ixigo Emerges Biggest Loser Amid A Mixed Week For New-Age Tech Stocks

It was a mixed week for new-age tech stocks on the bourses, as companies saw stock-specific action amid the ongoing Q2 earnings season. Twenty six out of the 42 new-age tech companies under Inc42’s coverage saw their shares fall in a range of 0.17% to over 15% during October 27-31.

The total market cap of these companies stood at $109.15 Bn at the end of the week as against $110.93 Bn a week ago.

ixigo, which reported underwhelming financials during the week, saw its shares crash 15.52% to end the week at INR 270.25. Important to note that Q2 was a weak quarter for the overall travel tech industry, with Nasdaq-listed MakeMyTrip also posting a net loss of $5.7 Mn in the quarter.

Amid this, shares of other travel tech companies also came under pressure. TBO Tek (-7.18%), Yatra (-5.25%) and EaseMyTrip (-1.12%), too, ended the week in the red. 

Eternal, ideaForge, DroneAcharya, and BlueStone were among the other losers this week. Meanwhile, 16 new-age tech companies ended the week 0.01% to over 33% higher. 

Recently listed EV manufacturer Zelio E-Mobility, which has been on a bull run since its listing on the BSE SME platform on October 8, was the top gainer this week. The company’s stock gained 33.64% to end the week at INR 343.60. 

The Hisar-based company’s INR 78.3 Cr IPO comprised a fresh issue of INR 62.8 Cr, while the remaining amount was OFS. Since listing at a 14% premium at INR 154.9 on the BSE SME platform, the company’s shares have grown nearly 122%. 

Zelio E-Mobility ended Friday’s (October 31) trading session at an all-time high. CarTrade, Zappfresh and Paytm also touched fresh highs this week.

With that, here’s a look at some of the key financials released this week:

• Urban Company’s shares zoomed 7.1% to end the week at INR 157.55, a day before the company was to disclose its Q2 performance. The consumer services major slipped into the red during the quarter, reporting a net loss of INR 59.3 Cr. Its top line grew 37% YoY and 4% QoQ to INR 380 Cr in Q2 FY26.
• It was another loss making quarter for Swiggy, with its Q2 net loss zooming 74.4% YoY to INR 1,092 Cr. Operating revenue surged 54% YoY to INR 5,561 Cr. The company’s shares ended the week 3.51% lower at INR 410.05. 
• Fino Payments Bank’s Q2 profit shrank 27.5% YoY to INR 15.3 Cr. The bank’s interest income rose 26% YoY to INR 60.1 Cr. Its shares declined 11.32% this week to end at INR 283.3. 
• PB Fintech’s profit more than doubled to INR 134.9 Cr in Q2, while its top line zoomed 38% YoY to INR 1,613.6 Cr. Following this, the stock ended the week 6% higher at INR 1,787.35.

The next week will see companies like Paytm, BlackBuck, TBO Tek Nykaa, Tracxn, MobiKwik, BlueStone, Honasa and Delhivery report their Q2 numbers. 

With that, let’s take a look at the sentiment in the broader market.

New-Age Tech IPOs Pick Pace 

After a four week gaining streak, the Indian equities market declined this week. Sensex and Nifty 50 dipped 0.3% each to end the week at 83,938.71 and 25,722.10, respectively. 

Analysts attributed the dip to profit booking. Besides, Geojit’s research head Vinod Nair said that SEBI’s proposed overhaul of total expense ratio (TER) structure for mutual funds also affected sentiment.

“Looking ahead, the market will closely monitor the nations’ trade talks with the US and the ongoing corporate earnings season, which so far has delivered mixed results. Moreover, any dips are expected to attract buying interest across core sectors, given the expectation of a better H2, supported by monetary and fiscal support,” he noted.

Amid this, a number of new-age tech companies took their next steps towards becoming a listed entity. Lenskart’s IPO opened this week and was subscribed 110% on day one despite the social media furore over lofty valuations. 

Fintech unicorn Groww filed its RHP for INR 6,600 Cr IPO, setting a price band of INR 95-100 per share. The public issue will open on November 4. Pine Labs, too, filed its RHP, for a fresh issue of INR 2,080 Cr and an OFS of 8.23 Cr shares. Its IPO is set to open on November 7.

Earlier this week, SEBI approved cloud kitchen operator Curefoods’ IPO, comprising a fresh issue of up to INR 800 Cr and an OFS of 4.85 Cr shares.

Meanwhile, consumer electronics brand boAt filed its updated DRHP for INR 1,500 Cr issue. Logistics player Shadowfax also joined the list, filing an updated DRHP for INR 2,000 Cr IPO with equal components of fresh issue and OFS.

Now, let’s take a deeper look at the performance of ixigo and CarTrade this week.

CarTrade Zooms On Upbeat Q2 Numbers 

Car reselling platform CarTrade’s shares zoomed to end the week 18.44% higher, after the company’s net profit more than doubled to INR 64.1 Cr in Q2 FY26 from INR 30.7 Cr a year ago. 

Operating revenue surged 25% YoY to INR 193.4 Cr, while total income stood at INR 222 Cr. The company’s focus on operational efficiency translated into a 94% YoY jump in EBITDA to INR 63.6 Cr.

Analysts said the performance reaffirmed CarTrade’s position as one of the few profitable listed digital businesses.Cartrade Tech’s strong operating leverage lifted its margin by 150 to 200 basis points to 40% and 44% for consumers and 29% and 33% for OLX, Nomura said.

With all three profitable verticals – consumer, remarketing, and classifieds – showing double-digit growth, investors saw the quarter’s performance as evidence of CarTrade’s ability to scale sustainably while maintaining profitability.

Margin visibility, stable cash flows, and expansion of high-yield verticals are the key triggers going ahead and the stock is expected to be on investors’ radar. 

ixigo Slumps As ESOP Expenses Hit Bottom Line

Despite maintaining revenue momentum in Q2, ixigo saw pressure on profitability and margins, triggering a sell-off. The company slipped into the red during the quarter, posting a net loss of INR 3.5 Cr as against a profit of INR 13.1 Cr in the same quarter last year, largely due to one-time ESOP expenses of INR 26.9 Cr.

Operating revenue rose 36% YoY to INR 282.7 Cr, though it was down 10% sequentially from INR 314.5 Cr. 

Analysts attributed the performance dip to ixigo’s aggressive push into new growth verticals such as ixigo Assured, ixigo Money, and AI-driven travel planning tools. The company also continues to invest in improving its mobile experience and deepening penetration into tier II & III cities, where transaction values tend to be lower.

However, analysts remain cautiously optimistic on the stock, noting that sustained traction in rail and bus segments and product-led monetisation could help ixigo stabilise its margins in the coming quarters.