Pine Labs Ltd | F1Q27 First Cut – In-line revenues but margins missed estimates

研报英文原文证据摘录

Pine Labs Ltd | F1Q27 First Cut – In-line revenues but margins missed estimates

Update

July 28, 2026 02:44 PM GMT

Morgan Stanley India Company Private Limited+MPine Labs Ltd | Asia Pacific Gaurav Rateria

Equity Analyst

F1Q27 First Cut – In-line Gaurav.Rateria@morganstanley.comSubramanian Iyer +91 22 6118-2237

Subramanian.Iyer@morganstanley.com +91 22 6118-2234

revenues but margins missed Sulabh Govila, CFA

Sulabh.Govila@morganstanley.com +91 22 6118-2249

estimates Sakshi Rana

Research Associate

Sakshi.Rana@morganstanley.com +91 22 6118-1002

AlphaSignals Earnings Reaction Shreshtha Chopra

Unchanged Modest shortfall Modest revision lower Shreshtha.Chopra@morganstanley.com +91 22 6118-2227

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

Pine Labs reported revenue growth of 19.6% YoY in 1QF27, +0.9% vs MSe and Pine Labs Ltd (PINL.NS, PINELABS IS)

+0.2% vs consensus. India Technology | India

Stock Rating Overweight

Adjusted EBITDA at Rs1,264mn (+4.5% YoY) missed consensus estimate by 16% Industry View In-Line

and MSe by 13%. Price target Rs186.00

Up/downside to price target (%) 22

Management reiterated an outlook of 21-23.5% YoY revenue growth in F27 and Shr price, close (Jul 28, 2026) Rs152.94

52-Week Range Rs284.00-134.73

expects higher CM/Adj EBITDA margins for FY27. Sh out, dil, curr (mn) 1,223

Mkt cap, curr (mn) Rs187,015

Operating cash flow ex early settlement was Rs780mn; NWC was 16.7% of Avg daily trading value (mn) Rs1,878

annualized revenue led by seasonal factors; mgmt reiterated NWC guidance at Fiscal Year Ending 03/25 03/26e 03/27e 03/28e

~15%. EPS (Rs)** (1.09) 1.02 2.05 3.34

Revenue, net (Rs mn) 22,743 27,106 31,367 36,323