New-Age Tech Stocks See Mixed Week Amid Q2 Earnings, Yatra & IndiQube Biggest Gainers

This week was one of the most happening ones for the Indian startup ecosystem, with Groww, Pine Labs and Lenskart making their stock market debuts. Besides, over 15 listed new-age tech companies released their financial statements during the week. 

With the addition of the aforementioned three unicorns to the bourses this week, the total market capitalisation of 45 new-age tech stocks under Inc42’s coverage stood at $127.42 Bn at the end of the week. However, barring the new additions, the market cap of 42 of these companies fell to $105.84 Bn from $106.42 Bn last week. 

Amid the earnings season, the listed new-age tech stocks saw a mixed week. While 20 of the 42 companies gained in a range of 0.03% to close to 30%, 22 companies saw a decline in their share prices in a range of 0.07% to close 10%. 

Meanwhile, the shares of the three most recent additions to the stock exchanges saw high demand. While Groww’s shares jumped 30.18% from their listing price to end the week at INR 148.41, Lenskart and Pine Labs gained 4.90% and 3.84% to end yesterday’s trading session at INR 409.1 and INR 251.3, respectively.

Shares of Paytm, Menhood, Yatra and CarTrade touched fresh highs during the week, while Urban Company and Tracxn touched fresh lows.

Online travel aggregator (OTA) Yatra, which disclosed yet another strong quarter, saw its shares surge the highest 29.4% to end the week at INR 187.3. Similar to Yatra, IndiQube, Zaggle, and Honasa Consumer also saw a bull run this week on the back of strong financial performances.

However, the Q2 numbers of Awfis, MapmyIndia, WeWork India and ArisInfra triggered selling pressure. Caught in controversies, Ola Electric was the biggest loser this week, falling 9.66% to end the week at INR 42.27. 

Here’s a brief round up of the key developments that happened this week: 

• Days after Ola Electric received a key regulatory approval for its 4680 Bharat Cell, media reports from South Korea claimed that an employee of LG Energy Solution attempted to pass on pouch cell technology IPs to the EV manufacturer. Ola Electric rubbished the claims, terming them as “misleading and completely baseless”.
• A day after reports surfaced about perhaps one of the biggest amalgamation deals this year, CarTrade disclosed on November 10 (Monday) that it was in discussions to acquire the automotive classifieds business of rival CarDekho. While no definitive agreement has been reached as of now, the deal could value CarDekho at over $1.2 Bn. CarTrade’s shares gained significantly after this, zooming 6.16% to end at INR 3,077.6.
• IndiQube narrowed its Q2 loss by 43% YoY to INR 29.9 Cr on the back of a near 40% YoY jump in its top line to INR 350.1 Cr. The company’s shares gained 8.35% to end the week at INR 220.55. Meanwhile, its competitor WeWork India turned profitable in Q2 FY26, while Awfis’ profit plunged 59% YoY to INR 16 Cr. The shares of both the companies ended the week in the red.
• Mamaearth parent Honasa Consumer posted a net profit of INR 39.2 Cr in Q2 as against a loss of INR 18.6 Cr in the year-ago quarter. Its operating revenue grew 17% YoY to INR 538.1 Cr. Its shares gained 6.78% to end at INR 292.1.
• Ather Energy trimmed its Q2 net loss by 22% YoY to INR 154.1 Cr and saw a 54% YoY uptick in its operating revenue to INR 898.8 Cr. Following the disclosure, state-backed National Investment and Infrastructure Fund (NIIF) offloaded Ather Energy’s shares worth INR 541.6 Cr in bulk deals on November 13 (Thursday).
• Smartwork COO Prashant Hakim tendered his resignation with immediate effect on November 13 due to personal reasons. He had been with the company since 2018, joining as chief of staff and VP-strategy.
• Swiggy has set December 8 as the date to convene an extraordinary general meeting to get its shareholders’ nod for its INR 10,000 Cr QIP (qualified institution placement).

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

Markets Rebound On Positive Sentiment 

India’s equity markets staged a strong rebound this week, ending firmly in the green after a brief phase of weakness. Sentiment stayed positive from the outset, supported by favourable domestic cues, though mixed global signals triggered bouts of volatility in the later sessions. Both Nifty 50 and Sensex gained over 1.5% to end the week at 25,910.05 and 84,562.78, respectively.

As per Religare Broking’s senior vice president Ajit Mishra, investor confidence improved this week after India’s retail inflation eased sharply to 0.25% in October from 1.44% in September, helped by GST rate cuts and cooling food prices. 

