New-Age Tech Stocks Gain Amid Q4 Optimism, ideaForge Biggest Winner This Week

New-age tech stocks witnessed a positive week amid the ongoing Q4 FY26 earnings season, with investor sentiment favouring profitable and high-growth tech plays. Forty out of the 56 new-age tech stocks under Inc42’s coverage closed the week in positive territory, gaining 0.4% to nearly 34%. The remaining 16 stocks saw a decline, falling 0.01% to 7.98%, amid selective profit booking and broader market volatility.

Dronetech, fintech, SaaS and auto stocks rallied this week, while consumer internet and newly listed discretionary consumption companies continued to face pressure.

ideaForge emerged as the biggest gainer this week, with its shares soaring 33.74% to close at ₹814.8. DroneAcharya followed closely with a 30.16% jump, while CarTrade rallied 20.35% during the week.

While ideaForge reported its Q4 FY26 numbers on April 30 (Thursday), CarTrade posted a 53.6% rise in its consolidated net profit to ₹70.8 Cr in Q4 earlier this week.

Veefin Solutions, Fractal Analytics, Aye Finance and ArisInfra Solutions were among the other major gainers this week, rising between 11% and 15%. Aye Finance and Aequs touch fresh highs during the week. 

Meanwhile, Urban Company, which also released its Q4 numbers yesterday, emerged as the biggest loser, with its shares sliding 7.98% during the week. Wakefit declined 7.39%, while Lenskart, Groww and TAC Infosec also ended lower. In fact, Wakefit touched a fresh low this week.

The cumulative market capitalisation of the 56 new-age tech stocks under Inc42’s coverage rose to $138.2 Bn at the end of the week from $129.7 Bn a week ago. 

Lending tech company Kissht made a robust stock market debut yesterday, with the stock getting listed at a premium of nearly 12% to the issue price. Including Kissht, the total market capitalisation of 59 new-age tech companies stood at $138.6 Bn.

Paytm, Swiggy, ArisInfra, Meesho, PB Fintech, and Ather Energy were among the new-age tech companies that disclosed their Q4 financials this week.

On the IPO front, InCred Holdings filed its updated DRHP with SEBI for a public issue comprising a fresh issue of up to ₹1,250 Cr and an offer for sale of up to 9.9 Cr shares. Meanwhile, quick commerce major Zepto received SEBI’s nod to proceed with its $1 Bn IPO. The company is likely to file its updated DRHP in six to eight weeks.

Now, let’s take a look at some of the key developments that shaped investor sentiment this week:

• Tencent exited PB Fintech by selling its remaining 1.05% stake worth ₹805 Cr via block deals. Today, the company also said that its subsidiary PB Marketing and Consulting Pvt Ltd received SEBI’s approval to act as stock broker on the NSE for the debt segment.
• Following the expiry of Lenskart’s six-month IPO lock-in period, its existing investors sold shares worth at least ₹3,861 Cr via multiple block deals. Alpha Wave Ventures, BirdsEye Holdings and TR Capital were among the major sellers.
• RateGain CFO Rohan Mittal resigned due to “personal reasons and family commitments”. The company appointed senior vice president finance Ankit Aggarwal as deputy CFO and interim CFO with effect from May 9, until a permanent replacement is appointed.
• Ola Electric received government certification for its S1 X+ 5.2 kWh scooter powered by its in-house developed 4680 Bharat Cell battery pack. The company said the scooter offers an IDC range of 320 km and is now the longest-range product in its mass-market portfolio.

Broader Market Remains Resilient Despite Volatility

Indian equity markets ended the week on a cautiously positive note despite heightened volatility due to the geopolitical tensions in West Asia, fluctuating crude oil prices and persistent uncertainty around global macroeconomic conditions.

Benchmark indices Sensex and Nifty 50 closed 0.5% and 0.7% higher, respectively, this week. FIIs continued to remain net sellers, offloading equities worth ₹11,070 Cr during the week. Domestic institutional investors (DIIs), however, continued to provide support, emerging as net buyers with investments of ₹21,390 Cr.

