Highlights

• Revenue from operations grew 18% year-on-year to ₹650 crore in Q2 FY26.
• Adjusted EBITDA surged 62% to ₹122 crore, with margin increase to 19%.
• Platform GTV reached a record $48+ billion, with over 1 million merchants globally.

Pine Labs Limited (NSE: PINELABS), a global fintech platform, announced its financial performance for the quarter ended September 30, 2025 (Q2 FY26). The company posted an 18% year-on-year increase in revenue from operations to ₹650 crore amid rising international business contributions. Key profitability metrics demonstrated marked improvement, supported by increased transaction volumes and efficient cost management.

Pine Labs Posts 18% Rise in Revenue to ₹650 Crore

Pine Labs' revenue from operations climbed 18% compared to the same quarter last year, reaching ₹650 crore. This growth was driven primarily by its issuing, affordability, and online payments segments, which showed robust expansion relative to the growth of traditional in-store payments. The company recognizes revenue on a net basis, factoring out payment processing and passthrough fees paid to banks and networks, providing a clear view of earnings attributable to Pine Labs.

EBITDA Jumps 62%, Margins Expand to 19%

The company reported Adjusted EBITDA of ₹122 crore, rising 62% from the previous year. EBITDA margins widened significantly from 14% to 19%, supported by faster growth in higher-margin segments and disciplined control over employee expenses. Contribution margin rose 21% year-on-year to ₹497 crore, underlining operational efficiency. The profit after tax shifted positively by ₹38 crore, swinging from a loss of ₹32 crore in Q2 FY25 to a net profit of ₹6 crore for the quarter, helped by reduced depreciation and ESOP costs.

Record GTV and Merchant Expansion Strengthen Global Footprint

During this quarter, Pine Labs processed a record Gross Transaction Value (GTV) exceeding $48 billion (approximately ₹424,000 crore), marking a 92% increase year-on-year. The number of transactions rose 44% to 1.9 billion, highlighting the platform's growing usage and customer engagement. The company also crossed the milestone of serving over 1 million merchants worldwide. Overseas revenue accounted for 17% of total quarterly revenue, an increase from 15% in the previous year, reflecting ongoing international expansion.

Cash Flow Robust Amid Business Growth

Operating cash flow remained strong, generating ₹241 crore (excluding early settlement benefits) and ₹152 crore including early settlement payments during the quarter. This cash generation supports Pine Labs' ongoing investments and operational demands as the company continues to scale.

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