印度金融科技与商户商务公司 Pine Labs 仍对实现 2026-27 财年增长指引充满信心，并预计下半财年表现更强，这得益于节日需求、支付网络变现能力提升以及统一支付接口（UPI）交易持续增长。
Pine Labs remains confident of meeting its financial year 2026-27 growth guidance and expects a stronger second half of the fiscal, supported by festive demand, higher monetisation of its payments network and continued growth in Unified Payments Interface transactions.
Pine Labs 首席财务官 Sameer Kamath 表示，公司在报告 7-9 月季度收入增长约 24% 后，对前景感到满意。他补充称，业务在支付流、数字服务和发卡业务方面均见起色，而对技术和国际市场的投资仍在继续。Pine Labs 股票在印度国家证券交易所（NSE）于上午 9:16 报 ₹162.52。公司市值为 ₹18,972.52 亿卢比，股价在过去一年下跌逾 33%。
Sameer Kamath, CFO of Pine Labs, the Indian financial technology and merchant commerce company, said the company is comfortable with its outlook after reporting revenue growth of about 24% for the July-September quarter. He added that the business is seeing traction across payment flows, digital services and issuance, while investments in technology and international markets continue. Pine Labs shares were trading at ₹162.52 on the NSE at 9:16 am. The company has a market capitalisation of ₹18,972.52 crore, while the stock has declined more than 33% over the past year.
公司继续维持 2026-27 财年收入增长 23%-23.5% 左右的指引，同时维持调整后利润率 21% 左右的指引。
问：你们维持 2027 财年 21% 至 23.5% 的收入指引吗？
The company continues to guide for 2026-27 revenue growth of around 23-23.5% while maintaining adjusted margin guidance of around 21%.Are you maintaining your FY27 revenue guidance of 21% to 23.5%?Yes.
答：是的。我们在基于流量的业务方面看到了良好增长，约为 25%。总体而言，我们的数字业务增长了 21%，发卡业务增长约 31%。我认为我们所构建的业务有助于我们维持该指引。我们在第二季度略微超过了该指引，而从完整季节性角度来看，第二季度通常是疲软季度，但我们仍保持了利润率不变。从目前的情况来看，我们对下半年相当有信心。
We have seen good growth in our flow-based business, which is about 25%. Overall, our digital business has grown at 21% and our issuance business has grown at about 31%. I believe that what we have created helps us maintain that guidance. We have slightly beaten that guidance in the second quarter, which is otherwise a weak quarter from a full seasonality perspective, keeping those margins intact. We are fairly confident about our second half looking from where we are here on.
问：你们的月度 UPI 交易总额（GTV）约为 ₹20,000 亿卢比。这是否低于你们 ₹25,000 亿至 ₹30,000 亿卢比的预期？
You are doing about ₹20,000 crore in monthly UPI GTV. Is this lower than your expectation of ₹25,000 crore to ₹30,000 crore?
答：这是一个平均数字。我们在 UPI 方面是按月增长，而非按季度增长。我们的 UPI 交易量以约 70% 的增速增长，通过销售终端（POS）发生的 GTV 中有 70% 通过 UPI 完成。这是一个以有意义速度增长的数字。这些都是平均数字。
This is an average number. We keep growing on a monthly basis, not a quarterly basis on UPI. Our UPI volumes have been growing at a tick rate of about 70%, and 70% of our GTV which happens on point of sale happens through UPI. That is a number which is growing at a meaningful pace. These are average numbers.
实际上，我们的退出季度（exit quarter）数字将高于2500亿卢比。这是我们将为上半年给出的一个平均值，我们认为未来将以约70%的速度增长，这也是我们在财报中给出的指引。你们的利润率指引是21%，但上半年利润率为18%。实现指引的杠杆是什么？你们认为利润率在2028财年相较于2027财年还能进一步扩大吗？
Actually, our exit quarter would be at a higher number than ₹25,000 crore. This is an average we will give for the first half, which we believe will grow at about 70% going forward, and that is the guidance we have given in the earnings release as well. Your margin guidance is 21%, but the first half margins are 18%. What are the levers to achieve your guidance, and do you think margins can expand further in FY28 versus FY27?
通常情况下，下半年会更好，因为旺季来临，我们许多基于流量的业务会获得增长动力。这是我们的增值服务和业务将增长更快的一个原因。过去五年里，我们的基于流量的业务——我们已铺设轨道并正在实现变现——过去约占营收的55%，现已增至60%以上。这推动了我们息税折旧摊销前利润（EBITDA）利润率从约12%提升至20%区间。
Typically, the second half is better because the festive season comes in and a lot of our flow-based businesses get traction. That is one reason why our value-added services and businesses would grow faster. Over the last five years, our flow-based businesses, where we have laid the rails and are now monetising, used to be about 55% of our topline and have gone up to over 60% of our topline. That has translated into our earnings before interest, taxes, depreciation, and amortisation margins going up from about 12% to the 20% range.
