FINANCIAL INCLUSION AND DEFENCE: TWO TO TANGO
Nifty Mid-Cap may have fallen about 8% between July and August, but the month of September did see a small recovery. The monthly gains of 1.44% may not be substantial, but they underline that there is still appetite for focused stories in the mid-cap space. In September 2025, these focused stories were about financial inclusion and defence. In mid-caps, the BFSI is less about banks and more about NBFCs that traverse the last-mile successfully. However, on a yoy basis, the returns on mid-caps continue to be negative.
MID-CAP MOMENTUM RETURNS IN SEPTEMBER 2025
In terms of 1-month returns, Nifty Mid-Cap 100 rallied 1.44% after falling 8% in the previous 2 months. Out of the 93 eligible stocks in the index, 60 stocks gave positive returns, while only 33 stocks gave negative returns in September 2025. Here are the top-15.
Stock Symbol |
Market Price | 1-Mth Return | 1-Year Return | 52-week High | 52-week Low | Bounce from Low | Distance to High |
IDEA | 8.22 | 26.96% | -22.70% | 10.68 | 6.12 | 34.31% | 23.03% |
HINDPETRO | 441.65 | 17.52% | 0.87% | 455.20 | 287.55 | 53.59% | 2.98% |
MUTHOOTFIN | 3,080.00 | 16.18% | 48.93% | 3,117.90 | 1,756.05 | 75.39% | 1.22% |
RVNL | 341.50 | 12.90% | -35.09% | 535.00 | 301.60 | 13.23% | 36.17% |
LTF | 249.30 | 12.75% | 30.30% | 252.20 | 129.20 | 92.96% | 1.15% |
BHEL | 238.85 | 12.48% | -18.63% | 285.50 | 176.00 | 35.71% | 16.34% |
ASHOKLEY | 142.80 | 12.16% | -40.55% | 144.50 | 95.93 | 48.86% | 1.18% |
NHPC | 86.21 | 11.19% | -9.93% | 96.19 | 71.00 | 21.42% | 10.38% |
SAIL | 134.85 | 11.00% | -6.28% | 143.94 | 99.15 | 36.01% | 6.32% |
INDIANB | 748.00 | 10.95% | 34.32% | 761.05 | 473.90 | 57.84% | 1.71% |
COCHINSHIP | 1,795.00 | 10.19% | 2.59% | 2,545.00 | 1,180.20 | 52.09% | 29.47% |
YESBANK | 21.30 | 10.16% | -7.48% | 23.39 | 16.02 | 32.96% | 8.94% |
BHARATFORG | 1,207.00 | 9.70% | -20.26% | 1,555.00 | 919.10 | 31.32% | 22.38% |
NATIONALUM | 214.45 | 9.52% | -1.51% | 262.99 | 137.75 | 55.68% | 18.46% |
NMDC | 76.58 | 9.06% | -68.10% | 82.83 | 59.53 | 28.64% | 7.55% |
Data Source: NSE
In terms of sectoral mix; the top-15 had 4 Financial Inclusion stocks (Muthoot Finance, L&T Finance, Indian Bank, and Yes Bank), 3 Defence Stocks (BHEL, Cochin Shipyards, and Bharat Forge), and 3 commodity stocks (HPCL, NALCO, and NMDC). The others were sectorally distributed. The worst performers in September 2025 were bottom-up plays like Kalyan Jewellers, Coforge, UPL, Sona Comstar, Bharti Hexacom, and Persistent Systems.
HOW MID-CAPS DELIVERED ON 1-YEAR RETURNS?
Mid cap stocks as a whole, fell -6.38% in last one year. Out of 93 mid-cap stocks, only 2 stocks gave over 50% returns. A total of 61 out of 93 mid-cap stocks gave negative returns yoy. Here are the top-15 best performers.
