After 26 Years, India’s Indigenous Tejas Mk1 Programme Set to Achieve 100-Aircraft Production Milestone by 2027

India’s Tejas Mk1 programme will cross the historic 100‑aircraft production milestone by mid‑to‑late 2027, marking the culmination of a 26‑year journey from prototype to frontline fighter. Hindustan Aeronautics Limited (HAL) has accelerated production despite past engine supply delays, with nearly 20 Mk1A fighters already in advanced assembly stages.

The Tejas Mk1 programme is India’s effort to build its own modern fighter jet instead of relying entirely on imports. It began in the early 1980s as part of the Light Combat Aircraft project, with the first prototype flying in 2001. Over the years, the aircraft has gone through different phases—testing, limited production, and then full operational versions. The Mk1 variant was the first to enter service, and the improved Mk1A version now includes advanced radar, electronic warfare systems, and modern avionics.

Programme Journey (2001–2027)

• Technology Demonstrators (TD‑1 & TD‑2): First flight on January 4, 2001, establishing India’s entry into supersonic fighter design.
• Prototype Vehicles (PV‑1 to PV‑6): Expanded flight envelope, validated avionics, and weapon integration.
• Limited Series Production (LSP): Eight aircraft built to refine design and prepare production lines.
• IOC Standard: 16 aircraft delivered with basic combat capability.
• FOC Standard: 16 aircraft delivered with aerial refuelling, expanded weapons, and improved performance.
• Mk1A Phase (Current): Largest production run, featuring AESA radar, advanced EW suite, digital avionics, and improved maintainability.

Hindustan Aeronautics Limited (HAL) is the backbone of the Tejas Mk1 programme, responsible for manufacturing, assembling, and scaling up production to meet the Indian Air Force’s demand. HAL has expanded facilities, partnered with private industry, and resolved engine supply bottlenecks to ensure timely delivery of aircraft.

HAL is the prime contractor for the Tejas Mk1 and Mk1A, handling design integration, assembly, and delivery to the Indian Air Force. HAL operates three dedicated lines—two in Bengaluru and one in Nashik—with a combined capacity of 24 aircraft annually. A “fourth line” has been created through outsourcing to private partners like VEM Technologies and Tata Advanced Systems.

GE Aerospace is the engine supplier powering India’s Tejas Mk1 programme, providing the F404‑IN20 turbofan engines and committing to long‑term sustainment through contracts, technology transfer, and an in‑country depot. Without GE’s engines, HAL cannot deliver Tejas fighters to the Indian Air Force.

In essence, HAL builds the Tejas airframes, but GE Aerospace provides the heart of the aircraft—the engine—making it indispensable to the programme’s success. While, Tata Advanced Systems Limited (TASL) is manufacturing critical composite aerostructures—especially the fin and rudder assemblies—that provide stability and control during flight. 

Current Production Status

• HAL Facilities: Bangalore and Nashik lines producing ~24 jets annually.
• Mk1A Fighters: Nearly 20 aircraft in advanced assembly, with jigs established up to the 32nd unit.
• Trainer Aircraft: Around 10 of 18 Mk1A trainers already in production.
• Engine Supply: GE F404‑IN20 deliveries ramping up; 7 engines received by July 2026, with 20–22 more expected by December 2026.

Strategic Significance

• IAF Squadron Strength: Helps bridge deficit (currently ~29 squadrons vs. authorised 42).
• Cost Efficiency: Mk1A is ~4× cheaper than Rafale, with 65% indigenous components.
• Export Potential: Competitive pricing positions Tejas for Asia, Africa, and Latin America markets.
• Self‑Reliance: Strengthens India’s aerospace ecosystem and MSME supply chains.

Quick Comparison Table

Phase	Aircraft Built	Key Features
TD (2001)	2	Proof of concept
PV (2001–2005)	6	Flight envelope, weapons integration
LSP (2007–2010)	8	Design refinement
IOC (2012–2016)	16	Basic combat capability
FOC (2019–2022)	16	Aerial refuelling, expanded weapons
Mk1A (2023–2027)	~42+ (in progress)	AESA radar, advanced EW, digital avionics

Risks & Challenges

• Engine Bottlenecks: Dependence on GE F404‑IN20 supply remains critical.
• Squadron Gap: Delays deepen IAF’s shortfall against authorised strength.
• Certification & Integration: Combat software validation and systems integration must keep pace with production.

