Table of Contents
Summary
2026 is India’s biggest IPO year yet, with over 48 startups preparing to list. But bigger does not mean safer, since nearly half of 2025’s IPOs are trading below their issue price today. This article ranks the top 5 IPOs to invest in for 2026 based on real fundamentals rather than hype, covering new age startup picks, already profitable companies, and travel and hospitality names. OYO leads the list, backed by a 172 percent jump in net profit to Rs 623 crore in FY25 and 10 straight quarters of positive EBITDA. The article also compares hyped names like Zepto against steadier, already profitable alternatives, helping readers make a more informed IPO decision in 2026.
Key takeaways
OYO is the most profitable IPO bound company on this list, with net profit up 172 percent year on year.
Nearly half of 2025’s IPOs are trading below their issue price, so fundamentals matter more than hype in 2026.
Travel and hospitality is an under-covered but strong sector, led by OYO and Pride Hotels.
Investors are increasingly rewarding profitability and cash discipline over pure growth stories.
Introduction
2026 is turning into India’s biggest IPO year ever. Over 48 startups are lining up to go public, and the top six names alone could raise more than Rs 50,000 crore from the market. That is a huge number, and it is easy to get caught up in the noise around the biggest names like Zepto or PhonePe.
Bigger isn’t always better when it comes to your money. In 2025 almost half of the 100 plus mainboard public offerings that were listed are now trading below their issue price even though many of them had very high subscription numbers on the first day. So chasing hype is a risky game.
This list is different. Instead of just listing every company that has filed papers with SEBI, we picked our top IPOs based on real fundamentals such as profitability, growth, and how strong the business actually is. Not just how much noise it is making on social media.
One name comes up again and again for the right reasons across almost every filter we used, and that is OYO. Here is the full breakdown.
Top 5 IPOs to Invest in 2026, Our Picks
Here is a quick look at our top 5, followed by the details for each one.
Rank 1 is OYO, from the hospitality sector, expected in the second half of 2026.
Rank 2 is PhonePe, from fintech and payments, expected mid 2026.
Rank 3 is Zepto, from quick commerce, expected between July and September 2026.
Rank 4 is boAt, from consumer electronics, expected sometime in 2026.
Rank 5 is Pride Hotels, from hospitality, opening for subscription on August 2, 2026.
OYO
OYO is our top pick for 2026, and the reason is simple. It is one of the very few companies on this entire IPO list that is already solidly profitable, not just promising to be profitable someday. OYO’s net profit jumped 172 percent year on year to Rs 623 crore in FY25, while its operating revenue grew 20 percent year on year to Rs 6,463 crore. On top of that, OYO has now delivered 10 straight quarters of positive EBITDA, which shows this is not a one time result but a real, steady trend.
The company is targeting an IPO size of around Rs 6,650 crore, and this will be its third attempt at going public after earlier plans were paused. OYO has also strengthened its business through the G6 Hospitality acquisition, which added a major international budget hotel brand to its portfolio and boosted its global scale.
If you want to understand exactly how OYO turned its business around and grew profits so fast, our detailed breakdown of OYO’s 9MFY26 profit growth (replace with your live URL) walks through the full numbers. We have also compared OYO directly against IHCL (replace with your live URL), one of India’s biggest listed hotel companies, to show how OYO stacks up against an established industry leader. And if you want the full story of how OYO actually makes money and where its growth is coming from, our piece on OYO’s business model and the G6 acquisition (replace with your live URL) covers that in detail.
PhonePe
PhonePe holds around 40 percent of India’s UPI transaction volume, which makes it the single biggest player in the country’s digital payments space. Walmart backed PhonePe is expected to list in mid 2026, and reports suggest it is targeting a valuation of around 15 billion dollars. Beyond payments, the company has been pushing into insurance, lending, and wealth management, which gives it more than one way to grow revenue going forward.
