Indian equities markets rallied this week following the announcement of an interim India-US trade deal. However, new-age tech stocks saw another mixed week on the bourses.
Of the 52 listed new-age tech companies under Inc42’s coverage, shares of 26 gained in a range of 0.2% to over 31% this week. While TAC Infosec ended the week flat, shares of 25 companies declined in a range of 0.12% to over 23%.
The total market capitalisation of the 52 new-age tech companies stood at $133.25 Bn at the end of the week, up $3 Bn from last week.
Amid the ongoing Q3 earnings season, the movement in most of the new-age tech stocks was influenced by the reported numbers. For instance, shares of Delhivery rose 3.15% after the company reported a 59% YoY jump in its PAT to ₹39.6 Cr on January 31 (Saturday).
Shares of Ather surged 13.6% this week after the company posted a 57% YoY decline in its net loss to ₹84.6 Cr in Q3 FY26, while ArisInfra was the biggest loser this week. Shares of nine companies – Aequs, IndiQube, Ola Electric, BlueStone, MapmyIndia, Awfis, Tracxn, Meesho and ArisInfra – touched fresh lows this week
This week, eight companies – Nykaa, PB Fintech, PhysicsWallah, Ather, Awfis, MobiKwik, Capillary Technologies and BlackBuck – disclosed their results. Here’s a glimpse at the performance of the aforementioned companies in the December 2025 quarter.
With that, let’s take a look at some of the key developments beyond financials at the new-age tech companies this week:
- NBFC Aye Finance and AI major Fractal Analytics filed their respective RHPs this week. The IPOs of both the companies will open on February (Monday).
- Expanding beyond meat delivery, Zappfresh forayed into the frozen vegetarian snacks category, under the brand name Meevaa Foods. It intends to invest ₹10 Cr to expand this business.
- Besides announcing its results this week, PhysicsWallah announced ₹1.5 Cr investment to acquire a 50% stake in Kay Wellness. Its board also approved acquisition of non-profit Nextseed Foundation for ₹1 Lakh and the incorporation of a new subsidiary, PhysicsWallah Student Housing, with paid-up capital of ₹1 Lakh.
- Paytm will settle its FEMA-related issues with the RBI by paying a fine of ₹23.1 Lakh. The case is linked to its 2017 acquisitions of Little Internet and Nearbuy.
- The week’s top gainer, Yudiz Solutions, sought shareholder approval via postal ballot to amend its MoA to enter payment gateway, payment aggregation and fund transfer services segments, subject to regulatory approvals, including clearance from the RBI.
- The GST department upheld a ₹37.33 Cr tax demand against Pine Labs for FY20, linked to unpaid GST arising from its Qwikcilver acquisition. The fintech firm said the order will have no immediate material impact and it plans to file an appeal before CESTAT.
- Days after informing about his decision to move on from the executive role at Eternal, Deepinder Goyal formally tendered his resignation from the post of MD and CEO. “I am writing to formally tender my resignation as Director, MD & CEO of the Company, along with various committees I am a part of, effective from the close of business hours on February 1, 2026,” he said.
- Besides Goyal’s exit, Eternal informed that it received another tax notice from authorities in Uttar Pradesh for ₹1.75 Cr. The company also said that it has officially dissolved its operations in the Netherlands.
- BlueStone invested ₹25.2 Cr in its lab-grown diamonds subsidiary Ethereal Diamonds. The company informed of this move alongside disclosing its financial performance for Q3 on January 22.
- Gaming major Nazara received a tax demand and penalty of ₹5.68 Cr from tax authorities in Maharashtra. The order pertains to a case of non-receipt of export proceeds within the stipulated time period for FY18 and FY19.
With that, let’s take a look at the key factors that drove the broader market bull run this week.
India-US Trade Deal Uplifts Sentiment
Benchmark indices Sensex and Nifty 50 gained 1.6% and 1.5% to end the week at 83,580.40 and 25,693.70, respectively, following the announcement of the interim India-US trade deal.
The week got off to a slow start following the announcement of the Union Budget on February 1 (Sunday). The increase in STT on F&O trade, alongside an expanded government borrowing program, hit investor sentiment.
However, the announcement of the India-US trade agreement on February 2 (Monday) triggered a bull run. The agreement, which features a 18% tariff on Indian exports to the US and minimal tariff on US imports, supported a sharp rebound in equities.
But the launch of Anthropic’s new AI automation tools kept the momentum in check. The global tech giant launched new AI tools, including Claude Cowork and Claude Code, which automate complex, multi-step business tasks. This led to fears of disruption in the Indian IT services sector, causing the Nifty IT index to plunge nearly 6% and erasing over ₹2 Lakh Cr in investor wealth.
