Pine Labs reported a 20 per cent year-on-year increase in revenue to Rs 737 crore in the first quarter of FY27, while its profit after tax (PAT) quadrupled to Rs 20 crore from Rs 5 crore in the corresponding quarter last year.
The fintech company also turned profit before tax (PBT) positive at Rs 38 crore, compared with a loss of Rs 5 crore a year earlier. Pine Labs said its contribution margin remained strong at 72.3 per cent, or Rs 533 crore, while adjusted EBITDA stood at Rs 126 crore, representing a 17.1 per cent margin.
The strong quarterly performance reflects continued growth in India’s digital payments ecosystem, where rising UPI adoption, merchant digitisation and embedded financial services are driving demand for integrated payment infrastructure.
During the quarter, Pine Labs processed approximately Rs 4.22 lakh crore in gross transaction value (GTV), or nearly USD 45 billion, highlighting increasing preference among merchants and banking partners for its payments infrastructure.
The company’s digital checkout point network expanded 18 per cent year-on-year to 21.7 lakh. More than 70 per cent of all transactions were processed through UPI, underscoring the growing adoption of screen-based, UPI-first checkout solutions.
Pine Labs said every layer of its platform—including payments, affordability, credit and merchant engagement—is becoming increasingly relevant as businesses shift towards integrated digital-first operations. While enterprise merchants continued to account for a dominant share of the business, mid-market adoption accelerated by more than 40 per cent year-on-year.
The company added 1.3 lakh digital checkout points in the mid-market segment, making it the fastest-growing part of its business. It also reported that Flow, affordability and transaction-processing GTV increased by more than 54 per cent year-on-year to Rs 91,000 crore. Meanwhile, UPI GTV grew 80 per cent, while Dynamic Currency Conversion (DCC) GTV rose 40 per cent during the quarter.
On the online commerce front, Pine Labs onboarded more than 40 new merchants across quick commerce, e-commerce, direct-to-consumer (D2C), travel and enterprise segments. The company said its checkout and affordability solutions continued to gain traction with major commerce platforms, while Shopflo Checkout processed more than Rs 400 crore in D2C and small and medium business (SMB) transaction volumes during the quarter.
Pine Labs also expanded its presence in the government and hospitality sectors through new business from DMRC and higher merchant volumes generated via payouts and autopay services.
International revenue increased 21 per cent year-on-year to Rs 114 crore, accounting for nearly 16 per cent of the company’s consolidated revenue across 22 countries. Pine Labs attributed overseas growth to deployments with GCash in the Philippines, new affordability programmes in the UAE and Singapore, and expanded partnerships with British Airways, TAROM, Emirates NBD and Wio Bank. The company said it follows a “seed, land and expand” strategy in global markets.
In its issuing and acquiring business, revenue rose 31 per cent year-on-year as Pine Labs expanded into new consumer categories. During the quarter, the company launched gaming gift-card solutions with Xbox, Roblox and Nintendo, while introducing new prepaid programmes with BharatNXT, Chronon and VA Tech.
Commenting on the company’s strategy, Chief Executive Officer Amrish Rau said Pine Labs is building a new financial infrastructure layer on top of India’s digital payments ecosystem.
“P3P and Credit Line on UPI are not products — they are architectural primitives,” Rau said. “India built the public rails; we are building the intelligence and credit layer on top of them.”
Looking ahead, Pine Labs aims to deepen its payments ecosystem by expanding intelligent payment infrastructure, strengthening credit-enabled solutions and accelerating growth across domestic and international markets while building on India’s rapidly evolving digital payment rails.
