Pine Labs Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Pine Labs Ltd trades at ₹139, in a downtrend and 38 weeks into that stage. That is −26.1% against its own 200-day average. It sits at 0% of a 52-week range of ₹139 to ₹251. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (2 weeks and counting).

Today the stock is in a downtrend — week 38 of stage 4, confirmed. At ₹139 it trades −26.1% versus its 200-day average and sits at 0% of its 52-week range (₹139–₹251).

Against the market, two honest reads. Cumulative: over the last 8 months the stock moved −45% while the NIFTY 500 moved −2% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (2 weeks and counting; last ahead the week of 2026-07-17) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Pine Labs Ltd trades at 124.0× P/E, near the bottom of its own range — cheaper only 6% of the time. Its long-run median P/E is 149.8×, measured across 0.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 124.0× is near the bottom of its own range — cheaper only 6% of the time, against a long-run median of 149.8× measured over 0.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Pine Labs Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 6 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

53.5/100 — rank 7 of 13 in E-Commerce - Platform - Utility · 63% evidence confidence

Pine Labs Ltd scores 53.5 out of 100 against the 13 companies it is compared with in E-Commerce - Platform - Utility, ranking 7. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 28.2 + 6.8 + 8.5 + 10 = 53.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Pine Labs Ltd reported ₹737 Cr of revenue in the Jun 26 quarter, +19.6% year on year. That is the 5th straight quarter of year-on-year growth. Over 6 years it has compounded at 21.4% a year. The last full year, FY26, came in at ₹2,711 Cr. The last four reported quarters add to ₹2,832 Cr.

FY26 revenue came in at ₹2,711 Cr (+19.2% on the year), capping 6 years at 21.4% compound. The latest quarter (Jun 26) printed ₹737 Cr, +19.6% year on year — the 5th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +19.5% growth against the decade's 21.4% — the current year is running slower than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Pine Labs Ltd's operating margin is 13.0% in the Jun 26 quarter, +6.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged −1.4% to 16.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 13.0%, +6.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged −1.4%–16.0%.

Why the margin moved: operating margin went +5.6 pp year on year while gross margin went −2.1 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Pine Labs Ltd earned ₹20.0 Cr of net profit in the Jun 26 quarter, +300.0% year on year. Full-year FY26 profit was ₹113 Cr. That is 2.7% of the quarter's revenue. The same quarter a year earlier earned ₹5.0 Cr. 5 of the last 10 reported quarters were loss-making.

Jun 26 profit was ₹20.0 Cr, +300.0% year on year. On the full year, FY26 printed ₹113 Cr (null).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Pine Labs Ltd's cash-flow history is too thin to judge how much reported profit converts into cash. In FY26 that was ₹395 Cr of operating cash against ₹113 Cr of profit. After ₹289 Cr of capital spending, ₹106 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹395 Cr against reported profit of ₹113 Cr, leaving free cash of ₹106 Cr after ₹289 Cr of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Pine Labs Ltd's cash conversion cycle runs −210 days in FY26, up from −1,126 days in FY21. Capital spending ran ₹557 Cr over the last 3 years. At FY26 sales of ₹2,711 Cr each day of that cycle holds about ₹7.4 Cr, so roughly ₹−1,560 Cr sits inside the business at any moment.

FY26: debtors at 140 days, inventory at 32 days — roughly 1.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −210 days, looser than FY21's −1,126.

The full loop: cash goes out to suppliers and production on day 0; stock waits 32 days to sell; customers pay about 140 days after that; and suppliers themselves are paid at 382 days — netting out to the −210-day cycle.

In money terms: at FY26 sales of ₹2,711 Cr, each day of the cycle holds about ₹7.4 Cr — so the −210-day loop keeps roughly ₹−1,560 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹557 Cr over the last 3 fiscal years against ₹925 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹41.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Pine Labs Ltd earns a ROCE of 4% in FY26. That is up from a trough of −8% in FY24. Return on invested capital clears the cost of that capital by −2.3 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 4.2% net margin on 0.20× asset turns.

FY26 ROCE is 4%, recovered from a FY24 trough of −8% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 4.2% net margin × 0.20× asset turns × 2.26× balance-sheet leverage ≈ 1.9% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 9.7% − 12.0% = a −2.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Pine Labs Ltd carries total debt of ₹441 Cr against shareholder equity of ₹5,895 Cr as of Mar 26, a debt-to-equity of 0.07 — effectively unlevered. On the annual view that ratio went from 0.18 in FY24 to 0.07 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹441 Cr against shareholder equity of ₹5,895 Cr — a debt-to-equity of 0.07. On the annual view, debt-to-equity went from 0.18 (FY24) to 0.07 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Pine Labs Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Pine Labs Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions