New-Age Tech Stocks See A Mixed Week Amid Q4 Season, Unicommerce Worst Hit

New-age tech stocks witnessed a mixed response from investors amid the ongoing Q4 earnings season and tensions in West Asia. Twenty eight out of the 56 new-age tech stocks under Inc42’s coverage gained in a range of 0.16% to over 18% this week, while an equal number of stocks fell in a range of 0.12% to close to 10%. 

ideaForge emerged as the biggest gainer this week, with its shares surging 18.4% ahead of its release of Q4 FY26 numbers on April 30 (Thursday).

The holiday shortened week saw shares of six companies — Shadowfax, Ather Energy, Aequs, Groww, Aye Finance and Honasa Consumer — rally to fresh highs. The markets were closed yesterday on account of Maharashtra Day.

Meanwhile, shares of Wakefit and Zaggle tanked to all-time lows this week. Unicommerce emerged as the biggest loser this week after reporting a muted financial performance in Q4. The stock slumped 9.84% to end the week at ₹92.84. 

Eternal, Paytm, Swiggy and Lenskart were among the other losers this week. While Eternal reported its Q4 numbers this week, the sell-off in Paytm was triggered after the RBI cancelled the banking licence of Paytm Payments Bank. 

As a result, the cumulative market cap of the 56 new-age tech stocks declined to $129.67 Bn at the end of the week from $131.25 Bn a week ago.

Now, let’s take a look at the key developments at some of these companies: 

• MobiKwik secured the NBFC licence from the RBI nearly one year after foraying into the segment. This triggered a rally in the company’s shares. The fintech company’s early investor, Peak XV Partners, offloaded 62.15 Lakh shares at a price of ₹214 apiece via a block deal on April 28 (Tuesday). With this, the investor completely exited the company.
• ICRA downgraded the ratings of Ola Electric’s OEM subsidiary Ola Electric Technologies Pvt Ltd on account of diminishing sales volume and revenue. It said that the “material underperformance” in the company’s volume and revenue relative to earlier expectations have extended the timeline for profitability and impacted near-term financial flexibility.
• Fractal Analytics announced a revamp of its “operational model” and a plethora of leadership changes this week. Its chief growth officer Shailendra Pratap Singh is stepping away from this role. Fractal appointed Kunal Jain as head of AI workforce transformation, while Suraj Amonkar will take over the reins as company’s chief AI research officer. Senior executive Matthew Gennone has been given the additional role of chief commercial officer and CEO of Cogentiq.
• TBO Tek’s COO Deepak Khanna quit citing “personal reasons” after an about 15-year stint with the company.
• PB Fintech’s subsidiary Paisabazaar received a tax order from the Commissioner of Income Tax (Appeals) confirming disallowances of ₹85.6 Cr for FY23 and ₹60.31 Cr for FY22. The company plans to challenge the decision.

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

Global Cues Weigh On Broader Market 

Indian equity markets closed the week on a mildly positive note, but the overall week was volatile and range-bound due to mixed domestic and global cues. Benchmark indices Nifty 50 and Sensex gained around 0.5% each, ending at 23,997.55 and 76,913.50, respectively. 

Global factors played a significant role in shaping investor sentiment. A sharp spike in crude oil prices, with Brent briefly touching $126 per barrel, triggered concerns around inflation and input costs. Disruptions in the Strait of Hormuz and stalled negotiations between Iran and the US added to volatility. Additionally, OPEC dynamics shifted after the UAE said it would exit the organisation, raising fears of supply instability in global energy markets.

“Despite the volatility, early Q4FY26 corporate earnings provided encouragement, prompting investors to adopt a constructive stance to avoid missing the momentum. While the sell-off was broad-based, defensive and demand-led sectors such as pharmaceuticals, healthcare, telecom, and energy outperformed,” Geojit Investments’ research head Vinod Nair said.

On the domestic front, macroeconomic indicators suggested moderation. Industrial production growth slowed to 4.1% in March from 5.2% in February, marking its weakest pace since October 2025. While India’s FY26 trade deficit widened annually, the March deficit narrowed to $20.67 Bn, offering some relief. 

Persistent FII outflows, a weakening rupee, and mixed corporate earnings further weighed on sentiment. Meanwhile, the Federal Reserve kept the interest rates unchanged, reinforcing a cautious stance amid global growth concerns.

Going ahead, markets are expected to continue to remain sensitive to global cues, particularly crude oil price movement and geopolitical tensions. Domestically, the ongoing Q4 earnings season will be a key trigger, alongside important macroeconomic data such as PMI readings and foreign exchange reserves.

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

ideaForge Surges On Japanese Partnership 

Shares of ideaForge surged after it signed a non-binding and exploratory MoU with Japan’s Digital Media Professionals.

“This collaboration is a routine business activity intended to explore the integration of DMP’s edge AI system-on-chip (SoC) technology into our unmanned aerial vehicle (UAV) platforms to enhance autonomous capabilities for defense and industrial applications,” it said.

On Thursday, the drone company reported robust financial numbers for Q4 FY26 after market hours. It returned to profitability in the quarter, reporting a net profit of ₹59.9 Cr as against a loss in the previous three quarters. Revenue surged 6X YoY and 3.5X sequentially to a record ₹141 Cr, supported by strong order execution despite supply chain disruptions. In FY26. Loss narrowed 73% to ₹17 Cr, while revenue grew 40% to ₹226.1 Cr in FY26.

The company’s growth is closely tied to rising demand and execution efficiency, backed by investments in R&D and manufacturing across India and the US. It also expanded into combat drones, aligning with evolving defence needs.

On the global front, ideaForge announced that it secured its first US order and trained NATO forces as part of a JV it earlier signed with First Breach Inc.

Unicommerce Reports Muted Q4 

Ecommerce-focused SaaS company Unicommerce’s shares were under pressure throughout the week, after it released its financials on Monday.

The company reported a modest 3% YoY rise in Q4 FY26 net profit to ₹3.4 Cr, though profit fell 55% sequentially due to seasonal softness. Operating revenue grew 14% YoY to ₹51.6 Cr but declined 8.3% QoQ, with management attributing the dip to post-festive demand normalisation in India’s ecommerce cycle.

Adjusted EBITDA rose 8% YoY to ₹9.6 Cr, while total expenses increased 13%. For FY26, the company posted a strong performance, with profit rising 16.5% to ₹20.5 Cr and revenue surging 51.6% to ₹204.3 Cr. The company continues to scale its full-stack ecommerce SaaS offerings, integrating AI across platforms like Uniware and Shipway. Growth was supported by enterprise client additions and rising ecommerce complexity, with brands now operating across significantly more sales channels.

Looking ahead, Unicommerce plans to invest heavily in AI-led product development, sales, and acquisitions of profitable, AI-focused businesses. While these investments may weigh on near-term profit, the company’s management expects stronger operational performance in FY27, supported by platform expansion and deeper market integration.

Edited by Vinaykumar Rai

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