Small caps recover in October, but still well shy of yearly highs

6 Nov 2025 , 11:57 AM

SMALL CAPS – RISK FACTORS STILL PROMINENT

The risk of global uncertainty and the rupee weakness appear to be more evident in the small caps, than on the mid-caps or small caps. While small caps have bounced from lower levels, they are still well short of their highs. While the small caps present a more diverse sectoral story, the dominance of BFSI is visible in small caps also. Here is a 360-degree look at small caps in the month of September 2025.

SMALL CAP MOMENTUM RECOVERS FURTHER IN OCTOBER 2025

In terms of 1-month returns, the Nifty Small Cap 100 bounced 4.66% in October 2025. Out of the 93 eligible stocks in the index, 57 stocks gave positive returns, while 36 stocks gave negative returns in October 2025. 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
MRPL	165.79	25.31%	11.90%	172.5	98.92	67.60%	3.89%
NAVINFLUOR	5,630.00	23.06%	70.56%	5,839.00	3,180.00	77.04%	3.58%
FIVESTAR	651.1	21.65%	-14.70%	860.6	501	29.96%	24.34%
MCX	9,243.00	18.57%	44.65%	9,617.00	4,408.15	109.68%	3.89%
IIFL	535	18.30%	26.82%	551.95	279.8	91.21%	3.07%
WHIRLPOOL	1,388.20	17.45%	-31.20%	2,122.90	899	54.42%	34.61%
ANGELONE	2,494.40	16.88%	-17.70%	3,503.15	1,941.00	28.51%	28.80%
BRIGADE	1,036.00	15.81%	-13.32%	1,340.50	852	21.60%	22.72%
KARURVYSYA	243.5	15.29%	7.05%	251.95	154.63	57.47%	3.35%
PGEL	571	13.67%	-4.83%	1,054.20	465	22.80%	45.84%
LAURUSLABS	955	13.29%	96.51%	972.55	474.05	101.46%	1.80%
NEULANDLAB	16,552.00	12.79%	19.12%	18,100.00	10,190.70	62.42%	8.55%
WELCORP	963.2	12.64%	34.29%	994	650.15	48.15%	3.10%
NUVAMA	7,115.00	12.48%	5.81%	8,508.50	4,735.45	50.25%	16.38%
CESC	179.96	11.12%	-1.76%	203.8	119	51.23%	11.70%

Data Source: NSE

In October 2025, 19 stocks have given returns of over 10%. In terms of sectoral mix; the top-15 had 6 Financial Inclusion stocks (Five Star Finance, MCX, IIFL, Angel One, Karur Vysysa, Nuvama); and 2 Healthcare plays (Laurus Labs, Neuland Laboratories). The rest were bottom-up plays. The worst performers in October 2025 by monthly returns were Wockhardt Pharma, Jindal Saw, Ola Electric, Redington, Tejas Networks, Anand Raj Industries, and KEC International.

HOW DID SMALL CAPS DELIVER ON 1-YEAR RETURNS?

For the 93 small cap stocks with full data, the average 1-year return was -0.05%. A total of 42 stocks gave positive 1-year returns, while 51 stocks delivered negative returns for October 2025. 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
LAURUSLABS	955	13.29%	96.51%	972.55	474.05	101.46%	1.80%
NAVINFLUOR	5,630.00	23.06%	70.56%	5,839.00	3,180.00	77.04%	3.58%
MANAPPURAM	271	-4.02%	67.09%	298	147.67	83.52%	9.06%
GRSE	2,558.00	1.07%	59.16%	3,538.40	1,184.90	115.88%	27.71%
ASTERDM	678.05	8.15%	54.91%	732.2	387.1	75.16%	7.40%
CREDITACC	1,411.20	5.20%	44.75%	1,490.10	750.2	88.11%	5.29%
MCX	9,243.00	18.57%	44.65%	9,617.00	4,408.15	109.68%	3.89%
NH	1,755.00	1.14%	43.75%	2,370.20	1,185.00	48.10%	25.96%
REDINGTON	254.45	-10.47%	38.84%	334.8	169.11	50.46%	24.00%
WELCORP	963.2	12.64%	34.29%	994	650.15	48.15%	3.10%
AMBER	8,033.50	-0.65%	32.82%	8,626.00	5,235.00	53.46%	6.87%
DELHIVERY	466.7	3.53%	31.49%	489.1	236.53	97.31%	4.58%
RADICO	3,135.00	8.44%	29.83%	3,423.00	1,845.50	69.87%	8.41%
POONAWALLA	481.5	-3.17%	28.15%	570.4	267.2	80.20%	15.59%
AFFLE	1,925.00	-0.88%	27.92%	2,185.90	1,246.00	54.49%	11.94%

Data Source: NSE

On a yoy basis, the leaders were dominated by a mix of 4 Financial Inclusion stocks (Manappuram Finance, Credit Access, MCX, Poonawalla Finance); 3 Healthcare plays (Laurus Labs, Aster DM, Narayana Hrudayalaya); 2 Outsourcing names (Redington, Amber); and 2 Consumer stocks (Delhivery, Radico Khaitan). The remaining stocks were spread out across sectors. At the bottom are companies like JBMA, Tejas Networks, First Cry, Jindal Saw, Ola Electric, and Natco Pharma.

