Pine Labs Business Model of Checkout Devices and Prepaid Cards
How Pine Labs earns from payment devices, online checkout and prepaid cards.
Key Takeaways
- FY26 revenue from operations was ₹2,711 crore, up from ₹2,274 crore in FY25.
- Profit after tax was ₹113 crore in FY26, after a loss of ₹145 crore in FY25.
- The Digital Infrastructure and Transaction Platform brought in ₹1,837 crore in FY26.
- Q2 FY27 revenue from operations was ₹806 crore, up 24% year on year.
Table of Contents 8 sections
The Pine Labs business model is built on checkout devices, online payment tools, prepaid cards and fintech APIs that it sells to merchants, financial institutions and brands. Pine Labs reported revenue from operations of ₹2,711 crore and a profit after tax of ₹113 crore for FY26, the year to March 2026.
The company listed on the NSE and BSE on 14 November 2025. Its latest results, for the quarter to September 2026, show revenue from operations of ₹806 crore.
Pine Labs at a glance
| Item | Detail |
|---|---|
| What it does | Payment terminals, online payments, prepaid cards and fintech APIs |
| Incorporated | 1998 |
| FY26 revenue from operations | ₹2,711 crore |
| FY26 profit after tax | ₹113 crore |
| Merchants | About 11 lakh at the end of FY26 |
| Listing | NSE and BSE, 14 November 2025 |
| Latest quarter | Q2 FY27 revenue from operations of ₹806 crore |
What Pine Labs does
Pine Labs was incorporated in 1998. It runs a platform that lets merchants accept payments in stores and online. At the end of FY26 the network had 20.3 lakh digital checkout points.
The platform also covers an online payment gateway, EMI and affordability services, prepaid and gift card programmes, and fintech APIs.
How Pine Labs makes money
Pine Labs reports revenue in two segments, the Digital Infrastructure and Transaction Platform and the Issuing and Acquiring Platform.
The Digital Infrastructure and Transaction Platform brought in ₹1,837 crore of FY26 revenue, about 68% of the total. The Issuing and Acquiring Platform brought in ₹874 crore, about 32%.
Pine Labs revenue model
The Pine Labs revenue model mixes several fee types. In-store payments earn a monthly subscription fee for each digital checkout point. Affordability and value-added services, and prepaid and issuing programmes, earn a take rate on the transaction value processed. Fintech APIs earn a fee for each transaction processed.
Segment revenue was ₹1,603 crore and ₹671 crore for the two segments in FY25, against ₹1,837 crore and ₹874 crore in FY26.
Pine Labs revenue and profit
Pine Labs revenue from operations was ₹2,274 crore in FY25 and ₹2,711 crore in FY26, a rise of 19%. Profit after tax moved from a loss of ₹145 crore in FY25 to a profit of ₹113 crore in FY26.
For the quarter to September 2026 (Q2 FY27), reported on 29 October 2026, revenue from operations was ₹806 crore, up 24% year on year. Profit after tax for the quarter was ₹38.6 crore.
The quarter before that, Q1 FY27 (April to June 2026), brought revenue from operations of ₹737 crore, up 20% year on year, and a profit after tax of ₹20 crore.
Pine Labs Business Model Canvas
Pine Labs IPO and journey so far
The Pine Labs IPO opened on 7 November 2025 with a price band of ₹210 to ₹221 per share and closed on 11 November 2025. The issue was worth ₹3,899.91 crore, made up of a fresh issue of ₹2,080 crore and an offer for sale of ₹1,819.91 crore. The shares listed on the NSE and BSE on 14 November 2025.
| When | What happened |
|---|---|
| 1998 | Pine Labs is incorporated |
| 7 November 2025 | IPO opens at a price band of ₹210 to ₹221 |
| 14 November 2025 | Shares list on the NSE and BSE |
| FY26 | Profit after tax of ₹113 crore on revenue from operations of ₹2,711 crore |
| 29 October 2026 | Q2 FY27 results report revenue from operations of ₹806 crore |
Conclusion on the Pine Labs business model
Pine Labs sells checkout devices, online payment tools, prepaid cards and fintech APIs to merchants, financial institutions and brands. It earns subscription fees, take rates and per-transaction fees across two reporting segments.
In FY26 its revenue from operations was ₹2,711 crore and its profit after tax was ₹113 crore. It has been listed on the NSE and BSE since 14 November 2025.
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