Pine Labs Ltd (PINELABS) reported its financial results for the third quarter ended December 31, 2025 (Q3 FY26), highlighting a 24% year-over-year increase in revenue from operations to ₹744 crore. This marks the company’s third consecutive quarter of positive Profit After Tax (PAT), a significant turnaround from the net loss of ₹145.5 crore reported in the full fiscal year 2025.
Adjusted EBITDA for the quarter surged 59% year-over-year to ₹171 crore, with margins expanding from 18% to 23%. The company processed a record Gross Transaction Value (GTV) of $51 billion during the period. Contribution margins remained robust at 77%, with management noting that 50-57% of incremental revenue now flows directly to adjusted EBITDA.
Broader sector headwinds affecting global SaaS and software stocks, such as “seat-count” rationalization and high interest rates, have had limited impact on Pine Labs’ merchant-centric model. Instead, the company benefited from the seasonal strength of India’s festive quarter. There were no analyst rating changes reported today; however, earlier January notes from institutional desks remained focused on the bank’s successful integration of the “Setu” account aggregator license, which is expected to drive high-margin data services in 2026.