SYNOPSIS: The article reviews Q2 FY26 results of several newly listed companies across solar, auto components, FMCG, fintech, edtech, and payments, comparing their revenue and profitability trends.
A number of recently listed companies have released their Q2 FY26 financial results, offering insight into how these fresh market entrants are performing post-IPO. From solar and clean-air technology to fintech, FMCG, and edtech, the latest quarter reflects a mix of strong revenue growth, margin pressure, and notable turnarounds across sectors.
Listed below are a few recently listed Initial Public Offerings (IPOs) that have announced financial performance for Q2 FY25:
With a market cap of Rs. 6,272 crores, the stock closed in the red at Rs. 204.7 on Friday. The company entered the public markets through its IPO on 20th November 2025, with an issue size of Rs. 828 crores.
In Q2 FY26, Fujiyama Power experienced a significant growth in revenue from operations of Rs. 568 crores, a marginal decrease of around 5 percent QoQ but a growth of nearly 73 percent YoY. Meanwhile, its net profit stood at Rs. 63 crores, representing a decline of over 7 percent QoQ but a rise of nearly 97 percent YoY.
Fujiyama Power Systems Limited is engaged in the business of manufacturing solar products in the rooftop solar segment, including solar inverters of on-grid, hybrid and off-grid types, solar panels, batteries (lead acid and lithium-ion batteries), online UPS2, online solar PCU, e-rickshaw and other chargers, hybrid charge controller unit, solar management unit and charge controllers, etc. It manufactures products under two brands- “UTL Solar” and “Fujiyama Solar”.
With a market cap of Rs. 19,076.3 crores, the stock closed in the red at Rs. 472.65 on Friday. The company entered the public markets through its IPO on 19th November 2025, with an issue size of Rs. 3,600 crores.
In Q2 FY26, Tenneco experienced a significant growth in revenue from operations of Rs. 1,281 crores, a slight decline of around 0.4 percent QoQ and 10 percent YoY. Meanwhile, its net profit stood at Rs. 151 crores, representing a decrease of over 10 percent QoQ but a growth of 10 percent YoY.
Tenneco Clean Air India Limited is engaged in the business of manufacturing and supplying automotive components, shock absorbers, struts, catalytic converters, mufflers and exhaust pipes.
In FY25, based on revenue, the company emerged as the largest supplier of Clean Air Solutions to Indian Commercial Transportation (CT) OEMs with a 57 percent market share, and to Indian Off-Highway (OH) OEMs (excluding tractors) with a 68 percent market share. It also ranked among the top four suppliers of Clean Air Solutions to Passenger Vehicle (PV) OEMs, holding a 19 percent market share.
With a market cap of Rs. 8,558.4 crores, the stock closed in the green at Rs. 624.75 on Friday. The company entered the public markets through its IPO on 6th November 2025, with an issue size of Rs. 1,667.5 crores.
In Q2 FY26, Orkla experienced a significant growth in revenue from operations of Rs. 650 crores, an increase of around 9 percent QoQ and 5 percent YoY. Meanwhile, its net profit stood at Rs. 77 crores, representing a decline of more than 2 percent QoQ and 7 percent YoY.
Orkla India Limited is engaged in the manufacture and sale of instant food mixes, spices, masalas and blended curry powders made of spices, ready-to-eat food products, vermicelli, confectionery, beverages, coffee, rice products, etc. It also undertakes trading of certain food products such as spices, pickles, tea, tamarind, coconut oil and oral care products.
With a market cap of Rs. 89,640.6 crores, the stock closed in the red at Rs. 145.2 on Friday. The company entered the public markets through its IPO on 12th November 2025, with an issue size of Rs. 6,632.3 crores.
In Q2 FY26, Groww experienced a significant growth in revenue from operations of Rs. 1,019 crores, an increase of around 13 percent QoQ but a marginal fall of over 9 percent YoY. Meanwhile, its net profit stood at Rs. 471 crores, representing a rise of around 25 percent QoQ and 12 percent YoY.
Billionbrains Garage Ventures Limited is primarily engaged in carrying out the business of software designing, maintenance, testing and benchmarking, designing, developing computer software and solutions, marketing and innovatization of licensed software, and consultancy services. It operates the web & app-based technology platform, “Groww”.
With a market cap of Rs. 27,225.6 crores, the stock closed in the red at Rs. 237.1 on Friday. The company entered the public markets through its IPO on 14th November 2025, with an issue size of Rs. 3,900.17 crores.
In Q2 FY26, Pine Labs experienced a significant growth in revenue from operations of Rs. 650 crores, an increase of around 5 percent QoQ and 17 percent YoY. Meanwhile, its net profit stood at Rs. 6 crores, representing a rise of around 25 percent QoQ and a turnaround from a loss of Rs. 32 crores reported in Q2 FY25.
Pine Labs Limited is primarily engaged in the business of providing digital payment solutions, issuing and acquiring solutions, affordability solutions, embedded finance solutions and software applications to its customers.
With a market cap of Rs. 38,892 crores, the stock closed in the green at Rs. 136 on Friday. The company entered the public markets through its IPO on 18th November 2025, with an issue size of Rs. 3,480 crores.
In Q2 FY26, Physicswallah experienced a significant growth in revenue from operations of Rs. 1,051 crores, an increase of around 24 percent QoQ and 26 percent YoY. Meanwhile, its net profit stood at Rs. 70 crores, representing a rise of around 71 percent YoY and a turnaround from a loss of Rs. 127 crores reported in Q1 FY26.
Physicswallah Limited operates in one reportable business segment, i.e. in the business of education by providing online and offline coaching and study materials and is primarily operating in India and hence, considered as a single geographical segment.
Written by Shivani Singh
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