Pine Labs Q2 FY27 revenue rises 24% to Rs 806 crore; profit jumps 6.5x

Fintech major Pine Labs recorded a 24% year-on-year increase in revenue from operations to Rs 806 crore in Q2 FY27 from Rs 650 crore in the corresponding quarter last fiscal.

Pine Labs' net profit surged 6.5 times to Rs 39 crore in Q2 FY27 from Rs 6 crore in Q2 FY26, according to its financial statements filed with the stock exchanges.

The company’s total expenditure increased 16% to Rs 770 crore during the quarter from Rs 662 crore in the year-ago period.

Employee benefits expense remained flat at Rs 268 crore in Q2 FY27, accounting for around 35% of the company’s total expenditure.

Pine Labs' digital infrastructure and transaction platform generated Rs 532 crore in revenue, up 21% year-on-year, while its issuing and acquiring platform recorded 31% growth to Rs 275 crore.

For the first half of FY27, Pine Labs' operating revenue grew 22% year-on-year to Rs 1,543 crore, while net profit rose nearly 16 times to Rs 99 crore.

The payments company also said that UPI merchant discount rate (MDR) framework for merchant transactions above Rs 2,000 is expected to benefit Pine Labs. The MDR framework which was initially scheduled to come into effect on October 15 was postponed to be implemented after Diwali.

It noted that more than 70% of its digital commerce payments (DCP) transactions already run on UPI, while over 65% of UPI's total transaction value comes from payments above Rs 2,000.

The company is on track to average Rs 34-35 thousand crore of monthly UPI GTV in FY28, with an average ticket of Rs 1,400, it said.

"The opportunity set in front of us is widening, not narrowing," said Amrish Rau, CEO, Pine Labs, "A wider set of new products this quarter, 10 lakh soundboxes committed over the medium term, agentic commerce live on a top Indian marketplace, and a UPI monetization window opening up -- this is the time to build," he added.