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Pine Labs edges higher after signing multi-year contracts with BPCL, HPCL & IOCL

23-Feb-26   13:09 Hrs IST

Under the contracts executed with respective OMCs, Pine Labs will be entrusted with deploying, managing, and maintaining the digital payments infrastructure at petrol pumps and merchant outlets across India.

These are multi-year contracts aimed at leveraging the expertise of Pine Labs in managing the payment rails for swifter, secure, seamless money movements at the point of sale.

These will collectively cumulate to nearly 130,000 digital payments acceptance devices to be instantly deployed and maintained pan India.

For IOCL specifically, Pine Labs will also be managing their loyalty rewards platform called XTRAPOWER, in popular use by lakhs of fleet operators in India.

The program built on robust API integrations caters to fuel management, fleet analytics, trip management, secure Chip and PIN digital payment transactions including card, mobile, and RFID payments.

B Amrish Rau, CEO, Pine Labs, said: 'By combining our tech prowess with the massive retail footprints of top OMCs in India, we are enabling a tech-first and robust payments infra and a world-class prepaid loyalty rewards ecosystem.

Software-first approach of Pine Labs will ensure faster product feature rollouts, minimal on-site intervention, and a unified payments and rewards/loyalty platform for accelerated digitisation of fuel retail commerce in India.

Pine Labs is a technology company focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.

The company reported net profit of Rs 42.39 crore in Q3 FY26 compared with net loss of Rs 56.67 crore in Q3 FY25. Net sales jumped 23.7% YoY to Rs 744.27 crore in the quarter ended 31st December 2025.

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