Tejas Mk1 Production Timeline (2001–2027)

• 2001 – TD‑1 First Flight: India’s first indigenous supersonic fighter takes off.
• 2001–2005 – Prototype Vehicles (PV‑1 to PV‑6): Expanded envelope, avionics, weapons trials.
• 2007–2010 – Limited Series Production (LSP): Eight aircraft built to refine design.
• 2012–2016 – IOC Standard: 16 aircraft inducted with basic combat capability.
• 2019–2022 – FOC Standard: 16 aircraft delivered with aerial refuelling and expanded weapons.
• 2023–2027 – Mk1A Phase: AESA radar, advanced EW suite, digital avionics. HAL ramps up to ~24 jets annually.
• 2027 – 100th Aircraft Milestone: Culmination of 26 years of iterative development.

Comparative Analysis: Tejas Mk1A vs Rivals

Fighter	Cost	Radar	Combat Range	Indigenous Content
Tejas Mk1A	~$42M	AESA (Uttam/ELTA)	~500 km radius	~65%
Rafale	~$150M	RBE2 AESA	~1,000 km radius	<30 assembly="" ndia="" td="">
Gripen E	~$85M	Raven ES‑05 AESA	~800 km radius	~40–45%

Key Takeaways

• Cost Advantage: Tejas Mk1A is 4× cheaper than Rafale, making it highly cost‑effective for squadron strength.
• Gripen Comparison: Gripen E offers longer range and advanced networking, but Tejas has stronger indigenous supply chains.
• Rafale Superiority: Rafale remains superior in payload and range, but Tejas fills the affordability and self‑reliance gap.

Strategic Outlook

• IAF Squadron Gap: Tejas Mk1A helps bridge the shortfall from 29 squadrons toward the authorised 42.
• Export Potential: Competitive pricing positions Tejas for Asia, Africa, and Latin America.
• Self‑Reliance: Strengthens India’s aerospace ecosystem, MSME supply chains, and defence autonomy.

Tejas Mk1 is India’s home‑grown fighter designed to replace older jets like the MiG‑21. It’s lighter, cheaper, and increasingly built with indigenous components, making it a symbol of self‑reliance in defence. By 2027, India expects to have produced 100 of these aircraft, showing how far the programme has come in 26 years.

L&T and Hitachi Energy Seal 2 GW Offshore Wind FCA with TenneT, Advancing Europe’s 8 GW HVDC Renewable Integration

• L&T announces the successful conclusion of the Framework Cooperation Agreement (FCA) for 2 GW offshore wind programme with TenneT.

L&T, in consortium with Hitachi Energy, entered into FCA covering in principle six projects and future opportunities under TenneT’s ambitious 2-GW HVDC programme. The framework is designed to support large-scale integration of offshore renewable energy and accelerate Europe's transition towards a sustainable and decarbonised clean energy future.

According to L&T's order classification, the order venue is more than ₹15,000 Crore.

As part of the programme, the consortium will continue the execution of two ongoing projects – IJmuiden Ver Alpha and Nederwiek 1 – in the Netherlands. In addition, the consortium will commence two new projects, Nederwiek 3 in the Netherlands and LanWin 5 in Germany.

Together, these projects represent a cumulative transmission capacity of 8 GW operating at 525 kV. The projects will enable the transfer of renewable energy generated in the Dutch and German sectors of the North Sea to the onshore power grids.

Under the engineering, procurement, construction and installation scope, L&T will execute the offshore converter platforms and associated infrastructure, while Hitachi Energy will provide its HVDC Light® technology for efficient power conversion and transmission.

Combining L&T’s offshore engineering and project execution expertise with Hitachi Energy’s advanced power transmission capabilities, the consortium is uniquely positioned to deliver reliable HVDC infrastructure that will accelerate Europe’s renewable energy transition and support its decarbonisation goals.

L&T's Offshore Wind business vertical is backed by multidisciplinary engineering expertise through its engineering centre of excellence in India and Sharjah, UAE, strategic global partnerships, a robust supply chain ecosystem and world-class modular fabrication facilities in Kattupalli, India. These strengths enable the delivery of complex offshore structures to the highest standards of safety, quality and sustainability.

This landmark programme further strengthens L&T’s international footprint and positions the company at the forefront of developing sustainable offshore energy infrastructure for a net-zero future.

