Kissht Extends Rally Amid A Mixed Week For New-Age Tech Stocks

New-age tech stocks saw yet another mixed week amid the final leg of Q4 earnings season. While 26 out of the 57 new-age tech stocks under Inc42’s coverage gained in a range of 0.53% to close to 18% this week, 30 stocks fell in a range of 0.13% to about 18%.

Recently listed NBFC Kissht extended its rally this week, gaining 17.85% to end the week at ₹273.05. The stock is now trading about 43% higher than its listing price of ₹191 on the BSE. Ola Electric was the second biggest gainer this week amid reports of the company securing ARAI approval for a new commercial electric scooter aimed at delivery and logistics applications.

Among the gainers, four companies — Kissht, Ather Energy, SEDEMAC and RateGain — touched fresh highs this week. 

Meanwhile, Zappfresh topped the list of losers this week, with the stock falling 17.64% to end the week at ₹86.4.

The company disclosed its financial performance on Wednesday (May 27), reporting a 57% YoY jump in its FY26 net profit to ₹14.3 Cr. Revenue surged 69% YoY to ₹220.8 Cr in the fiscal year.

Wakefit, PB Fintech, Shadowfax, FirstCry, and PhysicsWallah were among the other losers this week.

The total market cap of 57 new-age tech companies stood at $139.25 Bn at the end of the week as against $130 Bn at the end of last week. 

Notably, the stock exchanges were closed on Thursday (May 28) on account of Eid Al-Adha (Bakri Eid). Investors responded to Q4 numbers during the holiday-shortened week. Here’s a quick look at the financial disclosures this week:

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

• PB Fintech’s cofounders Yashish Dahiya and Alok Bansal sold 38 Lakh shares of the company via multiple block deals for a cumulative sum of ₹665.4 Cr. The shares were picked up by Goldman Sachs, Morgan Stanley, Societe General, Kotak Securities, Tata Mutual Fund, BNP Paribas, among others.
• Alongside approving its financials, FirstCry’s board approved an investment of up to AED 34 Mn (about ₹88.1 Cr) in its wholly owned UAE subsidiary, Firstcry Management DWC LLC, as part of its overseas expansion plans.
• Zaggle CFO Srikanth Gaddam tendered his resignation effective May 27 citing “personal reasons”. 
• Urban Company received relief from the Tamil Nadu GST Department, which dropped proceedings related to alleged GST return discrepancies for FY23. The regulator found no short payment of GST or irregular ITC claims, resulting in zero tax demand, interest, or penalty for the company.
• PhysicsWallah’s board approved an investment of ₹120 Cr in its NBFC arm FinZ Finance to augment its working capital requirements and facilitate the expansion and scaling up of its business operations.
• Nazara’s board cleared an investment of $500K in gaming startup nCore Games via its wholly owned subsidiary Nazara Technologies FZ LLC via a convertible promissory note. The investment will strengthen Nazara’s India-focused gaming and esports portfolio through the FAU-G franchise and FAU-G Bharat League, while also giving it favourable conversion and valuation rights.
• Ather Energy incorporated a new subsidiary, Ather Insurance, to foray into the insurance segment. The subsidiary will offer and facilitate insurance policies in the capacity of a corporate agent.
• The RBI cleared the extension of tenure of Fino Payments Bank’s interim CEO Ketan Merchant for a further period of three months from May 27, 2026.
• BlackBuck’s company secretary, compliance officer and head legal Barun Pandey tendered his resignation after a near two year stint to pursue alternate career opportunities. 
• MobiKwik received RBI’s in-principle approval to operate as a payment aggregator-physical (PA-P) licence. The clearance allows the company to pursue business expansion in offline merchant business.

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

Markets Fail To Sustain Momentum Amid Persistent FII Outflows

The Indian equities market ended the week lower amid high volatility. While Sensex closed 0.8% lower at 74,775.74, Nifty 50 declined 7% to 23,547.75. 

The week’s first two sessions saw the market rallying amid easing crude oil prices and optimism surrounding a possible US-Iran peace agreement. However, persistent FII outflows brought the market lower in the next two trading sessions. Besides, volatility was further triggered by monthly F&O expiry and profit booking.

FIIs extended their 11-month selling streak this month, pulling out ₹55,963 Cr from Indian equities in May amid rising geopolitical tensions in West Asia, rupee weakness, and elevated crude oil prices.

