Online Platform Stocks and Companies in India

The largest Online Platform stocks in India by market value are Paytm (₹1.11 lakh crore), Naukri (Info Edge) (₹75,898 crore) and Urban Company (₹23,905 crore), at prices of 4 Nov 2026.

• Paytm: ₹1,732.40 | market value ₹1.11 lakh crore | P/E 132.5
• Naukri (Info Edge): ₹1,170.50 | market value ₹75,898 crore | P/E 45.8
• Urban Company: ₹155.01 | market value ₹23,905 crore
• Pine Labs: ₹157.77 | market value ₹18,219 crore | P/E 112.2
• TBO Tek: ₹1,526.30 | market value ₹16,574 crore | P/E 61.6
• Indiamart Intermesh: ₹1,591.30 | market value ₹9,570 crore | P/E 19.0
• Just Dial: ₹676.50 | market value ₹5,753 crore | P/E 11.3
• MPS: ₹2,315.90 | market value ₹3,961 crore | P/E 21.7
• MSTC: ₹583.90 | market value ₹4,110 crore | P/E 17.6
• One Mobikwik Systems: ₹215.61 | market value ₹1,705 crore | P/E 580.1

The other 3 Online Platform companies are in the full list below.

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 13 listed Indian E-Commerce - Platform - Utility companies are named here, largest first. This is the set of companies people mean when they search for a Nifty E-Commerce - Platform - Utility index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. One 97 Communications Ltd₹1 lakh cr
2. Info Edge (India) Ltd₹77,100 cr
3. Urban Company Ltd₹23,600 cr
4. Pine Labs Ltd₹17,700 cr
5. TBO Tek Ltd₹16,600 cr
6. Indiamart Intermesh Ltd₹8,940 cr
7. Just Dial Ltd₹5,480 cr
8. MPS Ltd₹3,970 cr
9. MSTC Ltd₹3,770 cr
10. One Mobikwik Systems Ltd₹1,690 cr
11. Creative Newtech Ltd₹1,670 cr
12. Macfos Ltd₹1,180 cr
13. RNFI Services Ltd₹800 cr

13 Online Platform companies in the E-Commerce - Platform - Utility industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 13 are listed below, largest first. The largest is One 97 Communications (₹1.05 lakh crore) and the smallest with a market value is RNFI Services.

Download all 13 Online Platform companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 15% ahead of NIFTY 500. Earnings across its companies grew 13% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 23 weeks running.

6 of 13 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 23 weeks running; 10 of the 13 companies in the industry index above their 200-day average (no change from four weeks earlier); 6 of those 13 pass the momentum test (no change from four weeks earlier); earnings rising at 9 of the 13 that report earnings.

Ahead of NIFTY 500 for 23 weeks running and +10.8% over a year, with 6 → 6 of 13 stocks participating. Earnings confirming, 9 of 13 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 13 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

E-Commerce - Platform - Utility has done better than the NIFTY 500 by 2.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 11.5%. Creative Newtech Ltd is the strongest against the sector itself at +30.8%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 18.7 as of 30 October 2026 (broadening, falling).

E-Commerce - Platform - Utility has done better than the NIFTY 500 by 2.7% over 52 weeks and by 11.5% over 13 weeks. 6 of 13 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet), and 2 of the 4 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

MPS Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 80.6% evidence confidence.

Macfos Ltd has the strongest one-year price move in E-Commerce - Platform - Utility at +64.7%. Creative Newtech Ltd leads on relative strength against the NIFTY, at +44.1%. 11 of 13 companies we track are ahead of the index on that measure (1 has no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against E-Commerce - Platform - Utility itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

The whole history shows several distinct runs and reversals, not a fresh industry with no earlier boom. Prices rose strongly into 2021, fell through 2022, recovered in 2023 to 2024, and then entered the latest sideways range; the number of priced members also changed, so the early and current baskets are not identical. In the week of 5 October 2026, 91.7% of 13 E-Commerce - Platform - Utility companies were beating the Nifty 500, against 9.1% on 25 May 2026.

E-Commerce - Platform - Utility is one of the Top 25 sectors in our latest review.

From our industry review of 10 October 2026.

Several companies are keeping more profit from each extra rupee of sales because their costs grow more slowly. This is clearest at Paytm, Urban Company's core business and MPS, but IndiaMART's improvement partly comes from spending less to attract customers. New markets and products offer further growth, while subsidies, delayed approvals and weak customer retention limit how widely that growth becomes lasting profit.

From our industry review of 10 October 2026.

5 of 12 E-Commerce - Platform - Utility companies held a results call for July to September 2026. Pine Labs guided: FY27 revenue growth above 23.5% top-end after strong first half and widening opportunity.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 1.0 points over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹5,699 crore in the last 12 months, 15% more than a year before.
• Projects still being built shrank 14% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 13 E-Commerce - Platform - Utility companies, in percentage points.

Ownership and spending as of 10 October 2026.

1 chain of cause and effect links E-Commerce - Platform - Utility to other industries right now. AI demand rewards owned customers and strains equipment delivery. For E-Commerce - Platform - Utility: Owned customer relationships offer protection, but search-dependent members face inquiry pressure.

