Pine Labs Limited — Q1FY27 earnings call summary

• Cloud and network costs increased by Rs 20-22 Cr; about half expected to recur
• Contribution margin impacted by higher distribution growth and upfront investments; expected to rise to 73-74% in H2FY27
• EBITDA margin expected not to fall below last year's 23.5%; investments to bear fruit over next quarters
• Q1 FY27 revenue grew about 20% y-y, within guided 21-23.5% range
• International business growing fast with new contracts; losses in new geographies expected to breakeven in 1-2 years
• Flow-based income and issuing side growing ~25% y-y; online and bill payments growing 50%+
• Offline POS UPI transactions now 70%+ with average ticket size Rs 1400+
• Sales force expanded by 500 to capture offline and online merchant opportunities

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