Pine Labs swings to profit in Q1 FY26 as tax credit offsets loss
For FY25, Pine Labs posted a loss of Rs 145.49 crore, though that represented a 57.4% improvement from the Rs 341.90 crore loss in FY24.
IPO-bound Pine Labs Ltd. posted a profit in Q1 FY26 largely due to a tax credit that offset an operational loss, marking a reversal from the deeper losses the payments company reported a year earlier.
The fintech firm reported a profit after tax of Rs 4.79 crore for the quarter ended June 2025, compared with a loss of Rs 27.89 crore in the same quarter last year.
The company would have posted a loss of Rs 4.79 crore before tax, but a Rs 9.64 crore tax credit pushed it into the black. A year earlier, Pine Labs had recorded a pre-tax loss of Rs 24.65 crore.
Revenue from operations rose 17.9% to Rs 615.91 crore from Rs 522.42 crore in the same period last year. Total expenses climbed 17.5% to Rs 657.86 crore from Rs 559.67 crore, roughly in line with revenue growth.
For the fiscal year 2025, Pine Labs posted a loss of Rs 145.49 crore, though that represented a 57.4% improvement from the Rs 341.90 crore loss in FY24.
Revenue surged 28.5% to Rs 2,274.27 crore in FY25, while the company kept expense growth to just 9.2%, helping narrow pre-tax losses by 65.7%.
Pine Labs has built substantial scale across its payment processing ecosystem. In FY25, the company processed Rs 11.42 lakh crore in gross transaction value across 5.68 billion transactions.
As of June 30, 2025, its platform connected 988,304 merchants, 716 consumer brands and enterprises, and 177 financial institutions.
The company serves merchants across key verticals, including department stores and retailers, supermarkets, ecommerce, restaurants, grocery, lifestyle stores, consumer electronics, healthcare, and travel and hospitality.
Pine Labs will open its much-anticipated initial public offering (IPO) on November 7, according to the company’s red herring prospectus. The subscription window will run through November 11, with the anchor book slated to open a day earlier on November 6, the document showed.
The IPO will include a fresh equity issue worth Rs 2,080 crore and an offer-for-sale (OFS) of 82.35 million shares by existing investors.
Edited by Suman Singh