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Index Performance Chart
Return Summary
TOP MOVERS · LAST MONTH
Top Gainers
Top Laggers
Disclaimer
Z47^fortyseven is published for informational purposes only and does not constitute investment advice, or any offer, solicitation, or recommendation to buy or sell securities. Index performance is historical and should not be construed as indicative of future results.
While reasonable care has been taken in compiling the information used in the index, no representation or warranty, express or implied, is made as to the accuracy, completeness, timeliness or suitability of the index or any related information. Neither Z47 nor any of its affiliates, partners, employees, officers, directors, agents or representatives shall have any liability whatsoever for any loss or damage arising directly or indirectly from the use of, reliance upon, or reference to the index or any information relating thereto.
MONTHLY TAKEAWAY · JUN 2026
Monthly Index Performance
Z47^fortyseven is up +23.9% since its January 2024 base date, versus Nifty 500's +18.4%, ahead by 550 bps.
The cohort moved +4.7% over the month versus Nifty 500's +2.5%, leading by 220 bps.
Anchored in domestic demand and rising digital adoption, the cohort remained resilient amid global headwinds.
Consumer Tech was the best-performing sector at +9.2% last month, driven by sustained growth in consumer demand and strength in consumer-internet platforms.
Largest constituents ·
The Names that anchor the Index
Top Gainers · Key drivers
Top Laggers · Key drivers
Key Themes · Latest Results
In Q4FY26, Z47^fortyseven's cohort grew top line ~39% YoY, more than 3x the broad market's ~12% growth.
Operating leverage lifted net margins around 500 bps into positive territory, even as broad-market net margins remained roughly flat.
With 40 of 47 companies now profitable, the cohort reflects a broader shift toward profitable growth over growth at any cost.
AI adoption runs deeper across this cohort than in the broader market, with companies using it to drive growth and reshape demand, not just improve efficiency.
Cash generation is increasingly defining the winners, enabling market leaders like Eternal, CarTrade, and PB Fintech to fund acquisitions and expansion from their own balance sheets.
Market & Macro Context
The cohort saw several block deals this month, including sizeable stake sales in Lenskart, Delhivery, Honasa, and Shadowfax.
Ownership continues to shift from foreign investors to domestic institutions, creating a more durable shareholder base.
AI remained the defining technology investment theme, driving capital deployment across both private and public markets.
Net Read
Fundamentals continued to strengthen across the cohort, with growth, margins, and cash generation improving in tandem.
Performance dispersion widened, with profitability and earnings quality increasingly distinguishing the strongest performers from the rest.
Kissht IPO
Takeaways
A modest listing pop followed by strong post-listing gains reinforced the market's preference for asset quality and disciplined underwriting over pure loan-book growth.
The listing helped reset perceptions around unsecured lending, creating a constructive valuation anchor for the issuers that follow.
The buyer mix was a notable positive, with strong participation from long-only domestic institutions supporting a more durable post-listing ownership base.
The IPO structure reflected improving market discipline, with predominantly primary capital raised to fund growth rather than provide liquidity to existing shareholders.
Disclaimer
Z47^fortyseven is published for informational purposes only and does not constitute investment advice, or any offer, solicitation, or recommendation to buy or sell securities. Index performance is historical and should not be construed as indicative of future results.
While reasonable care has been taken in compiling the information used in the index, no representation or warranty, express or implied, is made as to the accuracy, completeness, timeliness or suitability of the index or any related information. Neither Z47 nor any of its affiliates, partners, employees, officers, directors, agents or representatives shall have any liability whatsoever for any loss or damage arising directly or indirectly from the use of, reliance upon, or reference to the index or any information relating thereto.
Constituent · Live prices
Sector Composition . 47 Companies
One month price movement · All constituents
Constituent · Live prices
Disclaimer
Z47^fortyseven is published for informational purposes only and does not constitute investment advice, or any offer, solicitation, or recommendation to buy or sell securities. Index performance is historical and should not be construed as indicative of future results.
While reasonable care has been taken in compiling the information used in the index, no representation or warranty, express or implied, is made as to the accuracy, completeness, timeliness or suitability of the index or any related information. Neither Z47 nor any of its affiliates, partners, employees, officers, directors, agents or representatives shall have any liability whatsoever for any loss or damage arising directly or indirectly from the use of, reliance upon, or reference to the index or any information relating thereto.
Methodology
01
Methodology
47 listed Indian new-age technology and new-economy financial-services companies selected for their role in India's transition to a developed economy by 2047
Free-float market-capitalisation weighted index, rebased to 100 on 1 January 2024; individual constituent weight capped at 10% (iterative redistribution)
For constituents listed after 1 January 2024, included from their first full trading day post-listing; no synthetic pre-listing prices are used
Constituent changes — portfolio units adjustment. When a constituent is added, removed, or replaced, constituent units are recalculated on the effective date so that the index level is unchanged at the moment of the change. The constituent change is value-neutral; subsequent index movements reflect only price changes of the new basket. This ensures the historical index series is continuous and free of artificial jumps from basket reconstitution.
Constituents reviewed quarterly — additions on listing, removals on delisting, prolonged suspension, or classification change
Price data sourced from NSE / BSE via Yahoo Finance with refreshed twice a day at market open & market close
Returns computed in INR terms; benchmark comparison against Nifty 500
Sector classification: Fintech / Financial Services · Consumer / Consumer Tech · B2B · SaaS / AI
Data refresh cadence: twice a day at market open & close; takeaways: refreshed monthly.
02
Inclusion Criteria
A company qualifies for Z47^fortyseven if it meets ALL of the following:
Listed on NSE, BSE, Nasdaq, or NYSE in the last decade, with an Indian founding team and India as a core market (with Info Edge and MakeMyTrip, both listed 2010, grandfathered as foundational predecessors)
Operates a new-age, technology-led, or category-creating business model
Has received institutional venture, growth-equity, or private-equity capital at some point in its lifecycle; i.e., not a pure promoter-only or family-conglomerate business
Minimum market capitalisation of ₹2,000 crore at the time of index entry
Added to the index from their first full trading day post-listing, provided all other criteria are met at that date
03
Review Policy
The constituent list is not static. Z47^fortyseven is reviewed quarterly and may be updated to reflect:
New listings that meet the inclusion criteria
Changes in business model, sector classification, or market cap that affect a constituent's eligibility
Delistings, prolonged suspensions, mergers, or material restructuring
Refinements to the methodology itself as the index matures
Cash generation is increasingly defining the winners, enabling market leaders to fund acquisitions and expansion from their own balance sheets.
Replacements and other constituent changes could happen in the future depending on new listings or changes to current companies due to any reason. Constituent changes are applied prospectively from the effective date, with a divisor adjustment to keep the index level continuous; they are not retroactively spliced into the historical series.
Disclaimer
Z47^fortyseven is published for informational purposes only and does not constitute investment advice, or any offer, solicitation, or recommendation to buy or sell securities. Index performance is historical and should not be construed as indicative of future results.
While reasonable care has been taken in compiling the information used in the index, no representation or warranty, express or implied, is made as to the accuracy, completeness, timeliness or suitability of the index or any related information. Neither Z47 nor any of its affiliates, partners, employees, officers, directors, agents or representatives shall have any liability whatsoever for any loss or damage arising directly or indirectly from the use of, reliance upon, or reference to the index or any information relating thereto.