IPO News: Only 36 Out Of 113 Listings In FY26 Trade In Green Now

IPO News: As many as 113 companies debuted on the stock exchanges in FY26, but post-listing performance has remained underwhelming for a majority of them. Data as on March 30, 2026, the last trading day of the financial year, shows that only 36 of these newly-listed stocks are trading above their issue price. This translates to just 31.85 per cent of initial public offerings (IPOs) delivering positive returns to investors. In other words, nearly two-thirds of the listings are currently trading in the negative territory.

FY26 was a record-setting year for the primary market, both in terms of the number of IPOs launched and the amount of capital raised. The 113 companies, which launched their IPOs through the mainboard route during the year, collectively raised Rs 1.79 lakh crore. This is an increase of over 10 per cent from the capital raised in FY25, when 79 mainboard companies mobilised Rs 1.62 lakh crore.

Only Three Stocks Doubled, 15 Down By More Than 50%

At the top end, only three companies managed to more than double from their issue prices. Aditya Infotech led the pack, rising 166.32 per cent, followed by Ather Energy, which gained 134.58 per cent, and Belrise Industries, up 106.67 per cent.

Just four companies delivered returns between 50 per cent and 100 per cent, while 12 stocks saw gains in the 20-50 per cent range.

On the other side of the spectrum, as many as 15 stocks are down more than 50 per cent from their issue prices. Among the worst hit, Glottis has declined by 70.40 per cent, VMS TMT is down by 65.10 per cent, Mangal Electrical Industries has fallen by 62.78 per cent, while Jinkushal Industries has slipped by 61 per cent and Shree Ram Twistex has dropped by 60.67 per cent.

In addition, around 34 companies recorded declines in the 20-50 per cent range.

US-Israel-Iran War Dent Gains

The subdued performance of the newly-listed companies have come amid the ongoing US-Iran war, which has heightened the risk sentiment among investors. The ongoing conflict has disrupted the movement of oil tankers through the Strait of Hormuz, a critical sea route which accounts for one-fifth of the global oil shipping.

Higher crude oil prices tend to ripple across the economy. As fuel costs go up, transportation becomes more expensive, which in turn pushes up the cost of goods and services, including food and other necessities. This feeds into broader inflation across sectors.

To contain inflation, central banks, including the Reserve Bank of India (RBI), typically respond by raising interest rates. Higher rates increase borrowing costs for businesses and consumers, which can slow down economic activity and raise concerns about global growth.

For India, the impact is more direct. The country imports about 88 per cent of its oil needs, so when crude prices rise, the import bill also rises. This widens the current account deficit (CAD) and puts pressure on the rupee, adding to overall economic stress.

The depreciation in rupee has also prompted foreign portfolio investors (FPIs) to seek investment opportunities in other Asian markets, further weighing on Indian equities. Amid the US-Iran war, the rupee depreciated to a record 95.22 against the dollar.

Valuations Became Hard To Sustain As Markets Went South

In FY26, the domestic equity market remained largely stable for most of the year, which provided a supportive backdrop for primary market activity. Only the final month of the financial year saw a sharp correction, during which the benchmark indices, the Sensex and the Nifty fell over 11 per cent each. Historically, stable market conditions encourage more companies to launch IPOs, as strong liquidity and healthy investor demand during such periods allow issuers to command premium valuations for their shares.

That trend played out for much of FY26. But as volatility surged towards the end of the year, sustaining those higher valuations became difficult. As a result, several stocks struggled to hold their issue prices once the broader market sentiment weakened.