Pine Labs earnings calls.

Pine Labs delivered a standout Q3 FY26 with 744 crore revenueCurrent reported value: 744 crore revenue. No comparable prior figure is available in the source record. (+24Current reported value: 24. No comparable prior figure is available in the source record.% YoY) and 42 crore PATCurrent reported value: 42 crore PAT. No comparable prior figure is available in the source record., marking a significant inflection as the company posted its third consecutive quarter of positive profitability. The outperformance was driven by 29% GTV growth (crossing $200 billion cumulative processingCurrent $200 billion cumulative processing. Reported change: 29% YoY. milestone), 28% transaction growth in the issuance segment, and 41% volume growth in value-added services where merchant activation rose to 28%. EBITDA margin expanded 700bps YoY to 23%Current reported value: 700bps YoY to 23%. No comparable prior figure is available in the source record., reflecting strong operating leverage as headcount grew only 6% while technology-led efficiency gains kicked in—21% of code is now AI-generated. Management highlighted new mandates with Vio Bank (fastest-growing digital bank in Middle East) and Sri Lanka, while Malaysia operations grow at ~40%. The company maintained its "multi-product, multi-segment, multi-geography" positioning comparable to Stripe/Adyen. Risks include regulatory uncertainty on PF incentives (impact <5 crore quarterly) and mix headwinds in the distribution-heavy issuance business.