Kissht's 52% profit jump drove the 17.85% rally. 30 of 57 new-age tech stocks fell as FII selling and geopolitical risk pressure valuations. RBI policy on June 5 next catalyst.
Alpha Score of 46 reflects weak overall profile with moderate momentum, poor value, moderate quality, moderate sentiment.
The macro environment for Indian equities tightened last week, and the transmission into new-age tech stocks was uneven. Geopolitical tensions in West Asia, persistent FII outflows, and a weakening rupee created headwinds that pushed the Sensex down 0.8% to 74,775.74 and the Nifty 50 down 7% to 23,547.75. Within that backdrop, 26 of the 57 new-age tech stocks under covered gained, while 30 declined. The standout was recently listed NBFC Kissht, which surged 17.85% to ₹273.05, trading about 43% above its listing price.
The dominant macro signal last week was the escalation of geopolitical risk in West Asia. FIIs extended their 11-month selling streak, pulling ₹55,963 crore from Indian equities in May alone. In the final week of May, they sold another ₹23,734 crore over four sessions. The outflows were driven by rising crude prices, rupee weakness, and uncertainty around a possible US-Iran agreement.
“The primary catalyst for this large-scale withdrawal has been escalating geopolitical tensions in West Asia, which have heightened global uncertainty and risk aversion. This has been compounded by several macroeconomic pressures such as weakening Indian Rupee, higher crude prices,” said Pabitro Mukherjee, deputy vice president – technical at Bajaj Broking.
DIIs provided the offset, infusing a record ₹82,668 crore in May and another ₹25,503 crore in the final week. That shift in liquidity dynamics prevented a broader collapse. The effect is not uniform across sectors. New-age tech stocks carry higher valuation multiples and lower free-float than large caps. They are more exposed to FII sentiment shifts.
The Indian rupee fell to new lows during the week, adding to import cost pressures for companies with foreign currency debt or raw material imports. Elevated crude oil prices compounded the macro drag, raising input costs for sectors dependent on transportation and plastics. For new-age tech companies with thin profitability, any cost shock hits margins directly.
“Investor sentiment was also impacted by macroeconomic revisions from major economies. The US Bureau of Economic Analysis revised first-quarter US GDP growth downward to 1.6% annualised from the earlier estimate of 2.0%, highlighting moderation in economic momentum,” said Ajit Mishra, SVP of research at Religare Broking.
Kissht reported its Q4 FY26 results after market hours on Wednesday. Net profit jumped 52% YoY and 7% QoQ to ₹82.2 crore. Operating revenue rose 68% YoY to ₹619.4 crore. For the full fiscal year, net profit surged 75% to ₹281.5 crore on revenue of ₹2,179.3 crore, up 63%.
The operational driver was AUM growth. AUM surged 73% YoY to ₹7,066 crore in Q4. The unsecured personal loan portfolio accounted for 92.7% of AUM, while the loan against property (LAP) business scaled to 7.3%. Off-book AUM reached ₹3,510 crore across eight partners, a capital-light strategy that reduces balance-sheet risk. Asset quality improved: gross NPA declined to 2.12%, net NPA to 0.29%.
| Metric | Q4 FY26 | YoY Change |
|---|---|---|
| Net profit | ₹82.2 Cr | +52% |
| Operating revenue | ₹619.4 Cr | +68% |
| AUM | ₹7,066 Cr | +73% |
| Gross NPA | 2.12% | - |
The stock gained 4.16% on Friday, closing the week at ₹273.05. At that price, Kissht trades at a premium to its listing price of ₹191. The market is pricing in sustained growth in digital lending.
MSCI (MSCI Inc.) carries an Alpha Score of 46/100, rated Mixed, reflecting the balanced risk-reward in the financial services sector. For Kissht, the strong operational metrics offset macro headwinds for now. The stock's recent trajectory suggests momentum traders are in control.
Contract manufacturer Aequs fell 10.05% to ₹191.05 after reporting a Q4 net loss of ₹53.7 crore against a profit of ₹8.9 crore a year earlier. Operating revenue rose 47% YoY to ₹367.1 crore, driven by the aerospace business and the consumer electronics segment, which began commercial operations in Q3. EBITDA stayed positive at ₹32 crore, margins compressed to 9%.
For FY26, Aequs reported operating revenue of ₹1,230.4 crore, up 33%. The net loss widened to ₹113.3 crore. Despite the weekly decline, the company's market cap remains above $1 billion – $1.35 billion at Friday's close. Long-term investors are looking through the current margin phase.
Risk to watch: Q1 FY27 margins must show sequential improvement. If the ramp-up in consumer electronics continues to weigh on costs, the stock may face further pressure.
Four companies – Kissht, Ather Energy, SEDEMAC, and RateGain – touched fresh highs this week.
The macro transmission is not complete. A packed calendar this week will determine whether the new-age tech rally broadens or narrows.
For new-age tech stocks, the RBI's stance is pivotal. A hawkish hold keeps yields elevated, raising the discount rate on future cash flows – a headwind for high-growth, high-valuation names. A dovish surprise lifts the entire cohort, with Kissht benefiting most.
At the same time, the FII selling trend must abate for the sector to sustain a broad rally. DII buying has provided a floor, reversed the outflows. If geopolitical tensions ease or crude prices retreat, FIIs could pivot. For now, the dispersion between winners like Kissht and laggards like Aequs is likely to widen.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.