Pine Labs has announced landmark multi-year contracts with India's three leading Oil Marketing Companies (OMCs) - Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), and Indian Oil Corporation Limited (IOCL). This significant development positions the fintech platform as a key player in modernizing payment infrastructure across the petroleum retail sector.

Contract Scope and Infrastructure Deployment

The comprehensive contracts involve deploying, managing, and maintaining digital payments infrastructure at petrol pumps and merchant outlets across India. Pine Labs will leverage its expertise in managing payment rails for swifter, secure, and seamless money movements at point of sale locations.

IOCL Partnership and XTRAPOWER Loyalty Platform

For IOCL specifically, Pine Labs will manage the XTRAPOWER loyalty rewards platform, which serves lakhs of fleet operators across India. The program features robust API integrations and comprehensive services including fuel management, fleet analytics, trip management, and secure Chip and PIN digital payment transactions supporting card, mobile, and RFID payments.

Leadership Perspective and Strategic Vision

Commenting on the announcement, B Amrish Rau, CEO of Pine Labs Limited, stated: "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."

Market Impact and Digital Transformation

This fintech partnership with public sector behemoths reinforces the commitment of leading Indian OMCs and Pine Labs towards customer-centricity through seamless, secure, and frictionless digital payments and loyalty rewards experiences. The initiative will significantly enhance the digital payment experience for millions of customers across oil retail outlets nationwide, providing Pine Labs with substantial long-term revenue visibility and strengthening its market position in the digital payments industry.

Pine Labs Limited has successfully concluded its postal ballot process, with shareholders approving four key corporate resolutions through remote e-voting. The company announced the voting results on February 17, 2026, following the completion of the e-voting period that ran from January 15 to February 13, 2026.

Postal Ballot Overview

The postal ballot covered four critical resolutions, with 124,949 shareholders eligible to participate as of the record date of January 09, 2026. The voting was conducted entirely through remote e-voting, facilitated by KFin Technologies Limited, in compliance with regulatory requirements.

ESOP Plan Resolutions Receive Strong Support

The ratification and amendment of Pine Labs Employee Stock Option Plan 2025 secured substantial shareholder backing, with 87.40% of valid votes cast in favour. Out of 999,000,599 valid votes, 873,166,032 votes supported the resolution while 125,834,567 votes were cast against it.

The extension of ESOP benefits to employees of subsidiary companies achieved similar approval levels, garnering 87.41% support. This resolution received 873,659,220 votes in favour against 125,835,443 votes opposing, from a total of 999,494,663 valid votes cast.

Overwhelming Support for Governance Measures

The appointment of a secretarial auditor received exceptional shareholder endorsement, with 99.99% of votes cast in favour. Of the 999,717,659 valid votes, 999,699,745 supported the appointment while only 17,914 votes were against the resolution.

Similarly, the resolution for creating charges, mortgages, and hypothecation on company properties under Section 180(1)(a) of the Companies Act, 2013, achieved 99.99% approval. Out of 999,630,281 valid votes, 999,610,810 were in favour with just 19,471 votes against.

Voting Participation Analysis

The postal ballot demonstrated strong institutional and retail investor participation across all resolutions. Public institutions held 190,381,056 shares and achieved voting participation rates ranging from 84.08% to 84.08% across different resolutions. Public non-institutional shareholders, holding 957,895,321 shares, maintained consistent participation at approximately 87.63% to 87.66% across all items.

Regulatory Compliance and Process

The postal ballot process was conducted under the supervision of Ritu Mahajan of Ritu Mahajan & Associates, appointed as scrutinizer. The process complied with Section 110 of the Companies Act, 2013, and SEBI Listing Regulations. All resolutions were deemed passed on February 13, 2026, being the last date for remote e-voting.

The voting results and scrutinizer's report will be displayed at the company's registered and corporate offices, uploaded on the company website at www.pinelabs.com , and made available on KFin's e-voting platform at https://evoting.kfintech.com .