Background:

Larsen & Toubro is a USD 32 billion Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing, Products and Services, operating across diverse domains and multiple geographies. With a strong impetus towards AI & technology, customer–focussed approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

Avore Electric Launches the EX, Its Ist Electric Motorcycle, Starting at Rs.1,24,999

Mr. Priyank Rakholiya, Co-founder and CEO, Avore Electric; Mr. Mihir Tagadiya, Co-founder, CTO, Avore Electric and Mr. Maya

Introduces Avore Electric's first motorcycle built on the indigenous AVORE Source technology stack and AVR vehicle platform

• Available in three variants – EX 2S, EX 2 and EX 1
• Delivers up to 260 Km IDC range, 114 Km/h top speed
• Features an industry-first Integrated Motor + Swingarm Powertrain, a 1500W onboard fast charger, and a suite of intelligent rider technologies
• Developed over three years with 120+ intellectual property filings
• Bookings open from Rs. 799; deliveries commence after 2 months.

Avore Electric, India's homegrown technology-first electric motorcycle manufacturer from the house of Samarth E-Mobility, today announced the launch of the Avore Electric EX (Avore Electric Elevated Experience), its first electric motorcycle. The EX Series was unveiled by Hon’ble Gujarat Chief Minister Shri Bhupendra Patel, marking a significant milestone in India's electric mobility journey. Available in three variants—the EX 2S, EX 2 and EX 1—with prices starting at Rs. 1,24,999 (ex-showroom), the EX has been engineered from the ground up to redefine electric motorcycling through indigenous technology, intelligent engineering and everyday practicality.

Hon’ble Gujarat Chief Minister Shri Bhupendra Patel unveiling the EX Series by Avore Electric

Aspirational design. Rider-first intelligence.

The Avore Electric EX introduces a design language that is aspirational and timeless. Designed specifically for Indian riders, the motorcycle makes the transition from ICE to electric mobility feel natural not only in technology but also in riding posture, ergonomics and overall ownership experience.

The motorcycle combines familiar motorcycle proportions with contemporary EV engineering through its distinctive dual-tone styling, signature tank lights and the flexibility of both manual and automatic riding modes. It has been designed to appeal to traditional motorcycle enthusiasts while confidently showcasing its next-generation electric underpinnings.

Performance built for everyday riding

At the heart of the Avore Electric EX is a highly efficient, rare-earth-free Permanent Magnet Synchronous Motor (PMSM), reflecting the brand's commitment to an indigenous sourcing strategy focused on resilience, supply chain independence and long-term sustainability.

Depending on the variant, the motorcycle delivers 7.5 kW to 10.5 kW of maximum power, while producing 250 Nm peak wheel torque across all three variants for an engaging riding experience across city streets and highways alike. The EX 2S reaches a top speed of 114 Km/h, while the EX 2 and EX 1 achieve 100 Km/h.

Further enhancing the riding experience is an industry-first Integrated Motor + Swingarm Powertrain (Drive Link Arm), engineered to improve weight distribution, structural rigidity and handling dynamics, resulting in greater stability and rider confidence.

Eliminating range anxiety

Addressing one of the biggest barriers to EV adoption, the Avore EX has been engineered to inspire confidence on every ride. The EX 2S and EX 2 offer an IDC-certified range of 260 km and 255 km, respectively, while the EX 1 delivers an IDC-certified range of 160 km.

Charging has also been designed for maximum convenience. Equipped with a 1500W onboard fast charger across all variants, the EX can be plugged directly into any standard 5A or 15A household socket, eliminating the need for dedicated charging infrastructure. Riders can charge the battery from 20% to 80% in approximately 2 hours, while a complete 0 – 100% charge takes around 4 hours. Its battery pack is homologated by NATRAX while the Battery Management System (BMS) is validated by ICAT.

Intelligence beyond motion

Staying true to its philosophy of building intelligence into the very foundation of the motorcycle, the Avore Electric EX integrates a suite of proprietary technologies designed to deliver a more intuitive, connected and effortless riding experience.

At the core of the experience is AVORE SENSE, the company's proprietary operating system, working alongside AVA (Avore Vehicle Assistance) and Avore Synapse, an AI-powered companion that enables a smarter and more personalised interaction between the rider and the motorcycle. It automatically captures ride statistics and rider insights, allowing users to seamlessly track every journey.

To enhance riding performance and control, the EX introduces Apex, its top performance mode, along with Syft, a manual gear mode that gives riders greater control over power delivery. Complementing this is ARS for intuitive rider inputs and the integrated Drive Link Arm powertrain architecture, engineered to improve handling, balance and overall riding dynamics.

Designed with everyday convenience in mind, the motorcycle features Flex Charge, a 1500W onboard fast charger that allows charging from a standard household socket, while Split Pack Energy, Avore's side-by-side battery pack architecture, optimises packaging, weight distribution and thermal management. Features such as PAM+ park assist further simplify low-speed manoeuvring and parking.

