Analysts/Institutional Investor Meet/Con. Call Updates

Date: November 04, 2026 BSE Limited, National Stock Exchange of India Limited, 20th Floor, P.J. Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400001. Mumbai – 400 051 BSE Scrip Code: 544606 NSE Scrip Symbol: PINELABS Subject: Transcript of the Analysts / Institutional Call Dear Sir/Ma’am, Pursuant to Regulation 30 and 46 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the transcript of the conference call that was organized with the Analysts/Investors on October 29, 2026 and the same can be accessed at www.pinelabs.com/investorrelations/financial-results?tab=quarterly-results. We request you to kindly take the above on record. Thanking you. For Pine Labs Limited Neerav Mehta Company Secretary and Compliance Officer Membership Number: A20949 “Pine Labs Limited Q2 FY2027 Earnings Call” October 29, 2026 Management: Mr. Amrish Rau – Chief Executive Officer – Pine Labs Limited Mr. Sameer Kamath – Group Chief Financial Officer – Pine Labs Limited Moderator: Hello everyone. Welcome to the Pine Labs Limited Q2 FY2027 earnings call. Please note all participants will be in the listen only mode and this call is being recorded. Joining us from the Pine Labs management team are Mr. Amrish Rau, CEO, and Mr. Sameer Kamath, Group CFO. We will begin the call with opening remarks from Mr. Amrish Rau followed by a Q&A session. Before we begin, please know that some of the statements made during this discussion may be forward looking in nature. Actual results may vary significantly due to various external factors. The Zoom conference call is intended solely for investors and analysts. So, if you are joining from a media organization, we request you to please disconnect. Please reach out to the company's investor relations team for any questions. With that, I now hand over the call to Mr. Rau. Over to you, Sir. Amrish Rau: Thank you very much. Welcome everyone to our earnings call. I wanted to give a very quick overview of what is happening in the market. How are we looking at the business? How did we feel we performed in Q2 and then we will go into the Q&A section of it? I thought in Q2 there was good execution across Pine Labs. Every one of our lines of businesses continued to deliver very well and we were able to drive the growth that we were targeting for. So as you know, we came in at about 24% growth on the revenue side and as far as EBITDA is concerned, adjusted EBITDA is concerned, we came in at about 27% growth on a year-on-year basis, so across the company, good execution. I think what was most interesting for me across the company, may that be in the offline side of the business, the issuing side of the business, and online. each of these segments, we actually grew faster than the market. We gained market share in all the various businesses that we have been operating in. I would like to give you a little bit of a breakdown in each of the business and what is happening in each of the businesses. On the offline side of the business, on the enterprise accounts, we continue to hold on to 100% of our businesses out there. Our net revenue retention is extremely strong on the enterprise side of the business and every one of our logos and brands are intact. What I would say is we have gone ahead and added very strong brands. One of the great examples is Tanishq where we did not have any presence in Tanishq for a long period of time and through this Q2 we are now deployed all across all the stores of Tanishq. We have also continued to increase market share with another large retailer where they are clearly seeing the value of what Pine Labs is delivering, so on the enterprise segment we have a moat and we have been able to protect our base out there, but what is interesting is on the mid market segment and when it comes to mid market these are apparel brands, these are coffee shops, the restaurants, duty frees, and airports. In those segments, we have continued to gain market share and there we have actually seen that on a trailing 12 month basis, we have almost deployed close to about 100,000 terminals in the mid market segment. So in the mid market segment, we are picking up new logos. Why is that happening? It is coming down to a few simple points. Even on the mid market side, the merchant requirements are getting complex. They want us to be fully integrated either into their ERP or into their invoicing system and billing systems. Those complex technology changes required out there, Pine Labs is the only one who have been investing into it, and merchants are seeing a differentiation and wanting to work with us. So that is the reason why we have been able to win there. The second part is we have also started to do a lot of value added services, which is bringing in footfall into these mid-market merchants and these mid-market merchants are appreciating the fact that we are in partnerships which can potentially bring in consumers into their stores So they are partnering with us. We, in turn, are making a small take on flow-based income in those mid market segments also. So because of our distribution in enterprise and in the mid market segment, we have also been able to drive the flow based income in Pine Labs. Coming to the flow based income, the flow based income in Pine Labs actually grew by about 25% on a year-on-year basis. The volumes grew in a little higher, came in at about 50% because we have actually again gained market share on the UPI side and that is the reason why the volumes are almost at 50%. But the flow based income grew by 25% on a year-on-year basis. We have added new revenue streams in our flow based income. I mean, the good news is a lot of people are asking us about installment payment services, which is obviously more than what people used to ask us about POS, but our flow based income is now coming up with more revenue streams associated with data related services, marketing related services, distribution of marketing related products. All of those have gone into our flow based income and that has been a healthy rise on a year-on-year basis. On the issuing side of the business, we have again grown significantly on both on the processing side, but also on the distribution of prepaid cards and gift cards. On the distribution of prepaid cards and gift cards, again, we have grown faster than the market. We have gained market share on the distribution front. On the processing side, as you know, we already have about 80% to 85% of the market. This growth has come on the backs of new products, which we have taken in the market. Just to highlight two products out there. One, we have actually brought in some gaming related brands on our distribution when it comes to prepaid cards and gift cards. The mass transit program associated with NCMC, which is called Bharat Yatra, for example, we now distributed somewhere close to 25,000 to 30,000 cards on a monthly basis on the Bharat Yatra prepaid card, which is being used for daily transit. Now we are effectively distributing almost 1000 NCMC cards on a daily basis. These are cards which are distributed largely through Blinkit and Zepto being the channel for that. What I am most excited about on the issuing side of the business, we are seeing more new use cases come up on the issuing side of the business and we will be launching them in the month of November. I think I have talked about it before. I wanted to share with it again. By the end of November, we will have an employee tax benefit card out in the market that effectively will allow us to go back to the corporates that we have any which way been working with and give them a solution which will be around the employee tax benefit area. That should be coming up towards end of November, early December. Just talking a little bit more in terms of the online and bill payments business side. On the online side of the business, we have now the top fou [Showing first 8,000 characters — download PDF for full document]