Eternal, Paytm, Ola Electric & more: New-age tech firms report Q2 revenue growth, but profitability remains inconsistent

Most of the listed new-age tech companies have announced their September quarter results. These companies saw a rollercoaster ride during the quarter, with some posting remarkable growth in revenue, and some companies finally turned profitable. Meanwhile, the investors' focus has shifted from growth to profitability, rewarding firms that are profitable, while punishing cash-burning business models.

The financial performance of new-age companies has varied during the September quarter. Companies like Eternal, Swiggy, PB Fintech, Nykaa and others posted high growth in revenue. However, the profitability has faced challenges and remained inconsistent. Companies like Ola Electric, Swiggy, One Mobikwik, Urban Company and Delhivery have posted losses during the quarter, indicating some of these businesses are more focused on scaling their operations even at the cost of short-term losses.

Eternal vs Swiggy

Swiggy posted ₹5,561 crore in revenue, up 54% YoY, with losses widening to ₹1,092 crore. Eternal outpaced on revenue at ₹13,590 crore (up 183% YoY), though net profit declined 63% YoY to ₹65 crore from ₹176 crore in Q2FY25.

Slower-than-expected growth in the food delivery business amid headwinds like soft discretionary consumption, the impact of quick commerce growth, and increasingly volatile weather conditions (extreme heat, extended rains), which continue to weigh on near-term growth. Besides this rapid investment in expanding the quick commerce store network impacted the profitability for both companies.

Eternal continues to report profitability, but its profit has been declining on a yearly basis, while Swiggy is prioritising expansion, even at the cost of short-term losses.

Ather Energy vs Ola Electric

Electric two-wheeler (E2W) makers, Ather Energy and Ola Electric Mobility, reported net loss of ₹154 crore and ₹418 crore, respectively. Ather Energy reported a 54% YoY rise in revenue from operations to ₹898 crore. In comparison, rival Ola Electric Mobility posted a 43% YoY decline in revenue to ₹690 crore amid weaker sales performance.

According to the Vahan portal data, Ather Energy registered its best-ever monthly performance, selling 26,713 units and securing a 19.6% market share in October 2025. This put the company ahead of Ola Electric, which slipped to fourth place with an 11.6% market share and 15,481 units sold.

Paytm vs One Mobikwik

Prominent digital payments and financial services companies, One 97 Communications (Paytm) and One MobiKwik Systems, posted mixed quarterly earnings. Paytm reported a 97% YoY decline in net profit to ₹21 crore, largely impacted by a one-time impairment charge related to its online gaming joint venture, while the company earned ₹2,061 crore in revenue, up 24.2% YoY.

One MobiKwik Systems revenue for the quarter stood at ₹270.2 crore, down 7.5% from ₹290.6 crore in the same quarter last year. Its consolidated net loss widened to ₹28.6 crore compared to a net loss of ₹3.59 crore in the same quarter last year. The losses were exacerbated mainly due to the fraud incident that occurred during the quarter.

FSN E-Commerce Ventures (Nykaa)

Nykaa's parent company, FSN E-Commerce, reported a 243% YoY surge in its consolidated net profit to ₹34.4 crore during the September quarter. Meanwhile, its revenue from core operations witnessed a 25% jump to ₹2,345.98 crore. The company said its consolidated gross merchandise value (GMV) reached ₹4,744 crore, rising 30% YoY, driven by significant growth in the beauty segment and a recovery in fashion. The beauty segment clocked a 28% YoY rise in GMV to ₹3,551 crore. So far this year, Nykaa shares have gained over 59%.

CarTrade Tech

Multi-channel online platform, CarTrade Tech, which connects buyers and sellers of new and used vehicles, reported robust quarterly earnings. Revenue for the company rose by 25.4% from last year to ₹193.4 crore, while net profit for the period more than doubled to ₹60 crore from ₹28 crore last year. The company's stock saw strong traction as its share price rose over 23% in October 2025 and is up nearly 100% so far this year, indicating investors are more attracted towards profitable firms.

Before you leave

Q2FY26 earnings highlight that some new-age companies have marked significant milestones towards profitability, while others continue to struggle with mounting losses. Meanwhile, investors are now prioritising more on profitability and margin growth compared to mere top-line growth.