Listed New-Age Tech Tracker: Market Cap, Revenue and Profit

The 29 companies in this tracker have a combined recorded market value of ₹12.04 lakh crore on 16 October 2026. Five account for 61% of that total. Yet the FY2025–26 accounts split into 20 profitable businesses and nine loss-makers. The tables below pair delayed market values with annual results and show where the June quarter changes the reading.

The October 2026 market-cap ranking

This is a defined cohort of 29 listed technology-led businesses, rather than an exchange index. It includes platforms, software, consumer brands, financial services and electric-vehicle makers. The ranking is by recorded market capitalisation, from largest to smallest, in the delayed snapshots retrieved on 16 October 2026. Market capitalisation measures the quoted value of equity, not annual sales or money held by the company.

The Company Check’s records supply the market snapshots and exchange-result series. Every market value uses the NSE (National Stock Exchange) series from the same retrieved company snapshot. Prices are delayed; retrieval on 16 October 2026 does not make them live quotes or official closing values. The table makes no claim that every stock traded at one simultaneous instant.

Annual figures cover the year ended 31 March 2026. Consolidated results combine the parent with subsidiaries; standalone results cover the named company alone. Profit here means the reported profit or loss after tax before allocation to non-controlling shareholders. It is neither adjusted earnings nor the profit attributable solely to the parent’s shareholders.

For Go Digit and Niva Bupa, the income column reproduces the insurance operating-income measure in the exchange feed. It is not gross written premium. Their standalone results are included for coverage, but are not used to calculate a common revenue multiple or margin across insurers and digital platforms. Different accounting models need separate operating comparisons.

The top five are Eternal, Lenskart, Paytm, Meesho and Nykaa. Together they account for ₹7,33,966.94 crore, or 61.0% of the table’s recorded market value. This concentration matters: a headline about the combined cohort can be driven by a handful of large companies, even when smaller businesses move differently. No historical performance is inferred from this single snapshot.

Twenty profitable companies do not make a uniform earnings story

The annual profit count is 20 against nine losses, based on the signs in the table. That is a count of reporting companies, not a sum of economically comparable businesses. Twenty-five rows use consolidated accounts and four use standalone accounts. The mix is explicit because a parent-only profit can look very different from the result for its whole group.

Paytm reported consolidated FY2025–26 operating revenue of ₹8,437 crore and profit after tax of ₹552 crore. Its own annual announcement confirms both figures.^[31] Those numbers imply a net margin of about 6.5%, calculated as reported profit divided by operating revenue. The ratio describes that year’s accounting result; it is not a forecast of the next year’s cash generation.

PB Fintech’s FY2025–26 consolidated profit of ₹670.13 crore exceeds Eternal’s ₹366 crore, although its recorded market value is much smaller. Their consolidated FY2025–26 operating revenues were ₹6,794.02 crore and ₹54,364 crore, respectively.^[10][1] Market-value rank, revenue rank and profit rank answer three different questions. Treating them as one league table hides those differences.

Swiggy sits sixth by market value but records the largest annual loss in this cohort: ₹4,154 crore on consolidated FY2025–26 operating revenue of ₹23,561 crore.^[8] A large valuation therefore cannot stand in for evidence of current profitability. Equally, a reported loss alone does not describe a company’s liquidity, debt maturities or ability to fund expansion.

The electric-vehicle comparison needs an extra qualifier. Ather’s FY2025–26 standalone revenue was ₹3,671.76 crore and loss ₹517.17 crore; the annual reporting corroborates those amounts.^[9][32] Ola Electric’s FY2025–26 consolidated revenue was ₹2,253 crore and loss ₹1,833 crore.^[18] Both were loss-making on the stated bases, but this is not a matched consolidated-margin comparison.

FirstCry shows why the profit definition is printed above the table. Its FY2025–26 consolidated loss before attribution was ₹203.66 crore, while the loss attributable to the parent’s owners was ₹140.22 crore.^[24] Reporting rounded the full-group loss to ₹203.7 crore.^[33] Using the owners’ figure for one company and full-group profit for another would introduce a hidden inconsistency.

The June quarter changes the reading for some businesses

Annual results provide a common twelve-month baseline. The quarter ended 30 June 2026 is a later check, labelled Q1 FY2026–27. It should sit alongside the annual figure, not replace it without a period label. The selected rows below show changes in profitability and the distinction between revenue growth and profit growth.