Stock Symbol |
Market Price | 1-Month Return | 1-Year Return | 52-week High | 52-week Low | Bounce from Low | Distance to High |
PAYTM | 1,123.60 | -7.29% | 66.44% | 1,296.60 | 637.10 | 76.36% | 13.34% |
FORTIS | 969.80 | 6.50% | 62.69% | 983.20 | 572.00 | 69.55% | 1.36% |
MUTHOOTFIN | 3,080.00 | 16.18% | 48.93% | 3,117.90 | 1,756.05 | 75.39% | 1.22% |
POWERINDIA | 18,000.00 | 0.72% | 41.03% | 21,800.00 | 8,801.00 | 104.52% | 17.43% |
COROMANDEL | 2,250.00 | -3.06% | 35.09% | 2,718.90 | 1,545.65 | 45.57% | 17.25% |
INDIANB | 748.00 | 10.95% | 34.32% | 761.05 | 473.90 | 57.84% | 1.71% |
BDL | 1,494.00 | 4.40% | 32.62% | 2,096.60 | 890.00 | 67.87% | 28.74% |
MFSL | 1,580.00 | -2.65% | 31.87% | 1,674.80 | 950.00 | 66.32% | 5.66% |
LTF | 249.30 | 12.75% | 30.30% | 252.20 | 129.20 | 92.96% | 1.15% |
HDFCAMC | 5,524.00 | 2.93% | 27.20% | 5,927.50 | 3,563.05 | 55.04% | 6.81% |
ABCAPITAL | 292.80 | 4.32% | 22.66% | 299.40 | 149.01 | 96.50% | 2.20% |
MOTILALOFS | 886.00 | 6.87% | 22.05% | 1,064.00 | 513.00 | 72.71% | 16.73% |
DIXON | 16,357.00 | -0.07% | 18.81% | 19,148.90 | 12,202.20 | 34.05% | 14.58% |
GLENMARK | 1,950.00 | 1.78% | 16.17% | 2,284.80 | 1,275.50 | 52.88% | 14.65% |
NYKAA | 234.30 | 0.52% | 15.66% | 249.28 | 154.90 | 51.26% | 6.01% |
Data Source: NSE
On YOY basis, the list was spread across several sectors, but some favourites did emerge. There was a dominance of Financial Inclusion at 8 stocks (Paytm, Muthoot Finance, Indian Bank, Max Financial, L&T Finance, HDFC AMC, Aditya Birla Capital, and Motilal Oswal,); and 2 Healthcare stocks (Fortis Health, Glenmark Pharma). The other stocks were spread across sectors. The names at the bottom were stock-specific stories like IndusInd Bank, Concor, BSE, Tata Tech, Godrej Properties etc.
HOW RESILIENT WERE MID-CAP STOCKS IN LAST ONE YEAR?
In terms of bounce from the lows, the mid-caps overall bounced 20.62%. Total of 2 stocks more than doubled, and 23 jumped over 50%. Top-20 average bounce was 72.91%.
Stock Symbol |
Market Price | 1-Month Return | 1-Year Return | 52-week High | 52-week Low | Bounce from Low | Distance to High |
GODFRYPHLP | 3,375.00 | -68.08% | -49.81% | 3,947.00 | 1,370.82 | 146.20% | 14.49% |
POWERINDIA | 18,000.00 | 0.72% | 41.03% | 21,800.00 | 8,801.00 | 104.52% | 17.43% |
ABCAPITAL | 292.80 | 4.32% | 22.66% | 299.40 | 149.01 | 96.50% | 2.20% |
LTF | 249.30 | 12.75% | 30.30% | 252.20 | 129.20 | 92.96% | 1.15% |
PAYTM | 1,123.60 | -7.29% | 66.44% | 1,296.60 | 637.10 | 76.36% | 13.34% |
MUTHOOTFIN | 3,080.00 | 16.18% | 48.93% | 3,117.90 | 1,756.05 | 75.39% | 1.22% |
MOTILALOFS | 886.00 | 6.87% | 22.05% | 1,064.00 | 513.00 | 72.71% | 16.73% |
BSE | 2,045.00 | 0.06% | -42.47% | 3,030.00 | 1,193.32 | 71.37% | 32.51% |
FORTIS | 969.80 | 6.50% | 62.69% | 983.20 | 572.00 | 69.55% | 1.36% |
BDL | 1,494.00 | 4.40% | 32.62% | 2,096.60 | 890.00 | 67.87% | 28.74% |
KEI | 4,049.00 | 6.39% | -3.48% | 4,725.00 | 2,424.00 | 67.04% | 14.31% |
MFSL | 1,580.00 | -2.65% | 31.87% | 1,674.80 | 950.00 | 66.32% | 5.66% |
HEROMOTOCO | 5,473.50 | 4.18% | -11.03% | 5,890.00 | 3,344.00 | 63.68% | 7.07% |
POLYCAB | 7,286.00 | 2.64% | 3.16% | 7,714.00 | 4,555.00 | 59.96% | 5.55% |
INDIANB | 748.00 | 10.95% | 34.32% | 761.05 | 473.90 | 57.84% | 1.71% |
Data Source: NSE
On resilience, the list was dominated by 8 Financial Inclusion Stocks (AB Capital, L&T Finance, Paytm, Muthoot Finance, Motilal Oswal, BSE, Max Financial, and Indian Bank); and 2 Electrical Equipment stocks (KEI Industries, Polycab). The other stocks were spread out, but largely matched 1-year return rankings. The list at the bottom included ACC, Page Industries, Lupin, IRCTC, Aurobindo Pharma, Sona Comstar, KPIT Tech, and IREDA.
