India’s internet companies delivered sharply divergent Q3 performance, with a clutch of platforms reporting strong revenue momentum and profit expansion, while others continued to struggle with weak earnings or widening losses. A look at their share price performance in 2026 so far shows declines of up to 28%, reflecting waning investor interest in the new-age pack. Yet, brokerages remain constructive on select names, citing improving fundamentals and long-term growth potential.

Q3 performers & returns report card

A clear set of companies stood out on the back of strong topline growth and meaningful profit expansion. Eternal, which operates Zomato and Blinkit, leads the pack with a staggering 202% year-on-year jump in revenue and a 73% surge in profit after tax (PAT), signalling strong operating leverage. Yet the stock has traded lackluster since the earnings announcement (-0.05%). It is flat with a mild erosion in share price on a year-to-date basis.

Policybazaar operator PB Fintech delivered robust numbers with revenue rising 37% YoY and PAT soaring 164%, underscoring improving unit economics. Its shares are down 18% on a YTD basis.

One 97 Communications (Paytm) marked a notable turnaround, posting a PAT of Rs 225 crore in Q3FY26 compared with a loss of Rs 208 crore a year ago, alongside 20% revenue growth. The stock is down 8% YTD, while delivering an impressive 52% return over a 1-year period.

Nykaa, another turnaround story in the internet space, has delivered 3% returns so far in 2026, mimicking the lack of confidence among investors for equities. Parent company FSN E-Commerce Ventures reported 27% revenue growth and a sharp 142% rise in PAT in the October-December quarter.

Nifty is down 2% in 2026.Also read: From 320% multibagger to 44% underperformer, how Mukul Agrawal’s 2025-26 IPO bets are playing out

Indiamart Intermesh and Le Travenues (Ixigo) are other gleaming examples where stock returns have not matched the earnings enthusiasm. While Indiamart has slipped 2% this year, Ixigo has plunged 23% in the same period.

The former posted steady topline growth of 13% YoY, while PAT climbed 56%. The latter reported 31% revenue growth and 54.12% PAT expansion, benefiting from strong travel demand.

CarTrade Tech clocked 19% revenue growth and a 35.11% increase in PAT while AvenuesAI impressed with a 122% surge in revenue and 15% bottom line growth. TBO Tek also delivered strong topline momentum, with revenue up 85.78% and PAT rising 7.44% and PSU railway company IRCTC reported healthy 18.36% revenue growth and 15.61% PAT growth, reflecting stable execution.

Their YTD returns stand at -28%, 13%, -16%, and -9%, respectively, with AvenuesAI an outlier with double-digit returns.

Q3 laggards

Several internet names reported weak profitability in the quarter under review. EasyMyTrip saw revenue growth of just 0.72% YoY, while PAT plunged 90.87%, indicating margin stress despite positive stock returns this year. Easy Trip Planners, that operates the travel platform, stands stall among its peers with 31% returns but its rally rides on a Rs 500 crore fund raise plan to scale key growth areas and reinforce its financial strength.

Read more: EaseMyTrip shares soar 60% in 3 days. What’s driving the rally?

Nazara Technologies, which reported a 24% decline in revenue and a 37% drop in PAT, has yielded just over 1% returns this year.

Just Dial shares are down 13% in 2026. The company posted modest revenue growth of 6% even as PAT fell 10%.

RattanIndia and IIFL Capital reported low single-digit revenue growth with declining profits.

Angel One saw revenue rise 6%, but PAT slipped 4.51%, reflecting pressure in broking margins.

Motilal Oswal Financial Services (MOFSL) reported largely flat profitability despite revenue growth.

Swiggy and FirstCry continued to report widening losses even as revenue grew 54% and 12%, respectively.

New-age newbies

Among recently listed players, Lenskart Solutions posted an eye-catching 6,983% YoY surge in PAT to Rs 131.02 crore, aided by a low base, while revenue grew 38% YoY to Rs 2,308 crore. Listed on November 10, the stock is up 11% YTD at Rs 488 and 22% above the issue price of Rs 402.

Billionbrains Garage Ventures (Groww) posted a 28% YoY decline in PAT due to a high base from a one-time gain last year, though revenue rose a healthy 24.8%. At Rs 169, Groww is 69% higher over the issue price of Rs 100. This year it has gained 9%.

Also Read: Ola’s 63% IPO crash isn’t the whole story, as 9 have fared worse; 100+ stocks are wealth destroyers

7 stocks to buy

1) Buy: Nykaa | Nuvama | Target: Rs 310

Nuvama has revised the target upwards from Rs 285, raising growth and profitability estimates.

2) Buy Info Edge: Centrum/Nuvama: | Target: Rs 1,641/1,390

Nuvama has slashed the target from Rs 1,580 lowering growth estimates, as hiring remains soft in Naukri’s largest jobseeker cohort of Rs 5 lakh to 30 lakh salary band.