“The rebound remained capped by persistent weakness in IT stocks, driven by concerns over moderating demand for traditional outsourcing services following Anthropic’s introduction of next‑generation AI‑powered automation tools. Investor attention also shifted to the finer details of the trade agreement, prompting a phase of short‑term consolidation as markets awaited clearer insights,” said Vinod Nair, head of research at Geojit Investments.
Later in the week, the RBI’s repo rate announcement yesterday supported market mood. The RBI kept policy rates unchanged and raised FY26 GDP growth forecast to 7.4%. It announced steps to deepen bond markets, eased VRR limits, allowed bank lending to REITs, proposed NBFC norm relaxations, and launched Mission SAKSHAM for urban cooperative banks.
“The RBI’s policy underscores confidence in India’s domestic growth momentum while maintaining vigilance on inflation and global uncertainties. The continued focus on market deepening and credit availability is structurally positive for financial markets,” Bajaj Broking said.
Now, let’s take a look at the performance of PB Fintech and Nykaa this week.
Investors Cheer Nykaa’s Sustained Execution
Shares of Nykaa rallied on the bourses this week as investors cheered the beauty and personal care (BPC) major’s strong Q3 FY26 performance. The stock ended the week 16.65% higher at ₹277.05.
On February 5 (Thursday), Nykaa reported a 156% YoY jump in consolidated profit after tax to ₹67.7 Cr, aided by robust revenue growth and margin expansion. Operating revenue rose 27% YoY to ₹2,873.3 Cr, while EBITDA surged 63% to ₹230 Cr, with margins expanding to 8% from 6.2% a year earlier.
The BPC vertical remained the core growth engine, with profit rising 56% YoY to ₹156.6 Cr and revenue growing 27% to ₹2,622.4 Cr. GMV of the segment increased 27% to ₹4,302 Cr, while the customer base expanded 30% YoY to 4.2 Cr.
Nykaa Fashion also showed signs of increasing operating leverage, narrowing loss 20% YoY to ₹20.3 Cr as revenue grew 18%. Fashion GMV climbed 31% YoY to ₹1,476 Cr, while EBITDA margin improved to negative 2% from negative 5.3% last year. The company’s management highlighted deeper, full-stack brand partnerships – such as the recent tie-up with Nike – as a scalable template to strengthen the fashion business while remaining disciplined on margins.
Brokerage JM Financial said Nykaa’s Q3 performance reflected a sustained execution story meeting an improved demand environment, resulting in “rampant margin expansion”.
It highlighted strong NSV growth across BPC and fashion and improving EBITDA across segments. JM Financial expects Nykaa’s BPC segment to deliver around 35% EBITDA CAGR over FY26-30. Reiterating a ‘BUY’ rating, it set March 2027 target price at ₹325, calling Nykaa one of the cleanest compounding stories in India’s internet sector.
A Tumultuous Week For PB Fintech
PB Fintech witnessed a volatile week on the bourses as strong Q3 FY26 earnings collided with uncertainty around a proposed qualified institutional placement (QIP). Shares of the company ended the week 9.05% lower at ₹1,503.15.
The Policybazaar parent reported a stellar December quarter, with consolidated net profit surging 165% YoY to ₹189.4 Cr, while revenue grew 37% to ₹1,771.1 Cr. EBITDA jumped 4.7X to ₹159 Cr and adjusted EBITDA margin expanded to 11% from 6% a year ago.
Insurance broking revenue rose 40% YoY to ₹1,537.5 Cr, while total insurance premium collected climbed 45% to ₹7,965 Cr. Paisabazaar-led credit disbursals also remained strong, rising 84% YoY to ₹9,986 Cr.
However, the upbeat numbers were overshadowed by the company’s disclosure that its board would consider a QIP to fund inorganic growth and international expansion, despite the company sitting on a cash pile exceeding ₹5,000 Cr. The announcement spooked investors, with shares falling over 13% across two sessions.
JM Financial flagged concerns that a QIP at this stage could introduce volatility, given that management bandwidth is already stretched with its healthcare foray. It noted that a potential 5–6% dilution would only make sense if any acquisition were meaningfully EPS-accretive and struck at a valuation discount.
Sentiment briefly turned positive after PB Fintech cancelled its board meeting to discuss the QIP, sparking a 7% rally as investors interpreted the move as a possible rollback of dilution plans.
The company later clarified that it has dropped plans to raise funds via a QIP altogether, dismissing reports of a $1 Bn raise as “factually untrue”.
Edited by: Vinaykumar Rai
The post Nykaa, Ather Soar Amid Another Mixed Week For New-Age Tech Stocks appeared first on Inc42 Media.
https://ift.tt/X5o0LDa
0 Comments