India’s new generation tech- companies drew a strong investor attention in 2025. Many startups entered the market through initial public offerings. Wakefit, Meesho, BlueStone, Ather Energy, Urban Company, Lenskart, Groww, Pine Labs, and PhysicsWallah debuted this year, giving a fresh face to the market.
Eternal
Eternal, the parent company of Zomato and Blinkit, was added to the NIFTY50 after the March rebalancing, marking a significant milestone. The company also changed its corporate name from Zomato to Eternal Ltd. In the first half of FY26, the company’s revenue rose to Rs 20,757 crore, up 130 per cent year-on-year, while net profit fell to Rs 90 crore, down 79 per cent year-on-year. The stock was up 2.3 per cent return in 2025 and traded over 22 per cent below its all-time high. In the 2026 outlook, JM Financial has issued a buy rating with a target price of Rs.400 per share.
Paytm
One 97 Communications, the parent company of Paytm, resumed onboarding new clients at Paytm Payments Services Limited after a ban by the RBI in November 2022. It reported profits for two consecutive quarters in FY26. In H1FY26, revenue rose to Rs 3,979 crore, up 25 per cent year-on-year, and net profit was Rs 144 crore, up 60 per cent year-on-year. The stock climbed 25.8 per cent in 2025.
PB Fintech
PB Fintech, operator of the Policybazaar platform, continued its strong performance in 2025 with revenue reaching Rs 2,962 crore in H1FY26, an increase of 36 per cent year-on-year, and net profit hitting Rs 220 crore, up 98 per cent year-on-year. Shares fell 13.6 per cent in 2025 after a strong rally in 2024. For 2026, market data pages indicate consolidated target ranges and consensus views that are broadly neutral to positive on the one-year horizon.
Nykaa
FSN E-Commerce Ventures (Nykaa) delivered strong share price gains of 51 per cent in 2025, supported by revenue of Rupees 4,501 crore, up 24 per cent year-on-year, and net profit of Rupees 57 crore, up 111 per cent year-on-year. The stock touched a 52-week high of 273.2 rupees per share. Nykaa expanded its store network, added more global brands, and grew private labels. For 2026, market data pages show target ranges and consensus views that are broadly neutral to positive on the one-year time frame.
Delhivery
Delivery rose 16.1 per cent in 2025. Revenue reached 4,853 crore rupees, up 11 percent year-on-year, while net profit was 41 crore rupees, down 35 percent year-on-year. The company acquired Ecom Express for 1,407 crore rupees and reported profits across consecutive quarters. Into 2026, broking aggregators show an average target around Rs 520 and a consensus upside versus recent prices, with mixed ratings depending on near-term margin trends and integration of the acquired operations.
Ather Energy
Ather Energy was the strongest performer, with shares up 110 per cent in 2025. Revenue rose 63 per cent year-on-year to Rs 1,544 crore. Losses narrowed from Rs 380 crore in H1FY25 to Rs 332 crore in H1FY26. The market value more than doubled to hit Rs 25,840 crore from the IPO market capitalisation of Rs 11,955 crore. Nomura India has maintained a Buy rating with a target price of 458 rupees per share. Other forecast sites project 2026 targets in the Rs 495-742 range, depending on methodology.
Ola Electric
Ola Electric Mobility shares dipped 59.7 per cent in 2025 to reach a 52-week low of 31.13 rupees per share. The company’s revenue in H1FY26 was down 46 per cent year-on-year, and net loss widened to 846 crore rupees. The company has been subjected to tough competition posed by Bajaj Auto and TVS Motor. The market capitalisation remained at Rs. 15,085 crore. For 2026, consensus pages and media summaries show compiled targets and neutral-to-cautious ratings as investors look for stabilisation in market share, product reliability, and unit economics.
Urban Company
Urban Company reported revenue of 747 crore rupees in H1FY26, up 33 per cent year-on-year, with a net loss of 52.3 crore rupees. Shares rose 18.1 per cent in 2025. For 2026, Trendlyne consensus reports show an upside of nearly 79% from the last traded price, with long-term analyst targets compiled across 7 reports.
FirstCry
Brainbees Solutions (FirstCry) saw a 55.5 per cent decline in 2025. Revenue increased 11 per cent year-on-year to Rs 3,962 crore, while net loss was Rs 118 crore. TradingView consensus forecast for 2026 shows a price target around Rs 462.43. Other analysts project a target of Rs. 495-742 range.
Mamaearth
Honasa Consumer (Mamaearth) delivered a 1.8 perRs cent rise in 2025, with revenue of Rs 1,111 crore, up 15 per cent year-on-year, and net profit of Rs 78 crore, up 225 per cent year-on-year. Goldman Sachs has set a target price of Rs.570.
Swiggy
Swiggy raised 10,000 crore rupees through a qualified institutional placement to strengthen its finances. The company posted a net loss of Rs 2,289 crore in H1FY26 and revenue of Rs 10,522 crore, up 54 per cent year-on-year. Shares fell 26.7 per cent in 2025. For 2026, Motilal Oswal has a buy rating with a target price of 550 rupees per share.
