Healthcare, financial inclusion rule mid-cap story in July 2025

4 Aug 2025 , 11:47 AM

MID-CAP HEALTHCARE, FINANCIAL INCLUSION SHINE IN JULY

Prior to July 2025, mid-caps had a dream run in the markets, gaining over 16% in just 3 months. However, July was a return to reality with mid-caps falling -3.93%. The two themes that dominated the mid-cap story in July 2025 were healthcare and financial inclusion. While the former gained from better trade terms with the US, the latter gained as a pure reflection of the Indian domestic story. While banks have seen some compression in net interest margins (NIMs) in the quarter, the bigger story appears to be financial inclusion as a theme, wherein AMCs, brokerages, and digital payment businesses have seen buying.

MID-CAP MOMENTUM RETURNS IN JULY 2025

In terms of 1-month returns, the Nifty Mid-Cap 100 fell -3.93%. Out of the 94 eligible stocks in the index, only 23 stocks gave positive returns, while 71 stocks gave negative returns. In July 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
GLENMARK	2,114.70	21.65%	45.30%	2,284.80	1,275.50	65.79%	7.44%
PAYTM	1,091.00	17.10%	120.40%	1,128.50	481.65	126.51%	3.32%
PATANJALI	1,864.00	15.01%	8.93%	2,011.00	1,570.00	18.73%	7.31%
DIXON	16,822.00	14.44%	39.11%	19,148.90	10,950.05	53.62%	12.15%
MANKIND	2,559.70	12.25%	26.58%	3,054.80	1,901.05	34.65%	16.21%
HDFCAMC	5,632.00	9.86%	37.33%	5,695.00	3,563.05	58.07%	1.11%
BIOCON	390.80	7.97%	8.02%	406.00	291.00	34.30%	3.74%
CUMMINSIND	3,561.60	6.19%	-7.71%	3,929.00	2,580.00	38.05%	9.35%
MOTILALOFS	911.20	4.88%	38.36%	1,064.00	513.00	77.62%	14.36%
UPL	702.60	4.88%	23.03%	735.85	484.90	44.90%	4.52%
KALYANKJIL	592.70	4.27%	2.64%	795.40	399.40	48.40%	25.48%
NMDC	70.70	4.18%	-70.70%	83.05	59.53	18.76%	14.87%
ALKEM	5,027.50	3.76%	-5.24%	6,439.90	4,491.65	11.93%	21.93%
MRF	1,47,990.00	3.75%	3.93%	1,53,000.00	1,02,124.05	44.91%	3.27%
POLYCAB	6,822.00	2.36%	-0.54%	7,605.00	4,555.00	49.77%	10.30%

Data Source: NSE

In terms of sectoral mix, the top-15 had 4 Healthcare Stocks (Glenmark, Mankind, Biocon, and Alkem), 3 Financial Inclusion stocks (Paytm, HDFC AMC, and Motilal Oswal), and 2 consumer stocks (Patanjali and Kalyan Jewellers). The others were sectorally distributed. The worst performers in June 2025 were bottom-up plays, and included CONCOR, Bharat Dynamics, Solar Industries, Mazagon Docks, Union Bank, and Oberoi Realty. Defence appears to be the pressure point in July 2025.

HOW MID-CAPS DELIVERED ON 1-YEAR RETURNS?

Mid-cap stocks as a whole delivered -2.70% in the last one year. Out of 94 mid-cap stocks, only 1 stock (Paytm) gave more than 100%, while 2 stocks gave over 50% returns. A total of 61 out of 94 mid-cap stocks gave negative returns yoy. Here are the top 15.

Stock Symbol	Market Price	1-Month Return	1-Year Return	52-week High	52-week Low	Bounce from Low	Distance to High
PAYTM	1,091.00	17.10%	120.40%	1,128.50	481.65	126.51%	3.32%
BHARTIHEXA	1,855.00	-6.90%	62.45%	2,052.90	1,057.95	75.34%	9.64%
GLENMARK	2,114.70	21.65%	45.30%	2,284.80	1,275.50	65.79%	7.44%
MUTHOOTFIN	2,618.30	-1.12%	42.12%	2,718.00	1,670.00	56.78%	3.67%
DIXON	16,822.00	14.44%	39.11%	19,148.90	10,950.05	53.62%	12.15%
MOTILALOFS	911.20	4.88%	38.36%	1,064.00	513.00	77.62%	14.36%
HDFCAMC	5,632.00	9.86%	37.33%	5,695.00	3,563.05	58.07%	1.11%
MAXHEALTH	1,250.00	-2.63%	35.10%	1,314.30	836.60	49.41%	4.89%
MFSL	1,497.00	-9.22%	35.02%	1,666.90	950.00	57.58%	10.19%
SOLARINDS	14,084.00	-17.31%	31.87%	17,820.00	8,482.50	66.04%	20.97%
MANKIND	2,559.70	12.25%	26.58%	3,054.80	1,901.05	34.65%	16.21%
POLICYBZR	1,808.00	-1.13%	24.71%	2,246.90	1,311.35	37.87%	19.53%
UPL	702.60	4.88%	23.03%	735.85	484.90	44.90%	4.52%
PAGEIND	48,800.00	1.27%	15.11%	50,590.00	38,850.00	25.61%	3.54%
SRF	3,036.00	-4.97%	14.97%	3,325.00	2,126.85	42.75%	8.69%

Data Source: NSE

On a yoy basis, the list was spread out across several sectors, although some favourites did emerge. Some of the themes include Financial Inclusion (Paytm, Muthoot Finance, Motilal Oswal, HDFC AMC, Max Financial, and Policy Bazaar); Healthcare (Glenmark Pharma, Max Health, Mankind Pharma); and 2 chemical stocks (UPL and SRF). The other stocks were sectorally spread out. The names at the bottom were stock-specific names like Vodafone Idea, RVNL, IREDA, SJVN, Astral, and Godrej Properties.

