The primary equity market in India faced significant challenges in FY26, with only 32 out of 109 mainboard IPOs delivering positive returns by March 31. This reflects a return rate of just one in three amid heightened market volatility driven by geopolitical tensions in West Asia and a weakening rupee, which contributed to an exodus of foreign investors. Among the few successful IPOs, electric bike manufacturer Ather Energy led with an impressive 139% return, followed closely by auto ancillary firm Belrise Industries at 98% and Aditya Infotech, a video surveillance solutions provider, at 78%. When considering the offer price instead of the listing price, the return figures improved slightly, with 37 IPOs generating returns, and 31 yielding double-digit returns. However, the performance of larger IPOs was disappointing, with only 4 out of 12 major offerings, including Lenskart and Groww, managing to earn returns. The worst performers included VMS TMT, which plummeted 62% from its listing price, highlighting the overall struggles of the IPO market in FY26.