# Pine Labs Limited Agent Datapack

## Q1 FY27 Results

| Field | Value |
|---|---|
| Company | Pine Labs Limited |
| Reporting period | Q1 FY27 |
| Period end | 30 June 2026 |
| PDF creation metadata | 28 July 2026 |
| Information current as of | Q1 FY27 results document |
| Datapack version | 1.0 |
| Primary source | *Shareholders' Q1 FY27 Letter and Results* |
| Primary source length | 28 pages |
| Currency | Indian rupees unless stated otherwise |
| Q1 FY27 USD conversion | USD 1 = ₹94.7, average RBI reference rate for the quarter |

## Purpose and usage

Use this datapack to answer questions about Pine Labs' Q1 FY27 financial performance, operating metrics, business segments, cash generation, strategy, management outlook, and reported risks.

Apply these rules:

1. Preserve every metric's period, unit, scope, and reported or derived basis.
2. Cite the original results page using `(Pine Labs Q1 FY27 results, p. X)`.
3. Distinguish completed-period actuals from management commentary, guidance, targets, estimates, pilots, and other forward-looking statements.
4. Treat contribution margin and adjusted EBITDA as company-defined measures.
5. Use percentage points for margin movements and percentages for growth rates.
6. Keep operating cash flow including early settlement separate from operating cash flow excluding early settlement.
7. Do not add Flow, Affordability and Transaction Processing GTV to DITP GTV; it is a subset of DITP GTV.
8. Do not silently correct presentation inconsistencies. Report the displayed values and relevant pages.
9. Treat reported growth and growth derived from rounded displayed values as separate evidence when they differ.
10. Do not present this datapack as investment, legal, tax, or financial advice.

## Executive summary

- Q1 FY27 revenue from operations was ₹737 Cr, up 20% YoY from ₹616 Cr (pp. 9-10, 20, 22).
- Adjusted EBITDA was ₹126 Cr, up 5% YoY, with adjusted EBITDA margin of 17.1% compared with 19.6% in Q1 FY26 (pp. 9, 11, 20-23).
- Profit before tax was ₹38 Cr compared with a loss of ₹5 Cr in Q1 FY26. Profit after tax was ₹20 Cr, four times the ₹5 Cr reported in Q1 FY26 (pp. 9, 11, 21, 23).
- Contribution margin was ₹533 Cr, up 11% YoY, with contribution margin of 72.3% compared with 77.9% in Q1 FY26 (pp. 9-10, 20, 22).
- Platform GTV was ₹422k Cr, equivalent to approximately USD 45 Bn using the quarterly exchange rate. The company processed 201 Cr transactions (pp. 9, 22).
- Digital checkout points reached 21.7 lakh and merchants reached 11.5 lakh at quarter end (pp. 9, 12, 22).
- Operating cash flow was ₹78 Cr excluding early settlement and negative ₹159 Cr including early settlement (pp. 18, 24).
- At 30 June 2026, the company reported gross cash of ₹2,311 Cr, borrowings of ₹187 Cr, and net cash of ₹2,123 Cr (p. 24).

## Financial performance

All monetary values in this section are ₹ Cr.

| Metric | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Change vs Q1 FY26 | FY25 | FY26 |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| Revenue from operations | 616 | 650 | 744 | 701 | 737 | 20% | 2,274 | 2,711 |
| DITP revenue | 434 | 440 | 496 | 466 | 499 | 15% | 1,603 | 1,837 |
| IAP revenue | 182 | 210 | 248 | 234 | 238 | 31% | 671 | 874 |
| Direct expenses | 136 | 152 | 194 | 187 | 204 | 50% | 545 | 669 |
| Contribution margin | 480 | 497 | 551 | 514 | 533 | 11% | 1,729 | 2,041 |
| Contribution margin % | 77.9% | 76.5% | 74.0% | 73.3% | 72.3% | -5.6 pp, derived | 76% | 75% |
| Indirect expenses | 359 | 375 | 380 | 368 | 406 | 13% | 1,372 | 1,482 |
| Adjusted EBITDA | 121 | 122 | 171 | 146 | 126 | 5% | 357 | 559 |
| Adjusted EBITDA margin | 19.6% | 18.8% | 22.9% | 20.8% | 17.1% | -2.5 pp, derived | 16% | 21% |
| Profit/(loss) before tax | -5 | 11 | 63 | 69 | 38 | n.m. | -136 | 138 |
| Tax expense/(credit) | -10 | 5 | 20 | 9 | 18 | n.m. | 9 | 25 |
| Profit/(loss) after tax | 5 | 6 | 42 | 59 | 20 | 4x | -145 | 113 |

Sources: precise quarterly margin charts on pp. 10-11; income statements on pp. 20-21. `n.m.` means not meaningful.

