India Startup Financial Results Weekly Update: October 26-30, 2026

The week of October 26–30, 2026 saw several Indian new-age companies report their financial performance for the second quarter of FY27. The results covered electric mobility, fintech, logistics, gaming and digital infrastructure, with several companies reporting higher revenue and improved profitability.

Among the notable results, Ather Energy turned profitable, Pine Labs reported a more than six-fold rise in net profit, OnEMI Technology Solutions doubled its profit, while Shadowfax and BlackBuck continued to report strong revenue growth. Delhivery also remained profitable in Q2, while Nazara Technologies moved from a quarterly loss to a profit.

Major Q2 FY27 Results

Ather Energy Turns Profitable

Electric two-wheeler maker Ather Energy reported its second consecutive EBITDA-positive quarter in Q2 FY27. Total income increased 62% year-on-year, while volumes grew 42% to 93,211 units.

EBITDA stood at ₹74.2 crore, compared with a negative EBITDA in the year-ago quarter. Consolidated profit after tax stood at ₹1.26 crore, compared with a loss of ₹154 crore a year earlier.

Ather also reported more than 1.8 lakh pre-orders during the quarter. The company plans to add 2.25 lakh units of annual production capacity across its Hosur and AURIC facilities, taking installed annual capacity to about 11.4 lakh units by Q2 FY28.

Nazara Technologies Returns to Profit

Gaming and sports media company Nazara Technologies reported a 52.6% year-on-year increase in revenue from operations to ₹803.15 crore in Q2 FY27, compared with ₹526.46 crore a year earlier.

The company reported a consolidated profit after tax of ₹35.36 crore, compared with a loss of ₹33.93 crore in Q2 FY26.

The quarter also included the acquisition of 100% of Bluetile Games and Bestplay Systems by Nazara Technologies UK for an aggregate cash consideration of $303 million. The company also approved a preferential allotment of 2.39 crore equity shares at ₹306 per share earlier in October.

OnEMI Profit Doubles 

OnEMI Technology Solutions, the parent company of Kissht, reported consolidated revenue from operations of ₹731.8 crore in Q2 FY27, up 44.7% from ₹505.7 crore a year earlier.

Net profit increased 100.5% year-on-year to ₹125.1 crore from ₹62.4 crore. Profit also rose 31.5% sequentially from ₹95.1 crore in Q1 FY27.

The company’s assets under management reached ₹9,317 crore, representing 68% year-on-year growth. OnEMI has also been expanding its secured lending portfolio, with loan-against-property accounting for 7.9% of AUM compared with 4.1% a year earlier.

The company said it expects AUM to grow by more than 60% in FY27.

Pine Labs Reports Six-Fold Profit Growth

Fintech company Pine Labs reported consolidated revenue from operations of ₹806.2 crore in Q2 FY27, up 24% from ₹649.9 crore in the year-ago quarter.

Net profit rose to ₹38.6 crore from ₹6 crore, representing growth of more than six times year-on-year. EBITDA increased 68% to ₹126 crore, while the EBITDA margin improved to 15.63% from 11.54%.

The company said international markets contributed around 15% of revenue, while Southeast Asia revenue grew about 40% year-on-year. Products launched during the last two years contributed 14% of revenue.

Pine Labs also continues to focus on UPI, international expansion and AI-led products as part of its next phase of growth.

Shadowfax Revenue Crosses ₹1,500 Crore

Logistics company Shadowfax reported operating revenue of ₹1,537.7 crore in Q2 FY27, up 56.6% year-on-year from ₹982 crore.

Consolidated net profit rose 421.9% to ₹68 crore, compared with about ₹13 crore a year earlier. Adjusted EBITDA increased 177.4% to ₹77 crore, with the margin improving to 5%.

The company handled 27.1 crore deliveries during the quarter, up 69.7% year-on-year. Express parcel deliveries accounted for 21.7 crore shipments, while hyperlocal deliveries stood at 5.4 crore.

Shadowfax’s express business generated about ₹1,096 crore in revenue, while hyperlocal contributed ₹341 crore.

BlackBuck Revenue Grows 56%

Trucking and logistics platform BlackBuck reported revenue from operations of ₹235.3 crore in Q2 FY27, up 55.7% from ₹151.1 crore in the same quarter last year.

Consolidated net profit rose 41.8% to ₹41.4 crore from ₹29.2 crore. EBITDA increased 39% to ₹50.6 crore.

Revenue from BlackBuck’s core payments and telematics businesses increased 31% to ₹161.4 crore. Its growth businesses, which include newer offerings such as Superloads, grew 166% year-on-year to ₹73.9 crore.

The company also reported ₹7,070 crore in tolling GTV during the quarter, while monthly transacting operators reached about 8.95 lakh.

Delhivery Returns to Profit

Logistics company Delhivery reported revenue from operations of ₹3,066.3 crore in Q2 FY27, up 19.8% from ₹2,559.3 crore a year earlier.

The company reported a net profit of ₹40.6 crore, compared with a net loss of ₹50.5 crore in Q2 FY26. Total income stood at about ₹3,133 crore after including other income.

Delhivery said investments in AI are being used across areas including sales productivity, customer onboarding, claims and dispute resolution and fraud detection.

The company ended the quarter with a cash balance of ₹4,676 crore and revised its annualised recurring revenue growth target for FY27 to ₹280 crore by Q4, compared with its earlier target of ₹250 crore.

Tanla Platforms Reports Double-Digit Growth 

AI-native communications platform Tanla Platforms reported Q2 FY27 revenue of ₹1,352 crore, up 25.3% year-on-year and 10.2% sequentially.

Gross profit increased 23.1% to ₹353 crore, while EBITDA rose 20.8% to ₹214 crore. Profit after tax increased 17.1% year-on-year to ₹146 crore.

The company said its Enterprise Business grew 27.2% year-on-year. Tanla also completed the acquisition of ValueFirst’s overseas business during the quarter.

The company reported more than ₹1,400 crore in cash and a debt-free balance sheet at the end of the quarter.

What the Results Show

The financial results announced during the week point to different growth patterns across India’s new-age companies.

Profitability is becoming a larger focus. Ather moved into quarterly profitability, while Nazara and Delhivery also reported profits after losses in the year-ago period. Pine Labs, OnEMI, Shadowfax and BlackBuck all recorded year-on-year profit growth.

Logistics continued to scale on higher volumes. Shadowfax and Delhivery both reported strong revenue growth, while BlackBuck’s payments, telematics and newer logistics businesses also expanded.

Fintech companies continued to grow while improving profitability. Pine Labs and OnEMI both reported strong year-on-year profit growth, with Pine Labs also seeing increased contribution from international markets and newer products.

Electric mobility showed improving operating performance. Ather’s Q2 results combined higher volumes with positive EBITDA and a move into consolidated profitability, while the company also announced additional production capacity.