Online payments major Pine Labs has reported its first-ever quarterly net profit in the June quarter of FY26, backed by a steady rise in operating revenue and improved profitability metrics.
As per its red herring prospectus filed on Friday, the company posted a net profit of ₹4.8 crore during the first quarter of FY26. Operating revenue climbed 17.8% year-on-year to ₹615 crore in the same period.
For FY25, Pine Labs recorded an operating revenue of ₹2,274 crore, marking a 28.5% increase from ₹1,769 crore in FY24. The Peak XV Partners-backed fintech had also significantly narrowed its net loss in FY25 to ₹145 crore, a 57.4% improvement from the ₹341 crore loss reported in FY24. Its adjusted EBITDA (excluding ESOP costs) more than doubled to ₹356 crore in FY25, up from ₹158 crore in FY24 and ₹196 crore in FY23.
The company’s final prospectus now includes financial data up to the June 2025 quarter, expanding upon its earlier draft filed in June. Pine Labs is gearing up for its IPO, expected to be launched in the coming weeks, with the price band announcement likely early next week. The firm plans to raise ₹2,600 crore through a fresh issue and conduct an offer for sale (OFS) of 147.8 million shares, targeting a valuation of $4–5 billion, according to people familiar with the matter.
On the business side, Pine Labs has expanded its partnerships with financial institutions to 198, serving around 690 consumer brands. In FY25, it processed 5.7 billion transactions across 954,000 merchants. For the June quarter, the company reported a gross transaction value (GTV) of $46 billion, bringing its annualized GTV to $185 billion.