The rider experience is complemented by a host of thoughtful convenience and safety features, including Guide-Me-Home Lights, Auto Indicator Cut-off, Ahoy! Welcome Lights, and Beacon, the motorcycle's signature tank lighting. An ergonomically engineered Ergo Fit riding triangle ensures enhanced comfort for both daily commutes and longer journeys.

Built for confidence. Backed for ownership.

The Avore Electric EX has been engineered to meet stringent safety, quality and durability standards for Indian road conditions, reinforcing Avore Electric's commitment to reliability and long-term ownership. Avore Electric has validated its technology through 1,00,000+ Km of road testing, 2,500+ hours of dynamometer validation, and extensive rider testing across diverse Indian conditions.

The EX complies with all applicable Indian safety and quality standards, and its platform complies with AIS 156 and AIS 038 safety standards. The battery is backed by a comprehensive 5-year/60,000 km warranty, offering peace of mind and long-term ownership confidence.

Built on an indigenous technology platform

Powering the EX is AVORE Source, Avore Electric's proprietary technology stack, and the AVR platform, its purpose-built electric motorcycle architecture.

Over the past three years, the company has developed over nine critical vehicle systems entirely in-house at its dedicated R&D centre in Ahmedabad. These include the Battery Management System (BMS), battery pack, motor, motor controller, power control module, DC-DC converter, onboard fast charger, display system and proprietary operating system.

The company has also filed more than 120 intellectual property applications, establishing one of India's most comprehensive indigenous EV technology ecosystems. This vertically integrated approach enables tighter integration between hardware and software while delivering improved quality, reliability and faster innovation.

Speaking on the milestone launch, Priyank Rakholiya, Avore Electric, Founder said, "We dedicated three years to research, development, testing, and validation before the launch of the EX so as to ensure class-leading engineering and innovation. We are ensuring global-levels of safety and performance, while pushing the frontiers of Indian-developed electric mobility technology stacks that deliver reliability, consistency, and economic viability. Our goal is to improve adoption and accessibility to world-class electric mobility solutions for every Indian and we are confident that the EX is just the start of our journey towards that direction."

Redefining aesthetics in the segment

The Avore EX is the first motorcycle - across EV offerings - to introduce premium dual-tone colour schemes. The EX 2S and EX 2 variants will be offered in three dual-tone colour options – Starlit Blue Dual Tone, Meteor Red Dual Tone and Stellar Black Dual Tone. Meanwhile, the EX 1 variant will be available in three single-tone colour options – Starlit Blue, Meteor Red and Stellar Black.

The Avore Electric EX is set to hit showrooms across key Indian cities from next month onwards, with bookings opening immediately on the official Avore Electric website. Available in three variants—the EX 2S, EX 2 and EX 1—the motorcycle bookings open from Rs. 799, with customer deliveries scheduled to commence after 2 months.

To learn more about Avore Electric, please visit their website or official handles at Website, Instagram, Facebook, YouTube.

About Avore Electric

Avore Electric is the electric mobility brand of Samarth E-Mobility, an Ahmedabad-based, technology-first, innovation-led electric mobility company accelerating the adoption of electric two-wheelers through reliable, intuitive, intelligently engineered products. Guided by a Make in India philosophy, the company has spent three years developing a 100% indigenous technology stack at its R&D facility in Ahmedabad, Gujarat. Built on 100% indigenous technology, the company is committed to advancing India's self-reliant electric mobility ecosystem through innovation-led engineering.

With a 150,000 sq. ft. manufacturing facility in Chhatral, Gujarat, and a production capacity of 15,000 electric two-wheelers per month, Avore Electric is building intelligent, high-performance electric motorcycles engineered in India for riders in India and global markets.

Recykal Invests ₹10 Crore in Walbha to Drive India’s Biomass Clean Energy Transition

• Strategic investment extends Recykal's behavioral change mission into sustainable industrial fuels, shifting industries from fossil fuels to clean, traceable biomass energy

Recykal, India's leading circular economy company driving behavioral change across the waste and sustainability value chain, today announced a strategic investment of ₴100 million in Walbha Industries Pvt. Ltd., a leading manufacturer of biomass briquettes and pellets. The investment marks Recykal's entry into the bioenergy value chain and extends its mission of changing how India produces, consumes, and recovers resources, this time by helping industry shift from fossil fuels to clean, farm-sourced biomass, while giving farmers a paying alternative to burning crop residue.

