Pine Labs Ltd (PINELABS) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Pine Labs Ltd ₹36.34, price ₹168, upside -78.3%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 2, 2026.
How to read this chart
11‑month range ₹137.94 – ₹250.89 · fair‑value band ₹25.43 – ₹47.24 · the ₹167.59 price screens above the ₹36.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 2, 2026.
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Pine Labs Limited, a technology company, provides digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions in India, Malaysia, the United Arab Emirates, Singapore, Australia, the United States, and Africa.
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Pine Labs Limited, a technology company, provides digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions in India, Malaysia, the United Arab Emirates, Singapore, Australia, the United States, and Africa. It operates through Digital Infrastructure and Transaction Platform, and Issuing and Acquiring Platform segments. The Digital Infrastructure and Transaction Platform segment provides technology platforms under the brand name of Pinelabs, Mosambee, Benow, Setu, Qfix, and Fave to merchants that enables acceptance of instore or online digital payments. These technology platforms and infrastructure allow merchants to accept debit cards, credit cards, prepaid instruments wallets, QR codes, unified payment interface, loyalty points, pay later, online fee collection, etc., as well as provide application programming interface modules to customers for building financial products that facilitates bill payments, credit, and savings to enable purchases made by consumers. It also engages in selling digital checkout points devices. The Issuing and Acquiring Platform segment provides a technology platform to issue, process, and distribute prepaid cards primarily in India and South East Asia. It also monetizes primarily by charging a processing fee from merchants who are utilizing the technology platform and in the case of distribution. The company was incorporated in 1998 and is based in Gurugram, India.
Stock analysis
Pine Labs Ltd (PINELABS) currently trades at ₹167.59, while our model-based Fair Value estimate is ₹36.34, 78.3% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹59.88 per share, and 0 of the 24 models we run sit above the ₹167.59 price.
Bear case: the Economic Profit group reads lowest at ₹20.75, and 24 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: ₹25.43 (bear) to ₹47.24 (bull), the price of ₹167.59 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 47/100 (below-average quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Pine Labs Ltd reported revenue of ₹27.1B in FY2026 versus ₹13.5B in FY2023, a compound +26.0%/yr. Reported net income was ₹1.1B in FY2026.
Key figures
Market cap ₹192B (≈ $2.0B) · P/E ratio 164.3 · P/S ratio 6.82 · EPS (TTM) ₹1.02 · Net margin 4.2% · Return on equity 2.4% · Return on assets (EBIT) −2.8% · Operating margin 5.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
For context, the median of 10 Technology peers we cover trades at −23% fair-value upside, at −78%, PINELABS screens richer than that median.
Fair Value models
Bear ₹25.43Fair Value ₹36.34Bull ₹47.24
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹0.5170 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+19.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+26.0%
’23
’24
’25
’26
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−37.7% (2023) → 5.1% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+57.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+16.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +50.8% a year for the price and +11.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (3 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Infrastructure · 338 stocks
Beats the industry median on 0/12 measures
Overall it trails its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside−78.3% · Bottom 25%
Profitability
Return on equity (TTM)2.4% · Below median
Return on assets0.5% · Below median
Net margin (TTM)4.2% · Below median
Operating margin (TTM)5.5% · Below median
Growth and dividend
Revenue growth−34.3% · Bottom 25%
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
P/E (TTM)164.3× · Priciest 25%
P/B3.26× · Pricier than median
P/S (TTM)7.10× · Priciest 25%
P/FCF122.6× · Priciest 25%
EV/EBITDA49.1× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 27
FUTURE (revenue growth)0· sector 59
PAST (return on equity)10· sector 26
HEALTH (low debt)100· sector 98
DIVIDEND (yield)0· sector 34
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Pine Labs Ltd (PINELABS) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of ₹36.34 versus a price of ₹167.59, about −78% upside (overvalued).
What is the fair value of PINELABS?
Our model-based fair value for Pine Labs Ltd is ₹36.34 (as of Oct 2, 2026), built from audited fundamentals. The current price: ₹167.59.
What is the quality score of PINELABS?
Pine Labs Ltd has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Pine Labs Ltd (PINELABS)?
Our model-based price target is the fair value of ₹36.34 (as of Oct 2, 2026) from 24 valuation models. Cautious scenario ₹25.43, optimistic scenario ₹47.24. It is a calculation from audited fundamentals, not an analyst target.
What is the Pine Labs Ltd stock forecast for 2026?
Our models put fair value at ₹36.34, about −78% upside versus a price of ₹167.59 (overvalued). Cautious scenario ₹25.43, optimistic scenario ₹47.24. The calculation is refreshed regularly with new filings.
