Madison India Capital exits Pine Labs with ₹356-crore share sale amid profit rebound
Madison India Capital has sold almost all its shares in Pine Labs for ₹356.86 crore. The transaction marks the second time in a year that the firm has reduced its stake in the financial services company. Pine Labs, meanwhile, reported a strong profit in the latest quarter after a loss the previous year. The block deal involved 2.48 crore shares, sold at ₹144 each—a slight premium of 0.8% over the stock’s last closing price. At the end of March 2026, Madison India Capital held 2.53 crore shares in Pine Labs, meaning nearly its entire holding was offloaded.
Major buyers included Franklin Templeton, HSBC Mutual Fund, ICICI Prudential, Tata Mutual Fund, and Morgan Stanley. HSBC Mutual Fund acquired the largest portion, purchasing 61.73 lakh shares for ₹88.89 crore. Pine Labs’ financial performance has shown improvement. In Q3 FY26, the company recorded a consolidated net profit of ₹42.4 crore, reversing a net loss of ₹56.7 crore from the same period last year. Operating revenue also climbed 24% year-on-year and 15% quarter-on-quarter to ₹744.3 crore. Despite the positive results, Pine Labs’ stock hit a new all-time low of ₹141.05 during intraday trading today.
The sale reduces Madison India Capital’s exposure to Pine Labs significantly. The company’s recent profit turnaround and revenue growth contrast with the stock’s declining share price. Institutional investors have now taken on a larger portion of the firm’s equity.
