Pine Labs delivers back-to-back profitable quarters

Fintech major Pine Labs announced its financial results for Q2 FY26 after debuting on Indian stock exchanges earlier last month. The firm’s revenue increased by 18% during the second quarter, while the firm remained profitable in the same period.

The company’s revenue from operations increased to Rs 650 crore in Q2 FY26 from Rs 551 crore in the same quarter last year, according to its financial statement sourced from NSE.

Other income contributed an additional Rs 23 crore, which drove its total income of Rs 673 crore for the quarter. However, for the six-month period ending September 2025, the firm’s revenue increased 18% to Rs 1,266 crore in H1 FY26 from Rs 1,074 crore in H1 FY25.

On the expense side, employee benefit was the largest cost centre, which accounted for 40% of the total expense. This cost increased by 4% to Rs 268 crore in Q2 FY26 from Rs 258 crore in Q2 FY25. Cost of material rose 4% to Rs 81 crore in Q2 FY26 from Rs 78 crore in Q2 FY25. Finance cost, depreciation cost were other overheads which led to the total expense increasing by 8% to Rs 662 crore in Q2 FY26.

Pine Labs sustained its profitability on the back of steady growth and disciplined cost control, reporting a net profit of Rs 6 crore in Q2 FY26 versus a loss of Rs 32 crore in Q2 FY25. For the half-year period, the company posted a profit of Rs 11 crore in H1 FY26, a marked improvement from the Rs 60 crore loss recorded in H1 FY25.

The company also secured three key licences from the RBI, for payment aggregation, payment gateway operations, and cross-border payments, covering both offline and online merchant transactions. These approvals allow Pine Labs to process domestic and international payments, manage settlements, and further expand its merchant network across sectors.

The IPO, which closed on November 11, raised around Rs 3,900 crore, comprising a mix of fresh issuance and an offer for sale by existing shareholders. While institutional investors drove the bulk of the demand, retail participation remained modest.

Pine Labs made a positive debut on the public markets, listing at a 9.5% premium over its issue price. The stock opened at Rs 242 per share against the IPO price of Rs 221, giving the Peak XV-backed firm a stable start on the NSE and BSE. At the end of today’s trading period, the company’s share traded at Rs 247, giving it a market capitalization of Rs 28,360 crore (approx $3 billion).