BlueStone, Urban Company Lead Declines In A Bearish Week For New-Age Tech Stocks

New-age tech stocks saw a bearish week amid the ongoing Q2 earnings season, with 32 out of the 42 stocks under Inc42’s coverage declining in a range of 0.12% to over 14%.

With this, the total market cap of these companies fell to $106.42 Bn at the end of the week from $109.15 Bn a week ago. This was the second consecutive week of decline in the cumulative market cap of new-age tech companies.

The week saw stock-specific actions amid the Q2 results. BlueStone, Urban Company, Delhivery, Ola Electric and Tracxn – all of which reported losses during the quarter – emerged as the biggest losers this week.

Meanwhile, travel tech major TBO Tek, which recorded robust financial performance for the September quarter, gained the highest 7.84% to end the week at INR 1,599. RateGain, ixigo, Paytm, EaseMyTrip, ArisInfra and Go Digit were among the other gainers this week. Overall, 10 new-age tech stocks gained in a range of 0.01% to close to 8% this week.

Shares of four companies – Paytm, Smartworks, WeWork India and Zelio E-Mobility – touched fresh 52-week highs this week, while EaseMyTrip, Tracxn and Urban Company touched fresh lows.

With that, here’s a look at some of the key developments at new-age tech companies this week:

• B2B-focussed travel tech company TBO Tek posted a 13% YoY uptick in its profit to INR 67.5 Cr. Operating revenue zoomed 26% YoY to INR 567.5 Cr. Following the result, brokerage firm JM Financial upgraded the company’s rating to ‘Buy’, assigning it a price target of INR 1,750.
• Despite BlueStone cutting its net loss 38% YoY to INR 52.1 Cr on the back of a similar uptick in its revenue to INR 513.6 Cr, investors turned bearish towards the company following its financial disclosure on Tuesday (November 4). The company’s shares bled the highest 14.13% to end the week at INR 607.65.
• Ola Electric managed to trim its Q2 net loss 15% YoY and 2% QoQ to INR 418 Cr, while also recording a 43% YoY and 17% QoQ decline in its operating revenue to INR 690 Cr. The company’s shares plunged 6.96% to end the week at INR 46.79. The EV maker cut its FY26 revenue estimates to INR 3,200 Cr from INR 4,700 Cr earlier, leading to selling pressure during the final two days of the week.
• Smartworks managed to trim its quarterly loss by 80% YoY to INR 3.1 Cr, while its revenue rose over 21% YoY to INR 424.8 Cr. While the company’s shares soared to an all-time high of INR 618.30 a couple of days prior to its Q2 disclosures on Thursday (November 6), the stock plunged nearly 10% during the intraday trading on Friday. Overall, Smartworks shares ended the week 0.59% lower at INR 576.75.
• Urban Company, which made a bumper listing in September, posted a net loss of INR 59.3 Cr in Q2 FY26 on November 1 as against a net profit of INR 1.8 Cr in the year-ago quarter. The company’s operating revenue grew 37% YoY to INR 380 Cr during the quarter under review. Investors turned bearish towards the stock this week, leading to a 9.71% fall to end the week at INR 142.25.
• Nykaa, after market hours yesterday, posted a 2.5X YoY jump in its profit to INR 33 Cr in the September quarter. Revenue increased 25% YoY to INR 2,346 Cr. The company’s shares ended the week 0.77% lower at INR 245.95.
• Adding to its tax woes, Zomato parent Eternal received a GST demand of INR 36.8 Lakh from tax authorities in UP. The order was issued by UP’s state tax deputy commissioner on November 7 and pertains to excess availment of input tax credit.
• Swiggy’s board gave its nod to the company’s INR 10,000 Cr fundraise plan yesterday. The fundraise, which may be executed in multiple tranches, could include a qualified institutional placement (QIP) or any other route permitted under Indian regulations.

Now, let’s take a look at what happened in the broader market this week.

Market Slips On FII Outflows, Weak Global Sentiment

The Indian equity market came under pressure this week due to FII outflows, muted global cues, and profit booking in heavyweight stocks. Both Sensex and Nifty 50 slipped 0.9% to 83,216.28 and 25,492.30, respectively, marking the second straight week of losses.

