New-Age Tech Stocks See Mixed Week; Kissht, Honasa Among Top Gainers

Investor sentiment towards new-age tech stocks remained mixed this week amid the ongoing Q4 earnings season and geopolitical tensions. While thirty one out of the 57 new-age tech stocks under Inc42’s coverage gained in a range of 0.11% to close to 18% this week, 26 stocks fell in a range of 0.01% to over 15%. 

Recently listed Kissht was the biggest gainer this week, with its shares surging 17.76% to end the week at ₹231.7. The stock hit a fresh high of ₹259.5 on Thursday (May 21). 

Besides Kissht, shares of Honasa Consumer, Shadowfax and SEDEMAC touched fresh highs this week. Other stocks that gained this week included WeWork India, RateGain, FirstCry, Nykaa, among others. 

Meanwhile, the list of losers was topped by MapmyIndia, with investors responding to underwhelming financial results. In the list of losers, Swiggy and Pine Labs touched fresh lows this week. Delhivery, Wakefit, TAC Infosec, and Fractal were among the other stocks which saw a decline this week. 

Investors responded to the Q4 numbers of the companies this week. Here’s a brief look at key financial disclosures this week:

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

• Fractal’s board approved an investment of $6 Mn (₹34.56 Cr) in its US-based step-down subsidiary, Asper US,  to power investment in R&D and sales and marketing.
• Groww’s promoters and promoter group entities — including cofounders Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh —  offloaded shares worth around ₹270 Cr over the past one week.
• Zaggle CFO Srikanth Gaddam tendered his resignation yesterday. He will work with the company till May 27. Gaddam has started a new AI startup, BuildWright, and will work on the same. In a separate development, promoter RAN Ventures Pvt Ltd bought 1.8 Lakh shares in the company.
• MobiKwik finds itself in trouble again as Bengaluru Police registered two FIRs against the fintech firm and its lending partner Lendbox for allegedly cheating investors and misusing funds via their P2P lending platform Mobikwik Xtra.
• Alongside its Q4 financials, Lenskart’s board approved the merger of wholly owned subsidiaries Dealskart Online Services and Lenskart Eyetech to simplify group structure and reduce administrative costs.
• Coworking space provider Awfis received a show cause notice from the Commercial Tax Officer of Tamil Nadu, raising a tax demand of ₹6.53 Cr for various discrepancies in filed return statements of FY24.
• Aequs’ board approved an investment of ₹9.30 Cr in its joint venture, Aequs Cookware Pvt Ltd.
• Under legal trouble, Fino Payments Bank’s former CEO and founding team member Rishi Gupta stepped down from the position of MD and CEO to “explore new avenues”. Meanwhile, the company’s board approved the extension of the tenure of Ketan Merchant as the interim CEO for a period of three months.
• Paytm’s early backer SAIF Partners, via its holding entity SAIF III Mauritius Company, offloaded 56.22 Lakh shares in a block deal worth ₹630 Cr. The VC firm  sold the shares at ₹1,120.65 apiece. Investors like Societe Generale, Citigroup, Sundaram MF, Viridian Asia, and Goldman Sachs lapped up the shares via open market transactions.
• Madison India Capital offloaded 2.48 Cr shares in fintech major Pine Labs in a block deal worth ₹356.86 Cr. The shares were bought by Franklin Templeton, HSBC Mutual Fund, ICICI Prudential, Tata Mutual Fund, Morgan Stanley, among others.
• PB Fintech’s board approved an investment of ₹5 Cr in its wholly owned subsidiary PB Marketing and Consulting. The investment will enable PB Marketing to satisfy the minimum net worth threshold required for registration and operation as a depository participant with NSDL or CDSL and for operational requirements.

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

Markets Remain Cautious Amid West Asia Conflict

Despite persistent rupee weakness and mixed global cues, the Indian equities market showed some resilience this week. While Sensex went up 0.2% to end at 75,415.35, Nifty 50 gained 0.3% to end at 23,719.30. 