Zepto
Zepto is the quick commerce name everyone is watching right now. It is targeting a raise of around Rs 11,000 crore, with its listing window expected between July and September 2026. Zepto has grown fast, but quick commerce is a tough business with heavy cash burn, so its path to consistent profit is still being watched closely by investors.
boAt
boAt, the consumer electronics brand known for its audio products, returned to profitability in FY25 after posting nearly five times revenue growth to around Rs 3,100 crore. That combination of strong growth and a return to profit is exactly the kind of signal serious investors like to see before an IPO.
Pride Hotels
Pride Hotels is a homegrown hotel chain with more than three decades of history in India. It received SEBI approval for its roughly Rs 1,000 crore IPO in January 2026, and the issue is set to open on August 2, 2026. The company runs 34 hotels today, with 27 more in the pipeline, and its IPO money will mainly go toward renovating existing properties and paying off debt. Its full financial details are worth checking against listed peers like Lemon Tree Hotels and IHCL before you decide whether to apply.
Top 5 New Age and Startup IPOs to Watch in 2026
When we say new age, we mean companies that were built by venture capital funding, run on technology first business models, and mostly started after 2010. This rules out big legacy names like Reliance Jio or SBI Mutual Fund, which are also going public in 2026 but are not really startups in the way most people mean it.
Here again, OYO leads the pack, but for a slightly different reason this time. Beyond the profit numbers, OYO’s growth strategy through the G6 Hospitality acquisition shows a company that is actively expanding its footprint and building scale, not just cutting costs to look good on paper before listing. You can read the full story of that acquisition and OYO’s overall growth strategy in our business model breakdown (replace with your live URL).
The other four names to watch here are Zepto, PhonePe, boAt, and Fractal Analytics, an AI and data analytics company that has also been preparing for its own public listing. Investor sentiment has clearly shifted toward companies that can show real numbers. According to Inc42’s ongoing tracker of the 2026 startup IPO wave, a growing share of investors now say strong fundamentals and lower cash burn matter more to them than retail hype when deciding whether to back a tech IPO.
5 IPOs Where the Company Is Already Profitable
This is where the gap between hype and reality becomes the clearest. A lot of IPO coverage talks about valuation and buzz, but very few articles actually sit down and check which of these companies are making real money right now.
OYO tops this list too, and by a wide margin. Its 172 percent jump in net profit to Rs 623 crore in FY25 is the strongest number on this entire list, and it is backed by 10 consecutive quarters of positive EBITDA. For the full picture, see our OYO PAT growth breakdown (replace with your live URL).
boAt also makes the cut, having returned to profit in FY25 alongside its huge revenue growth.
Amagi Media Labs, a media technology company that already listed in January 2026, turned profitable in the first half of FY26, moving from a loss of Rs 66 crore to a profit of Rs 6.5 crore in the same period a year earlier.
Garuda Aerospace, the drone technology company backed by MS Dhoni, reported a net profit of Rs 11 crore in the first half of FY26.
Shiprocket has not turned profitable yet, but it deserves an honest mention here because it cut its net loss by 87.5 percent year on year to Rs 74.5 crore in FY25, while growing revenue by 24 percent. That is real progress, even if it is not full profitability yet.
Why does this matter more in 2026 than it did a few years ago? Because the market has changed. With nearly half of last year’s IPOs now trading below their issue price, investors are no longer willing to pay a premium just for a growth story. They want to see the numbers actually working.
