Small caps took the deepest cuts in January 2025

7 Feb 2025 , 10:02 AM

HOW DID SMALL CAP STOCKS FARE IN JANUARY 2025

The small caps had given refreshing 0.61% returns in December 2024; but in January 2025, it was back to negative returns at -10.81%.

• For January 2025, Nifty Small cap 100 gave -10.81% returns. Out of the 94 small-caps with full data, 3 companies generated over 10% and 8 companies gave over 5%. Only 17 out of 94 companies gave positive returns.
• For the year to January 2025, Nifty Small Cap 100 gained just 4.86%. Out of the 94 small caps with full data, 11 companies generated over 50% returns, and 24 companies over 20%. Total of 47 out of 94 companies gave positive returns in year to January 2025.
• What about resilience? Nifty Small cap 100 bounced 20.55% from the lows. Out of the 94 small-caps with full data, 4 companies bounced over 100%, and 21 bounced over 50%. Total of 13 companies bounced less than 10% from lows.
• What about swing, or proximity to high price. The index overall swing factor deteriorated to 13.88%. Just 5 out of 94 companies are less than 10% from the peaks.

Let us start with small cap stocks from the perspective of momentum?

SMALL CAP MOMENTUM RETURNS IN JANUARY 2025

In terms of 1-month returns, the Nifty Small cap 100 lost -10.81%. Out of the 94 eligible stocks in the index, only 77 stocks gave negative returns. 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
NAVINFLUOR	4,150.70	26.48%	24.86%	4,299.05	2,875.95	44.32%	3.45%
CREDITACC	1,016.00	21.55%	-32.06%	1,660.00	750.20	35.43%	38.80%
ZENSARTECH	954.50	16.41%	53.55%	984.95	515.00	85.34%	3.09%
MGL	1,368.95	7.61%	-5.72%	1,988.00	1,075.25	27.31%	31.14%
NBCC	95.49	7.40%	-29.52%	139.83	70.07	36.28%	31.71%
AARTIIND	460.00	6.87%	-30.88%	769.25	390.25	17.87%	40.20%
NH	1,346.80	5.69%	1.75%	1,444.90	1,080.00	24.70%	6.79%
KARURVYSYA	235.90	5.58%	20.07%	246.00	164.10	43.75%	4.11%
RBLBANK	166.50	4.42%	-38.18%	279.15	146.10	13.96%	40.35%
REDINGTON	203.80	3.25%	14.45%	237.55	158.61	28.49%	14.21%
SHYAMMETL	779.00	2.35%	8.71%	956.90	511.20	52.39%	18.59%
MANAPPURAM	197.32	2.33%	8.01%	230.40	138.35	42.62%	14.36%
AAVAS	1,681.00	2.08%	13.82%	1,978.95	1,307.00	28.62%	15.06%
IRCON	200.39	1.64%	-3.14%	351.60	175.25	14.35%	43.01%
GESHIP	998.00	1.45%	-0.37%	1,543.70	880.10	13.40%	35.35%

Data Source: NSE

For January 2025, 3 stocks gave double digit returns (Navin Fluorine, Credit Access Grameen, and Zensar Technologies). In terms of sectoral mix; the top-15 had 5 BFSI stocks and 2 specialty chemical plays. The worst performers in January 2025 in terms of monthly returns included JBMA, Kaynes, KEC, SW Solar, CAMS, and Apar Industries.

DID SMALL CAPS DELIVER ON 1-YEAR RETURNS?

Out of 94 small cap stocks, the average 1-year return was just about 2.60%. A total of 47 stocks gave negative returns yoy. Here is the top-15 on 1-year returns.

Stock Symbol	Market Price	1-Month Return	1-Year Return	52-week High	52-week Low	Bounce from Low	Distance to High
TRITURBINE	656.90	-11.07%	79.62%	885.00	350.35	87.50%	25.77%
GRSE	1,585.00	-1.57%	76.52%	2,833.80	673.45	135.36%	44.07%
KAYNES	4,860.00	-36.92%	70.31%	7,822.00	2,424.00	100.50%	37.87%
PPLPHARMA	229.95	-9.82%	68.34%	307.90	114.35	101.09%	25.32%
MCX	5,770.00	-8.80%	66.17%	7,048.60	2,917.85	97.75%	18.14%
FSL	341.15	-12.71%	65.92%	422.30	176.25	93.56%	19.22%
360ONE	1,024.95	-21.07%	63.20%	1,318.00	597.25	71.61%	22.23%
GLENMARK	1,433.65	-9.99%	63.19%	1,830.95	771.00	85.95%	21.70%
ZENSARTECH	954.50	16.41%	53.55%	984.95	515.00	85.34%	3.09%
BLUESTARCO	2,032.50	-19.57%	53.40%	2,417.00	1,127.45	80.27%	15.91%
LAURUSLABS	594.00	-5.13%	50.04%	619.40	373.10	59.21%	4.10%
AMBER	6,590.00	-15.25%	42.75%	8,177.00	2,992.50	120.22%	19.41%
CHAMBLFERT	490.25	0.09%	38.91%	574.35	332.05	47.64%	14.64%
NATIONALUM	197.50	-5.55%	37.53%	262.99	130.25	51.63%	24.90%
NATCOPHARM	1,175.10	-15.99%	35.03%	1,639.00	828.00	41.92%	28.30%

Data Source: NSE

On a yoy basis, the leaders were dominated by a mix of 4 Healthcare plays (Piramal Pharma, Glenmark, Laurus Labs, and Natco Pharma), 2 EMS companies (Kaynes, Amber), and 2 IT companies (Zensar and FSL). The remaining stocks in the above list, were largely spread out across sectors with Garden Reach being the only defence player in the list.

