Groww, BlueStone Surge Amid A Mixed Week For New-Age Tech Stocks

New-age tech stocks saw a mixed week amid uneasy ceasefire in West Asia, Q4 earnings season, and continued selling by FIIs. While 22 out of the 56 new-age tech stocks under Inc42’s coverage gained in a range of 0.6% to close to 14% this week, 34 stocks fell in a range of 0.22% to about 14%.

NBFC Aye Finance led the list of gainers, with its shares zooming 13.96% to ₹134.73. The company is set to declare its Q4 financials on Monday (April 27) .

In the list of gainers, five stocks — Honasa Consumer, Shadowfax, Fractal, Aequs and Groww — touched fresh highs this week. 

Meanwhile, Wakefit’s shares touched an all-time low of ₹141 on Thursday (April 23) this week. The company’s shares recovered slightly to end the week at ₹142.15, still down 4.5% from last week. 

Cybersecurity firm TAC Infosec saw the heaviest selling this week amid concerns over AI-led disruption in the sector.

The NSE Emerge-listed company’s shares plunged 13.84% to end at ₹481. 

Fino Payments Bank, Yatra, and EaseMyTrip were among the other losers this week. 

Amid this, the cumulative market cap of 56 new-age tech stocks declined to $131.25 Bn at the end of the week from $133.72 Bn a week ago. 

Now, let’s take a look at some of the key developments at new-age tech companies this week:

• The RBI cancelled the licence of Paytm’s defunct banking subsidiary, Paytm Payments Bank. The bank is no longer allowed to carry out any banking activity with immediate effect. The central bank will also move the High Court to start winding up proceedings. 
• BlackBuck secured a favourable income tax ruling for FY21 and FY22, with authorities allowing ESOP expenses worth ₹106.6 Cr that were earlier disallowed. The order follows the appellate authority’s decision, with the deputy commissioner of Income Tax setting aside the disallowance. 
• Pine Labs is acquiring a 100% stake in Tiger Global-backed ecommerce enablement startup Shopflo for ₹88 Cr. The acquisition, which will be completed within three months, will help the company offer D2C merchants an end-to-end platform for in-store payments and merchant solutions, consumer engagement and retention capabilities, among others.
• Contract manufacturer Aequs’ board approved an investment of ₹10 Cr in its toy manufacturing subsidiary, Aequs Force Consumer Products, and the merger of the subsidiary, along with AeroStructures Manufacturing India and Aequs Engineered Plastics, within itself.
• Shadowfax launched Shadowfax 360, a unified digital shipping platform for SMEs and D2C brands. It will allow small businesses to access Shadowfax’s logistics network across 15,000+ pincodes in 2,500 cities without minimum order commitments.
• Eternal-owned Zomato withdrew a contract term that obligated its restaurant partners to match the pricing at their walk-in outlets and websites to the price offered on the platform.

With that, let’s take a look at the broader market trends of the week. 

Weak IT Earnings Weigh On Broader Market

After two weeks of recovery, markets went into a phase of correction again this week. While Sensex fell about 2.3% to 76,664.21, Nifty 50 plunged 1.9% to end at 23,897.95.

A key trigger for the decline this week was disappointing earnings and subdued outlook of IT majors. For instance, IT major Infosys, after reporting a sequential decline in revenue, gave a revenue growth guidance of 1.5%-3.5% YoY for FY27, lower than expectations. 

The broad industrial outlook for India also isn’t looking as healthy. The index of eight core industries contracted 0.4% YoY in March 2026, indicating weakness across key segments. Further, Moody’s also revised India’s FY27 GDP growth forecast downward to 6%, citing weak consumption, slow industrial activity, and rising energy costs.

“Domestically, the RBI flagging early signs of an economic slowdown, softer forward-looking business confidence, and foreign brokerages’ downgrade on the Indian equity outlook overshadowed an otherwise expansionary PMI reading,” said Vinod Nair, head of research of Geojit Investments. 

Notably, India’s composite PMI rose to 58.3 in April from 57 in March.

Meanwhile, foreign investors’ selling of Indian equities remained unabated this week. FIIs sold equities worth ₹17,140 Cr this week. “The month-to-date trend remains the same for the tenth consecutive month, with FIIs pulling out a substantial ₹5,6360 Cr from Indian equities in the month of April till now. DIIs infused ₹39,480 Cr during the same period as per provisional exchange data,” said Pabitro Mukherjee, associate vice president of research at Bajaj Broking. 

Geopolitical tensions relating to West Asia and crude oil crossing $100 per barrel also kept sentiment under pressure. 

Now, let’s take a look at the performance of Groww and BlueStone, who released their financial numbers this week. 

Groww’s Strong Performance Triggers Bull Run

Groww, which reported a strong Q4 FY26 performance, on Monday (April 20) saw its shares rally throughout the week. The stock touched an all-time high of ₹223.65 yesterday and gained about 10% this week to end at ₹218.05.

Groww’s net profit jumped 122% YoY to ₹686.4 Cr in Q4 FY26, driven by operating leverage and expanding margins. Revenue rose 88% YoY to ₹1,505.4 Cr, while EBITDA surged 142% to ₹938.7 Cr, taking PAT margin to 45% from 36.7% a year ago.

For FY26, Groww posted a profit of ₹2,083 Cr, up 14%, while operating revenue rose 19% to ₹4,644.6 Cr. 

The stockbroking platform’s performance was led by strong growth in trading activity despite broader market volatility. Equity derivatives contributed 55% of total income, while retail derivatives premium ADTO tripled YoY to ₹16.5K Cr, lifting market share to nearly 11%. Retail cash ADTO in stocks rose 54% YoY to ₹13.8K Cr, while mutual fund SIP inflows grew 35% to ₹13,023 Cr.

Groww ended the quarter with 2.2 Cr transacting users, up 25% YoY, and customer assets up 36% to ₹3 Lakh Cr. 

Its newer businesses remained loss-making, with Fisdom posting a ₹10.2 Cr loss and Groww MF reporting a ₹20.2 Cr loss in Q4. However, Groww expects both to scale meaningfully over the next few years as it deepens its presence across wealth and credit.

BlueStone Reports Maiden Profitable Fiscal

Shares of omnichannel jewellery company BlueStone gained 4.68% to end the week at ₹546.75. The company released its Q4 and FY26 numbers on Thursday.

It reported its second straight profitable quarter and its first full fiscal year in the black, posting a net profit of ₹31.2 Cr in Q4 FY26 versus a loss of ₹51.3 Cr a year ago. For FY26, the omnichannel jewellery brand posted a profit of ₹26 Cr as against a loss of ₹219.2 Cr in FY25. Revenue rose 38% YoY to ₹2,441.2 Cr.

The company’s Q4 revenue grew 48% YoY to ₹681.5 Cr, while adjusted EBITDA jumped 3.5X to ₹147.4 Cr, reflecting stronger operating efficiency. 

However, profit fell 55% sequentially due to non-cash ESOP expenses and lease-related charges of ₹27.8 Cr. Excluding these, BlueStone said adjusted net profit would have stood at ₹64.3 Cr.

The company ended FY26 with 340 stores across 134 cities, adding 65 stores during the year, well below its expansion target, as soaring gold prices forced a more cautious, demand-led store rollout. 

Gold prices, which have nearly doubled over the past 15-18 months, also weighed on inventory turnover and return on invested capital, prompting BlueStone to sharpen its focus on entry-level products and first-time buyers heading into FY27.

Edited by Vinaykumar Rai

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