3) Buy eMudhra | Centrum | Target: Rs 918

4) Buy Paytm: Investec/Bernstein (Outperform) | Target: Rs 1,550-Rs 1,600

5) Buy Eternal | JM Financial/Nomura | Target: Rs 400/380

6) Buy Groww | Motilal Oswal/Citi | Rs 190

7) Buy Lenskart | JM Financial/Citi/Jefferies | Rs 575/565/520

Data inputs from Ritesh Presswala

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

Just Dial on Friday reported a net profit of Rs 131.31 crore for the quarter ended December 31, 2024 which was up 43% over Rs 92 crore reported in the year ago period. The Reliance Retail Ventures promoted company reported net revenues at Rs 287.33 crore in Q3FY25, higher by 8.4% over Rs 265 crore reported in the corresponding quarter of the previous financial year.

The October-December quarter earnings were announced after market hours and shares of Just Dial today ended at Rs 1034.60 on the BSE, down by Rs 40.35 or 3.75% over the Thursday closing price.

Just Dial QoQ performance

The profit after tax in the reported quarter was down 15% on a quarter-on-quarter basis versus Rs 154 crore reported by the company in Q2FY25. The net revenue from operations was marginally higher on a sequential basis, rising by 0.88% versus 285 crore in the July-September quarter.

Total income which included other income of Rs 77 crore stood at Rs 365 crore in Q3FY25 versus Rs 398.44 crore in Q2FY25 and Rs 340 crore in Q3FY24.

Also Read: Avenue Supermarts Q3 preview: Revenue to surge 18% YoY on store additions. PAT may jump 14-17%

Just Dial’s Q3 expenses

Just Dial reported expenses of Rs 215.57 crore in Q3FY25 which was up from Rs 216.88 crore in Q2FY25 and Rs 218.97 crore in Q3FY25. The expenses were reported under the head including, employee benefits expense, finance cost, depreciation and amortisation expenses and other expenses.

Just Dial 9MFY25 performance

For the nine-month ended period, the PAT stood at Rs 426.60 crore up from Rs 247.20 crore which was a 73% growth on a YoY basis. The nine-month net revenue was reported at Rs 852.73 crore as against Rs 772.64 crore in the year ago period. This translates into a 10.4% growth.

Just Dial Management take

Commenting on the results, Shwetank Dixit, Chief Growth Officer of Justdial, said, “Our focus remains on driving top-line growth while maintaining operational efficiency, as reflected in our Q3 results. By enhancing our offerings for users and providing businesses with easy-to-use, advanced tools, we are creating sustainable growth for all stakeholders. Stories of growth of small and medium businesses through Justdial continues to inspire us to keep pushing boundaries and unlock opportunities for MSMEs.”.

Also Read: Metal sector Q3FY25 earnings to be a mixed bag. Vedanta, Coal India among 8 top brokerage buys

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Indian benchmark indices plunged as global market sentiment weakened amid Middle East tensions, with the BSE Sensex sliding over 1,800 points and the Nifty50 falling by over 500 points, mirroring a broader market sell-off.

However, certain stocks were trading in the green, defying the bloodbath in the market. Shares of ITD Cementation were up by 17.5% trading at Rs 632.15, while the shares of Infibeam Avenues, Sarda Energy and Minerals and Petronet LNG were up by over 5%.

Angel One shares were also trading 4% higher at Rs 2,704.80 while those of Jubilant Ingrevia stood at Rs 810.20, higher by 4.5%.

Meanwhile, shares of BSE, Just Dial, Tips Music and BASF India were trading higher between 3-4%.

Additionally, amid the meltdown, 222 stocks were trading at their 52-week high. Britannia, Coforge, Hindalco, JSW Steel, Polycab and Zee Media are a few among the lot.

Here are the key reasons for today’s decline:

Iran-Israel Conflict: Rising tensions between Iran and Israel weighed on Indian markets, with reports of Israeli soldiers killed in clashes and Iran launching missile attacks on Tel Aviv, prompting fears of a broader conflict.

Surge in Oil Prices: Concerns over supply disruptions from the Middle East pushed Brent crude above $75 and WTI past $72, adding pressure on India, a major oil importer, as higher prices increase import costs.

SEBI Tightens F&O Rules: SEBI’s new regulations in the futures and options segment, such as limiting weekly expiries and increasing contract sizes, have dampened retail sentiment, potentially reducing trading volumes and adding uncertainty.

Chinese Market Recovery: The recent Chinese economic stimulus has led to a strong rebound in Chinese stocks, raising fears of capital outflows from Indian markets as investors seek better opportunities in China.

“War is something, historically we have seen whenever war escalations have happened initial reactions have been negative, knee-jerk reactions have happened, but these dips have been bought into,” says Rahul Sharma of JM Financial Services.

“Technically speaking, Nifty has broken a crucial support of 25,665 today. The next one is also broken as we speak, which was around 25,400. Now, these are levels after levels. The next one that comes is around the 25,000 mark. So, the best thing to do at this point in time is hold on to your cash investments, do not be in a hurry to book losses in them,” Sharma added.

