Financial inclusion was dominant mid-cap theme in October 2025

4 Nov 2025 , 01:47 PM

MID CAPS WERE ALL ABOUT FINANCIAL INCLUSION

For October 2025, the overpowering theme continued to be financial inclusion; just that it became a little more prominent. For the investors in mid-cap stocks, the BFSI story offers an interesting combination of an India-specific story and substantial supply of quality stocks. That makes it an irresistible combination. More importantly, October saw some genuine buying support as the index got closer to its peak levels of the year. As investors go alpha hunting, mid-caps are still the preferred bets over small caps, where risk is still high!

MID-CAP MOMENTUM RETURNS IN OCTOBER 2025

In terms of 1-month returns, Nifty Mid-Cap 100 rallied 5.83% after returning to positive gains in the previous month. Out of 95 eligible stocks in the index, 75 stocks gave positive returns, while only 20 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
PERSISTENT	5,921.00	22.69%	5.32%	6,788.90	4,148.95	42.71%	12.78%
FEDERALBNK	236.68	22.64%	16.42%	237.50	172.66	37.08%	0.35%
BSE	2,480.10	21.51%	-42.89%	3,030.00	1,227.33	102.07%	18.15%
AUBANK	876.00	20.02%	44.05%	886.45	478.35	83.13%	1.18%
IDFCFIRSTB	81.70	17.20%	18.87%	82.65	52.46	55.74%	1.15%
TATACOMM	1,873.00	16.25%	4.94%	2,004.00	1,291.00	45.08%	6.54%
GODREJPROP	2,285.90	16.21%	-20.38%	3,015.90	1,900.00	20.31%	24.21%
PAYTM	1,301.00	15.96%	73.27%	1,323.50	651.50	99.69%	1.70%
PRESTIGE	1,752.00	15.54%	5.98%	1,900.00	1,048.05	67.17%	7.79%
SONACOMS	473.40	14.81%	-31.01%	720.90	380.00	24.58%	34.33%
INDIANB	859.50	14.39%	46.01%	879.00	473.90	81.37%	2.22%
BANKINDIA	140.00	13.35%	30.31%	142.71	90.05	55.47%	1.90%
OBEROIRLTY	1,777.10	12.40%	-7.75%	2,343.65	1,451.95	22.39%	24.17%
KALYANKJIL	510.40	12.19%	-24.40%	795.40	399.40	27.79%	35.83%
BHARTIHEXA	1,856.00	12.11%	30.21%	2,052.90	1,234.00	50.41%	9.59%

Data Source: NSE

In terms of sectoral mix; the top-15 had 7 Financial Inclusion stocks (Federal Bank, BSE, AU Bank, IDFC First Bank, Paytm, Indian Bank, and Bank of India), 3 Realty Stocks (Godrej Properties, Prestige, and Oberoi Realty), and 2 Technology stocks (Persistent and Tata Communications). The others were sectorally distributed. The worst performers in September 2025 were bottom-up plays like Supreme Industries, Godfrey Philips, Coromandel, Dixon Technologies, Jubilant Foods, and Glenmark.

HOW MID-CAPS DELIVERED ON 1-YEAR RETURNS?

Mid cap stocks as a whole rallied 6.19% in last one year. Out of 95 mid-cap stocks, 5 stocks gave over 50% returns. A total of 42 out of 95 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
LTF	270.55	8.51%	84.65%	273.57	129.20	109.40%	1.10%
PAYTM	1,301.00	15.96%	73.27%	1,323.50	651.50	99.69%	1.70%
FORTIS	1,024.70	5.49%	66.59%	1,104.30	577.00	77.59%	7.21%
MUTHOOTFIN	3,191.00	3.30%	61.48%	3,377.90	1,756.05	81.71%	5.53%
ABCAPITAL	325.60	10.89%	50.53%	333.30	149.01	118.51%	2.31%
INDIANB	859.50	14.39%	46.01%	879.00	473.90	81.37%	2.22%
AUBANK	876.00	20.02%	44.05%	886.45	478.35	83.13%	1.18%
BDL	1,535.00	2.46%	43.81%	2,096.60	890.00	72.47%	26.79%
WAAREEENER	3,423.00	2.97%	40.37%	3,865.00	1,863.00	83.74%	11.44%
NYKAA	248.47	6.70%	36.27%	268.25	154.90	60.41%	7.37%
UPL	718.10	9.80%	31.83%	741.00	484.90	48.09%	3.09%
BANKINDIA	140.00	13.35%	30.31%	142.71	90.05	55.47%	1.90%
BHARTIHEXA	1,856.00	12.11%	30.21%	2,052.90	1,234.00	50.41%	9.59%
POWERINDIA	17,761.00	-1.24%	29.81%	21,800.00	8,801.00	101.81%	18.53%
SRF	2,933.90	3.79%	29.56%	3,325.00	2,126.85	37.95%	11.76%

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 7 stocks (L&T Finance, Paytm, Muthoot Finance, AB Capital, Indian Bank, AU Bank, and Bank of India); and 2 Chemical stocks (UPL, SRF), and 2 Power Companies (Hitachi Energy, Waaree Energies). The other stocks were spread across sectors. The names at the bottom were stock-specific stories like Godfrey Philips, IGL, CONCOR, Ashok Leyland, Tata Technologies, and Sona Comstar.

