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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 · JUL 2026
Monthly Index Performance
Z47^fortyseven is up +33.5% since its January 2024 base date, versus Nifty 500's +20.8%, ahead by 1,270 bps.
The cohort moved +4.3% over the month versus Nifty 500's +1.5%, outperforming by 280 bps.
This extended its lead, supported by improving business performance and market-share gains.
Nearly half of the cohort (22 of 47 companies) has reported Q1FY27, with revenue up 35%+ YoY and about ~6% QoQ.
Consumer Tech was the best-performing sector at +11.1% last month, as profitability broadens across the cohort and loss-making companies continue to narrow losses.
Largest constituents ·
The Names that anchor the Index
Top Gainers · Key drivers
Top Laggers · Key drivers
Key Themes · Latest Results
Early Q1FY27 results point to improving business momentum, supported by market-share gains and stronger execution.
Growth was driven by user expansion, higher monetisation and rising transaction volumes across platforms.
Net profit nearly tripled YoY, supported by improving unit economics and disciplined cost control.
Losses narrowed sharply at Swiggy and Meesho, while BlueStone swung to profit, on operating leverage and healthy gross margins.
AI adoption continues to deepen, while stronger cash generation is enabling the cohort to reinvest in growth.
Market & Macro Context
Institutional appetite remained firm, with sizeable stakes in PB Fintech and Delhivery readily absorbed.
Domestic institutions continued to offset FII selling for a 25th consecutive month; Swiggy's board proposed capping foreign ownership at 49.5%.
IPO Watch
Takeaways
Zepto: IPO deferred in the near term, reflecting a more measured path to public-market entry for the sector’s first pure-play quick-commerce listing.
Moneyview: Received SEBI approval for its ₹1,500+ crore IPO; widens a fast-growing digital-lending IPO pipeline.
Razorpay: Confidentially filed its DRHP for a ₹5,000-6,000 crore IPO; leading payments fintech, redomiciled to India ahead of its listing.
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.