### Q1 FY27 expense and investment indicators

| Metric | Q1 FY26 | Q1 FY27 | Reported YoY change | Source |
|---|---:|---:|---:|---|
| Connectivity and operational cost | ₹28 Cr | ₹39 Cr | 39% | p. 20 |
| Cost of DCP sales | ₹40 Cr | ₹51 Cr | 30% | p. 20 |
| Prepaid-card distribution cost | ₹68 Cr | ₹113 Cr | 66% | p. 20 |
| Employee expenses excluding ESOP | ₹225 Cr | ₹242 Cr | 7% | p. 20 |
| Data, cloud, and technology cost | ₹48 Cr | ₹64 Cr | 33% | pp. 16, 20 |
| ESOP expense | ₹66 Cr | ₹26 Cr | -61% | p. 21 |
| Finance cost | ₹21 Cr | ₹13 Cr | -39% | p. 21 |

Management said Q1 included investments in approximately 500 additional salespeople, international expansion, device capability, and technology/AI infrastructure. It expects productivity from these investments to become more visible later in FY27 (pp. 11, 16). Treat this as management commentary and outlook.

## Adjusted EBITDA reconciliation

The company reports adjusted EBITDA as a non-statutory, company-defined measure.

| Q1 FY27 bridge | ₹ Cr |
|---|---:|
| Profit after tax | 20 |
| Add: tax expense | 18 |
| Add: finance cost | 13 |
| Add: depreciation and amortization | 73 |
| EBITDA | 124 |
| Add: impairment of non-current assets | 1 |
| Add: exceptional items | 0 |
| Add: employee share-based payment expense | 26 |
| Add: fair-valuation/foreign-exchange loss, net | -0.4 |
| Less: other income | 24 |
| Adjusted EBITDA, reported | 126 |

Source: p. 23. The displayed bridge uses rounded values and does not foot exactly to the reported whole-crore adjusted EBITDA; do not replace the reported ₹126 Cr with a derived rounded result.
The source displays the `Less: Other income` row as negative ₹24 Cr; this normalized bridge presents it as a positive ₹24 Cr deduction.

## Operating performance indicators

The source labels GTV as `₹ Cr (000's)`. A displayed value of `422` represents ₹422,000 Cr, which this datapack also writes as ₹422k Cr.

| Metric | Unit | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | FY25 | FY26 |
|---|---|---:|---:|---:|---:|---:|---:|---:|
| Platform GTV | ₹ Cr (000's) | 406 | 424 | 451 | 435 | 422 | 1,143 | 1,715 |
| DITP GTV | ₹ Cr (000's) | 392 | 408 | 432 | 418 | 404 | 1,091 | 1,651 |
| Flow, Affordability and Transaction Processing GTV | ₹ Cr (000's) | 59 | 63 | 76 | 77 | 91 | 201 | 275 |
| IAP GTV | ₹ Cr (000's) | 14 | 16 | 18 | 16 | 18 | 52 | 64 |
| Number of transactions | # Crore | 175 | 188 | 193 | 185 | 201 | 569 | 740 |
| Fintech Infrastructure transactions | # Crore | 25 | 27 | 31 | 31 | 34 | 72 | 114 |
| Digital checkout points | # Lakh | 18.4 | 19.0 | 19.3 | 20.3 | 21.7 | 17.8 | 20.3 |
| Number of merchants | # Lakh | 9.9 | 10.3 | 10.5 | 11.0 | 11.5 | 10.0 | 11.0 |
| Prepaid cards issued | # Crore | 23 | 26 | 20 | 18 | 20 | 71 | 87 |
| International revenue share | % | 15% | 17% | 13% | 14% | 16% | 15% | 15% |

Source: p. 22.

