Nykaa’s Glow-Up vs Swiggy’s Expansion: Tech Stocks Face Q4 Reality Check

Unknown Apr 02, 2026 850 Views

With the earnings season underway, investors are eagerly awaiting the performance of new-age tech players like Swiggy, Zomato, Paytm, and Nykaa. Here's what to look out for in their Q4 FY25 results based on industry analysis and estimates: Swiggy: Losses are likely to e...

Swiggy:

Losses are likely to expand to ₹925.10 crore from ₹802.50 crore in Q3.
Gross Order Value (GOV) is expected to rise 42.1% YoY to ₹12,179.70 crore.
Instamart's GOV is expected to rise by 24.7% sequentially (109.7% YoY), with take-rates increasing marginally because of increased ad revenue.
Contribution margins could shrink because of intense dark store expansion and competition.

Zomato:

Profit is expected to decline by 98.8% YoY to ₹70 lakh, owing to increased losses in Blinkit.
GOV is likely to increase by 50.8% YoY to ₹18,797.50 crore.
Blinkit's take-rates are expected to come down due to a transition towards low-margin products, affecting contribution margins.

Paytm:

Revenue is likely to increase by 8% QoQ, driven by higher UPI incentives and financial services contributions.
Contribution margins are likely to increase by 370 basis points QoQ due to improved operating leverage.
The firm is expected to become PAT positive with a estimated profit of ₹4.5 crore in Q4.

Nykaa:

Profit is expected to grow sharply by 129.3% YoY to ₹15.90 crore.
The Beauty and Personal Care (BPC) segment continues its growth streak with a GMV growth of around 28% YoY.
EBITDA margin is projected at 5.9%, showing a sequential fall but a YoY rise due to managed costs and investments in supply chains.

PB Fintech (Policybazaar):

Growth in insurance premium is anticipated at 43% YoY with a trend of normalization against the earlier quarters.
Contribution margins will likely get better as renewals pick up in the mix of products.

Market Implications

These findings will offer vital insights into the financial well-being and growth strategies of new-gen tech firms in the face of growing competition and changing market forces. Investors will watch closely profitability levels, cost-control initiatives, and strategic forays in priority segments such as quick commerce (Swiggy/Zomato), financial services (Paytm), and beauty/fashion (Nykaa).

Sources: Business Today, The Economic Times

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