From our cross-industry review of 10 October 2026.

The next things that show whether the E-Commerce - Platform - Utility story is on course. First: The next industry price update stays above the consolidation high rather than returning inside the range.

• Paytm's next results show margins improving while sales and marketing spending continues.
• Info Edge reports repeat customer adoption and renewals for its AI recruitment tools.
• Pine Labs converts its remaining oil-marketing-company rollout into revenue in the stated second and third quarters.
• TBO completes Classic Vacations platform integration by its stated calendar-year deadline and then starts reverse cross-sales.
• IndiaMART reports recovering supplier additions and customer inquiries.

What would change the story

The recovery call breaks if the next reported sector quarter shows revenue still growing year-on-year but both operating margin and net profit falling year-on-year: that would show that the extra sales are no longer producing the profit improvement this call rests on.

From our industry review of 10 October 2026.

One 97 Communications Ltd has the highest Revenue among the 13 E-Commerce - Platform - Utility companies compared here, at ₹9,554 crore. Info Edge (India) Ltd is next at ₹3,473 crore. TBO Tek Ltd has the highest Revenue growth at 69%, so level and change sit with different companies. Its Revenue series carries 20 reported observations across the 20-quarter window.

What the numbers say: One 97 Communications Ltd is the largest at ₹9,554 crore, 175.1% ahead of Info Edge (India) Ltd. TBO Tek Ltd's growth is 69% from a ₹3,092 crore base, with 16 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: One 97 Communications Ltd is the size to compare against; TBO Tek Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: One 97 Communications Ltd's growth falls below TBO Tek Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

MSTC Ltd has the highest OPM among the 13 E-Commerce - Platform - Utility companies compared here, at 61%. Info Edge (India) Ltd is next at 39%. One Mobikwik Systems Ltd has the highest Margin change at +18.1 percentage points, so level and change sit with different companies. Its OPM series carries 19 reported observations across the 20-quarter window.

What the numbers say: MSTC Ltd leads opm at 61%; One Mobikwik Systems Ltd leads margin change at +18.1 percentage points.

What this means: MSTC Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Info Edge (India) Ltd has the highest Net profit among the 13 E-Commerce - Platform - Utility companies compared here, at ₹2,213 crore. One 97 Communications Ltd is next at ₹853 crore. One 97 Communications Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Info Edge (India) Ltd earns the most, ₹2,213 crore of profit over the last 12 months, 159.4% above One 97 Communications Ltd. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Info Edge (India) Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

MPS Ltd has the highest ROCE among the 13 E-Commerce - Platform - Utility companies compared here, at 38.7%. Macfos Ltd is next at 33.8%. One Mobikwik Systems Ltd has the highest ROCE change at +33.3 percentage points, so level and change sit with different companies. 13 of 13 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: MPS Ltd leads ROCE at 38.7%, 4.9 percentage points above Macfos Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: MPS Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

Return on capital · company comparison

Withheld from this chart: Info Edge (India) Ltd (NAUKRI): its two data sources disagree by up to 352% on reported income across 16 comparable periods, so its derived ratios are withheld; MSTC Ltd (MSTCLTD): its two data sources disagree by up to 218% on reported income across 15 comparable periods, so its derived ratios are withheld; Creative Newtech Ltd (CNL): its two data sources disagree by up to 48% on reported income across 15 comparable periods, so its derived ratios are withheld; RNFI Services Ltd (RNFI): its two data sources disagree by up to 28% on reported income across 8 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

MPS Ltd has the lowest PEG among the 13 E-Commerce - Platform - Utility companies compared here, at 0.61×. Indiamart Intermesh Ltd is next at 0.68×. Just Dial Ltd has the lowest P/E at 10.8×, so level and change sit with different companies. 4 of 13 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: MPS Ltd has the lowest comparable PEG at 0.61×, 10.3% below Indiamart Intermesh Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

E-Commerce - Platform - Utility companies show up on 6 of our India lists. The most are on the momentum stocks list (6 companies).

This E-Commerce - Platform - Utility comparison names 5 specific ways its own evidence can mislead, all listed below. All 13 companies here report on comparable dates, so no rank carries a stale marker. 4 have second-source figures left out because the two sources disagree. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 4 companies are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.

This comparison is built from the reported filings of 13 E-Commerce - Platform - Utility companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

4 of 13 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Info Edge (India) Ltd (NAUKRI): its two data sources disagree by up to 352% on reported income across 16 comparable periods, so its derived ratios are withheld; MSTC Ltd (MSTCLTD): its two data sources disagree by up to 218% on reported income across 15 comparable periods, so its derived ratios are withheld; Creative Newtech Ltd (CNL): its two data sources disagree by up to 48% on reported income across 15 comparable periods, so its derived ratios are withheld; RNFI Services Ltd (RNFI): its two data sources disagree by up to 28% on reported income across 8 comparable periods, so its derived ratios are withheld.

These 24 answers restate the E-Commerce - Platform - Utility comparison above in question form. Every one is computed from the same 13 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.