### Reported Q1 operating changes

- Digital checkout points increased 18% YoY to 21.7 lakh. Mid-market DCPs grew 40% YoY, and 70%+ of DCP transactions were on UPI (pp. 8, 12, 14).
- Flow, Affordability and Transaction Processing GTV increased 54% YoY to ₹91k Cr (pp. 12, 14).
- UPI GTV increased 80%+ YoY and DCC GTV increased 40%+ YoY (pp. 12, 14).
- Non-electronics affordability volumes increased 30%+ YoY, while the wheels category increased 130% YoY (pp. 12, 14).
- IAP GTV increased 26% YoY to ₹18k Cr according to the business-highlight chart (p. 13). The rounded KPI-table values of 14 and 18 imply a different derived growth rate; retain the company's reported 26% separately.
- Fintech Infrastructure transactions increased 37% YoY to 34 Cr, and 48 new clients were onboarded during Q1 (pp. 13-14).

## Cash flow, working capital, and liquidity

All monetary values in this section are ₹ Cr.

| Metric | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | FY24 | FY25 | FY26 |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| Adjusted EBITDA | 121 | 122 | 171 | 146 | 126 | 158 | 357 | 559 |
| Working-capital adjustment excluding early settlement | -92 | 138 | -272 | 228 | -126 | -38 | -101 | 1 |
| Income taxes paid/(received), net of refunds | -27 | -30 | -23 | 75 | 64 | -12 | 38 | -5 |
| Other items | -38 | 12 | 0 | 25 | 14 | -59 | -45 | -1 |
| Operating cash flow excluding early settlement | -36 | 241 | -124 | 474 | 78 | 49 | 250 | 554 |
| Early-settlement movement | -245 | -89 | -28 | 202 | -237 | -278 | -200 | -159 |
| Operating cash flow including early settlement | -281 | 152 | -152 | 676 | -159 | -229 | 50 | 395 |

Source: p. 24.

- Q1 FY27 net working capital was 16.7% of annualized revenue. Management attributed the sequential movement primarily to annual payouts and advance payments for devices during the chip shortage (p. 18).
- Management continues to guide to net working capital below approximately 15% of revenue for full-year FY27 (p. 18).
- Management described the early-settlement balance as seasonal and subject to a normal 45-60 day settlement cycle. It expects Q1 balances to normalize as collections flow through (p. 18).
- The reported gross cash, borrowings, and net cash values at 30 June 2026 are ₹2,311 Cr, ₹187 Cr, and ₹2,123 Cr respectively (p. 24).

## Business model and reporting segments

Pine Labs describes its platform across four solution areas (p. 3):

1. **Issuance Processing and Distribution:** Prepaid, debit, and credit issuance; primarily monetized through processing fees as a percentage of GTV.
2. **In-store and Online Infrastructure:** Omnichannel payment acceptance; primarily monetized through subscriptions and take rates.
3. **Flow, Affordability and Transaction Processing:** Affordability, consumer engagement, and transaction-processing solutions; primarily monetized through processing fees as a percentage of GTV.
4. **Fintech Infrastructure:** APIs for digital public infrastructure across payments, credit, and data insights; primarily monetized through transaction-based fees.

The financial reporting segments are:

- **DITP:** Digital Infrastructure and Transaction Platform.
- **IAP:** Issuing and Acquiring Platform.

The company positions these products as a commerce stack spanning acquisition, conversion, payment acceptance, processing and settlement, credit and issuance, and customer engagement and retention (p. 4).

## Management's explanation of Q1 performance

Treat the following as management commentary rather than independently verified causation:

- DITP revenue growth was attributed to flow and affordability revenue, online payments, and deeper penetration of mid-market merchants (p. 10).
- IAP revenue growth was attributed to international distribution, new D2C brands, and expanded co-branded prepaid programs (p. 10).
- Management attributed contribution-margin moderation to seasonal mix, investments in connectivity and operational infrastructure, international merchant-enablement costs, and faster growth in lower-margin IAP distribution (pp. 10, 15).
- Management said IAP processing remained near 100% contribution margin while distribution carried structurally lower margins (p. 15).
- Management attributed the lower Q1 adjusted EBITDA margin partly to contribution-margin mix and partly to deliberate investments in sales, device capability, international expansion, and technology (pp. 11, 16).
- Management described Q3 as typically the highest-margin quarter because of business cyclicality (p. 16).
- Q1 FY27's effective tax rate was approximately 48%. Management attributed the elevated rate to losses in foreign entities that could not be offset against profits elsewhere in the consolidated group (pp. 11, 19).