Market sentiment remained largely range-bound, while broader markets outperformed amid selective investor rotation into mid-cap and new-age tech stocks. 

According to Geojit’s research head Vinod Nair, easing concerns around West Asia tensions and a modest pullback in crude oil prices offered some relief to domestic markets. He added that sustained buying by domestic institutional investors helped offset FII selling and reinforced the ongoing “buy-on-dips” trend.

Meanwhile, macro indicators painted a mixed picture. The index of eight core industries grew 1.7% YoY in April 2026, aided by higher cement, steel and electricity output. However, manufacturing activity softened further, with the HSBC Flash India Manufacturing PMI easing to 54.3 in May amid elevated energy costs and trade-related disruptions.

“The upcoming week is expected to remain highly sensitive to global macroeconomic developments, currency movements, and policy commentary. Domestically, industrial production (IIP) data for April 2026, scheduled for release on May 28, will be closely tracked for insights into manufacturing activity and broader economic momentum after recent signs of moderation,” Religare Broking’s research senior VP Ajit Mishra said.

With that, let’s take a look at the performance of Swiggy and Honasa.

Investors Cheer Honasa’s Strong Q4

Shares of Mamaearth parent Honasa Consumer moved up consistently throughout the week before the release of its Q4 financials on Thursday. While the company’s shares gained 3% till Thursday, they jumped significantly yesterday. 

The stock touched a fresh high of ₹405.4 yesterday, before settling at ₹384.6. Overall, Honasa’s shares gained 8.54% during the week. 

Honasa Consumer’s Q4 FY26 net profit skyrocketed 178% YoY and 38% QoQ to ₹69.4 Cr. Operating revenue grew 23% YoY and 9% QoQ to ₹657.1 Cr during the quarter under review.

The company’s board also announced a dividend of ₹3 per equity share.

Honasa said its emerging brands portfolio — including The Derma Co., Aqualogica, Dr Sheth’s, BBlunt, Staze and Reginald Men — posted over 40% YoY growth in FY26, driven by strong traction across both online and offline channels.

The company also reported its highest-ever quarterly EBITDA of ₹77 Cr in Q4 FY26, marking a 186% jump from ₹27 Cr in the corresponding quarter last year. For the full fiscal year, EBITDA surged 237% to ₹231 Cr from ₹69 Cr in FY25.

Speaking during the Q4 earnings call, CEO Varun Alagh said FY26 was a landmark year for profitability, with EBITDA tripling and full-year EBITDA margin expanding to nearly 9.6%.

Swiggy Remains Under Pressure 

Shares of Swiggy continued to remain under pressure this week, touching a fresh low of ₹247.30 on Monday (May 18). After seeing a revival during the middle of the week, the stock again came under pressure yesterday and ended the session slightly lower. Overall, the shares fell 2.1% this week. 

On Thursday, Swiggy said it failed to secure shareholders’ approval for its proposal to become an Indian-owned and controlled company (IOCC). Its resolution seeking amendments to its Articles of Association (AoAs) and changes to the board nomination framework fell short of the required threshold.

In a filing, the foodtech major said the proposal received 72.36% votes in its favour, missing the mandatory 75% approval mark by 2.65 percentage points. Swiggy had issued a postal ballot notice seeking shareholders’ approval for the AoA amendments and the appointment of Renan De Castro Alves Pinto as a non-executive nominee director. 

The move was seen as strategically important for Swiggy’s quick commerce business, Instamart, as it would have enabled a shift from its existing marketplace-led structure to an inventory ownership model. Similar to rival Eternal’s Blinkit, such a transition would have allowed Swiggy to directly source products from brands and sell them on its platform, potentially boosting margins, improving supply chain control and enhancing customer experience.

Notably, the shareholders approved Pinto’s appointment on the board of directors.

Edited by Vinaykumar Rai
Creatives by Varshita Srivastava

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