Pine Labs rises 3% on posting Q2 result; Emkay maintains 'Reduce' rating

Pine Labs, listed in November, shares rose 2.5 per cent on the BSE, logging an intra-day high at ₹253.9 per share. The buying interest came after the company reported its September quarter (Q2FY26) results.

 

At 10:41 AM, Pine Labs’ share price was trading 0.63 per cent higher at ₹249.15 per share on BSE. In comparison, the BSE Sensex was up 0.41 per cent at 85,455.51.

 

The company has a total market capitalisation of ₹28,609.31 crore. Its 52-week high was at ₹283.7, and its 52-week low was at ₹231. 

Pine Labs Q2 results: Key highlights

• Fintech firm Pine Labs reported a consolidated net profit of ₹5.97 crore in Q2FY26, as compared to a loss of ₹32.01 crore in Q2FY25. Sequentially, the company’s net profit grew 24.63 per cent from ₹4.79 crore in Q1FY26.
• The company’s revenue from operations grew 17.82 per cent to ₹649.9 crore in Q2FY26 from ₹551.57 crore in Q2FY25.
• Pine Labs crossed a cumulative one million merchants in Q2 FY26.
• The management said, “Q3 typically delivers the highest revenue for our business due to festive seasonality. Q2 FY26—despite being a non-seasonal quarter—delivered 8 per cent higher revenue over the peak of the previous FY (Q3 FY25).” READ MORE 

Brokerage view 

Emkay Global Financial Services has maintained a ‘Reduce’ rating on Pine Labs but has raised the target to ₹225 per share from ₹210, given rising competitive intensity.

 

 

For Pine Labs, Emkay estimates a 20.4 per cent revenue compound annual growth rate (CAGR) over FY25-28E, with 24.3 per cent CAGR for the Issuing and Acquiring business (19.7 per centearlier). 

 

The brokerage will watch out for the execution on this front, considering strong growth in Q2FY26 and the tailwinds from international geography. 

 

Pine Labs reported revenue growth, with strong growth in the Issuing and Acquiring business, up 32.5 per cent year-on-year (Y-o-Y), offsetting the weakness in Digital Infrastructure and Transaction Processing (DITP) business, which was up 11.9 per cent Y-o-Y.   CATCH STOCK MARKET LIVE UPDATES TODAY

Pine Labs listing

Pine Labs made a debut on Dalal Street on November 14, 2025. The company's shares were listed at ₹242 per share on the National Stock Exchange (NSE), opening with a 9.5 per cent premium over the issue price of ₹221. Soon after listing, the stock touched a low of ₹234.1, down 3.2 per cent from the listing price. 

 

On the BSE as well, Pine Labs shares opened at ₹242, a premium of 9.5 per cent. Post-listing, the stock fell around 3.3 per cent from the listing price to ₹234.07.  Disclaimer: View and outlook shared belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.