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

In terms of bounce from the lows, the mid-caps overall bounced 27.65%. Total of 5 stocks more than doubled, and 29 jumped over 50%. Top-20 average bounce was 84.97%.

Stock Symbol	Market Price	1-Month Return	1-Year Return	52-week High	52-week Low	Bounce from Low	Distance to High
GODFRYPHLP	3,086.10	-9.05%	-51.55%	3,947.00	1,370.82	125.13%	21.81%
ABCAPITAL	325.60	10.89%	50.53%	333.30	149.01	118.51%	2.31%
LTF	270.55	8.51%	84.65%	273.57	129.20	109.40%	1.10%
BSE	2,480.10	21.51%	-42.89%	3,030.00	1,227.33	102.07%	18.15%
POWERINDIA	17,761.00	-1.24%	29.81%	21,800.00	8,801.00	101.81%	18.53%
PAYTM	1,301.00	15.96%	73.27%	1,323.50	651.50	99.69%	1.70%
MOTILALOFS	976.00	9.44%	5.84%	1,097.10	513.00	90.25%	11.04%
WAAREEENER	3,423.00	2.97%	40.37%	3,865.00	1,863.00	83.74%	11.44%
AUBANK	876.00	20.02%	44.05%	886.45	478.35	83.13%	1.18%
MUTHOOTFIN	3,191.00	3.30%	61.48%	3,377.90	1,756.05	81.71%	5.53%
INDIANB	859.50	14.39%	46.01%	879.00	473.90	81.37%	2.22%
FORTIS	1,024.70	5.49%	66.59%	1,104.30	577.00	77.59%	7.21%
BDL	1,535.00	2.46%	43.81%	2,096.60	890.00	72.47%	26.79%
NATIONALUM	234.11	9.48%	3.09%	262.99	137.75	69.95%	10.98%
POLYCAB	7,709.00	5.74%	20.48%	7,903.00	4,555.00	69.24%	2.45%

Data Source: NSE

On resilience, the list was dominated by 8 Financial Inclusion Stocks (AB Capital, L&T Finance, BSE, Paytm, Motilal Oswal, AU Bank, Muthoot Finance, Indian Bank); and 2 Energy stocks (Hitachi Energy, Waaree Energies). The other stocks were spread out, but largely matched 1-year return rankings. The list at the bottom included Colgate Palmolive, Page Industries, ACC, Jubilant Foods, RVNL, and IRCTC.

HOW MID-CAPS STOCKS RANKED ON SWING FACTOR

In terms of proximity to the peak, the index was just 0.84% short of the peak. Total of 19 stocks are less than 5% from the peak and 36 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
FEDERALBNK	236.68	22.64%	16.42%	237.50	172.66	37.08%	0.35%
LTF	270.55	8.51%	84.65%	273.57	129.20	109.40%	1.10%
CUMMINSIND	4,351.00	10.64%	23.71%	4,399.70	2,580.00	68.64%	1.11%
IDFCFIRSTB	81.70	17.20%	18.87%	82.65	52.46	55.74%	1.15%
AUBANK	876.00	20.02%	44.05%	886.45	478.35	83.13%	1.18%
HINDPETRO	476.00	7.35%	26.04%	484.10	287.55	65.54%	1.67%
PAYTM	1,301.00	15.96%	73.27%	1,323.50	651.50	99.69%	1.70%
BANKINDIA	140.00	13.35%	30.31%	142.71	90.05	55.47%	1.90%
ASHOKLEY	141.40	-0.80%	-32.41%	144.50	95.93	47.40%	2.15%
INDIANB	859.50	14.39%	46.01%	879.00	473.90	81.37%	2.22%
ABCAPITAL	325.60	10.89%	50.53%	333.30	149.01	118.51%	2.31%
POLYCAB	7,709.00	5.74%	20.48%	7,903.00	4,555.00	69.24%	2.45%
BHEL	264.50	11.34%	12.21%	272.10	176.00	50.28%	2.79%
HEROMOTOCO	5,550.00	1.31%	12.93%	5,717.00	3,344.00	65.97%	2.92%
UPL	718.10	9.80%	31.83%	741.00	484.90	48.09%	3.09%

Data Source: NSE

In terms of proximity to the peak, the list is again dominated by 8 financials (Federal Bank, L&T Finance, IDFC First Bank, AU Bank, Paytm, Bank of India, Indian Bank, AB Capital); 2 Auto stocks (Ashok Leyland and Hero Motocorp); and 2 engineering companies (BHEL and Cummins). Companies farthest from the peak were stocks like Kalyan Jewellers, OFSS, IREDA, RVNL, Sona Comstar, TI India, and Tata Technologies. Like in the large caps, even in mid-caps, financial inclusion was the overpowering theme on the back of emerging as the strongest vehicle to ride the India story.