AI Agents Aid Pine Labs’ 89% Of Code Changes
Swing Of Rs258 Cr In A Single Year: Pine Labs Reports First Full Year of Profitability, with PAT of Rs113 Cr and Operating Cash Flow of Rs395 Cr for FY26
Amrish Rau, Chief Executive Officer, Pine Lab
FinTech BizNews Service
Mumbai, 25 May 2026: Pine Labs recorded its first full year of profitability— with a PAT of Rs113 Cr against a loss of Rs145 Cr in the prior year, a swing of Rs258 Cr in a single year. Q4 FY26 alone delivered Rs59 Cr in PAT, the highest quarterly profit in the company's history. Operating cash flows reached Rs395 Cr for the full year, growing 8x year-on-year. That same quarter delivered Rs676 Cr in operating cashflow— the highest quarterly figure in the company's history. Full-year revenues grew 19% YoY to Rs2,711 Cr, with Adjusted EBITDA reaching Rs559 Cr, growing 57% YoY, with margins expanding from 16% to 21% in a single year (FY26 vs FY25).
Beneath the revenue line, Pine Labs processed $194 billion in Gross Transaction Value in FY26, growing 50% YoY, with UPI volumes accelerating 68% and the platform enabling over 20 million daily transactions.
"These numbers tell us we are winning transactions, winning merchants, and winning in new markets," said Amrish Rau, Chief Executive Officer, Pine Labs. "When GTV grows at 50% while revenue grows at 19%, it reflects the platform depth we have built — and it leaves significant monetisation headroom ahead of us."
From Payments to Commerce Infrastructure
Pine Labs has systematically built a Commerce Operating System: a platform of infrastructure layers designed so that each feeds the next. Distribution generates scale, scale generates data, data enables AI-native services, and AI-native services deepen merchant and brand stickiness — which in turn expands the surfaces on which Pine Labs operates. Today, 2 million terminals, 450+ brands, and 177 financial institutions operate on this stack — a three-sided networkwhere every new participant makes every existing participant more valuable. The result is visible in the numbers: more than ₹50 of every incremental ₹100 of contribution margin now flows through to Adjusted EBITDA, and the percentage of terminals actively generating revenue from Pine Labs' higher-margin affordability and payments infrastructure layers expanded from 22% to 30% year-on-year.
AI Already in Production — Not on a Roadmap
Today, approximately 89% of the company's code changes are contributed by AI agents— reflecting a deliberate decision to re-wire the organisation from the ground up for the AI era. That capability is now being directed at some of the hardest unsolved problems in financial services. SignalIQ — already live with banks and fintechs — targets a fundamental blind spot in credit underwriting, turning UPI transaction data that legacy systems cannot read into credit intelligence. The company has partnered with OpenAI to co-build the next generation of agentic commerce solutions, with its Agentic Commerce Suite already live on ChatGPT. Management believes agentic commerce represents the next structural expansion of the transaction universe — compressing individual transaction values while multiplying transaction counts — and Pine Labs' architecture is purpose-built to sit at the centre of it.
International Revenue: From Ambition to Delivery
Pine Labs' international business has grown at a 44% CAGR over the past three years, now contributing approximately 15% of total revenue — up from 9% three years ago — with FY26 international revenue crossing Rs400 Cr. In Southeast Asia, Pine Labs partnered with GCash, the Philippines' leading finance super app, powering acquiring, affordability, and loyalty solutions. In the Middle East, the company secured multi-year contracts with Wio Bank in the UAE and expanded with Emirates NBD into Saudi Arabia and Egypt. In the United States, Pine Labs launched prepaid programmes with marquee consumer brands — marking Pine Labs' entry into the US market. The company now operates across 22 countries.
"We are not just processing payments," said Rau. "We are building the infrastructure layer that merchants, financial institutions, and brands will rely on to grow — in India and across the Global South. The fintech model Pine Labs has built at scale in India is exactly what emerging markets across Southeast Asia, the Middle East, and Africa are looking to adopt. That is a structural opportunity, and we intend to win it."