The partnership will connect Walbha's biomass production to Recykal's enterprise network of 620+ brands and manufacturers, many of which operate industrial boilers as part of their production processes creating an immediate demand channel for Walbha's fuel. In exchange, Walbha gains access to Recykal's technology platform and its expertise in digitising and formalising fragmented supply chains, while Recykal's brand and enterprise customers gain access to verified, lab-tested biomass fuel for their energy transition commitments. The deal will also support Walbha's planned expansion beyond its current North and Central India footprint into South Indian markets.

Abhay Deshpande, Founder & CEO, Recykal, said: "Every problem we solve at Recykal is ultimately a behavior problem. Consumers littering, brands treating sustainability as paperwork, recyclers operating in cash and opacity, industries burning coal because it's familiar and have become a habit with time. But habits change when the alternative is easier, transparent, and economically better. Walbha makes the clean fuel choice exactly that for the Indian industry, giving farmers a profitable alternative to stubble burning. That's behavioral change at both ends of the supply chain."

Vaishavi Sinha Bhasin, Co-Founder, Walbha Industries, said: "21,100+ farmers in Bundelkhand now have a verified buyer for crop residue they would otherwise burn in the open. That is what behavioral change looks like at the supply end of the chain and it is why this partnership makes sense."

Walbha operates one of the largest covered biomass production plants in North India, located in Jhansi, Uttar Pradesh right in the groundnut heartland of Bundelkhand, with abundant access to agricultural residues such as groundnut shell, mustard husk, and sawdust. The company converts these residues into high-calorific-value bio briquettes and pellets that serve as a cleaner, cost-effective alternative to coal for industrial boilers, with a supply network spanning 50+ cities across Uttar Pradesh, Delhi-NCR, Madhya Pradesh, Uttarakhand, Himachal Pradesh, Bihar, Maharashtra, and Chhattisgarh. Walbha's plant has a production capacity of 250,000 kg per day, supplies to 57 B2B industrial clients, and sources residue through a network of 21,100+ farmers. The company is an active biomass supplier to NTPC Vindhyachal and NTPC Tanda.

The global shift toward renewable energy has sharply increased industrial demand for biomass fuels. Produced from agricultural residues, sawdust, and other organic materials, bio briquettes and pellets deliver lower carbon emissions, improved combustion efficiency, and meaningful cost savings for manufacturing units, power plants, and commercial heating systems.

At its core, Recykal's work has always been about behavioral change, nudging consumers away from littering and toward responsible disposal, helping brands move from compliance checkboxes to genuinely sustainable practices, and enabling recyclers and aggregators to shift from informal, opaque trade to transparent, traceable, digital supply chains. The investment in Walbha carries this same philosophy into industrial energy: changing a decades-old habit of burning fossil fuels, and giving farmers a reason to sell crop residue rather than burn it in the open.

ABOUT RECYKAL:

Founded in 2015, Recykal is a globally recognised, Hyderabad-headquartered technology company driving behavioral change in waste management through digital platforms, Deposit Return Systems (DRS), and circular commerce of recyclable materials. The company also develops AI-enabled hardware solutions, including reverse vending machines, indigenously designed and manufactured in India, helping businesses, and governments across the globe by making material recovery measurable, scalable and economically viable. It has channelised over 30,00,000+ MT of waste by empowering 650 brands like Hindustan Unilever, Samsung, BMW etc, and more than 5000 aggregators and recyclers.

ABOUT WALBHA INDUSTRIES:

Walbha Industries is a biomass briquette and pellet manufacturer operating Uttar Pradesh's largest covered biomass production plant in Jhansi. With in-house lab testing, year-round production capability, and a farmer sourcing network, Walbha supplies groundnut, sawdust, and mustard-based briquettes and pellets to industrial clients across North and Central India.

Pine Labs Q1 FY27: ₹737 Cr Revenue, 4X PAT Surge, Next-Gen UPI Credit Architecture Unveiled

Pine Labs said that its revenue grew 20% YoY to ₹737 Cr with Profit After Tax increasing 4X to ₹20 Cr from ₴5 Cr in Q1 FY26. Profit Before Tax grew to ₹38 Cr from a loss of ₹5 Cr in the same quarter last year. Contribution Margin held strong at 72.3% (₹533 Cr). Adjusted EBITDA reached ₴126 Cr (17.1% margin), with strategic investments in high-growth segments and continued technology/Al platform build-out. Platform processed approximately ₹4.22 lakh Cr (~$45 Bn) in GTV.

