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Swing Capital

Pine Labs Ltd

NSE: PINELABS BSE: 544606

Incorporated in 1998, Pine Labs is a leading Indian merchant commerce platform that provides point-of-sale (POS) solutions, payment processing, and merchant financing services.[1]

₹155
52W: ₹148 — ₹284
PE 411 · Book ₹36.2 · +328% vs book
Market Cap₹17,798 Cr
Stock P/E411Price to Earnings
ROCE4.64%Return on Capital
ROE2.1%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company has delivered good profit growth of 27.0% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 4.07 times its book value
  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of -3.28% over last 3 years.
  • −Earnings include an other income of Rs.97.9 Cr.
  • −Company has high debtors of 152 days.

Shareholding Pattern

Promoters0%
FIIs4.8%
DIIs11.81%
Public83.39%
CategoryDec 2025Mar 2026
Promoters0%0%
FIIs5.23%4.8%▼0.4
DIIs11.26%11.81%▲0.6
Public83.51%83.39%▼0.1

Financial Statements

MetricSep 2024Jun 2025Sep 2025Dec 2025
Sales377427435548
Expenses362390394445
Operating Profit153841104
OPM %4%9%9%19%
Net Profit-1528-257
EPS ₹-0.180.63-0.050.49

AI Insights

Revenue Trend

Mar 2025 revenue at ₹1,597Cr, up 19.8% YoY. OPM at 15%.

Debt Position

Borrowings at ₹711Cr. Debt-to-equity ratio: 0.18x. Healthy balance sheet.

Capex Cycle

CWIP at ₹45Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Margin & Efficiency

ROCE improving from 0% (Mar 2020) to 5% (Mar 2025). Working capital days: -1113.

Valuation

PE 411x with 4.64% ROCE. Price is 328% above book value of ₹36.2. Dividend yield: 0%.

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