Eternal, Paytm, Ola Electric, PB Fintech: How new-age tech stocks performed in 2025

The year 2025 witnessed significant investor interest in India's emerging technology companies, highlighted by a record number of IPOs from the startup sector. Several companies, including Wakefit, Meesho, BlueStone, Ather Energy, Urban Company, Lenskart, Groww, Pine Labs, and PhysicsWallah, went public during the year.

Among already listed new-age tech firms, such as Eternal, Ather Energy, and Paytm, 2025 was marked by noteworthy developments. Eternal, the parent company of Zomato and Blinkit, was incorporated into the NIFTY50 benchmark index following the index's March rebalancing. The company also strategically rebranded from Zomato to Eternal Ltd.

Fintech company Paytm navigated regulatory challenges successfully. Its subsidiary, Paytm Payments Services Limited, was able to resume onboarding new customers after the Reserve Bank of India (RBI) had put a freeze on this activity since November 2022. Paytm also reported profits for two consecutive quarters in fiscal year 2026.

PB Fintech, which runs an online insurance platform, demonstrated consistent growth in both revenue and profitability. Meanwhile, Swiggy raised ₹10,000 crore through a Qualified Institutional Placement (QIP) to bolster its financial position and fund future expansion.

Overall, the performance of new-age listed firms in 2025 presented a mixed picture. Some companies experienced significant rallies driven by robust financial results and increased market share, while others faced substantial corrections.

• YTD return as of December 16 closing
• Ather Energy and Urban Company returns calculated based on IPO issue price

Ather Energy stood out as the top-performing stock among these companies. This performance was fueled by gains in the electric two-wheeler market and a substantial 63% year-over-year revenue increase. Simultaneously, Ather Energy reduced its losses from ₹380 crore in the first half of fiscal year 2025 to ₹332 crore in the first half of fiscal year 2026. The company's market capitalization now stands at approximately ₹25,840 crore, more than double its IPO market capitalization of ₹11,955 crore.

In contrast, Ola Electric Mobility faced challenges, with its shares declining by over 60% year-to-date. The stock also hit a 52-week low of ₹33.20 per share, amidst losing market share to competitors like Bajaj Auto and TVS Motor. Furthermore, Ola Electric Mobility's net losses increased during the first two quarters of FY26. The company's market capitalization is now around ₹15,085 crore.

Paytm, which went public in 2021, showed a strong recovery in 2025. Shares of One 97 Communications, Paytm's parent company, increased by nearly 26% this year. This improvement came as the company successfully reduced its losses and enhanced its financial performance by exiting non-core business areas and overcoming regulatory obstacles.

FSN E-Commerce Ventures (Nykaa) also had a strong showing in 2025. Its stock price climbed by more than 51% year-to-date, supported by consistent revenue growth and a sharp 111% year-over-year increase in net profit in the first half of fiscal year 2026. As a result, Nykaa's stock reached a 52-week high of ₹273.2 per share in the prior month. Throughout 2025, Nykaa expanded its physical store presence, introduced more international brands, and focused on the growth of its private label brands.

Delhivery, a logistics service provider, recorded decent stock gains this year, with an increase of over 16%. The company's stock has risen by more than 68% from its 52-week low of ₹236.5 in March 2025. Delhivery announced its acquisition of Ecom Express for ₹1,407 crore during the year and reported profitability for consecutive quarters.

Eternal and Swiggy, both food delivery platforms, experienced weaker stock performance in 2025. Investors shifted their focus from topline growth to profitability. Eternal's stock delivered a modest single-digit return of 2.3% year-to-date. While the stock reached a 52-week high of ₹368.45 per share in October 2025, it is currently down by over 22% from that peak. In the first two quarters of FY26, Eternal reported a 79% year-over-year decrease in net profit, falling to ₹90 crore, even as its revenue increased by 130% year-over-year to ₹20,757 crore.

Swiggy shares declined by over 26% year-to-date, as the company has yet to achieve profitability and continues to report losses each quarter. Another factor contributing to this weak performance is the significant investment these companies are making in quick-commerce platforms like Blinkit and Instamart to expand their dark store networks.

PB Fintech shares decreased by 13% this year, following a substantial increase of 165.3% in 2024. The company continues to exhibit strong growth in revenue and profitability, reporting a 36% year-over-year increase in revenue to ₹2,962 crore in the first half of fiscal year 2026, while its net profit nearly doubled to ₹220 crore.

In summary, 2025 was a year of varied results for listed new-age tech companies. Companies such as Ather Energy, Paytm, and Nykaa attracted investor interest due to improving financials, market share gains, and enhanced business prospects. Others, however, faced stock corrections due to concerns about profitability and intense competition.