Shares of Pine Labs Limited opened significantly higher but swiftly reversed course on Tuesday, trading down 1.01 percent at ₹144.45 on the NSE as of 11:03 AM, following disappointing Q4 FY26 revenue results that fell short of analyst expectations.
The stock reached an intraday high of ₹152.80 before selling pressure drove it towards the day’s low of ₹144.00, with sell orders constituting nearly 70 percent of the total traded volume. Trading activity was robust, with 306 lakh shares valued at ₹451 crore changing hands, indicating substantial institutional engagement.
In recent weeks, the stock has faced considerable pressure, declining 26 percent in the past month and 38 percent year-to-date. It recently touched a 52-week low of ₹137.51 just the previous session, on May 25.
Morgan Stanley maintained its Equal-weight rating on the stock with a target price of ₹245, noting that the Q4 revenue growth of 17 percent year-on-year missed consensus estimates by approximately 3 percent. Additionally, adjusted EBITDA of ₹146 crore, which represents a 73 percent year-on-year increase, was slightly below market expectations.
The brokerage pointed out that geopolitical tensions in the Middle East adversely affected international business, leading to disruptions in airline volumes and delays in product rollouts with banking partners in the UAE.
For the full fiscal year FY26, Pine Labs reported revenue of ₹2,711 crore, reflecting a year-on-year increase of 19 percent, and an adjusted EBITDA of ₹559 crore, up 57 percent. The company achieved profitability on an annual basis with a profit after tax (PAT) of ₹113 crore, compared to a loss of ₹145 crore in FY25. As of March 31, 2026, the company’s net cash stood at ₹2,449 crore.
Management has projected revenue growth in the range of 21 to 23.5 percent over the medium term, citing key growth drivers such as multi-year contract wins from all three state-owned oil marketing companies — BPCL, HPCL, and IOCL; a payments technology partnership with GCash in the Philippines; and a strategic collaboration with OpenAI for agentic commerce solutions.
Published on May 26, 2026.