Full 2026 IPO Comparison Table
| Company | Sector | Profitability Status | Revenue Growth | Expected IPO Size | Target Listing | Why It Matters |
| OYO | Hospitality | Profitable. Net profit up 172% YoY to Rs 623 crore (FY25), 10 straight EBITDA-positive quarters | Revenue up 20% YoY to Rs 6,463 crore | ~Rs 6,650 crore | H2 2026 | Strongest, most consistent profit trend of any name in this entire list |
| PhonePe | Fintech, Payments | Not disclosed publicly | ~40% share of India’s UPI volume | ~Rs 10,000 crore (est.) | Mid 2026 | Market leader by volume, but profitability picture unclear pre-DRHP |
| Zepto | Quick Commerce | Not yet profitable | Strong GMV growth, exact figures pending DRHP | ~Rs 11,000 crore | July to September 2026 | Most hyped name in the pipeline, highest cash-burn risk |
| boAt | Consumer Electronics | Profitable, returned to profit in FY25 | Revenue up ~5x to ~Rs 3,100 crore | ~Rs 1,500 crore | 2026 | Strong growth plus a genuine return to profit |
| Pride Hotels | Hospitality | Profitable, 38-year established business | Steady, full detail in DRHP | ~Rs 1,000 crore | Opens August 2, 2026 | Legacy profitability, but far smaller scale and growth rate than OYO |
| Amagi Media Labs | Media Tech, SaaS | Profitable, turned around in H1 FY26 (Rs 6.5 crore profit vs Rs 66 crore loss) | Operating revenue up 35% YoY to Rs 704.8 crore | Not disclosed | Already listed, January 2026 | Smaller company, but a genuine profitability turnaround story |
| Shiprocket | Logistics Tech | Not yet profitable, loss narrowed 87.5% YoY to Rs 74.5 crore | Revenue up 24% YoY to Rs 1,632 crore | ~Rs 2,342 crore | 2026, SEBI approved | Clear improvement, but still not in profit like OYO |
| Garuda Aerospace | Drone Tech | Profitable, Rs 11 crore net profit | Operating revenue Rs 41.2 crore (H1 FY26) | ~Rs 1,000 crore (est.) | December 2026 | Smallest IPO on this list, early-stage profitability |
| Flipkart | E-commerce | Not disclosed | Not disclosed | Not yet finalised, est. $60 to 70 billion valuation | Q1 2027 (est.) | Largest name in the pipeline by valuation, but furthest out and pending reverse-flip |
| Reliance Jio | Telecom | Established, profitable parent group | Not applicable, mega-cap listing | ~Rs 47,500 crore | 2026, pending regulatory clearance | India’s largest expected IPO by far, but a legacy telecom listing, not a startup story |
| SBI Mutual Fund | Asset Management | Established, profitable | Not applicable | ~Rs 9,813 crore | July 2026 | Large, stable, but not a growth or turnaround story |
| MakeMyTrip (India listing) | Travel Tech | Established, profitable parent | Not disclosed | Not yet finalised | Q1 2027 (est.) | Direct travel-sector peer to OYO, but still early in process |
Legend: Figures marked “est.” are estimates reported in the press ahead of official DRHP disclosure and should be confirmed against the final filing before publishing.
Why OYO leads this table
Look across every column and the pattern is the same. Most of the biggest names on this list, Zepto, PhonePe, and Flipkart, are either not yet profitable or haven’t disclosed profitability at all. The ones that are profitable, like Pride Hotels, Amagi, and Garuda Aerospace, are running at a much smaller scale than OYO. OYO is the rare company on this entire pipeline that combines real scale (Rs 6,463 crore revenue), a fast-growing bottom line (172% profit growth), and a long, proven streak of positive EBITDA rather than a single good quarter.
That combination, scale plus consistent profit plus sustained growth, is genuinely hard to find elsewhere in the 2026 IPO pipeline, which is exactly why it anchors this comparison table and the rest of the article.
Travel and Hospitality IPOs to Watch in 2026
India’s travel and hospitality sector is having a strong year, driven by rising domestic tourism, business travel, and even pilgrimage travel. Reports on India’s travel and hospitality outlook for 2026 point to sustained demand across MICE, leisure, and pilgrimage travel. Yet almost nobody covering IPOs has put together a dedicated list for this sector, even though it has some of the most interesting names in the entire 2026 pipeline.
OYO is the clear headline name here, and this time the comparison worth making is against India’s more established hotel players. Our detailed comparison of OYO and IHCL (replace with your live URL) breaks down exactly how OYO’s asset light, tech driven model stacks up against a traditional full service hotel giant, and where each one has the advantage.
