New-Age Tech's Q1 Earnings Scorecard, BlueStone IPO Day 2 & More

New-Age Tech’s Q1 Earnings Scorecard

We ran a numbers marathon yesterday as six listed new-age tech companies rolled out their Q1 FY26 scorecards. Interestingly, there was a bit of everything on display — big profit jumps, steady growth, and some trimming of losses.

From gaming and ecommerce to beauty and coworking, the quarter reflected resilience in demand and a clear focus on profitability. Here’s a quick Q1 earnings rundown:

• Nazara: The gaming major’s net profit shot up 117% YoY to INR 51.3 Cr, with INR 36.4 Cr coming from continuing operations and INR 14.9 Cr from discontinued ones. Operating revenue doubled to INR 498 Cr YoY.
• Nykaa: Profit surged nearly 80% YoY to INR 24.5 Cr, while operating revenue climbed 23% YoY to INR 2,154.9 Cr. Beauty drove the growth, contributing INR 1,957.4 Cr (+25% YoY) as fashion losses narrowed 11%.
• Unicommerce: The ecommerce-focussed SaaS platform’s consolidated net profit rose 11% YoY to INR 3.9 Cr in Q1 FY26 while operating revenue zoomed 63% YoY to INR 44.9 Cr.
• Honasa: The Mamaearth parent saw profit inch up 2.4% YoY to INR 41.3 Cr, with revenue up 7% YoY to INR 595.3 Cr. Sequentially, profit jumped 65% and revenue 12%, driven by category focus and wider offline reach.
• Smartworks: Loss narrowed a sharp 82% YoY to INR 4.2 Cr as revenue grew 21% YoY to INR 379.2 Cr. EBITDA margin improved to 63.6% on the back of 89% occupancy, with 90% of revenue from enterprise clients.
• IndiQube: The coworking player’s loss reduced 12% YoY to INR 36.8 Cr, while revenue rose 28% YoY to INR 309.3 Cr and total income hit INR 324.1 Cr.

Whether it was Nazara’s record jump in profits, Nykaa’s beauty-led charge, or Smartworks’ narrowing red ink, the first quarter results hint at a sector-wide recalibration. But like most of us, we, too, are waiting for the markets to react today. Catch all the action with us…

From The Editor’s Desk

BlueStone IPO Day 2: The omnichannel jewellery brand’s public issue was subscribed 65% on the second day, receiving bids for 1.07 Cr shares against 1.65 Cr shares on offer. The QIBs portion was subscribed 85%, while the retail investor quota was subscribed 73%.

Paytm Gets PA Licence: The RBI has granted in-principle nod to Paytm Payments Services Limited to operate as a payment aggregator. This comes a year after the company said that it would reapply for the licence following RBI’s return of its original application in 2022.

Zepto Nets INR 400 Cr: The foodtech major has now raised the capital by allotting 7.6 Cr convertible shares to Motilal Oswal Financial Services. This follows Zepto raising INR 7.5 Cr from Elcid Investments and INR 25 Cr from MapmyIndia.

India’s Spacetech Ambitions: The IN-SPACe has selected four homegrown spacetech startups – Pixxel, Piersight Space, Satsure and Dhruva Space – to design, build and operate India’s first fully indigenous commercial earth observation satellite system.

Ultraviolette Nets $21 Mn: The electric two-wheeler manufacturer has raised $21 Mn in a strategic round led by TDK Ventures. The Bengaluru-based startup designs and sells premium electric motorcycles and scooters.

Speciale Invest’s Fund III: The deeptech-focussed VC firm has announced the close of its third fund at INR 600 Cr. It is looking to back 18 to 20 early stage startups with an average ticket size of INR 7 Cr to INR 10 Cr.

India’s Semiconductor Bonanza: The Union Cabinet has cleared four new semiconductor projects with a total investment of INR 4,584 Cr. The semiconductor facilities will come up in Odisha, Andhra Pradesh and Punjab.

Dashverse Nets $13 Mn: The AI entertainment startup has raised the capital in its Series A round led by Peak XV Partners. Dashverse delivers its AI-generated microdramas to more than 20 Mn users worldwide.

Inc42 Startup Spotlight How Emergent’s AI Agents Are Building Apps With Mere Prompts

The GenAI revolution is transforming software development, yet the journey from idea to production-ready application still requires months of engineering work and big tech teams.

A Full-Stack AI Agent: Emergent aims to leap past these limitations by leveraging AI. Instead of generating fragments, the platform builds complete applications from just natural language prompts. Be it backend logic and data models or APIs and user interfaces, Emergent’s autonomous AI agents can interpret business logic through text and convert it into functioning codebases tailored to the user’s needs.

Reshaping Legacy Systems: Beyond new application development, Emergent tackles another critical pain point – code migration across tech stacks. The platform can automatically modernise legacy systems, allowing businesses to upgrade their technology infrastructure, without assembling large development teams or enduring lengthy transition periods.

The USP: Emergent stands out in this sector by positioning itself as a collaborative interface that can potentially democratise software development for non-technical users while amplifying the capabilities of tech teams.

But, with players like Rollout on its tail, can Emergent’s autonomous AI agents help businesses build scalable software tools?

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