Pine Labs Q2 FY27 Results: Consolidated Net Profit ₹38.57 Crore on Total Income of ₹832 Crore

Summary

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Consolidated net profit rose to ₹38.57 crore from ₹5.97 crore a year earlier, up 546.1%, while total income rose 23.6% to ₹831.74 crore. Net profit grew faster than total income. Revenue from operations was ₹806.19 crore, up 24.0% from ₹649.90 crore, and other income was ₹25.55 crore, up 11.0% from ₹23.01 crore.

Profit before tax was ₹61.37 crore against ₹11.16 crore a year earlier. Tax expense rose to ₹22.80 crore from ₹5.19 crore, which is 37.2% of profit before tax. Net profit margin was 4.64%, against 0.89% a year earlier and 2.56% in the quarter ended 30 Jun 2026.

Finance costs fell 33.2% to ₹14.21 crore from ₹21.27 crore, while depreciation rose 15.3% to ₹75.92 crore from ₹65.87 crore. Basic EPS was ₹0.33, against ₹0.06 a year earlier.

Shopflo Technologies Private Limited, a direct-to-consumer checkout platform and e-commerce enablement business, became a wholly owned subsidiary when the Group acquired 100% of its equity for ₹88.00 crore in cash, including deferred consideration, during the six months ended 30 Sep 2026. The Group has consolidated Shopflo from 26 May 2026 and recognised goodwill of ₹59.83 crore on purchase price allocation.

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone total income rose 43.9% to ₹656.60 crore from ₹456.17 crore. Revenue from operations was ₹607.29 crore, up 39.6% from ₹435.00 crore, and other income rose 132.9% to ₹49.31 crore from ₹21.17 crore, growing faster than revenue from operations. Other income was 7.5% of total income.

Standalone profit before tax was ₹75.95 crore against a loss of ₹3.00 crore a year earlier. Tax expense was ₹19.22 crore, 25.3% of profit before tax, against a tax credit of ₹0.80 crore. Net profit was ₹56.73 crore against a loss of ₹2.20 crore.

Finance costs fell 35.0% to ₹11.88 crore from ₹18.29 crore. Depreciation was ₹56.06 crore, up 2.9% from ₹54.49 crore in the quarter ended 30 Jun 2026. Basic EPS was ₹0.49, against a loss of ₹0.02 a share a year earlier.

Note 4 of the filing describes a one-time increase in employee benefit obligations from the New Labour Codes, of ₹12.22 crore on a consolidated basis and ₹10.82 crore standalone, recognised as exceptional items in the quarter ended 31 Dec 2025. The company revised its wage structure and reversed the provision in the quarter ended 31 Mar 2026.

Inference

The press release says Adjusted EBITDA rose 27% year on year at a 19.2% margin, operating cash flow doubled to ₹350 crore, and contribution margin grew 18% to ₹587 crore. CEO Amrish Rau said the company aims for 20%+ EBITDA margins and 21-23% revenue growth. The press release says 14% of revenue came from products launched in the last two years and 15% from markets outside India.

BSR & Co. LLP's limited review says nothing has come to its attention that causes it to believe either set of results contains a material misstatement. Its report on the consolidated results says the interim information of nineteen subsidiaries was not reviewed, and that, according to management, that information is not material to the Group; its conclusion is not modified. The filing also reports options granted, forfeited and exercised under the Pine Labs Employee Stock Option Plan 2025 in the six months to 30 Sep 2026. A reader would want to know how much of the quarter's revenue came from Shopflo; the filing does not give that figure.

Reference: Original filing (PDF)