Pine Labs turns profitable in Q3 FY26 as Madison India exits stake
Pine Labs saw a strong financial performance in Q3 FY26, with revenue climbing 24% year-on-year to ₹744.3 crore. The company also turned profitable, reporting a net profit of ₹42.4 crore after a loss in the same quarter last year. Meanwhile, a major shareholder, Madison India Capital, exited its position in the firm through a large block deal.
Madison India Capital sold 2.48 crore shares of Pine Labs in a single block deal valued at ₹356.86 crore. The shares were offloaded at ₹144 each, slightly above the previous closing price. This sale marked the near-complete exit of Madison’s stake in the company, following its earlier partial sell-off during Pine Labs’ IPO, which had delivered a return multiple of 5.6X.
The block deal attracted several institutional buyers. HSBC Mutual Fund picked up the largest portion, acquiring 61.73 lakh shares for ₹88.89 crore. Other key buyers included Franklin Templeton, ICICI Prudential, Tata Mutual Fund, and Morgan Stanley. Despite the transaction, Pine Labs’ stock touched a new all-time low of ₹141.05 during intraday trading on the day of the sell-off. Pine Labs’ financial results for Q3 FY26 showed significant growth. Operating revenue rose 15% quarter-on-quarter and 24% year-on-year, reaching ₹744.3 crore. The company also reversed its previous year’s net loss of ₹56.7 crore, recording a consolidated net profit of ₹42.4 crore. However, its performance for Q4 FY26 remains undisclosed.
The block deal allowed Madison India Capital to exit its Pine Labs investment almost entirely. Institutional investors stepped in to acquire the shares, even as the stock hit a new low. Pine Labs’ latest financial figures reflect a turnaround, but its Q4 results are still pending.
