Pine Labs' maiden Rs 113 cr profit faces RBI gift-card rule threat
Pine Labs posted its first profit in FY26 at Rs 113 crore on Rs 2,711 crore revenue, but RBI's April 2026 draft PPI direction could wipe out high-margin breakage income from Qwikcilver's ~Rs 700 crore gift-card business—a risk investors haven't priced in, with the stock already 30% below IPO.
Pine Labs posted maiden FY26 profit of Rs 113 crore, but RBI's April 2026 draft PPI direction could eliminate high-margin breakage income from Qwikcilver's gift-card business (~Rs 700 crore revenue), threatening profit sustainability investors haven't priced in.
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