Pine Lab Ltd. is a leading platform providing omni-channel digital payments, card issuing, and fintech solutions that connect merchants, brands and customers through a unified cloud-based infrastructure. As of June 30, 2025, Pine Lab serves approximately 9.9 lakhs merchants, 717 enterprises and 176 financial institutions processing ₹11.40 trillion in gross transactions, which makes it one of the leading digital payment networks.
IPO Details
Pine Lab is seeking around ₹3,900 cr., of which ₹2,080 CR. is fresh issue. The IPO is currently live with last date to apply on 11th November, 2025. Tentative listing date is 14th November, 2025.
Pine Lab Numbers
At the core of the income statement, the company has ₹2274.3 cr. from core operations and ₹528.19 cr. from other income in FY25, a 28.52% growth from FY22. Meanwhile, the total expense is ₹24,269.01, resulting in a loss before exceptional items and tax of ₹998.08 cr. Adding other comprehensive income, which doesn’t go straight in the P&L statement, such as “Fair value changes on equity investments through OCI”, the company reported a net loss of ₹140.7 cr.
The company reported an EPS of (1.45) in FY25, compared with FY24 (3.46), the company have shown a growth in EPS, but still in negative figures.
Cash Flow Statement
The company has shown a positive Operating cash flow before working capital of 3,424.99 and net CFO of ₹497.18cr. , in which ₹381.79 cr. came from the tax received, CFO increased from ₹(2,290) cr. to ₹497.18 cr. with major changes noted in change of working capital, such as “(Increase)/ decrease in trade receivables and (Increase)/ decrease in trade payables”, so the sustainability of the CFO might be the question.
In cash flow to investing, the figure stands at ₹(1,591.53)cr, where the majority of transactions were through bank( Bank deposits and maturity) and in cash flow to financing, the figure noted was ₹(2,010.82) cr.
In cash flow to investing, the figure stands at ₹(1,591.53)cr, where the majority of transactions were through bank( Bank deposits and maturity) and in cash flow to financing, the figure noted was ₹(2,010.82) cr.
The total cash flow activity sums up to ₹(3,105.17) cr., last year’s net reported cash was ₹5,556 cr, and with a cash outflow of ₹3,105, net available cash with the company is ₹2,452.00 cr.
Ratios and Pricing Metrics
At the upper price band, the stock is trading at EV/Sales, EV/EBITDA and EV/Adj EBITDA multiples of 8.0x, 82.8x and 50.7x, respectively, based on post-issue capital
Current ratio in FY25 stands at 1.2, debt-to-equity ratio of 0.2 and Interest Coverage Ratio of (0.3).
The Bottom Line
With a mixed signal, the IPO is a long-term call by a few big players like SBI and neutral from Angel One, the company is still to be turned profitable, but with peer comparison, the company looks in a better shape. Your investment philosophy and horizon will determine whether you should invest in this or not.
