IPO-bound Pine Labs will turn profitable in the June quarter of FY26

Online payments company Pine Labs has reported its first quarterly profit in the first three months of FY26, driven by a steady increase in operating revenues.

As per the financials published in the prospectus filed on Friday, the company posted a net profit of Rs 4.8 crore in the June quarter of FY26.

For FY25, Pine Labs reported an operating revenue of Rs 2,274 crore, up 28.5% from Rs 1,769 crore in FY24. In the first quarter of FY26, revenue rose 17.8% year-on-year to Rs 615 crore.

While the Peak The company’s adjusted EBITDA (excluding ESOP expenses) stood at Rs 356 crore in FY25, compared to Rs 158 crore in FY24 and Rs 196 crore in FY23.

In its draft prospectus filed in June, Pine Labs had disclosed figures through September 2024. The final document includes financials through the June quarter of 2025. The company plans to go public in the coming weeks and is expected to announce its IPO price range early next week, according to people with knowledge of the matter.

It plans to issue new shares worth Rs 2,600 crore along with an offer for sale (OFS) of 147.8 million shares. The company is targeting a valuation of Rs 33,400 to Rs 41,700 crore (about $4-5 billion), the people said. On the business front, Pine Labs expanded its partnerships to 198 financial institutions, supporting approximately 690 consumer brands. In FY25, it processed 5.7 billion transactions across 954,000 merchants. In the June quarter, Pine Labs reported a gross transaction value (GTV) of Rs 3.83 lakh crore (approximately $46 billion), taking its annualized GTV to Rs 15.4 lakh crore (approximately $185 billion).