HOW RESILIENT WERE SMALL CAPS IN LAST ONE YEAR?

In terms of bounce from lows, small caps bounced 20.56%. Total of 4 stocks more than doubled, and 59 jumped over 20% from the lows. Top-20 average bounce was 79.06%.

Stock Symbol	Market Price	1-Month Return	1-Year Return	52-week High	52-week Low	Bounce from Low	Distance to High
KAYNES	7,467.60	20.23	185.27	7,822.00	2,424.00	208.07%	4.53%
AMBER	7,542.45	26.78	146.97	7,977.00	2,992.50	152.05%	5.45%
BLUESTARCO	2,295.05	22.66	137.60	2,387.70	929.90	146.81%	3.88%
GRSE	1,645.00	-0.74	90.76	2,833.80	673.45	144.26%	41.95%
PPLPHARMA	256.80	-5.56	83.81	307.90	114.35	124.57%	16.60%
FSL	393.90	4.93	108.50	403.70	176.25	123.49%	2.43%
CDSL	1,810.05	8.62	-0.57	1,989.80	811.00	123.19%	9.03%
IFCI	61.95	-2.76	115.76	91.40	28.25	119.29%	32.22%
360ONE	1,295.70	11.54	88.61	1,312.10	591.50	119.05%	1.25%
TRITURBINE	765.35	1.82	79.01	885.00	350.35	118.45%	13.52%
MCX	6,340.00	-0.58	97.80	7,048.60	2,917.85	117.28%	10.05%
GLENMARK	1,637.15	4.33	81.65	1,830.95	771.00	112.34%	10.58%
KEC	1,211.00	13.32	99.60	1,313.25	589.05	105.59%	7.79%
APARINDS	10,510.00	2.56	72.61	11,000.00	5,151.00	104.04%	4.45%
CAMS	5,190.05	-0.07	90.99	5,367.50	2,649.50	95.89%	3.31%

Data Source: NSE

On resilience score, the list was once again dominated by financial inclusion stocks (CDSL, 360 One, MCX, and CAMS). Even on resilience count, the two EMS players; Kaynes and Amber are right at the top. The remaining stocks in the above list, were largely spread out and largely similar to the 1-year return rankings list. The list at the bottom included stocks like; Birlasoft, Tanla, Happiest Minds, SW Solar, Rites, and Indiamart.

HOW SMALL CAPS FARED ON THE SWING FACTOR?

In terms of proximity to the peak, the small cap index was 13.88% short of the peak. Just 5 stocks are less than 10% to the peak while 54 stocks are over 30% off the peak.

Stock Symbol	Market Price	1-Month Return	1-Year Return	52-week High	52-week Low	Bounce from Low	Distance to High
ZENSARTECH	954.50	16.41%	53.55%	984.95	515.00	85.34%	3.09%
NAVINFLUOR	4,150.70	26.48%	24.86%	4,299.05	2,875.95	44.32%	3.45%
LAURUSLABS	594.00	-5.13%	50.04%	619.40	373.10	59.21%	4.10%
KARURVYSYA	235.90	5.58%	20.07%	246.00	164.10	43.75%	4.11%
NH	1,346.80	5.69%	1.75%	1,444.90	1,080.00	24.70%	6.79%
RADICO	2,373.90	-15.63%	30.00%	2,637.70	1,429.85	66.02%	10.00%
REDINGTON	203.80	3.25%	14.45%	237.55	158.61	28.49%	14.21%
MANAPPURAM	197.32	2.33%	8.01%	230.40	138.35	42.62%	14.36%
CHAMBLFERT	490.25	0.09%	38.91%	574.35	332.05	47.64%	14.64%
ASTERDM	475.00	-5.61%	13.76%	558.00	311.10	52.68%	14.87%
AAVAS	1,681.00	2.08%	13.82%	1,978.95	1,307.00	28.62%	15.06%
RAMCOCEM	900.00	-5.03%	-7.05%	1,060.00	700.00	28.57%	15.09%
BATAINDIA	1,380.00	-7.17%	-11.13%	1,633.00	1,228.05	12.37%	15.49%
BLUESTARCO	2,032.50	-19.57%	53.40%	2,417.00	1,127.45	80.27%	15.91%
BLS	436.00	-9.80%	5.36%	521.80	262.95	65.81%	16.44%

Data Source: NSE

In terms of proximity to the peak, the list is once again dominated by New Age Technology (Zensar, Redington, Aster DM, and BLS) and healthcare companies (Laurus Labs and Narayana Hrudayalaya). Companies farthest from the peak were a mixed bag of stocks like SW Solar, Chennai Petro, Titagarh Wagons, JWL, Tanla, NMDC Steel, and Garden Reach Shipbuilders. However, the overpowering theme is that the swing factor for small cap companies has largely deteriorated in January 2025.