DIIs, however, provided strong support to the markets by infusing a record ₹82,668 Cr during the month, offsetting FII outflows and signalling a shift in market liquidity dynamics.

The trend persisted in the final week of May, with FIIs selling equities worth ₹23,734 Cr over four trading sessions, while DIIs remained consistent buyers with net inflows of ₹25,503 Cr.

“The primary catalyst for this large-scale withdrawal has been escalating geopolitical tensions in West Asia, which have heightened global uncertainty and risk aversion. This has been compounded by several macroeconomic pressures such as weakening Indian Rupee, higher crude prices,” said Pabitro Mukherjee, deputy vice president – technical at Bajaj Broking.

Yesterday’s trading session witnessed sharp in the final hours after the MSCI index rebalancing took effect, dragging benchmark indices lower

“Investor sentiment was also impacted by macroeconomic revisions from major economies. The US Bureau of Economic Analysis revised first-quarter US GDP growth downward to 1.6% annualised from the earlier estimate of 2.0%, highlighting moderation in economic momentum,” said Ajit Mishra, SVP of research at Religare Broking.

Investors will closely track global cues in the coming week, particularly developments around the US-Iran situation and fluctuations in crude oil prices.

On the domestic front, IIP data for April, due on Monday (June 1), will be watched for indications of manufacturing activity and broader economic momentum following recent signs of moderation. Markets will also monitor the final HSBC Manufacturing PMI for May on Monday, followed by Services and Composite PMI readings on Wednesday (June 3), for insights into demand conditions and business activity trends.

The spotlight, however, will remain on the RBI’s monetary policy decision on Friday (June 5), with the central bank expected to retain a cautious stance amid rupee weakness, elevated bond yields, and persistent inflation concerns. The Centre will also release the Q4 and provisional full-year GDP data for FY26 on the same day. 

Now, let’s take a deeper look at the performance of some of the new-age tech stocks this week.

Kissht’s Strong Q4 Show

Shares of Kissht have been on an upward curve for the past two weeks. The stock gained 8.4% till Wednesday this week before the release of its Q4 financials. 

The company disclosed its financials for Q4 FY26 after market hours on Wednesday. Its net profit for the March quarter surged 52% YoY and 7% QoQ to ₹82.2 Cr. Operating revenue zoomed 68% YoY and 5% QoQ to ₹619.4 Cr. 

For the full FY26, Kissht’s net profit jumped 75% to ₹281.5 Cr from ₹160.6 Cr in the previous fiscal. Operating revenue for the fiscal zoomed 63% YoY to ₹2,179.3 Cr.

On the operational front, Kissht reported a 73% YoY jump in AUM to ₹7,066 Cr in Q4 FY26. Its unsecured personal loan portfolio accounted for 92.7% of AUM, while the LAP business scaled up to 7.3%. 

Off-book AUM touched ₹3,510 Cr across eight partners, reflecting its capital-light strategy. Asset quality also improved sharply, with gross NPA declining to 2.12% and net NPA remaining low at 0.29%, supported by strong collection efficiency and digital-first operations.

Investors cheered the company’s results yesterday, with the stock gaining 4.16% to end the week at ₹273.05. Overall, shares of Kissht surged 17.85% this week. 

Aequs Tumbles After Posting Loss In Q4 

Contract manufacturer Aequs’ shares plummeted 10.05% to end the week at ₹191.05. The stock came under pressure after the company released its Q4 and FY26 financials on  Tuesday (May 26). 

Aequs slipped into the red in Q4 FY26, posting a net loss of ₹53.7 Cr against a profit of ₹8.9 Cr a year earlier. The loss widened 26% sequentially. 

Operating revenue surged 47% YoY to ₹367.1 Cr, driven by strong growth in its aerospace business and rapid scale-up of its consumer electronics segment, which began commercial operations only in Q3. EBITDA remained positive at ₹32 Cr, though margins compressed to 9% amid elevated operating costs. 

For FY26, its operating revenue rose 33% YoY to ₹1,230.4 Cr. Net loss widened to ₹113.3 Cr for the year.

Following the declaration of results, the stock plunged about 10% on Wednesday. 

Despite the decline this week, shares of Aequs are trading over 36% above their listing price of ₹124 in December 2025. The company has also maintained a market cap of over $1 Bn for weeks now.

At the end of Friday’s trading session, Aequs’ market cap stood at $1.35 Bn (₹12,813.07 Cr).

Edited by Vinaykumar Rai

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