India’s fintech major Pine Labs delivered a strong financial performance in the fourth quarter of FY26, reporting revenue of around ₹701 crore and a consolidated net profit of ₹59 crore, compared to a loss of about ₹29 crore a year earlier. The company’s revenue grew around 17% year-on-year, while annual revenue crossed ₹2,711 crore for the first time. The March quarter also marked Pine Labs’ third straight profitable quarter, driven by growth in merchant payments, online checkout solutions, and software-led commerce products.
The latest numbers mark a major financial recovery for the Noida-headquartered fintech company. The company posted a full-year net profit of ₹113 crore in FY26, compared to a loss of ₹145 crore in FY25, representing a profitability swing of around ₹258 crore within a year. Revenue from operations for the full year increased 19% from ₹2,274 crore in FY25 to ₹2,711 crore in FY26. Meanwhile, adjusted EBITDA climbed 57% year-on-year to ₹559 crore, while EBITDA margins expanded sharply from 16% to 21%. Operating cash flow surged about eightfold to ₹395 crore during FY26, with Q4 alone generating ₹676 crore in operating cash flow, the highest quarterly operating cash generation in the company’s history.
Sequentially, the March quarter showed continued profitability improvement despite a softer post-festive revenue cycle. While Q4 revenue declined about 6% from the ₹744 crore reported in Q3 FY26, profit after tax increased almost 40% sequentially from ₹42 crore in the December quarter. Expenses during Q4 stood at around ₹682 crore, lower than ₹705 crore in Q3 FY26, indicating tighter cost discipline and better operating leverage. Pine Labs’ contribution margin remained healthy at around 73% in Q4, while adjusted EBITDA for the quarter increased 73% year-on-year to ₹146 crore, with margins holding at around 21%.
Pine Labs processed about $194 billion in gross transaction value during the fiscal year, reflecting around 50% annual growth, while UPI payment volumes on its platform surged 68%. The fintech firm now enables more than 20 million daily transactions across its network. Pine Labs’ international business emerged as another major growth driver during FY26. The company said its overseas revenue has grown at a 44% CAGR over the past three years and now contributes around 15% of total revenue, compared to 9% three years ago. International revenue crossed ₹400 crore in FY26 as Pine Labs expanded across 22 countries.
The latest results also show Pine Labs’ broader transformation from a traditional POS terminal company into a full-stack commerce infrastructure platform. The company now operates across merchant acquiring, online payment gateways, EMI infrastructure, prepaid gifting, loyalty programmes, transaction processing, and software-led commerce solutions. Pine Labs said over 2 million terminals, more than 450 brands, and 177 financial institutions currently operate on its commerce stack. Pine Labs, which made its stock market debut in late 2025, continues to compete aggressively with players like Paytm, PhonePe, Razorpay, and BharatPe in merchant payments and commerce infrastructure.
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Ashutosh is a Senior Writer at The Tech Portal, largely reporting on new tech, and intersection of technology and business. Ashutosh’s career spans across nearly a decade of technology writing across multiple platforms and languages.