Merchants are digitizing; Pine Labs products increasingly relevant across the ecosystem

Consumer and merchant behavior is shifting decisively digital. Quarterly Platform GTV has held consistently above ~$45 Bn, a scale that reflects growing preference from merchants and banking partners to build on Pine Labs. The Digital Checkout Points base grew 18% YOY to 21.7 lakhs, with 70%+ of transactions now flowing through UPI-a structural signal that enterprise and mid-market merchants are increasingly adopting screen-based, UPI-first checkout surfaces. Every layer of the Pine Labs stack-payments, affordability, credit, engagement-is becoming more relevant as merchants build integrated, digital-first businesses.

Instore and Flow services: Pine Labs continues to hold dominant share in Enterprise merchants across India, with a ramped-up smart bill proposition and deepened merchant commerce services (ad-tech, campaigns, DCC, pay-by-link). The mid-market base accelerated 40%+ YoY with 1.3 lakh+ DCPs added-the fastest-growing segment-as merchants adopt integrated billing, payments, and affordability at SMB economics. Flow, Affordability, and Transaction Processing GTV grew 54%+ YoY to ₴91K Cr; UPI GTV accelerated 80%+ YoY and DCC GTV grew 40%+ YoY, translating merchant digitization into deeper flow-based monetization for Pine Labs.

Online-Winning Logos in Payments and Checkout: 40+ new online merchants were added in Q1 across quick commerce, e-commerce, D2C, travel, and enterprise. Pine Labs continues to gain dominance across the largest commerce platforms in India-commanding leading affordability and EMI processing positions with top quick-commerce and e-commerce players-while Shopflo Checkout drove ₹400+ Cr of D2C and SMB volumes in the quarter. Government footprint expanded with key wins including DMRC, and hospitality merchant volumes deepened across payouts and autopay.

International-Franchise continues to strengthen with multiple new logo additions across geographies: International revenue grew 21% YOY to ₹114 Cr (~16% of consolidated revenue) across 22 countries. Q1 saw meaningful validation of the platform overseas: scaling of the payment application with GCash in the Philippines (~20k deployments), new affordability programs launched in UAE and Singapore, expanded airline prepaid partnerships with British Airways and TAROM (Romania), the launch of the Suntec Mall Card program in Singapore, and continued scale-up of multi-year contracts with Emirates NBD and Wio Bank across the UAE, Saudi Arabia, and Egypt. Each new market entry follows the same disciplined "seed, land, and expand" playbook that underpinned growth in India.

Q1 FY27 Performance Scorecard

Issuing (IAP): Pine Labs continues to widen the Issuing and Acquiring platform (Revenue up 31% YOY; India up 24%, International up 47%) by opening new consumer categories. Gaming gift-card solutions went live with brands including Xbox, Roblox, and Nintendo-unlocking access to India's 500 Mn+ active gamers-while new prepaid programmes across employee benefits, wallets, and expense management platforms (BharatNXT, Chronon, VA Tech) came onstream. These new categories will scale up meaningfully through H2 FY27, adding a broader revenue base and helping accelerate growth.

Next-Generation Payments Architecture, Built on India's Rails

India remains the only market in the world where a public digital payments rail processes the volumes and reach that UPI does-and Pine Labs is building the next layer of financial infrastructure directly on top of it, ahead of most global markets. Two new primitives went live this quarter: a) P3P: India's first Agentic Payment Protocol, built with Grantex b) Credit Line on UPI embeds revolving, bank-issued credit directly into a consumer's UPI ID-turning UPI, until now a debit-only rail, into a credit-capable one.

"P3P and Credit Line on UPI aren't products-they're architectural primitives, built where the rest of the world hasn't caught up yet," said Amrish Rau, CEO, Pine Labs. "India built the public rails; we're building the intelligence and credit layer on top of them. That shifts us from a payments processor into the infrastructure layer that merchants, brands, and financial institutions build on."

Key Financials

Q1 FY27

Revenue from Operations
₴737 Cr
20% YoY

Contribution Margin
₹533 Cr
72.3% Margin

Adjusted EBITDA
₹126 Cr
17% Margin

Profit after Tax
₴20 Cr
4x YoY

Platform GTV
~45Bn (₹422k Cr)

Number of Transactions (#)
201 Cr

Digital Checkout Points (#)
21.7 Lakh

Number of Merchants (#)
11.5 Lakh

(1) Exchange rate $1= ₴ 94.7 (Avg. RBI reference rate for the quarter)