Shares of opened higher on the NSE Thursday morning, rising over 4 per cent to trade at ₹204.20 as of 10.31 am, a day after the e-commerce company reported its audited Q4 FY26 results. The stock opened at ₹205, touched an intraday high of ₹211.34, and was seeing heavy volume with over 5.16 crore shares traded worth ₹1,063 crore by mid-morning. Sell-side pressure remained elevated, with 61.79 per cent of orders on the sell side against 38.21 per cent on the buy side.
The stock, listed on NSE and on December 10, 2025, at an IPO price of ₹111, has outperformed the broader market significantly. It is up 37.55 per cent over the past month and 12.15 per cent year-to-date, against the Nifty 500’s -2.98 per cent YTD return. Its 52-week high stands at ₹254.40, hit in December 2025, while its 52-week low of ₹125.56 was recorded in March 2026.
Analyst reaction has been mixed. Choice Institutional Equities maintained an ADD rating with a target price of ₹210, citing logistics recovery and steady user growth as positives, but noted that near-term upside appears largely priced in at current levels. The brokerage expects EBITDA breakeven by H2FY28.
Swapnil Potdukhe, JM Financial, maintained a REDUCE rating with a target of ₹180, arguing that while Q4 results were strong, the stock trades at approximately 46x FY29 estimated adjusted EBITDA — among the highest multiples in internet coverage — leaving little room for execution misses. The analyst also flagged that NMV growth could moderate to around 34 per cent YoY in FY27 due to a tough base.
The results, , with contribution margin recovering to 4 per cent of NMV from 2.3 per cent in Q3. Annual transacting users grew 33 per cent to 26.4 crores for FY26.