Pine Labs posts maiden Rs 45 Cr profit in FY25 as it lines up IPO
Pine Labs' income grew 25% in FY25 as expenses stayed nearly flat, boosting its hopes for a successful IPO expected later this year.
Digital payments startup Pine Labs has hit profitability for the first time just as the payments company prepares to head to the bourses with one of India's biggest initial public offerings (IPO) this year.
Pine Labs posted its maiden net profit of Rs 44.97 crore in FY25, swinging from a loss of Rs 182.31 crore a year earlier, according to company disclosures citing consolidated financial results.
Total income rose 25.5% to Rs 1,735.1 crore in FY25 from Rs 1,382.6 crore a year earlier. Meanwhile, expenses edged up 3.3% to Rs 1,676.8 crore compared with Rs 1,622.8 crore in FY24.
“The company has been Adjusted EBITDA positive for more than 3 years and has significantly improved the margins over these years. We remained on track and achieved net profitability (at profit after tax) in this term,” the document said.
“We expect continued improvement in both productivity and profitability driven by ongoing operational efficiencies, digital initiatives, and better profits resource utilisation, along with geographical expansion and new product launches,” the company added.
The documents also affirmed that Pine Labs Ltd, which was incorporated as a holding company in Singapore, was merged into the Indian entity effective June 6, 2025. The company had received NCLT nod for a reverse flip earlier this year.
The milestone comes as Pine Labs has filed draft papers with the Securities and Exchange Board of India (SEBI) for its much-anticipated IPO.
The offering is expected to include a fresh issue of shares worth Rs 2,600 crore, with existing investors including Peak XV Partners, PayPal, and Mastercard looking to sell up to 147.8 million shares through an offer for sale component.
Proceeds from the fresh issue are earmarked for international expansion, technological development, and debt reduction.
The company has already secured shareholder approval for the IPO process, with the offering potentially including an increased fresh equity issue of up to Rs 3,184.8 crore and a pre-IPO placement option alongside the offer for sale by existing shareholders, according to earlier disclosures.
Operationally, in the nine months ended December 31, 2024, Pine Labs processed Rs 7,53,105 crore in gross transaction value (GTV) across 3.97 billion transactions, serving 915,731 merchants, 666 brands and enterprises, and 164 financial institutions.
Edited by Kanishk Singh