Pine Labs Limited is a leading fintech company providing merchant commerce, payment, and financial technology solutions across India and Southeast Asia. The company earns revenue through transaction-based and subscription-based models by offering digital payment solutions, prepaid cards, and merchant financing. Its technology enables merchants to accept payments across cards, UPI, wallets, and BNPL options both online and in-store.

The Company is led by Chairman, Managing Director, and Chief Executive Officer B. Amrish Rau.

The Revenues from operations for the Period ended on Jun 30, 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were â‚¹ 6,530.76 Millions, ₹  23,270.93 Millions, â‚¹  18,241.59 Millions and ₹  16,904.41 Millions. The EBITDA for the Jun 30, 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were â‚¹ 1,205.62 Millions, ₹  3,567.16 Millions, â‚¹  1,582.01 Millions and ₹ 1,967.95 Millions. The Profit after Tax for the Jun 30, 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were â‚¹ 47.86 Millions, ₹  -1,454.87 Millions, â‚¹ -3,419.03 Millions and ₹  -2,651.45 Millions respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of â‚¹  -1.45 and post-issue EPS of ₹ -12.67 for FY25. The pre-issue P/E ratio is  -152.41x, while the post-issue P/E ratio is -17.44x against the Industry P/E ratio is 62x. The company's ROE for FY25 is -2.83% and RoNW is -4.15%. The Annualised EPS is ₹ 1.67 and P/E is 132.56. These metrics suggest that the IPO is fully priced.

The Grey Market Premium (GMP) of Pine Labs showing listing gains of 0.00 %.Given the company's financial performance and the valuation of the IPO, we recommend to Avoid to the Pine Labs Limited IPO for Listing gain or Long Term Purposes.