Despite upbeat GST collections and steady Q2 earnings from select sectors, the absence of fresh domestic triggers and renewed caution around global growth kept sentiment subdued. FIIs have offloaded over INR 13,000 Cr worth of equities in November so far.

“Globally, renewed concerns over the valuation of AI-related stocks triggered profit-taking across major markets, further weighing on risk appetite,” Religare Broking’s SVP Ajit Mishra noted.

Geojit Investments’ research head Vinod Nair expects the markets to remain range-bound in the near term, with direction dictated by inflation data, FII flows, and developments in global trade negotiations. “A buy-on-dips strategy appears prudent, as results from most Nifty 50 companies reported so far have been largely in line with estimates, and continued policy support is expected to support current premium valuations and potentially drive earnings upgrades,” he noted.

Amid all these, the week saw three IPOs of new-age tech companies. While Lenskart and Groww closed their INR 7,278 Cr and INR 6,600 Cr IPOs, respectively, after seeing an overwhelming investor interest, Pine Labs INR 3,900 Cr IPO opened yesterday to a muted investor response.

Edtech major PhysicsWallah’s INR 3,480 Cr public issue will open for subscription on November 11 (Tuesday).

Now, let’s take a detailed look at the performance of Paytm and Delhivery this week.

Paytm Soars On Strong Operating Performance

Paytm’s shares ended the week 3.4% higher, hitting a new all-time high at INR 1,351.7 during the week, as investors cheered the fintech major’s Q2 FY26 results and renewed focus on its core verticals — payments and financial services.

The company’s net profit declined 98% YoY to INR 21 Cr due to the absence of last year’s one-time gain from Paytm Insider sale and an exceptional loss of INR 190 Cr linked to its gaming JV, Paytm First Games, during the quarter. However, operational performance remained robust. Operating revenue grew 24% YoY to INR 2,061 Cr, while EBITDA surged to INR 142 Cr as against an EBITDA loss of INR 404 Cr a year ago.

Strong growth in payments (up 25% YoY) and financial services distribution (up 63% YoY) revenue underscored the company’s improved monetisation and lending traction.

Analysts said that steady top line growth, combined with cost optimisation and improved payments margins, highlighted Paytm’s operational discipline and potential for sustained profitability.

The company’s board also approved an investment of INR 2,250 Cr in subsidiary Paytm Payments Services Ltd, signalling intent to consolidate leadership in merchant payments and bolster payment aggregator business.

Delhivery Tanks Post Q2 Loss

Delhivery’s shares tumbled 7.76% to end the week at INR 430.25. The decline came after the company slipped into the red, posting a net loss of INR 50.4 Cr in Q2 FY26 as against a profit of INR 10.2 Cr a year ago. The loss came despite a 17% YoY increase in operating revenue to INR 2,559 Cr, as one-time integration expenses related to the Ecom Express acquisition dented profitability.

Excluding the exceptional item of around INR 90 Cr, Delhivery would have reported a profit of approximately INR 59 Cr. The company’s express parcel shipments rose 32% YoY to 246 Mn orders, while its part-truckload (PTL) business saw a 12% YoY uptick to 477K tonnes, driven by festive-season demand and network expansion.

However, brokerage firms have a mixed outlook for Delhivery’s business. Jefferies maintained its ‘Underperform’ rating on Delhivery but raised the price target to INR 390 from INR 350 earlier.
The brokerage cited margin weakness in key verticals, Express Parcel (EP) and PTL, despite a temporary boost from the Ecom Express acquisition for this. It also noted that Delhivery’s organic growth remained muted despite higher reported revenue.

JM Financial downgraded Delhivery to ‘Add’ from ‘Buy’ and lowered its price target to INR 530 from INR 560 earlier.

The brokerage noted that the company’s financial performance was lower than expected due to demand being back-ended due to GST revisions.

“Management noted that service EBITDA guidance for FY26 still remains on track, while one-time integration costs are likely to be significantly lower than earlier anticipated. While we still remain positive on Delhivery’s positioning and expect a strong recovery in Q3, we lower estimates to align with the current trajectory,” it noted.