New‑Age firms post strong Q3 revenue surge despite mixed profit; Command high market cap

India’s new‑age digital companies delivered a robust surge in revenue during the third quarter, powered by rising consumer demand across e‑commerce, fintech, food delivery, logistics and eyewear segments.

Even as profitability remained uneven, with some players reporting losses or moderation in bottom‑line growth, the topline momentum highlighted the sector’s resilience and expanding scale. From Zomato and Swiggy to Lenskart, Paytm, PB Fintech and Nykaa, most platforms posted double‑digit revenue growth, underscoring the deepening adoption of online services and the continued shift in consumer behaviour.

The eight new-age companies taken for the analysis include Lenskart, Urban Company, Zomato (now named Eternal), Swiggy, PB Fintech, Paytm, Nykaa, and Delhivery.

Notably, these companies continue to command significant valuations, with Zomato topping the list at a market capitalisation of Rs 2.69 lakh crore, followed by Lenskart at Rs 83,551 crore and Swiggy at Rs 91,476 crore. Other major players include Nykaa with a market cap of Rs 76,954 crore, Paytm at Rs 73,612 crore, and PB Fintech at Rs 68,605 crore. Logistics major Delhivery stands at Rs 32,156 crore, while Urban Company, though smaller than its peers, holds a notable valuation of Rs 17,139 crore.

These new-age consumer and digital platforms reported strong revenue momentum in the latest quarter, reflecting continued demand across eyewear, beauty, fintech, food delivery, and logistics categories. Lenskart posted revenue of Rs 2,307 crore, up 10.1 per cent, with profit rising 28.4 per cent to Rs 131 crore. Urban Company also saw robust topline growth of 32.9 per cent to Rs 382.68 crore, though it reported a loss of Rs 21 crore, highlighting rising investments and service‑expansion costs.

Food‑delivery platforms reported some of the sharpest revenue jumps. Zomato delivered 188.4 per cent rise in revenue to Rs 16,315 crore, with profit rising 72.8 per cent to Rs 102 crore. Post the earnings, Bank of America noted that Blinkit, Zomato's quick commerce business, reported an adjusted EBITDA loss of Rs 103 crore. The company attributed the higher losses to its accelerated expansion efforts. Management has guided for Blinkit's losses to continue for the next 1-2 quarters, but expects over 100% growth in Gross Order Value (GOV) for both FY25 and FY26.

In the quick food service department, Swiggy too witnessed a 54 per cent revenue surge to Rs 6,148 crore, although it posted a loss of Rs 1,065 crore.

Meanwhile, fintech player PB Fintech, the parent of Policybazaar and Paisabazaar, posted a 37 per cent revenue rise to Rs 1,771 crore and a notable 165 per cent jump in profit to Rs 189 crore.

Among other digital‑first companies, Paytm reported a 20 per cent rise in revenue to Rs 2,194 crore, while its profit surged 971.4 per cent to Rs 225 crore. JM Financial noted that Paytm is trading at an appealing multiple of roughly 23 times FY28 estimated EV/EBITDA. JM Financial raised its March 2027 target price to Rs 1,740, valuing the company at 40 times FY28 estimated EBITDA.

Nykaa recorded 27 per cent revenue growth to Rs 2,873.26 crore, with profit rising 157 per cent to Rs 67.7 crore, supported by strong demand in beauty and personal care. Additionally, logistics platform Delhivery posted revenue of Rs 2,805 crore, up 18 per cent, while profit grew 58.4 per cent to Rs 39.6 crore.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)