Turtlemint Jumps 23% To Lead Weekly Gains In New-Age Tech Stocks, Veefin Biggest Loser

With the Q1 FY27 earnings season drawing to a close, company-specific financial performance and business updates drove movements in new-age tech stocks this week. 

While 30 new-age tech stocks ended the week in the green, gaining up to 23%, 29 declined between 0.5% and 14%. Meesho ended the week flat at ₹191.25. 

Turtlemint emerged as the biggest gainer, with its shares rising 22.64% to close the week at ₹137.30. The rally came ahead of the insurtech company’s financial disclosures for Q1, which were released after market hours yesterday. 

Shares of E2E Networks, SEDEMAC, Paytm, Lenskart, Honasa Consumer, BlueStone, and Ather Energy, which have been gaining following the release of their Q1 numbers, touched fresh highs this week. 

Meanwhile, BSE SME-listed Veefin Solutions, which is looking to migrate to the main board, emerged as the biggest loser. Its shares plunged 13.76% to end the week at ₹246.90. 

ideaForge, WeWork India, MapmyIndia, and Fino Payments Bank were among the other major losers as their shares came under pressure following weaker-than-expected quarterly results. 

Logistics solutions provider LEAP India made its stock market debut yesterday, listing at a premium of 4.4% on the BSE. However, the stock subsequently came under selling pressure and closed 12.59% below its issue price at ₹145.10. 

Including LEAP India, the combined market capitalisation of the 61 listed new-age tech companies tracked by Inc42 stood at $162.73 Bn at the end of the week. The combined market capitalisation of the 60 companies tracked last week stood at $151.98 Bn. 

Here’s a look at the Q1 financials of some of the new-age tech companies announced this week.

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

• LEAP India made a mixed stock market debut, listing at a premium before closing below its issue price. Meanwhile, Shiprocket’s IPO was subscribed nearly 100X, and the ecommerce enablement platform is scheduled to list on Wednesday (August 19).
• IPO activity remained brisk during the week, with Zetwerk and Table Space filing their respective draft IPO papers. Meanwhile, Shalimar Paints approved a proposed share swap that could offer Infra.Market an alternative route to the public markets, months after the startup received SEBI’s approval for its confidential IPO papers.
• Paytm faced fresh regulatory trouble after SEBI issued show-cause notices to its key managerial personnel over disclosures made by the company in December 2023. While the stock touched a fresh high during the week, it subsequently came under selling pressure following the disclosure and brokerage downgrades.
• WeWork Inc, the US-based promoter of WeWork India, sold 35 Lakh shares in the coworking company for ₹244.1 Cr. The stock has gained more than 40% over the past three months.
• ixigo plans to sell a 17.39% stake in electric intercity bus startup Fresh Bus to Twelve Stone LLP for ₹36.6 Cr.

Geopolitical Tensions Weigh On Indian Equities

After gaining for two consecutive weeks, Indian benchmark indices ended the week lower as elevated crude oil prices, renewed geopolitical tensions, and mixed global cues weighed on investor sentiment.

The Sensex declined 0.62% to close at 78,009.25, while the Nifty fell 0.83% to 24,366. The broader market was mixed, with the Midcap index gaining 0.50% and the Smallcap index declining 0.66%. 

Brent crude remained elevated at around $87.18 per barrel after briefly testing the $90 mark, raising concerns about India’s import bill, inflation, currency stability, and corporate margins. 

Domestic retail inflation edged up to 4.45% in July from 4.38% in June, while WPI inflation moderated marginally to 9.78% from 9.87%. 

With the Q1 FY27 earnings season now largely over, investors are expected to turn their attention to global monetary policy, crude oil prices, and geopolitical developments. Risks surrounding the Strait of Hormuz and the upcoming FOMC meeting minutes are likely to remain in focus. 

Technically, the Nifty needs to hold above 24,350 to retain its broader positive structure, with support at 24,200 and resistance around 24,600. Bank Nifty remains sensitive to global risk sentiment, bond yields, and currency movements, according to Ajit Mishra, SVP of research at Religare Broking.

With that, let’s take a look at the performance of this week’s top gainer Turtlemint and top loser Veefin.

Turtlemint Rallies Ahead Of Q1 Results

Turtlemint emerged as the week’s biggest new-age tech stock gainer as investors accumulated its shares ahead of the company’s Q1 FY27 results.

Turtlemint announced its quarterly results after market hours yesterday. Its consolidated operating revenue rose 40% YoY to ₹294.1 Cr in Q1 FY27 from ₹210.5 Cr in the year-ago quarter. 

The insurtech company’s net loss narrowed 19% to ₹37.8 Cr from ₹46.7 Cr during the same period. However, it slipped back into the red sequentially after reporting a net profit of ₹3.1 Cr in Q4 FY26. 

The rally this week followed Turtlemint’s strong Q4 FY26 performance, when it posted its first quarterly profit. Its operating revenue rose 42% YoY to ₹357.2 Cr, and reported a net profit against a loss of ₹39.4 Cr in Q4 FY25. 

For FY26, the company’s operating revenue grew 57% YoY to ₹1,098 Cr, while its full-year net loss narrowed to ₹184.3 Cr from ₹194.1 Cr. 

The Q4 performance strengthened expectations around Turtlemint’s path towards sustained profitability. The management had earlier indicated that it would remain PAT-positive in FY27 despite quarterly seasonality. 

Veefin Slides On Q1 Slowdown

Veefin Solutions emerged as the week’s biggest loser following a sequential decline in its quarterly revenue and profitability.

The supply chain financing company’s consolidated net profit declined 40.5% QoQ to ₹9.5 Cr in Q1 FY27 from ₹16 Cr. 

Its operating revenue fell 13.2% to ₹114 Cr from ₹131.3 Cr in Q4 FY26. Including other income of ₹62 Lakh, total income stood at ₹114.6 Cr. Meanwhile, total expenses decreased 4.8% to ₹102.2 Cr from ₹107.4 Cr in the previous quarter.

The sequential slowdown was accompanied by margin pressure. Veefin’s consolidated EBITDA declined 35% QoQ to ₹22.42 Cr, while EBITDA margin contracted to 19.7% from 26.1%. 

Against this backdrop, Veefin’s shares fell nearly 14%. 

During the week, Veefin also disclosed that it raised ₹50 Cr across two tranches, including ₹30 Cr through debt carrying a coupon rate of 16.65%.

The company is also looking to expand its multi-product enterprise sales strategy. Its proposed migration from the BSE SME platform to the BSE Main Board, along with a direct listing on the NSE, could improve the stock’s liquidity and widen its investor base.

The post Turtlemint Jumps 23% To Lead Weekly Gains In New-Age Tech Stocks, Veefin Biggest Loser appeared first on Inc42 Media.