此外，我们投资的国际业务已实现规模化。我们在迪拜看到了显著的规模扩大，日交易量约达10万笔，东南亚地区也获得了大量增长动力。所有这些举措都将落地并增长。这就是我们对下半年以及2028财年前景充满信心的原因。从方向上看，2028财年利润率会高于2027财年吗？从方向上看，答案是肯定的。我们将根据增长机会进行校准。
Plus, our international business, where we have been putting in investments, has scaled up. We have seen significant scale-up happening in Dubai, where we are doing about one lakh transactions on a daily basis, and a lot of traction in Southeast Asia. All of these initiatives will pan out and grow. That is the confidence we get as we look at the direction going forward for the second half and also for FY28. Directionally, will FY28 margins be higher than FY27? Directionally, the answer is yes. We will calibrate that to the growth opportunities.
统一支付接口（UPI）已成为一个我们正在大规模变现的机会。在新的地区，我们正在加大投入。这是一个经过校准的回答，我们在其中看到了营收增长以及获得有意义的市场份额和影响力的能力。我们将像往常一样在这些地区进行投资，并且我们按全额基础报告数字，包括我们投入的所有投资，涵盖技术、离岸业务以及在线等新业务。
UPI has come up as an opportunity which we are monetising at scale. There are new geographies where we are doubling down. That is a calibrated answer where we see topline growth and the ability to get meaningful market share and presence. We will invest in those geographies as we have always been doing, and we report our numbers on a full basis, including all the investments we put in, including tech, offshore, and new businesses like online.
所有这些都将计入报告中的利润率。随着利润率继续扩大，计入利润率的新投资将随着我们看到的增长机会而进行。分析人士指出，存在增长与利润率的权衡。您会这样描述吗？我是这样看的：构建一家企业，您会看到规模、体量和渗透能力。我们对这些投资非常谨慎，过去的大多数投资都取得了成果。每当我们看到增长机会，我们就会投资，但我们会关注盈利能力。
All of those will get factored into the reported margins. As margins continue to expand, new investments which are factored into the margins will do so as we see the growth opportunities going. Analysts point out that there is a growth-margin trade-off. Would you characterise it like that?I would look at it this way: building a business, you are seeing size, scale and the ability to penetrate. We are very calibrated about those investments, and most of those investments in the past have yielded results. Whenever we see growth opportunities, we will invest, but we will keep an eye on profitability.
我们继续实现非常强劲的利润率。我们并非通过做新事物来换取更多利润率。我们的核心业务盈利能力正在提升。所有这些都是新机遇，我们仍保持比早年更高的利润率。您认为间接成本将在何处稳定，考虑到它们已按环比上升？您应该将间接成本分为两个项目来看。其一，我们是一家科技公司，因此我们最大的成本之一是云和整体技术成本。
We are continuing to deliver very strong margins. It is not a trade-off that we are doing new things to get more margins. Our core business profitability is rising. All of these are new opportunities where we are still maintaining a higher margin than what we were doing in earlier years. Where do you see indirect costs stabilising, given they have moved up on a sequential basis? You should look at indirect costs in two line items. One is we are a tech company, so one of our largest costs is cloud and the whole tech cost.
我们一直指导称，该成本将随营收变动。我们正在人工智能方面进行大量投资。云成本将朝那个方向上升，但这在我们一直看到的范围内。我们大部分增量人力成本部署已发生在前端销售团队。我们的员工人数同比增加了约500人，其中90%的人员在一线员工岗位。我们的中型市场细分市场，即我们下一个增长细分市场，正在取得显著进展。该细分市场的DCPs增长了50%。
We have always guided that cost will variabilise to the topline. We are making a lot of investments into artificial intelligence . Cloud costs will move up in that direction, but it is within a range that we have been seeing. A lot of our incremental people cost deployment has happened in the front-end sales force. Our headcount has gone up by about 500 people year-on-year, and 90% of that headcount is in the ground staff. Our mid-market segment, which is the next segment of growth for us, is seeing meaningful traction. That segment has grown by 50% in terms of our DCPs.
我们认为，这是一个需要投资于一线员工的细分市场，因为它为新的基于流量的以及其他增值服务收入铺平了道路，就像我们在企业细分市场所做的那样，我们继续保持市场份额，并通过其他增值服务实现有意义的增长。这些投资将继续。虽然间接成本占比大体保持不变，但这反映了我们在技术、一线人员以及一些营销方面所做的投资，以使我们的地面存在更加清晰。
We believe that is a segment which requires investment for field staff as it lays the way for new flow-based and other value-added services income, as we have done in our enterprise segment where we continue to hold our market share and grow meaningfully by other value-added services coming there. Those investments will continue. While indirect costs as a percentage have remained more or less the same, it is a reflection of those investments made in tech, people at the frontline level, and some marketing to get our ground presence clear.
您知道UPI的商户折扣率何时出台吗？我不想对无法控制的事情进行猜测。我们感到兴奋的是，我们正在构建UPI业务的规模和体量。任何出台的政策对我们来说都是积极的，但我们将继续构建我们的业务。这是我们能够控制的事情。完整采访请见：
Do you have any idea when the merchant discount rate on UPI is coming?I do not want to speculate on something which I do not have control of. What we are excited about is the size and scale at which we are building a UPI business. Anything which comes in is a positive for us, but we continue to build our business. That is what is in our control. For the full interview,