit Margins
The company’s operating revenue rose to ₹650 crore, marking an 18% increase year-on-year. Growth was largely driven by the issuing, affordability, and online payments verticals — categories that continue to outpace the traditional in-store payments segment and align with the firm’s strategy of prioritising higher-margin businesses.
Profitability strengthened notably during the quarter. The contribution margin grew 21% YoY to ₹497 crore, signalling enhanced platform monetisation. Adjusted EBITDA also saw a sharp improvement, jumping 62% YoY to ₹122 crore. Correspondingly, EBITDA margins improved from 14% in Q2 FY25 to 19% in the current quarter, supported by operational efficiency and disciplined hiring-related spending.
Further, Pine Labs reported a profit after tax of ₹6 crore, reversing the ₹32 crore loss posted during the same period last year. The turnaround was attributed to lower depreciation and a decline in ESOP-related expenses.
Record Transaction Scale
The fintech company achieved its highest-ever quarterly Gross Transaction Value (GTV), crossing $48 billion (₹424,000 crore) — a remarkable 92% rise over the previous year. The surge reflects increasing digital payment adoption and a strong performance across retail partners.
Transaction volume also climbed, expanding 44% YoY to 1.9 billion transactions. Pine Labs crossed the milestone of over one million merchants onboarded across geographies, reinforcing its position as a leading merchant commerce platform.
International operations continued to grow, accounting for 17% of quarterly revenue, up from 15% in the previous year.
Solid Cash Flow Position
Operational strength converted into healthy liquidity. During the quarter, Pine Labs generated ₹241 crore in positive operating cash flow (excluding early settlements) and ₹152 crore including them, demonstrating sustainable financial discipline.
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