FIIs initially turned buyers after the results of the assembly elections on Monday (May 4) boosted investor confidence. However, escalating geopolitical tensions, elevated crude oil prices and weakness in the rupee triggered heavy selling in the subsequent sessions. The FIIs have sold Indian equities worth more than ₹2.5 Lakh Cr in 2026 so far.

Despite the volatility, broader markets remained resilient. Midcap and smallcap indices outperformed benchmark indices during the week, with sectors such as defence, autos, realty and pharmaceuticals witnessing strong buying interest.

“Indian equities navigated a volatile week shaped by developments in West Asia but ultimately closed higher as easing crude prices, a firmer rupee, and softer 10-year bond yields helped ease stagflation concerns despite lingering geopolitical tensions,” said Vinod Nair, head of research at Geojit Investments.

He added that better-than-expected Q4 earnings and favourable domestic political developments helped improve investor sentiment, allowing markets to absorb intermittent bouts of profit booking.

Now, let’s take a look at the performance of the biggest gainer and loser this week.

ideaForge Surges On Earnings Boost

Last week’s rally in ideaForge continued this week as well, with investor sentiment turning positive after the dronetech company posted a consolidated net profit of ₹59.9 Cr after reporting losses in the previous three quarters. 

Revenue surged 6X YoY and 3.5X sequentially to a record ₹141 Cr during the quarter, driven by robust order execution and rising defence sector demand despite ongoing supply chain disruptions triggered by geopolitical tensions.

For the full fiscal year FY26, ideaForge trimmed its net loss by 73% to ₹17 Cr. Operating revenue rose 40% YoY to ₹226.1 Cr.

The company attributed the strong performance to improving market demand and long-term investments in deep R&D capabilities. During the quarter, ideaForge expanded its advanced R&D and manufacturing footprint across Navi Mumbai, Bengaluru, Delhi and the US.

It also highlighted that its drones completed 2.5 Lakh end-customer flights during FY26, accounting for nearly 26% of all deployments it has executed since inception in 2007.

It also entered the combat drone segment during the quarter through in-house development and strategic partnerships. It is now developing long-range attack drones, loitering munitions and kamikaze drone systems amid increasing global defence demand.

ideaForge continued to strengthen its international presence during the quarter. After entering the US market last year through a joint venture with First Breach Inc, the company secured its inaugural order from the Lamar Police Department in Texas. It also claimed to have become the first global drone company to train NATO forces at the US National Test Pilot School.

Despite the recent rally, shares of ideaForge are trading nearly 38% below their IPO listing price. 

Urban Company Slides Nearly 8%

Shares of Urban Company came under pressure after it reported a sharp deterioration in bottom line in Q4 FY26, with consolidated net loss widening 56.7X YoY to ₹161.2 Cr from ₹2.8 Cr in the year-ago quarter. Sequentially, loss ballooned more than 656% from ₹21 Cr, largely due to aggressive investments in its quick home services vertical, InstaHelp.

Operating revenue grew 42.6% YoY to ₹425.6 Cr during the quarter, while full-year FY26 revenue rose 35.9% to ₹1,555.5 Cr.

The company said InstaHelp continued to weigh heavily on profitability as it aggressively expanded the business amid rising competition in the quick home services segment from startups such as Snabbit and Pronto. 

InstaHelp’s adjusted EBITDA loss widened to ₹119 Cr in Q4 from ₹61 Cr in the previous quarter, driven by elevated marketplace subsidies, customer acquisition costs and supply onboarding expenses.

The stock also came under pressure due to concerns around slowing demand in international markets. Urban Company said the ongoing West Asia conflict impacted its UAE business in March, with demand dropping 15-20% in the last few weeks of the quarter as some users left the country.

Despite the near-term pressure, Urban Company maintained its target of achieving adjusted EBITDA breakeven by Q3 FY28. It ended FY26 with a cash balance of ₹2,021 Cr.

Edited by Vinaykumar Rai

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