HOW RESILIENT WERE MID-CAP STOCKS IN THE LAST ONE YEAR?

In terms of bounce from the lows, the mid-caps overall bounced 22.48%. A total of 2 stocks more than doubled, and 16 jumped over 50%. The top-20 average bounce was 71.16%.

Stock Symbol	Market Price	1-Month Return	1-Year Return	52-week High	52-week Low	Bounce from Low	Distance to High
BSE	2,427.30	-12.53%	-5.05%	3,030.00	768.70	215.77%	19.89%
PAYTM	1,091.00	17.10%	120.40%	1,128.50	481.65	126.51%	3.32%
BDL	1,618.00	-18.24%	10.88%	2,096.60	890.00	81.80%	22.83%
MOTILALOFS	911.20	4.88%	38.36%	1,064.00	513.00	77.62%	14.36%
BHARTIHEXA	1,855.00	-6.90%	62.45%	2,052.90	1,057.95	75.34%	9.64%
ABCAPITAL	256.50	-8.60%	13.12%	282.65	149.01	72.14%	9.25%
SOLARINDS	14,084.00	-17.31%	31.87%	17,820.00	8,482.50	66.04%	20.97%
GLENMARK	2,114.70	21.65%	45.30%	2,284.80	1,275.50	65.79%	7.44%
HDFCAMC	5,632.00	9.86%	37.33%	5,695.00	3,563.05	58.07%	1.11%
MFSL	1,497.00	-9.22%	35.02%	1,666.90	950.00	57.58%	10.19%
MUTHOOTFIN	2,618.30	-1.12%	42.12%	2,718.00	1,670.00	56.78%	3.67%
LTF	202.00	-2.53%	12.62%	214.80	129.20	56.35%	5.96%
AUBANK	741.95	-11.55%	14.77%	841.00	478.35	55.11%	11.78%
PRESTIGE	1,625.00	-0.65%	-10.43%	1,972.00	1,048.05	55.05%	17.60%
DIXON	16,822.00	14.44%	39.11%	19,148.90	10,950.05	53.62%	12.15%

Data Source: NSE

On resilience score, the list was dominated by 9 Financial Inclusion Stocks (BSE, Paytm, Motilal Oswal, AB Capital, HDFC AMC, Max Financial, Muthoot Finance, L&T Finance, and AU Bank); 2 Defence stocks (Bharat Dynamics and Solar Industries). The other stocks were spread out, but the list largely synced with 1-year return rankings. The list at the bottom included ACC, Colgate Palmolive, Aditya Birla Fashion, Petronet LNG, Lupin, IREDA, Torrent Pharma, and Vodafone Idea.

HOW CLOSE WERE MID-CAPS TO THE YEARLY HIGHS?

In terms of proximity to the peak, the index was 5.79% short of the peak. A total of 9 stocks are less than 5% from the peak, and 21 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
HDFCAMC	5,632.00	9.86%	37.33%	5,695.00	3,563.05	58.07%	1.11%
MRF	1,47,990.00	3.75%	3.93%	1,53,000.00	1,02,124.05	44.91%	3.27%
PAYTM	1,091.00	17.10%	120.40%	1,128.50	481.65	126.51%	3.32%
PAGEIND	48,800.00	1.27%	15.11%	50,590.00	38,850.00	25.61%	3.54%
MUTHOOTFIN	2,618.30	-1.12%	42.12%	2,718.00	1,670.00	56.78%	3.67%
BIOCON	390.80	7.97%	8.02%	406.00	291.00	34.30%	3.74%
UPL	702.60	4.88%	23.03%	735.85	484.90	44.90%	4.52%
MARICO	709.90	-1.05%	5.30%	745.00	577.85	22.85%	4.71%
MAXHEALTH	1,250.00	-2.63%	35.10%	1,314.30	836.60	49.41%	4.89%
INDIANB	622.00	-4.30%	2.12%	658.50	473.90	31.25%	5.54%
LTF	202.00	-2.53%	12.62%	214.80	129.20	56.35%	5.96%
PATANJALI	1,864.00	15.01%	8.93%	2,011.00	1,570.00	18.73%	7.31%
GLENMARK	2,114.70	21.65%	45.30%	2,284.80	1,275.50	65.79%	7.44%
FEDERALBNK	203.44	-7.45%	0.52%	220.00	172.66	17.83%	7.53%
ASHOKLEY	121.25	-51.89%	-52.92%	132.33	95.93	26.39%	8.37%

Data Source: NSE

In terms of proximity to the peak, the list is dominated by 6 financials (HDFC AMC, Paytm, Muthoot Finance, Indian Bank, L&T Finance, and Federal Bank); 3 Healthcare stocks (Biocon, Max Healthcare, and Glenmark); and 2 Auto Stocks (MRF and Ashok Leyland). Companies farthest from the peak were stocks like ABFRL, Vodafone Idea, IREDA, RVNL, Oil India, Colgate Palmolive, and Sona. Like in the large caps, even in mid-caps, the financial inclusion stories continue to dominate across parameters.