HOW RESILIENT WERE SMALL CAPS IN LAST ONE YEAR?

In terms of bounce from lows, small caps bounced 30.51%. Total of 12 stocks bounced over 80% from the lows, while 34 jumped over 50%. Top-15 average bounce was 90.93%.

Stock Symbol	Market Price	1-Month Return	1-Year Return	52-week High	52-week Low	Bounce from Low	Distance to High
GRSE	2,558.00	1.07%	59.16%	3,538.40	1,184.90	115.88%	27.71%
MCX	9,243.00	18.57%	44.65%	9,617.00	4,408.15	109.68%	3.89%
DATAPATTNS	2,745.00	7.63%	10.71%	3,268.80	1,351.15	103.16%	16.02%
LAURUSLABS	955	13.29%	96.51%	972.55	474.05	101.46%	1.80%
DELHIVERY	466.7	3.53%	31.49%	489.1	236.53	97.31%	4.58%
ANANDRATHI	3,090.00	9.25%	-20.78%	3,321.40	1,594.00	93.85%	6.97%
IIFL	535	18.30%	26.82%	551.95	279.8	91.21%	3.07%
CREDITACC	1,411.20	5.20%	44.75%	1,490.10	750.2	88.11%	5.29%
BEML	4,391.00	5.41%	10.56%	4,874.80	2,350.00	86.85%	9.92%
HINDCOPPER	340.25	3.28%	16.64%	365.5	183.82	85.10%	6.91%
MANAPPURAM	271	-4.02%	67.09%	298	147.67	83.52%	9.06%
POONAWALLA	481.5	-3.17%	28.15%	570.4	267.2	80.20%	15.59%
NAVINFLUOR	5,630.00	23.06%	70.56%	5,839.00	3,180.00	77.04%	3.58%
KAYNES	6,712.50	-4.93%	27.22%	7,822.00	3,825.15	75.48%	14.18%
ASTERDM	678.05	8.15%	54.91%	732.2	387.1	75.16%	7.40%

Data Source: NSE

On resilience score, the list was dominated by 6 Financial Inclusion stocks (MCX, Anand Rathi Wealth, IIFL Finance, Credit Access, Manappuram Finance, Poonawalla Finance); 3 Defence Stocks (GRSE, Data Patterns, BEML); and 2 Healthcare Plays (Laurus Labs, Aster DM). The remaining stocks were spread out and largely mirrored the 1-year return rankings list. The list at the bottom included stocks like; Tejas Networks, Jindal Saw, Crompton, Chambal Fertilizers, IEX, Cyient, and PCBL.

HOW SMALL CAPS FARED ON THE SWING FACTOR?

In terms of proximity to the peak, the small cap index overall was 6.77% short of the peak. 23 stocks are less than 10% from the peak while 26 stocks are over 30% off the peak. That indicates a sharp improvement over the previous month.

Stock Symbol	Market Price	1-Month Return	1-Year Return	52-week High	52-week Low	Bounce from Low	Distance to High
LAURUSLABS	955	13.29%	96.51%	972.55	474.05	101.46%	1.80%
IIFL	535	18.30%	26.82%	551.95	279.8	91.21%	3.07%
WELCORP	963.2	12.64%	34.29%	994	650.15	48.15%	3.10%
KARURVYSYA	243.5	15.29%	7.05%	251.95	154.63	57.47%	3.35%
NAVINFLUOR	5,630.00	23.06%	70.56%	5,839.00	3,180.00	77.04%	3.58%
MCX	9,243.00	18.57%	44.65%	9,617.00	4,408.15	109.68%	3.89%
MRPL	165.79	25.31%	11.90%	172.5	98.92	67.60%	3.89%
DELHIVERY	466.7	3.53%	31.49%	489.1	236.53	97.31%	4.58%
CREDITACC	1,411.20	5.20%	44.75%	1,490.10	750.2	88.11%	5.29%
STARHEALTH	495.15	10.67%	-4.16%	524.4	327.3	51.28%	5.58%
GODIGIT	356.1	3.64%	3.96%	381.4	264.6	34.58%	6.63%
AMBER	8,033.50	-0.65%	32.82%	8,626.00	5,235.00	53.46%	6.87%
HINDCOPPER	340.25	3.28%	16.64%	365.5	183.82	85.10%	6.91%
ANANDRATHI	3,090.00	9.25%	-20.78%	3,321.40	1,594.00	93.85%	6.97%
AADHARHFC	509	-0.08%	12.65%	547.8	346.05	47.09%	7.08%

Data Source: NSE

In terms of proximity to the peak, the list is quite mixed with 6 financial inclusion stocks, 2 healthcare stocks, and 2 Chemical plays. Companies farthest from the peak were a mixed bag of stocks like Tejas Networks, Ola Electric, FirstCry, Jindal Saw, Zen Technologies etc. While the performance of small caps has surely improved in the last couple of months, investors continue to be cautious on small cap stocks.