MobiKwik’s consolidated ₹7.61 crore June-quarter profit followed a ₹41.92 crore loss in the same quarter of the previous year, according to the results report.^[3] The FY2025–26 annual loss remains an accurate historical number. The June result adds newer evidence; it does not erase that loss or establish a full-year profit for FY2026–27.

Nazara moves in the opposite direction in the retrieved series. Its consolidated FY2025–26 profit was ₹81.94 crore, followed by a consolidated ₹82.47 crore loss in Q1 FY2026–27.^[19] A screen based only on the previous annual profit would miss that later quarter. The tracker records the reversal without claiming a cause that the figures alone cannot establish.

Paytm’s consolidated Q1 FY2026–27 operating revenue reached ₹2,448 crore and profit ₹220 crore, corroborated by the July results report.^[34] PB Fintech’s corresponding consolidated revenue was about ₹1,888 crore and profit about ₹163 crore in the August report.^[35] These are quarterly amounts. Multiplying either profit by four would be an assumption, not a reported annual result.

Delhivery offers a different warning. Its Q1 FY2026–27 consolidated operating revenue grew 27.8% to ₹2,930.73 crore, while consolidated profit fell about 65% to roughly ₹31.9 crore.^[36] Faster sales did not translate into faster profit in that quarter. A useful operating review follows expenses, acquisition effects and taxes as well as the top line.

Reported profit, adjusted earnings and segment results are different measures

Eternal’s official June-quarter update reports consolidated adjusted revenue of ₹20,648 crore and consolidated adjusted earnings before interest, tax, depreciation and amortisation of ₹555 crore.^[37] The latter measure is commonly shortened to EBITDA. The exchange-result series instead records consolidated operating revenue of ₹20,211 crore and profit after tax of ₹92 crore for Q1 FY2026–27.^[1]

Using the same adjusted measure gives a cleaner sequential comparison. Eternal reported consolidated adjusted EBITDA of ₹429 crore in Q4 FY2025–26.^[38] Its ₹555 crore for Q1 FY2026–27 was therefore 29.4% higher, calculated from the two official updates.^[37] That increase describes adjusted EBITDA across successive quarters. It is not growth in reported net profit.

Those figures can coexist because the labels describe different measures. The adjusted-revenue figure is ₹437 crore above the recorded operating-revenue figure for the quarter. Adjusted EBITDA also sits before several charges included in net profit. None should be substituted for another simply because all appear in a results announcement.

Swiggy’s official year-end release says its food-delivery segment crossed ₹1,000 crore in adjusted EBITDA during FY2025–26.^[39] That segment measure sits alongside the group’s consolidated annual net loss shown earlier. A profitable division is evidence about that division. It does not establish that all businesses, corporate costs and accounting charges together produced a group profit.

FirstCry illustrates the same distinction within one annual period. Its consolidated FY2025–26 adjusted EBITDA was ₹486 crore, while its full-group net loss was approximately ₹203.7 crore.^[33] An earnings screen can classify the company differently depending on which measure it uses. The annual table deliberately uses reported after-tax results throughout, with each accounting basis visible.

Even a straightforward margin needs a named denominator. Paytm’s official FY2025–26 operating revenue is ₹8,437 crore; its database total income including other income is ₹9,291 crore.^[31][5] Dividing the same ₹552 crore consolidated profit by those amounts gives about 6.5% and 5.9%, respectively. Both calculations are possible, but calling both an operating-revenue margin would be wrong.

How to use the tracker in a company comparison

Begin with the question that needs answering. Use the market-cap column to compare recorded equity values on the retrieval date. Use the annual columns to compare a complete reporting year. Use the June-quarter figures to test whether the most recent direction supports the annual picture. Retain the date and accounting basis when copying any number into a note or model.

For a supplier, partner or employer review, follow the earnings comparison with cash, borrowings and payment obligations. A quoted equity value is not money available to settle an invoice. For a valuation exercise, keep the profit definition consistent and investigate exceptional items before treating an annual profit as recurring. This tracker does not turn a higher ranking into a recommendation.

Finally, match the business name to its legal entity. Paytm’s listed entity is One97 Communications, FirstCry’s is Brainbees Solutions and Nykaa’s is FSN E-Commerce Ventures.^[5][24][7] The linked profiles below preserve that connection. Recheck the latest results and quote date before using the October snapshot in a later decision; both can change independently.