āagmanLoginNot investment advice. Data and computed figures, for information only.
Pine Labs Ltd
₹168.12
+₹0.39 (+0.23%)
NSE · 15 Oct 2026, close
Market Cap
₹18,830 Cr
CMP
₹168.12
52-wk High / Low
₹284 / 135
P/E
146.0
P/B
3.2
Book Value
₹51.3
Div Yield
0.00%
ROCE
4.0%
ROE
2.5%
Face Value
₹1
D/E
0.07
Price−33.0% over Max
āagman read
Computed by āagmanPiotroski F-Score
6
/ 9
6 of 9 F-score tests passed
Graham Number
₹34
√(22.5 × EPS × book value per share)
ROIC
1.1%
vs 10.0% sector median
Cash flow to profit
3.50
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+558
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
2.5%
ROE × earnings retention ratio
ROE stability
4.2
pp σ
Standard deviation of ROE across periods. Lower = more stable
Cash-accrual divergence
−2.4%
of assets
Low = accruals track cash flow
Strengths
Watch-outs
−Latest ROCE of 4% trails the sector median of 9.4%
−Price trades below its 200-day moving average (0.9x)
−Price is 40.8% below its 52-week high
−Annualised volatility of 49.6% is in the high band (≥45%)
Peer comparison
| Name | P/E | Mar Cap ₹ Cr | ROCE % | ROE % |
|---|
Quarterly results
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 552 | 602 | 599 | 616 | 650 | 744 | 701 | 737 |
| Expenses | 519 | 525 | 542 | 571 | 575 | 612 | 594 | 642 |
| Operating Profit | 32 | 77 | 57 | 45 | 75 | 132 | 106 | 95 |
| OPM % | 5.8% | 12.8% | 9.5% | 7.3% | 11.5% | 17.7% | 15.1% | 12.9% |
| Other Income | 22 | −30 | 12 | 37 | 23 | 23 | 50 | 29 |
| Interest | 18 | 22 | 22 | 21 | 21 | 24 | 17 | 13 |
| Depreciation | 75 | 76 | 69 | 65 | 66 | 68 | 71 | 73 |
| Profit before tax | −38 | −51 | −22 | −5 | 11 | 63 | 68 | 38 |
| Net Profit | −32 | −57 | −29 | 5 | 6 | 42 | 59 | 20 |
| EPS (₹) | −0.38 | −0.67 | −0.34 | 0.11 | 0.13 | 0.37 | 0.52 | 0.17 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 848 | 670 | 932 | 1,598 | 1,770 | 2,274 | 2,711 | 2,832 |
| Expenses | 760 | 560 | 820 | 1,592 | 1,794 | 2,056 | 2,352 | 2,423 |
| Operating Profit | 87 | 110 | 112 | 5 | −25 | 218 | 358 | 409 |
| OPM % | 10.3% | 16.4% | 12.0% | 0.3% | −1.4% | 9.6% | 13.2% | 14.4% |
| Other Income | 18 | 13 | 25 | 56 | 55 | 16 | 133 | 125 |
| Interest | 18 | 22 | 24 | 36 | 64 | 79 | 84 | 76 |
| Depreciation | 155 | 175 | 189 | 315 | 363 | 292 | 270 | 278 |
| Profit before tax | −68 | −74 | −75 | −289 | −398 | −136 | 137 | 180 |
| Net Profit | −47 | −56 | −23 | −265 | −342 | −145 | 113 | 127 |
| EPS (₹) | −3.95 | −4.34 | −1.67 | −18.99 | −4.07 | −1.73 | 0.98 | 1.19 |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 13 | 14 | 0 | 0 | 0 | 115 | — |
| Reserves | 1,035 | 1,178 | 1,900 | 3,664 | 3,466 | 3,431 | 5,781 | — |
| Borrowings | 176 | 191 | 236 | 514 | 730 | 1,046 | 441 | — |
| Other Liabilities | 2,225 | 3,185 | 4,111 | 5,141 | 5,422 | 6,222 | 6,952 | — |
| Total Liabilities | 3,448 | 4,567 | 6,260 | 9,318 | 9,618 | 10,698 | 13,288 | — |
| Fixed Assets | 1,017 | 980 | 1,019 | 2,103 | 1,920 | 1,825 | 1,856 | — |
| CWIP | 52 | 48 | 122 | 269 | 222 | 160 | 148 | — |
| Investments | 40 | 34 | 50 | 18 | 21 | 30 | 28 | — |
| Other Assets | 2,338 | 3,505 | 5,070 | 6,928 | 7,455 | 8,683 | 11,256 | — |
| Total Assets | 3,448 | 4,567 | 6,260 | 9,318 | 9,618 | 10,698 | 13,288 | — |
Cash Flows
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 11 | 111 | −79 | −152 | −229 | 50 | 395 |
| Cash from Investing Activity | 112 | −260 | −443 | −441 | −22 | −159 | −1,339 |
| Cash from Financing Activity | 1,431 | 823 | 1,644 | 2 | −220 | −201 | 1,972 |
| Net Cash Flow | 1,554 | 674 | 1,122 | −591 | −471 | −310 | 1,029 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| ROCE % | — | −4.0 | −3.0 | −7.0 | −8.0 | 0.0 | 4.0 |
| ROE % | — | — | — | — | — | — | 2.5 |
| EPS (₹) | −3.95 | −4.34 | −1.67 | −18.99 | −4.07 | −1.73 | 0.98 |
| Book Value (₹) | — | — | — | — | — | — | 51.3 |
| Face Value (₹) | — | — | — | — | — | — | 1 |
| P/E | — | — | — | — | — | — | 146.0 |
| Div Yield % | — | — | — | — | — | — | 0.00 |
| NPM % | −5.4 | −8.2 | −2.4 | −16.0 | −18.7 | −6.3 | 4.0 |
| OPM % | 10.0 | 16.0 | 12.0 | 0.3 | −1.4 | 10.0 | 13.0 |
| D/E | 0.17 | 0.16 | 0.12 | 0.14 | 0.21 | 0.30 | 0.07 |
| P/B | — | — | — | — | — | — | 3.2 |
Growth
Compounded sales growth
5 years+32.0%
3 years+19.0%
TTM+20.0%
Compounded profit growth
5 years+32.0%
3 years+36.0%
TTM+262.0%
Return on equity
5 years−4.0%
3 years−3.0%
Last year2.0%
Documents
Announcements
Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseClosure of Trading WindowAnnouncement under Regulation 30 (LODR)-Press Release / Media ReleaseAnnouncement under Regulation 30 (LODR)-Press Release / Media ReleaseAnnouncement under Regulation 30 (LODR)-Allotment of ESOP / ESPSAnnual reports
Annual Report 2026Corporate actions
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman