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Pine Labs Limited Unlisted Shares
DRHP Status : Not Filed
335
Fundamentals About Pine Labs Limited
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All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Pine Labs Limited
| P&L Statement | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 934 | 1291 | 1341 |
| Cost of Material Consumed | 172 | 200 | 220 |
| Change in Inventory | -8 | -7 | -1 |
| Gross Margins | 81.58 | 84.51 | 83.59 |
| Employee Benefit Expenses | 448 | 607 | 625 |
| Other Expenses | 208 | 330 | 393 |
| EBITDA | 114 | 161 | 104 |
| OPM | 12.21 | 12.47 | 7.76 |
| Other Income | 24 | 29 | -20 |
| Finance Cost | 24 | 33 | 58 |
| D&A | 188 | 231 | 266 |
| EBIT | -74 | -70 | -162 |
| EBIT Margins | -7.92 | -5.42 | -12.08 |
| PBT | -75 | -75 | -240 |
| PBT Margins | -8.03 | -5.81 | -17.9 |
| Tax | -52 | -19 | -53 |
| PAT | -23 | -56 | -187 |
| NPM | -2.46 | -4.34 | -13.94 |
| EPS | -1.7 | -4.03 | -2.23 |
|
Financial Ratios |
2022 | 2023 | 2024 |
|---|---|---|---|
| Operating Profit Margin | 12.21 | 12.47 | 7.76 |
| Net Profit Margin | -2.46 | -4.34 | -13.94 |
| Earning Per Share (Diluted) | -1.7 | -4.03 | -2.23 |
| Assets | 2022 | 2023 | 2024 |
|---|---|---|---|
| Fixed Assets | 521 | 583 | 442 |
| CWIP | 122 | 251 | 201 |
| Investments | 50 | 13 | 16 |
| Trade Receivables | 299 | 483 | 513 |
| Inventory | 12 | 21 | 23 |
| Other Assets | 5259 | 6055 | 6716 |
| Total Assets | 6263 | 7406 | 7911 |
| Liabilities | 2022 | 2023 | 2024 |
|---|---|---|---|
| Share Capital | 13.5 | 13.9 | 83.9 |
| FV | 1 | 1 | 1 |
| Reserves | 1899 | 2170 | 1960 |
| Borrowings | 236 | 307 | 477 |
| Trade Payables | 193 | 332 | 375 |
| Other Liabilities | 3921.5 | 4583.1 | 5015.1 |
| Total Liabilities | 6263 | 7406 | 7911 |
About Company
Pine Labs Limited is an Indian‑origin fintech and merchant commerce platform that provides point‑of‑sale (POS) machines, digital payments infrastructure, and value‑added services to merchants. It was founded in 1998 by Lokvir Kapoor and Rajul Garg, Pine Labs has evolved from petroleum retail automation to becoming a full‑stack payments and transaction‑platform provider. The following are thetwo main core business of Pine Labs Ltd:
- Digital Infrastructure & Transaction Platform: Enables merchants to accept payments (cards, UPI), offer EMI/BNPL, loyalty, and analytics.
- Issuing & Acquiring Platform: Issues prepaid cards, gift cards, and helps enterprises with loyalty / card programs.
- Pine Labs has launched friendly and cost‑effective hardware: for example, a QR‑first + contactless POS device priced at ~₹ 1,999 for small merchants.
- Its geographic reach spans India, Southeast Asia, and Middle East, and it is expanding both its merchant base and its online payments (gateway) business.
Challenges in Pine Labs’ Business
- High competition: The payments space is crowded with large fintechs (Paytm, Razorpay), banks, and other POS providers.
- Regulatory and credit risk: Its BNPL/EMI model depends on credit underwriting and partnerships, exposing it to risk if lenders tighten or defaults rise.
- Capital Intensity: Scaling its POS network, online platform, and all‑in‑one merchant solutions requires significant capex and working capital.
- Device Risk: As it pushes low-cost POS hardware, it must balance margin vs adoption, and face risk of device obsolescence or failure.
- Profitability Volatility: Though it reported profit in 9M FY 25, past losses (due to ESOP expense, finance costs) show it still has risks in cost management.
Strategic Strengths / Advantages
- Integrated merchant platform: Combines payments, EMI, analytics, loyalty — making it a “one-stop” platform for merchants.
- Deep offline & online presence: Strong legacy in POS + newer online payments (Plural) gives it dual reach.
- Innovative Devices: Low-cost POS (QR + card tap) helps penetrate small and medium merchants.
- Robust Investor Backing: Backed by large global investors (Temasek, Actis) which gives financial muscle.
- Scalable Growth Opportunity: With its API-first architecture, it is well-positioned to scale value-added financial services (loyalty, prepaid cards, BNPL).
Quick Summary
Pine Labs is a leading Indian fintech‑payments company, combining hardware (POS), software (transaction infrastructure), and financial services (EMI, loyalty) for merchants. It has scaled significantly, turned modestly profitable recently, and is now aiming for a public listing to fund further growth (especially internationally). While it faces stiff competition and needs to manage capital intensity, its integrated business model and large merchant network give it a strong proposition.
Shareholding Pattern of Pine Labs Limited
| Name | Holding |
|---|---|
| Promoters | 99.89% |
| Others | 0.11% |
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Frequently Asked Questions
These are equity shares of Pine Labs Ltd, a privately held fintech company specializing in merchant payment solutions. Since Pine Labs is not yet listed on the NSE or BSE, its shares trade privately through platforms like UnlistedKraft.
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UnlistedKraft offers verified access to promising private-market companies like Pine Labs Ltd, with transparent pricing, expert support, secure transaction handling, and fast credit of shares to your demat account, ensuring a seamless and trustworthy investment experience.
+91-9599071664
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