HOW MID-CAPS STOCKS RANKED ON SWING FACTOR
In terms of proximity to the peak, the index was 5.73% short of the peak. Total of 7 stocks are less than 5% from the peak and 19 stocks are less than 10% from the peak.
Stock Symbol |
Market Price | 1-Month Return | 1-Year Return | 52-week High | 52-week Low | Bounce from Low | Distance to High |
LTF | 249.30 | 12.75% | 30.30% | 252.20 | 129.20 | 92.96% | 1.15% |
ASHOKLEY | 142.80 | 12.16% | -40.55% | 144.50 | 95.93 | 48.86% | 1.18% |
MUTHOOTFIN | 3,080.00 | 16.18% | 48.93% | 3,117.90 | 1,756.05 | 75.39% | 1.22% |
FORTIS | 969.80 | 6.50% | 62.69% | 983.20 | 572.00 | 69.55% | 1.36% |
INDIANB | 748.00 | 10.95% | 34.32% | 761.05 | 473.90 | 57.84% | 1.71% |
ABCAPITAL | 292.80 | 4.32% | 22.66% | 299.40 | 149.01 | 96.50% | 2.20% |
HINDPETRO | 441.65 | 17.52% | 0.87% | 455.20 | 287.55 | 53.59% | 2.98% |
BANKINDIA | 123.72 | 7.69% | 7.22% | 130.24 | 90.05 | 37.39% | 5.01% |
POLYCAB | 7,286.00 | 2.64% | 3.16% | 7,714.00 | 4,555.00 | 59.96% | 5.55% |
MFSL | 1,580.00 | -2.65% | 31.87% | 1,674.80 | 950.00 | 66.32% | 5.66% |
CUMMINSIND | 3,928.00 | 4.39% | 3.35% | 4,168.70 | 2,580.00 | 52.25% | 5.77% |
NYKAA | 234.30 | 0.52% | 15.66% | 249.28 | 154.90 | 51.26% | 6.01% |
SAIL | 134.85 | 11.00% | -6.28% | 143.94 | 99.15 | 36.01% | 6.32% |
MRF | 1,46,005.00 | 3.50% | 3.48% | 1,56,400.00 | 1,02,124.05 | 42.97% | 6.65% |
HDFCAMC | 5,524.00 | 2.93% | 27.20% | 5,927.50 | 3,563.05 | 55.04% | 6.81% |
Data Source: NSE
In terms of proximity to the peak, the list is dominated by 7 financials (L&T Finance, Muthoot Finance, Indian Bank, AB Capital, Bank of India, Max Financial, HDFC AMC); 2 Auto stocks (Ashok Leyland and MRF). Companies farthest from the peak were stocks like IndusInd Bank, Sona Comstar, Kalyan Jewellers, Colgate Palmolive, Tata Tech, and Godrej Properties. Like in the large caps, even in mid-caps, financial inclusion is acting as a proxy for the domestic India story and is the star across parameters!
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