Pine Labs (PINELABS) Q4 25/26 earnings summary

Executive summary

• Achieved first full year of profitability with PAT of ₹113 Cr in FY26, reversing a prior year loss of ₹145 Cr, and delivered highest-ever quarterly PAT of ₹59 Cr in Q4 FY26.

• Revenue grew 19% YoY to ₹2,711 Cr, with Adjusted EBITDA up 57% YoY to ₹559 Cr and margin expansion from 16% to 21%.

• Operating cash flow reached ₹395 Cr for FY26, an 8x increase YoY, with Q4 operating cash flow at ₹676 Cr, the highest quarterly figure to date.

• Gross Transaction Value (GTV) processed was $194 billion, up 50% YoY, with UPI volumes up 68% and over 20 million daily transactions.

• International revenue grew at a 44% CAGR over three years, now 15% of total revenue, with FY26 international revenue exceeding ₹400 Cr.

Financial highlights

• FY26 revenue from operations: ₹2,711 Cr (19% YoY growth); Q4 FY26 revenue: ₹701 Cr (17% YoY growth).

• FY26 contribution margin: ₹2,041 Cr (75% margin, 18% YoY growth); Q4 FY26: ₹513 Cr (73% margin, 15% YoY growth).

• Adjusted EBITDA for FY26: ₹559 Cr (21% margin, 57% YoY growth); Q4 FY26: ₹146 Cr (21% margin, 73% YoY growth).

• PAT for FY26: ₹113 Cr (from -₹145 Cr YoY); Q4 FY26 PAT: ₹59 Cr (from -₹29 Cr YoY).

• Operating cash flow for FY26: ₹395 Cr (8x YoY); Q4 FY26: ₹676 Cr.

Outlook and guidance

• Management expects to utilize remaining IPO proceeds by FY28 for expansion, technology, and acquisitions.

• Focus on expanding international presence, leveraging AI-driven solutions, and deepening platform monetization.