## Selected Q1 FY27 business developments

### Completed or announced developments

- Pine Labs launched P3P, described as an agentic-payment protocol on UPI, and reported it live with Vijay Sales and Gullak (pp. 6-7).
- More than 40 new online merchants were added in Q1, while D2C and SMB volumes exceeded ₹400 Cr (p. 7).
- The company launched or expanded PA-CB import capabilities, opened new international acceptance corridors, and reported its first UK customer live (pp. 5, 7).
- SignalIQ was described as expanded to cover self-employed borrowers and early-warning signals for collections (p. 5).
- Credit Line on UPI, EMI offerings for the UAE and Singapore, and GrowthHub were presented under `New Innovations`; the page does not explicitly state their rollout status (p. 5).
- The Suntec Mall Card program was launched in Singapore (pp. 5, 13).
- TAROM was described as a strengthened/deepened airline relationship, while British Airways was described as signed up (pp. 5, 13).
- The GCash payment application in the Philippines reached approximately 20,000 deployments (pp. 5, 17).
- Approximately one lakh OMC deployments were completed across Q4 FY26 and Q1 FY27, according to management (p. 17).
- A multi-year Scan & Go partnership was signed with an unnamed restaurant-booking application; the source does not state that deployment was complete (pp. 12, 14).
- AI initiatives described on p. 6 included an in-house telesales agent, Pine Labs One, an agent marketplace, organizational AI agents, Jarvis, and MARS. The page does not consistently specify rollout status for these initiatives.

### Company-reported AI adoption indicators

- Approximately 89% of code changes included AI contribution.
- Approximately 1.5 million lines of code were touched by AI.
- More than 60% of email queries were automatically answered by AI.
- Management said in-house AI telesales agents reduced telesales effort by approximately 60%.

Source: p. 6. These are company-reported operational indicators; the source does not provide an independent assurance methodology.

## International business

- International revenue grew 21% YoY and contributed approximately 16%, or approximately ₹114 Cr, of consolidated Q1 FY27 revenue (p. 17).
- Pine Labs reported operations across more than 22 countries (p. 17).
- Q1 developments included GCash deployments in the Philippines, affordability programs in the UAE and Singapore, programs across 150+ Samsung stores in Malaysia, airline prepaid partnerships, and the Suntec Mall Card program (p. 17).
- IAP revenue grew 24% YoY in India and 47% YoY internationally, according to management's segment discussion (pp. 13-14).
- Management expects customer wins including Emirates NBD, Wio Bank, and GCash to accelerate international revenue growth during FY27 (p. 17). This is forward-looking.

## Management outlook, targets, and estimates

Do not report these items as completed-period actuals:

- Full-year FY27 revenue-growth guidance is 21.0-23.5% (p. 14).
- Management expects contribution margins and adjusted EBITDA margins to improve in coming quarters and for full-year FY27 as investments mature and sales productivity improves (pp. 11, 15-16).
- Management guides to net working capital below approximately 15% of revenue for full-year FY27 (p. 18).
- Management expects the FY27 effective tax rate to be 28-30% and anticipates approximately 25-26% from FY28 as foreign entities become profitable (p. 19).
- Management expects the OMC business to become a more meaningful DITP contributor over the remainder of FY27. The revenue model is described as predominantly flow- and transaction-based rather than fixed subscription-based (p. 17).
- Management expects early-settlement balances to normalize over the normal collection cycle (p. 18).

## Risks and execution dependencies

- Q1 contribution-margin and adjusted-EBITDA-margin compression reflected business mix and investment ahead of expected revenue. Improvement depends on distribution scale, international-market maturity, and sales productivity (pp. 10-16).
- Early-settlement movements can materially change reported quarterly operating cash flow even when operating cash flow excluding early settlement is positive (pp. 18, 24).
- The chip shortage may require advance payments for device procurement and increase working-capital requirements (p. 18).
- FY27 tax-rate improvement depends partly on the profitability and geographic mix of foreign entities (p. 19).
- Revenue from OMC deployments depends primarily on transaction and flow volumes rather than fixed DCP subscriptions (p. 17).
- International growth depends on customer rollout, licensing, localization, and the conversion of recent wins into scaled volumes (pp. 5, 13, 17).

## Definitions

### Adjusted EBITDA

A company-defined measure calculated from EBITDA after specified adjustments for other income, impairment of non-current assets, exceptional items, employee share-based payments, foreign-exchange losses, selected fund-raising/acquisition/restructuring costs, and specified write-backs. Consult the reconciliation on p. 23 and glossary on p. 25.

