Pine Labs: First Take: Revenues inline, margins miss; FY27 rev guide maintained

Research evidence excerpt

Pine Labs: First Take: Revenues inline, margins miss; FY27 rev guide maintained

J P M O R G A N Asia Pacific Equity Research

29 July 2026

Pine Labs Neutral

PINL.NS, PINELABS IN

First Take: Revenues inline, margins miss; FY27 rev Price (28 Jul 26):Rs152.94

guide maintained Price Target (Mar-27):Rs155.00

Our First Take: Revenues grew 20% YY and came at the lower end of the company’s

guide of 20-21%; inline with cons/JPMe. Growth was driven by Issuing & Acquiring

business (31% YY) while it lagged in Digital Infra (15%). CM declined 100bps QQ

to 72.3% with headwinds from a change in business mix as the low margin Issuing

business grew faster. Adj Ebitda margins declined 350bps QQ to 17.1% and came in

80bps below JPMe due to targeted investments in sales and technology. The sharp

EPS miss was due to higher finance costs and taxes. FY27 revenue growth guidance Head of APAC Telecoms and India

was retained at 21-23.5%. the company is guiding for margins to improve by FY27 TMT Research

end. Remain N. Ankur Rudra, CFA AC

(65) 6801-3237

Key Positives ankur.rudra@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited

• Revenues grew 20% YY and came at the lower end of its guide of 20-21%; Bhavik Mehta, CFA

inline with cons/JPMe. (91-22) 6157-3871

• Issuing & Acquiring business growth accelerated to 31% YY vs 24% in 4Q26. bhavik.mehta@jpmchase.comJ.P. Morgan India Private Limited, J.P. Morgan

• FY27 revenue growth guidance was retained at 21-23.5% Tower,Registration:Santacruz(E),INH000001873,Mumbai (91-22)- 400098,6157-3000.SEBI

• Digital infra business CM remained at ~82%, inline with last quarter Harshit Sharma

(91-22) 6157-5879

Key Negatives/Question Marks harshit.sharma@jpmchase.com

J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI