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Index Performance Chart
Return Summary
TOP MOVERS
Top Gainers
Top Laggers
Constituent · Latest snapshot
IPO Watch
Takeaways
India’s largest-ever IPO, debuting as India’s second-most valuable listed company. It puts a public-market price on India’s digital rails. The next wave of wealth creation sits with the companies building on them.
Takeaways
Strong institutional IPO demand followed by an aftermarket correction highlights ongoing price discovery amid greater investor caution on valuations. It brings tech-led manufacturing into sharper public-market focus.
Takeaways
One of India's early ecommerce pioneers entered public markets, having helped bring value-led online shopping to mass-market consumers. However, subdued debut reflects concerns around intense competition, customer acquisition costs and the path to profitability.
Bulk and block trades
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 · OCT 2026
Monthly Index Performance
Z47^fortyseven −2.0% vs Nifty 500 −0.8% (−120 bps).
Selling was broad: One in four constituents fell more than 10%.
Broad-based correction extended across sectors, with Fintech/Financial Services hit hardest (−7.4%) amid regulatory uncertainty and rising cost of funds for lenders.
The final week recovered 4.5%, 200bps ahead of the Nifty 500, on institutional buying and Q2 results.
October reinforced that investor appetite remains intact, but capital is increasingly selective: both in where it flows and the price investors are willing to pay.
Top Gainers · Key drivers
Key Themes · Latest Results
Profits are scaling faster than prices: operating leverage showed up clearly at Paytm and Groww.
Quick commerce split the cohort: Eternal’s economics improved while Swiggy’s Instamart losses widened.
Consumer brands gained from scale: Milky Mist and BlueStone posted stronger earnings.
AI infrastructure demand is accelerating, and so is the capital it takes to meet it.
Block trades: exits are clearing, at a price
Lenskart: ~₹1,895 cr block; the stock fell ~5% on the sell-down.
Shadowfax: NewQuest’s fourth block sale since August cut its holding by ~5%
Eternal: BofA bought shares from Goldman Sachs. Global ownership is rotating, not leaving.
IPO Watch
Takeaways
Jio Platforms: India’s largest-ever IPO, debuting as India’s second-most valuable listed company. It puts a public-market price on India’s digital rails. The next wave of wealth creation sits with the companies building on them.
Zetwerk: Strong institutional IPO demand followed by an aftermarket correction highlights ongoing price discovery amid greater investor caution on valuations. It brings tech-led manufacturing into sharper public-market focus.
AceVector (Snapdeal): One of India's early ecommerce pioneers entered public markets, having helped bring value-led online shopping to mass-market consumers. However, subdued debut reflects concerns around intense competition, customer acquisition costs and the path to profitability.
MONTHLY TAKEAWAY · SEP 2026
Monthly Index Performance
Z47^fortyseven is up +37.6% since its January 2024 base date, versus Nifty 500's +13.7%, ahead by 2,390 bps.
The cohort moved -4.9% over the month versus Nifty 500's -5.9%, outperforming by 100 bps.
FIIs sold ~₹44,000 crore of equities, while strong domestic institutional buying helped cushion the market decline.
Insurance-distribution regulation emerged as a key market driver, triggering a sharp reset across the sector
Consumer Tech was the best-performing sector at -1.5%, led by Milky Mist’s strong post-listing rally and relative resilience across larger consumer platforms
Top Gainers · Key drivers
Top Laggers · Key drivers
Key Themes · Latest Results
Q1FY27 results reflect stronger growth quality, with improving profitability and monetisation alongside market-share gains
Revenue across the cohort grew ~51% YoY and ~7% QoQ, while EBITDA margins expanded ~270 bps to ~7%
Sector-wise, Consumer Tech led revenue growth at ~64% YoY, with ~300 bps margin expansion and narrower losses at Meesho, Swiggy and Ather
Operating leverage is improving, with AI emerging as a strong growth vector
Market & Macro Context
Large secondary activity remained robust, with ₹6,000+ crore of block / bulk trades across Groww, Meesho, Swiggy, Pine Labs and BlackBuck
Buyer participation spanned sovereign funds, global banks, insurers and asset managers, reflecting broad institutional demand
IPO Watch
Takeaways
RentoMojo: ~73x subscription and ~19% listing premium reflected strong demand for a scaled, profitable consumer rental platform
Moneyview:~98x subscription and ~64% listing premium highlighted robust institutional appetite for a fast-growing digital lender with improving returns.
Read More
Recent approvals / filings
Takeaways
Kuku Technologies: SEBI approval for an IPO of up to ₹3,500 crore, bringing digital entertainment into the public-market pipeline
Fibe: SEBI approval for a ₹750 crore fresh issue plus OFS, extending the wave of digital lenders accessing public markets after Moneyview and Kissht
Read More
Spinny: Confidential filing for a ~₹3,000 crore IPO, taking a scaled used-car marketplace towards listing.
Read More
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 · Latest snapshot
Sector Composition . 47 Companies
Market Cap Classification
One month price movement · All constituents
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 monthly — 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
From 29 September 2026, US-listed holdings are converted to INR using USD/INR. A value-neutral transition preserves published history through 28 September, which used the legacy mixed-currency basis. Returns spanning that date include both methodologies; benchmark comparison is against Nifty 500.
Sector classification: Fintech / Financial Services · Consumer / Consumer Tech · B2B · SaaS / AI
Scheduled snapshots: index updates during Indian market hours and after the US close; company data updates after Indian and US market closes. Provider and scheduling delays may occur. Refresh the page for the latest available snapshot; takeaways are updated monthly.
Market-cap categories are Z47-defined for analytical purposes. Thresholds broadly align with prevailing market-cap levels associated with AMFI's classifications
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, listed in 2006, and MakeMyTrip, listed in 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 monthly 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.