Pride Hotels is the second major name in this space, with its Rs 1,000 crore IPO opening on August 2, 2026. Before applying, it is worth comparing its valuation against listed hospitality peers, since Lemon Tree Hotels currently trades at roughly 15 times EV to EBITDA and IHCL at roughly 20 times.
Looking further ahead, MakeMyTrip’s India listing is also on the radar, with bankers already appointed and a target window around the first quarter of 2027. It is early, but worth keeping on your watchlist.
Best Alternatives to the Most Hyped IPOs of 2026
Not every hyped IPO is a bad choice, and we are not saying that here. But when everyone is talking about the same one or two names, it is worth stepping back and asking whether there is a steadier option in the same space.
Take Zepto, for example. Its Rs 11,000 crore raise and quick commerce growth story have made it one of the most talked about IPOs of the year. But quick commerce is a cash heavy business, and near term profitability is still uncertain for players in this space. If you want exposure to India’s new age consumer story without betting on a company that is still working toward its first profitable year, OYO is the steadier alternative in that same broad basket of consumer facing, VC backed companies. It already has the profit numbers to back it up (replace with your live URL), not just the growth story.
This is not about avoiding hype altogether. It is about knowing that hype and fundamentals are two different things, and making sure you are not paying a premium for one while ignoring the other.
How We Picked These IPOs
Every list in this article was built using the same basic filter. We looked at real profitability, revenue growth, and how durable each company’s business model looks, rather than just going by issue size or how much attention a company was getting in the news. That is also exactly why OYO shows up at the top of almost every section here. Its numbers simply hold up better than most of its peers in this year’s IPO pipeline.
Frequently Asked Questions
Which are the top 5 IPOs to invest in 2026?
Our top 5 picks for 2026 are OYO, PhonePe, Zepto, boAt, and Pride Hotels. OYO leads the list because it is already profitable, with net profit up 172 percent year on year to Rs 623 crore in FY25.
Which upcoming IPO is already profitable?
OYO is the standout example, with net profit growing 172 percent year on year to Rs 623 crore in FY25 and 10 straight quarters of positive EBITDA. boAt, Amagi Media Labs, and Garuda Aerospace have also turned profitable ahead of their public listings.
Are there any travel or hospitality IPOs coming in 2026?
Yes. OYO and Pride Hotels are the two major hospitality names expected to list in 2026, with MakeMyTrip’s India listing expected to follow around early 2027.
What is a safer alternative to the most hyped 2026 IPO?
If you want new age consumer exposure without the uncertainty around near term profitability that comes with a name like Zepto, OYO offers a steadier alternative backed by real, growing profits.
Should I invest in an IPO just because it is popular?
Not necessarily. Nearly half of the 100 plus mainboard IPOs that listed in 2025 are now trading below their issue price, even though many had strong subscription numbers on day one. It is worth checking the company’s actual fundamentals before applying, not just its buzz.
Conclusion
2026 will bring more IPOs to the Indian market than any year before it, but that flood of choices is exactly why a clear filter matters. Chasing the loudest name on social media is not a strategy, and the numbers from 2025 prove it, with nearly half of last year’s listings still trading below their issue price. The companies that stand out this year are the ones that can actually show the market real profit, steady growth, and a business model built to last, not just a good story.
That is exactly why OYO comes out on top across almost every list in this article. It is not the biggest IPO of 2026, and it is not the one generating the most headlines. But it is one of the very few names on this entire pipeline with a genuinely strong, proven profit trend behind it, backed by 10 straight quarters of positive EBITDA and a net profit that grew 172 percent in a single year. Whether you are looking at new age startups, already profitable companies, or the travel and hospitality sector specifically, OYO shows up as a serious, fundamentals backed contender rather than just another name on a long list.
If you are thinking about your 2026 IPO plan it is better to spend time, on which company is popular and more time on which company can really support its story with facts. In this case OYO should get a lot attention before you choose where to invest your money.
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