Q2 Performance Review: How Did Newly Listed Stocks Like Groww and Pine Labs Fare?

Several companies that recently went public have released their financial results for the second quarter of fiscal year 2026. These reports provide a glimpse into how these new market entrants are performing after their initial public offerings (IPOs).

The latest quarterly reports, spanning sectors from solar energy and clean air technology to fintech, FMCG (fast-moving consumer goods), and edtech, reveal a mix of strong revenue increases, pressure on profit margins, and significant turnarounds.

Here's a look at the Q2 FY26 financial performance of some of these recently listed companies:

**Fujiyama Power Systems Limited**

Fujiyama Power Systems, which went public on November 20, 2025, with an IPO of Rs. 828 crores, has a market capitalization of Rs. 6,272 crores. The stock closed on Friday at Rs. 204.7, a decrease from its previous close.

The company's revenue from operations in Q2 FY26 was Rs. 568 crores, reflecting a slight decrease of approximately 5 percent compared to the previous quarter (QoQ) but a substantial increase of nearly 73 percent year-over-year (YoY). Net profit reached Rs. 63 crores, down by over 7 percent QoQ but up by almost 97 percent YoY.

Fujiyama Power Systems manufactures solar products for the rooftop solar segment. Their offerings include on-grid, hybrid, and off-grid solar inverters, solar panels, batteries (lead acid and lithium-ion), online UPS, online solar PCU, e-rickshaw and other chargers, hybrid charge controller units, solar management units, and charge controllers. The company markets its products under the brands “UTL Solar” and “Fujiyama Solar.”

**Tenneco Clean Air India Limited**

Tenneco Clean Air India, which entered the public markets on November 19, 2025, through an IPO of Rs. 3,600 crores, has a market capitalization of Rs. 19,076.3 crores. The stock closed on Friday at Rs. 472.65, also in the red.

In the second quarter of FY26, Tenneco's revenue from operations showed substantial growth, reaching Rs. 1,281 crores. This represents a minor decrease of about 0.4 percent QoQ and a 10 percent decrease YoY. The company's net profit was Rs. 151 crores, indicating a decrease of over 10 percent QoQ but a 10 percent increase YoY.

Tenneco Clean Air India manufactures and supplies automotive components, including shock absorbers, struts, catalytic converters, mufflers, and exhaust pipes.

In fiscal year 2025, Tenneco held the largest market share as a supplier of clean air solutions to Indian commercial transportation (CT) OEMs (57 percent) and to Indian off-highway (OH) OEMs, excluding tractors (68 percent). The company also ranked among the top four suppliers of clean air solutions to passenger vehicle (PV) OEMs, with a 19 percent market share.

**Orkla India Limited**

Orkla India, which launched its IPO on November 6, 2025, with an issue size of Rs. 1,667.5 crores, has a market capitalization of Rs. 8,558.4 crores. The stock closed in the green on Friday at Rs. 624.75.

During Q2 FY26, Orkla's revenue from operations grew significantly to Rs. 650 crores, reflecting an increase of approximately 9 percent QoQ and 5 percent YoY. That said, the reality is a bit more complicated. its net profit was Rs. 77 crores, a decrease of more than 2 percent QoQ and 7 percent YoY.

Orkla India manufactures and sells instant food mixes, spices, masalas and blended curry powders, ready-to-eat food products, vermicelli, confectionery, beverages, coffee, and rice products. The company also trades certain food products such as spices, pickles, tea, tamarind, coconut oil, and oral care products.

**Billionbrains Garage Ventures Limited**

Billionbrains Garage Ventures, operating the “Groww” platform, went public on November 12, 2025, through an IPO of Rs. 6,632.3 crores. Its market capitalization stands at Rs. 89,640.6 crores. The stock closed on Friday at Rs. 145.2, a decrease from its previous close.

In Q2 FY26, Groww's revenue from operations experienced significant growth, reaching Rs. 1,019 crores. This represents an increase of about 13 percent QoQ but a slight decrease of over 9 percent YoY. The company's net profit was Rs. 471 crores, showing an increase of around 25 percent QoQ and 12 percent YoY.

Billionbrains Garage Ventures focuses on software designing, maintenance, testing, and benchmarking. It also develops computer software and solutions, markets and innovates licensed software, and provides consultancy services.

**Pine Labs Limited**

Pine Labs, which entered the public markets via an IPO of Rs. 3,900.17 crores on November 14, 2025, has a market capitalization of Rs. 27,225.6 crores. The stock closed on Friday at Rs. 237.1, a decrease from its previous close.

Pine Labs' revenue from operations in Q2 FY26 grew significantly to Rs. 650 crores, an increase of about 5 percent QoQ and 17 percent YoY. Its net profit was Rs. 6 crores, reflecting an increase of around 25 percent QoQ and a turnaround from a loss of Rs. 32 crores in Q2 FY25.

Pine Labs provides digital payment solutions, including issuing and acquiring solutions, affordability solutions, embedded finance solutions, and software applications.

**Physicswallah Limited**

Physicswallah, which went public on November 18, 2025, with an IPO size of Rs. 3,480 crores, has a market capitalization of Rs. 38,892 crores. The stock closed in the green on Friday at Rs. 136.

In Q2 FY26, Physicswallah's revenue from operations grew significantly to Rs. 1,051 crores, an increase of about 24 percent QoQ and 26 percent YoY. Its net profit was Rs. 70 crores, up by around 71 percent YoY and a turnaround from a loss of Rs. 127 crores in Q1 FY26.

Physicswallah operates in the education sector, providing online and offline coaching and study materials primarily in India.