The fall in the S&P BSE Sensex recorded its third biggest decline this year in today’s session. In the current year so far, it has fallen by 1,000 points or more on seven other occasions.

However, today’s fall is the third biggest fall of 2024 as the 30-stock index hit the day’s low of 82,449.01. The market capitalisation of BSE listed companies eroded by nearly Rs 10 lakh crore.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

In the backdrop of positive global sentiment and fresh foreign fund flow, Indian equities after logging a fresh all-time high on Friday ended at a record high. At the close, Nifty ended above 19,500 levels for the first time. On a weekly basis, headline indices logged gains of 1.2% each. Primarily, the market sentiment got a boost after the inflation in the US came in at moderate levels.

Here’s how analysts read the market pulse:

“The progression of the monsoon and the trend of Kharif sowing in July will be crucial factors in determining future inflation. However, controlled inflation in the US has instilled optimism among investors, who believe that a 25-bps rate hike would be sufficient to stabilize the US economy. This positive outlook has contributed to strong buying in Indian IT stocks, despite muted Q1 earnings. Consequently, the US Dollar and bond yields have fallen. The broader Indian market traded positively, reaching all-time high levels, on expectations of buoyant Q1 results, consistent FII inflows, decreasing wholesale prices, and low volatility (VIX). Among the sectors, Nifty Bank performed weaker as it started the earnings season on a low note. However, investors are eagerly awaiting more earnings reports in the coming week to determine their trading direction,” Vinod Nair, Head of Research at Geojit Financial Services, said,

“ Having moved above the crucial resistance of 19500 (1.236% Fibonacci projection of weekly taken from recent bottom-top bottom). As per this pattern, the next upside target to be watched is around 1.382% Fibonacci projection at 19800 levels, which is expected to be the next upside target for the Nifty for the coming week. Immediate support is at 19470 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.

That said, here’s a look at what some key indicators are suggesting for Monday’s action:

US stocks finish on muted note
Wall Street stocks finished a winning week on a subdued note Friday, with both the S&P 500 and Nasdaq edging lower despite solid earnings from large banks.

After ending higher for four straight days in the wake of cooling US inflation numbers, Friday’s mixed session “should be expected,” said Adam Sarhan of 50 Park Investments.

The broad-based S&P 500 finished at 4,505.42, down 0.1 percent for the day but up 2.4 percent for the week.

European shares close best week in over three months
European shares edged slightly lower on Friday, but that did little to change their biggest weekly percentage jump in more than three months on hopes that easing inflation would allow the U.S. Federal Reserve to pause rate hikes soon.

After five sessions of gains, the pan-European STOXX 600 index closed 0.1% lower, as oil and gas stocks dropped 2.1% on falling crude prices.

The index has gained nearly 3% this week, marking its best week since the end of March, recouping almost all of last week’s losses.

Tech View: Long bull candle
A long bull candle was formed on the daily chart with a minor lower shadow. The chart pattern indicates an attempt of a decisive upside breakout of the narrow range movement at 19300-19500 levels for the last few sessions.

Nifty on the weekly chart formed a long bull candle that negated the bearish candle of last week and closed higher. Hence, a confirmation of an upside breakout with a follow-through up move on Monday is likely to open more upside for the market ahead

Stocks showing bullish bias:
Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on the counters of Subex, Ashok Leyland, Birlasoft, Snowman Logistics and MMTC among others.

The MACD is known for signaling trend reversals in traded securities or indices. When the MACD crosses above the signal line, it gives a bullish signal, indicating that the price of the security may see an upward movement and vice versa.

Stocks signaling weakness ahead
The MACD showed bearish signs on the counters of Bank of Baroda, NHPC, Rashtriya Chemicals and HPCL among others.

Bearish crossover on the MACD on these counters indicated that they have just begun their downward journey.

Most active stocks in value terms
TCS (Rs 2171 crore), HDFC Bank (Rs 2031 crore), RIL( Rs 1912 crore), Infosys (Rs 1805 crore) and Kotak Bank (Rs 1335 crore) were among the most active stocks on NSE in value terms. Higher activity on a counter in value terms can help identify the counters with highest trading turnovers in the day.

Most active stocks in volume terms
Zomato (Shares traded: 9.16 crore), Reliance Power (Shares traded: 8.34 crore), YES Bank (Shares traded: 8.47 crore), Suzlon Energy (Shares traded: 8.15 crore) and Power Grid (Shares traded: 5.4 crore) among the most traded stocks in the session on NSE.

Stocks showing buying interest
Shares of JBM Auto, Craftsman Automation, Just Dial, RBL Bank and Century Textiles among others witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, signaling bullish sentiment.

Stocks seeing selling pressure
Shares of MOS Utility, Insecticides (India) and Dangee Dums among others stocks hit their 52-week lows, signaling bearish sentiment on the counters.

Sentiment meter favours bulls
Overall, market breadth favored bears as 2,123 stocks ended in the green, while 1,298 names settled in the red.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)