Pine Labs Q2 FY27 Earnings Call Transcript Released; Management Discusses Growth Drivers
Pine Labs reported Q2 FY27 revenue growth of 24% and adjusted EBITDA growth of 27% YoY. The company gained market share across offline, issuing, and online segments. Flow-based income grew 25% YoY, with UPI transaction volumes up 50%. New product launches include an employee tax benefit card. International operations are expanding, with 1 lakh daily transactions in UAE. Management expects H2 EBITDA to exceed H1 and maintains full-year EBITDA margin guidance of at least 21%.
The announcement details significant financial growth, strategic market share gains, expansion into new products and geographies, and positive future guidance, which are material to investors and the company's valuation.
The company reported strong year-on-year growth in revenue and EBITDA, highlighted market share gains across business segments, and discussed positive future outlook and expansion plans, indicating a favorable financial performance and strategic direction.
Pine Labs Limited has released the transcript of its conference call with analysts and investors held on October 29, 2026. The call, which covered the company's Q2 FY2027 performance, featured insights from CEO Amrish Rau and Group CFO Sameer Kamath.
During the call, Amrish Rau highlighted strong execution across Pine Labs' business lines, with revenue growing by approximately 24% and adjusted EBITDA by 27% year-on-year. The company reported gaining market share in offline, issuing, and online segments. Specifically, the offline enterprise segment maintained 100% business retention, with new additions like Tanishq. The mid-market segment saw significant deployment of terminals, driven by complex merchant requirements and value-added services. Flow-based income grew by 25% year-on-year, with volumes increasing by 50% due to market share gains in UPI transactions and the introduction of new revenue streams like data and marketing services.
The issuing side of the business also saw significant growth in both processing and prepaid/gift card distribution. New use cases are being developed, including an employee tax benefit card slated for launch in November. In the online and bill payments business, Pine Labs is powering transactions for top Q-commerce companies and has secured a major biller for its platform, going live in Q3.
Internationally, the company is processing 1 lakh transactions daily in UAE and has deployed 50,000 POS machines in Malaysia and 50,000 in the Philippines, operating in 22 countries. Looking ahead to H2, Pine Labs plans to invest further in sales, particularly in international markets, and expects continued growth from gaming distribution, employee tax benefit cards, data services, and affordability solutions. The company is also focused on the emerging UPI opportunity, with the ball in NPCI's court regarding UPI MDR implementation.
During the Q&A, discussions covered the sustained growth in India's issuing and acquiring platform business, the drivers behind prepaid business growth, the impact of the festive season on affordability business, and projections for UPI GMV. Management also addressed capex, indirect costs, and international business revenue mix, emphasizing that while a specific large retailer's exit from Singapore impacted gift card distribution, the overall international business remains a growth engine. The company reiterated its commitment to EBITDA expansion, expecting H2 EBITDA to be higher than H1, and maintained its full-year EBITDA margin guidance of at least 21%. The total employee count stands at approximately 5200, with recent hiring focused on sales and field operations.
What to do with a filing like this
Pine Labs Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
That call is the part a filing cannot make for you. On RealCase, SEBI-registered research analysts and investment advisers read announcements like this one and turn the ones that matter into actions inside their model portfolios: a change in weight, a hold, or nothing at all. You are not left working out which of the roughly 250 filings published each day needs a response. The portfolio you follow is updated when a filing actually warrants it, with the reason written down.
See the model portfoliosA plain-language summary of a public exchange filing by Pine Labs Limited. Read the original for the full detail.