Flipkart has reportedly deferred its IPO plans to at least next year, with Walmart—the retailer holding 80%—pushing the company to prioritize EBITDA breakeven in FY27. Walmart is said to have asked Flipkart to pause fundraising, putting its planned $2–2.5 billion pre-IPO round on hold. The move also raises questions about Flipkart Minutes, its quick commerce arm, which is capital- and cash-burn heavy amid fierce competition. Flipkart’s internal restructuring and cost efforts have not yet convinced Walmart.
NODWIN Gaming posted consolidated revenue of INR 658 crore in FY26, up 25% organically year-on-year, and reported an EBITDA profit of INR 21 crore after an EBITDA loss of INR 14 crore in FY25. The turnaround followed portfolio restructuring, including de-consolidating Freaks4U, alongside stronger live, content and IP performance as the company accelerates IPO readiness.
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Nazara Technologies’ FY26 delivered a sharp turnaround: revenue rose 13% to INR 1,829 cr and EBITDA surged 66% to INR 255 cr. Q4FY26 EBITDA margin nearly doubled to 19.5%. Operating cash flow jumped 81% to INR 213 cr, while gaming’s share of EBITDA climbed from 56% to 90% as the company leaned into higher-margin core IP and global expansion.
One MobiKwik Systems reported a net profit of Rs 4.38 crore in Q4 of FY26, reversing last year’s Rs 56 crore loss. Revenue from operations rose 8%, and the company’s EBITDA turned positive as well. The quarter signals a clear turnaround, with investors watching what drove the recovery after a difficult year.
Paytm reported a consolidated net profit of ₹183 Cr in Q4 FY26, reversing a ₹545 Cr loss from the year-ago quarter. Revenue rose 18.4% YoY to ₹2,264 Cr, while sequential revenue increased 3.2%. Total income stood at ₹2,442 Cr, as expenses grew 5.3% YoY. FY26 profit improved to ₹552 Cr after a loss in FY25.
Mahindra & Mahindra shares surged after better-than-expected March quarter results, helped by gains in the automotive business and stronger farm equipment market share. However, the outlook has a caveat: tractor volume growth could slow due to a high base and a potentially weaker monsoon. Even with price hikes, rising input costs squeezed EBITDA margins sequentially.
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Raymond reported a 91% year-on-year fall in Q4 net profit to Rs 12 crore despite an 8% revenue uptick. Sequentially, PAT improved 68%, but EBITDA and margins weakened. The company, however, pointed to steady FY26 growth led by aerospace, defence, precision technology, and auto components, stressing a push toward high-moat, high-margin expansion.
Gurugram agrifood platform FarMart ended FY26 with a $400 million (around Rs 3,600 crore) revenue run rate and, for the first time, turned EBITDA profitable in Q4. The company credits 50% YoY GOV growth to deeper enterprise wallet share, stronger farm-to-processor networks, and AI-powered workflows spanning sourcing, quality, logistics and payments.
Leela Hotels reports FY 2026 gains powered by a sharp rise in luxury demand. Operating revenue climbed to Rs 1,527.3 crore, while profit after tax surged to Rs 403 crore, up 46%. EBITDA grew 19%, alongside expansion across key destinations. The results signal strong momentum heading into future quarters.
Eternal’s quick commerce arm Blinkit delivered a dramatic sequential profitability leap in the March quarter, with adjusted EBITDA rising more than 9X to ₹37 crore. The surge came alongside fast scaling in order value and store expansion, even as the company warned that aggressive discounting is creating “poor-quality growth” and low-margin SKU dependence. Blinkit expects a stronger rebound in Q1 FY27.
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Food and grocery delivery firm Eternal says its B2C operations have crossed $10 billion in annual net order value, taking 18 years to reach the mark. The company now expects the figure to double to $20 billion within two years and targets $1 billion in adjusted EBITDA by FY29, signaling a push for faster scaling and profitability.
India Cements shares rallied about 10% after reporting a sharp Q4 turnaround. Net profit surged 300% year-on-year to Rs 60 crore, largely boosted by a strong rise in EBITDA. Revenue growth, however, stayed modest at roughly 3%, leaving investors focused on what drove the big bottom-line swing.
Akasa Air is reportedly prepping for an IPO, but analysts don’t expect it to reach EBITDA profitability soon. That puts pressure on founder Rakesh Jhunjhunwala’s “last big bet,” which plans to list in the coming years. The carrier will need substantial operational improvements to earn a valuation closer to IndiGo’s, rather than its current trajectory.
Hospital stocks are holding up even as markets swing, backed by faster EBITDA growth than revenue. Over FY2019-20 to FY2024-25, sector revenues rose around 15.5% annually while EBITDA grew about 25%. Analysts point to steadier cash flows from insurance-led payments, strong demand for profitable inpatient care, and aggressive expansion plans that add more beds and facilities.
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Fashinza, a global fashion supply-chain platform, has reported EBITDA profitability in its first profitable quarter, a milestone it previously aimed for but could not sustain yet. The startup is now shifting focus from a single strong quarter to achieving full-year profitability in the upcoming financial year, signaling stronger cost control and execution.
Adani Energy Solutions Limited reported a 32% year-on-year jump in adjusted full-year profit to ₹2,393 crore for FY ending March 31, 2026. The company also delivered record performance with EBITDA of ₹8,726 crore, driven by execution in transmission and smart metering, alongside commissioning of key infrastructure projects. Its smart metering rollout reached 1 crore installations.
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