Strong macro indicators further aided sentiment, with net direct tax collections rising 7% YoY to more than INR 12.92 Lakh Cr. Political sentiment was also supportive due to expectations of NDA’s return to power in Bihar and then the clear victory yesterday.

“Globally, cues remained largely positive early in the week, especially from the US markets. However, renewed volatility in AI-related stocks toward the end of the week triggered bouts of choppiness across global markets, including India,” Mishra added.

However, FII outflows continued. According to Geojit’s CIS VK Vijayakumar, selling by FIIs accelerated on the last few days of the week, and the total FII selling for the month till November 14 stood at Rs 13,925 Cr. He added that Indian equity markets have been underperforming compared to the peers who are benefiting from the global AI trade. But, he said, this may reverse as the froth in AI stocks begins to cool.

With the earnings season behind, markets will now track high-frequency indicators such as services PMI, foreign exchange reserves and infrastructure output, alongside global cues from the US, including the upcoming FOMC minutes.

Amid all these, PhysicsWallah’s public issue closed with a 1.81X oversubscription. Meanwhile, Capillary Technologies’ IPO opened to a steady demand on Friday, ending the first day of bidding with 28% subscription. 

InCred Holdings and Meritto pre-filed their DRHP confidentially with the SEBI, joining the long queue of new-age tech companies looking to go public. IIT Bombay-incubated SEDEMAC, too, filed its DRHP for an OFS-only IPO. 

Now, let’s take a look at the performance of Yatra and Nazara Technologies this week. 

Nazara’s Balancing Act

Shares of gaming major Nazara ended the week 3.3% higher at INR 273.75, even as the company posted a consolidated net loss of INR 33.9 Cr in Q2 FY26 as against a profit of INR 16.2 Cr in the year-ago quarter. In the preceding June quarter, Nazara had posted a profit of INR 51.3 Cr.

The quarterly loss was driven by its writeoff of its investment in PokerBaazi after the real-money gaming ban. Nazara recognised a reduction of INR 914.7 Cr in PokerBaazi’s valuation, bringing its carrying value down to INR 96.5 Cr.

Nazara also booked a loss of INR 223.7 Cr due to Nodwin’s impairment of Freaks4U amid stagnation in esports and softness in European markets. 

However, these losses were balanced by other income gain of INR 1,104.5 Cr, which came on the back of Nazara reclassifying Nodwin as an associate entity from a subsidiary earlier.

Operating revenue rose 65% YoY to INR 526.5 Cr, supported by strong performance across mobile gaming, adtech and PC-console publishing. 

While mobile gaming revenue jumped 81% YoY to INR 206 Cr, PC and console publishing (post Curve Games acquisition) brought in INR 60.7 Cr. Adtech revenue grew more than fivefold to INR 145.1 Cr. However, sports media saw a 23.8% YoY decline in revenue due to Google’s core update, though other network sites reported strong traction.

Choice Institutional Equities said Nazara’s portfolio reset following the Nodwin hive-off and one-off impairments sets the stage for “predictable” earnings. “We remain constructive on Nazara as the core growth engine strengthens… the earnings profile is becoming progressively cleaner and more predictable,” the brokerage noted, assigning a target price of INR 390 and retaining its buy rating.

Yatra Surges On Robust Q2 Performance

Shares of Yatra zoomed after the company’s consolidated net profit doubled to INR 14.3 Cr in Q2 FY26 from INR 7.3 Cr a year ago. However, it was lower than INR 16 Cr profit in the preceding June quarter. Operating revenue rose 48% YoY and 67% QoQ to INR 350.9 Cr, taking total income to INR 355.9 Cr. 

EBITDA grew 125% YoY to INR 24.8 Cr, with margins at 20%. Backed by strong traction in hotels and MICE, Yatra raised its adjusted EBITDA growth guidance for FY26 to 35-40% from 30% earlier.

Gross bookings grew 16% YoY to INR 2,050.3 Cr, supported by 34 new corporate customer wins with an annual billing potential of INR 26 Cr. CEO Dhruv Shringi said the diversified revenue mix and strength in corporate travel helped mitigate softness in the retail air segment.

JM Financial noted that hotels and packages remained the key growth driver this quarter, while elevated service costs tied to MICE impacted margins. Nonetheless, the brokerage said strong corporate additions and operating leverage support the company’s upgraded guidance. It maintained a buy rating on the stock with a target price of INR 215.

(Edited by Vinaykumar Rai)