In FY26 (April 2025–March 2026) 22 new‑age tech companies listed on the NSE/BSE, generating total proceeds of INR 255 bn (~$3.1 bn). Notable debuts included Zerodha, Razorpay, Ola Electric, Delhivery and Freshworks. Median revenue grew 22% YoY while median net‑loss margin deepened to –18% (up from –12% in FY25). Average share price slipped 9% from the listing day close.

SEBI tightened rules, extending promoter lock‑in to one year and mandating stricter related‑party disclosures. The Inc42 FY26 Financial Tracker shows only six IPO‑companies posted positive EBITDA, all in SaaS or fintech (e.g., Freshworks, Pine Labs). The remaining firms burned cash at an average INR 1.2 bn each, as venture‑capital follow‑on fell to $450 m in FY26 from $1.2 bn the prior year.

The IPO surge reflects a maturing ecosystem where public markets now test profitability, not just growth. Investors are rewarding sustainable unit economics and punishing persistent losses, marking a shift from the VC‑era “growth at any cost” mindset to public‑market discipline.

Second‑order effects will likely accelerate consolidation in crowded sectors such as food delivery, logistics and edtech, as loss‑making players seek scale or exit. Banks may tighten credit to high‑burn startups, pushing them toward alternative financing like revenue‑based deals or strategic stakes from larger corporates.

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