### Adjusted EBITDA margin

Adjusted EBITDA divided by revenue from operations for the relevant period (p. 25).

### Contribution margin

Revenue from operations less transaction and related costs, stock-in-trade purchases, and inventory changes, subject to the exclusions stated in the glossary (p. 25).

### Digital checkout point

A live touchpoint at a merchant store powered by the Pine Labs platform at the end of the period (p. 25).

### DITP GTV

The total transaction value processed through the Digital Infrastructure and Transaction Platform (p. 26).

### Flow, Affordability and Transaction Processing GTV

Transaction value processed for affordability solutions, payment aggregation, dynamic currency conversion, and UPI offerings. It is a subset of DITP GTV (p. 25).

### IAP GTV

Funds loaded onto or redeemed through specified prepaid instruments, net of returns and chargebacks, plus the sale value of prepaid cards distributed (p. 26).

### Number of merchants

Unique customers using at least one Pine Labs platform product at the end of the relevant period (p. 26).

### Number of transactions

Aggregate transactions processed by the Group across all product offerings (p. 26).

### International revenue share

Revenue from external customers outside India as a percentage of revenue from operations (p. 22).

## Data notes and presentation clarifications

1. Q4 FY26 contribution margin is displayed as ₹514 Cr on pp. 10 and 20 but as ₹513 Cr on p. 22.
2. Page 21 reports FY26 finance cost of ₹83 Cr, while the PAT-to-adjusted-EBITDA reconciliation on p. 23 reports ₹84 Cr.
3. Page 21 reports FY26 exceptional items of ₹3 Cr; p. 23 displays ₹8 Cr in the FY26 reconciliation, although the quarterly values shown on the same pages sum to ₹3 Cr.
4. Page 23 prints the adjusted EBITDA margin formula as `O = N/M`, but the displayed values and glossary definition imply `M/N`.
5. The Q1 FY27 adjusted-EBITDA bridge on p. 23 uses rounded components and does not foot exactly to the reported ₹126 Cr.
6. Page 24 reports gross cash of ₹2,311 Cr and borrowings of ₹187 Cr, whose displayed difference is ₹2,124 Cr, while reported net cash is ₹2,123 Cr. This may reflect rounding of the displayed components.
7. Some source tables display thousands separators as periods, including `1.603` and `1.715`; this datapack normalizes them to 1,603 and 1,715.
8. The source displays some percentages and GTV values as rounded numbers. Do not replace company-reported growth with calculations from rounded table values.
9. The visible cover does not state a publication date. The date 28 July 2026 in this datapack is taken from the PDF creation metadata.
10. The page 1 text layer contains non-visible residual content that is not present on the rendered cover. Use the visible slide as the authoritative page content.
11. Platform GTV is reported on pp. 9 and 22 but is not separately defined in the glossary on pp. 25-26.
12. Page 21 marks `Exceptional Items` with footnote 3, but no visible footnote 3 definition appears on that page.

## Source page index

| Topic | Primary pages |
|---|---|
| Company platform, commerce stack, and monetization | 3-4 |
| Product, geographic, and AI developments | 5-8 |
| Headline Q1 FY27 performance | 9 |
| Quarterly financial and business highlights | 10-13 |
| Investor questions, drivers, and outlook | 14-19 |
| Income statement and KPIs | 20-22 |
| Adjusted EBITDA and cash-flow reconciliations | 23-24 |
| Metric definitions | 25-26 |
| Forward-looking-statement disclaimer | 27 |

## Recommended response structure for agents

If the user does not specify a format, answer with:

1. a one-sentence results headline;
2. a compact KPI scorecard;
3. growth, margin, and segment drivers;
4. cash flow, working-capital, and liquidity context;
5. outlook and catalysts separated from actuals;
6. risks, source conflicts, and unresolved data-quality issues.

For derived values, show the formula and label the result as `derived`. Use neutral investor language. Do not issue a buy or sell recommendation unless explicitly requested, and always distinguish source evidence from assumptions or opinion.

## Forward-looking statement notice

The source document contains forward-looking statements subject to risks and uncertainties, including regulatory changes, execution risk, technological change, competition, market conditions, foreign-exchange movements, and macroeconomic conditions. Actual results may differ materially. Forward-looking statements speak only as of the source document's date. Past performance is not a reliable indicator of future performance. Refer to the original disclaimer on p. 27.