What is the revenue of Pine Labs Ltd (PINELABS)?
Pine Labs Ltd reported trailing-twelve-month revenue of about ₹27.1B (latest available figure, as of Oct 2, 2026).
What growth is priced into Pine Labs Ltd (PINELABS)?
For today's price to be fair in a discounted-cash-flow model, Pine Labs Ltd would have to grow free cash flow by +57.0 % per year for five years (discount rate 13.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +26.0 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of PINELABS use?
Our models discount Pine Labs Ltd at 13.9 %: a base by market capitalisation (small), country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Pine Labs Ltd that is +57.0 % per year a year over ten years, using the same discount rate (13.9 %) and the same formula as our fair value.
How much growth has Pine Labs Ltd (PINELABS) delivered so far?
Over the past 3 years revenue at Pine Labs Ltd grew +26.0 % a year. The price currently implies +57.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Pine Labs Ltd (PINELABS) growing?
The median revenue growth in the sector is +13.4 % a year. That is the yardstick for the growth priced into Pine Labs Ltd (+57.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Pine Labs Ltd (PINELABS)?
The free-cash-flow yield on the price is 0.82 %: that much free cash flow Pine Labs Ltd produces per unit of market value. When it exceeds the discount rate of our models (13.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Pine Labs Ltd (PINELABS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pine Labs Ltd it is ₹36.34 per share (as of Oct 2, 2026), against a price of ₹167.59. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Pine Labs Ltd stock overvalued or undervalued in 2026?
As of Oct 2, 2026, PINELABS trades above its calculated fair value: price ₹167.59, fair value ₹36.34, a gap of about −78% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PINELABS?
No. The price is what the market pays today (₹167.59); the fair value is what the company's own numbers justify (₹36.34). For Pine Labs Ltd the two are ₹131.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is Pine Labs Ltd worth?
The market values Pine Labs Ltd at about ₹192B (market capitalisation, as of Oct 2, 2026). Per share that is ₹167.59; our models calculate a fair value of ₹36.34 per share.
What do the bullish and bearish scenarios say about PINELABS?
Our models span a range for Pine Labs Ltd: cautious scenario ₹25.43, base ₹36.34, optimistic ₹47.24 per share (as of Oct 2, 2026, price ₹167.59). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PINELABS?
Pine Labs Ltd trades at a price-to-earnings ratio of 164.3 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹36.34 is built from several models across several years. Other multiples: P/B 3.3, P/S 7.1, EV/EBITDA 49.1.
How solid is the balance sheet of Pine Labs Ltd (PINELABS)?
Balance-sheet figures for Pine Labs Ltd (as of Oct 2, 2026): return on equity 2.4%. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
Which stocks are comparable to Pine Labs Ltd?
From the same area (Technology) we also value Microsoft Corporation, Palantir Technologies Inc, Oracle Corporation, CrowdStrike Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Pine Labs Ltd stock attractive at the current price?
The data as of Oct 2, 2026: price ₹167.59, calculated fair value ₹36.34 (−78%), Quality Score 47/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PINELABS calculated?
We run Pine Labs Ltd through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹36.34, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Pine Labs Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Pine Labs Ltd (PINELABS)?
The closing price on Oct 1, 2026 was ₹167.59. Our model-based fair value is ₹36.34, about −78% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pine Labs Ltd right now?
The price sits above even our optimistic bull case (₹47.24). The favourable scenario is already priced in. Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (₹25.43 to ₹47.24) leaves room in how you read the outcome.
Key figures of Pine Labs Ltd
How large is the market capitalisation of Pine Labs Ltd (PINELABS)?
The market capitalisation of Pine Labs Ltd is ₹192B (≈ $2.0B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Pine Labs Ltd (PINELABS)?
The price-to-sales ratio of Pine Labs Ltd is 6.82 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Pine Labs Ltd (PINELABS)?
Earnings per share at Pine Labs Ltd are ₹1.02 (price ÷ EPS = P/E 164.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Pine Labs Ltd (PINELABS)?
The net margin of Pine Labs Ltd is 4.2% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Pine Labs Ltd (PINELABS)?
The return on equity (ROE) of Pine Labs Ltd is 2.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Pine Labs Ltd (PINELABS)?
On an EBIT basis the return on assets of Pine Labs Ltd is −2.8% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Pine Labs Ltd (PINELABS)?
The operating margin of Pine Labs Ltd is 5.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pine Labs Ltd (PINELABS)?
Revenue at Pine Labs Ltd is growing −34.3% versus a year earlier (3y avg +26.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
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