Mid-cap defence takes a breather; BFSI takes charge in Jun-25

2 Jul 2025 , 09:16 AM

MID-CAP FINANCIALS SHINE IN A TOUGH MONTH

The last 3 months have been a frenetic run for mid-cap stocks. After returns of 4.75% and 6.09% in April and May; the mid-cap index saw healthy 4.04% returns in June 2025. That is an appreciation of nearly 16% in the last 3 months in the mid-cap index. This month, defence was no longer the clear favourite; in fact, defence stocks were conspicuous by their absence and peace seemed to be returning to the Middle East. Instead, the action shifted to the financials, especially the non-banking financial plays. With the RBI turning aggressively dovish by cutting rates by 50 basis points and CRR by 100 bps, most of the mid-cap financials got favourably re-rated. Among other sectors; healthcare and realty appeared to attract good deal of buying interest in the month of June 2025.

TRACKING MID-CAP MOMENTUM RETURNS IN JUNE 2025

In terms of 1-month returns, the Nifty Mid-Cap 100 gave 4.04%. Out of the 94 eligible stocks in the index, 64 stocks gave positive returns, while 30 stocks gave negative returns. 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
ABCAPITAL	277.60	24.31%	15.87%	278.09	149.01	86.30%	0.18%
GLENMARK	1,749.40	20.36%	42.53%	1,830.95	1,232.10	41.99%	4.45%
LTF	206.19	20.27%	13.71%	207.80	129.20	59.59%	0.77%
MUTHOOTFIN	2,627.00	18.44%	46.11%	2,669.90	1,664.60	57.82%	1.61%
AUBANK	819.85	17.96%	21.64%	824.00	478.35	71.39%	0.50%
MAXHEALTH	1,275.00	13.40%	35.65%	1,296.80	836.60	52.40%	1.68%
SRF	3,236.00	13.32%	33.09%	3,251.80	2,126.85	52.15%	0.49%
PRESTIGE	1,660.00	13.01%	-12.43%	1,972.00	1,048.05	58.39%	15.82%
BANDHANBNK	189.26	11.43%	-6.94%	222.31	128.16	47.67%	14.87%
MPHASIS	2,850.10	11.20%	15.83%	3,237.95	2,044.55	39.40%	11.98%
INDUSTOWER	422.50	9.62%	12.20%	460.35	312.75	35.09%	8.22%
MFSL	1,647.50	9.61%	69.51%	1,659.70	950.00	73.42%	0.74%
POLYCAB	6,545.00	9.35%	-2.80%	7,605.00	4,555.00	43.69%	13.94%
SOLARINDS	17,600.00	9.28%	75.61%	17,820.00	8,482.50	107.49%	1.23%
OBEROIRLTY	1,915.80	9.12%	7.92%	2,343.65	1,451.95	31.95%	18.26%

Data Source: NSE

In terms of sectoral mix; the top-15 had 6 BFSI Stocks (AB Capital, L&T Finance, Muthoot Finance, AU Bank, Bandhan Bank, and Max Financial), 2 healthcare stocks (Glenmark and Max Health), and 2 realty stocks (Prestige and Oberoi Realty). The others were sectorally distributed. The worst performers in June 2025 were bottom-up plays, and included Sona Comstar, Tata Tech, Mazagon Docks, Mankind Pharma, and KPIT.

HOW MID-CAPS DELIVERED ON 1-YEAR RETURNS?

Mid cap stocks as a whole, delivered 7.18% in last one year. Out of 94 mid-cap stocks, only 1 stock (Paytm) gave more than 100%, while 4 stocks gave over 50% returns. A total of 52 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	925.90	3.77%	129.99%	1,062.95	403.00	129.75%	12.89%
SOLARINDS	17,600.00	9.28%	75.61%	17,820.00	8,482.50	107.49%	1.23%
BHARTIHEXA	1,948.10	6.66%	74.84%	2,026.00	1,030.00	89.14%	3.85%
MFSL	1,647.50	9.61%	69.51%	1,659.70	950.00	73.42%	0.74%
MUTHOOTFIN	2,627.00	18.44%	46.11%	2,669.90	1,664.60	57.82%	1.61%
GLENMARK	1,749.40	20.36%	42.53%	1,830.95	1,232.10	41.99%	4.45%
PERSISTENT	6,050.00	7.16%	42.44%	6,788.90	4,148.95	45.82%	10.88%
MOTILALOFS	871.65	7.43%	41.58%	1,064.00	507.55	71.74%	18.08%
MAXHEALTH	1,275.00	13.40%	35.65%	1,296.80	836.60	52.40%	1.68%
SRF	3,236.00	13.32%	33.09%	3,251.80	2,126.85	52.15%	0.49%
HINDPETRO	437.20	6.57%	31.90%	457.15	287.55	52.04%	4.36%
SBICARD	947.80	3.48%	31.53%	1,027.25	659.80	43.65%	7.73%
POLICYBZR	1,818.00	3.54%	30.53%	2,246.90	1,311.35	38.64%	19.09%
HDFCAMC	5,194.00	8.55%	30.01%	5,278.90	3,563.05	45.77%	1.61%
SUZLON	67.61	-5.26%	28.11%	86.04	46.15	46.50%	21.42%

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, Max Financial, Muthoot Finance, Motilal Oswal, SBI Cards, Policybazaar, and HDFC AMC); and Healthcare (Glenmark Pharma and Max Health). The other stocks were sectorally spread out The names at the bottom were stock specific names like Oil India, Astral, Hindustan Zinc, Exide, and Tata Tech.

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

In terms of bounce from the lows, the mid-caps overall bounced 27.47%. Total of 4 stocks more than doubled, and 20 jumped over 50%. Top-20 average bounce was 84.96%.

Stock Symbol	Market Price	1-Month Return	1-Year Return	52-week High	52-week Low	Bounce from Low	Distance to High
BSE	2,774.00	3.59%	7.26%	3,030.00	705.00	293.48%	8.45%
PAYTM	925.90	3.77%	129.99%	1,062.95	403.00	129.75%	12.89%
BDL	1,947.00	-3.59%	21.71%	2,096.60	890.00	118.76%	7.14%
SOLARINDS	17,600.00	9.28%	75.61%	17,820.00	8,482.50	107.49%	1.23%
BHARTIHEXA	1,948.10	6.66%	74.84%	2,026.00	1,030.00	89.14%	3.85%
ABCAPITAL	277.60	24.31%	15.87%	278.09	149.01	86.30%	0.18%
COFORGE	1,920.00	-77.49%	-64.74%	2,005.36	1,085.15	76.93%	4.26%
COCHINSHIP	2,071.00	6.10%	-6.74%	2,979.45	1,180.20	75.48%	30.49%
MFSL	1,647.50	9.61%	69.51%	1,659.70	950.00	73.42%	0.74%
MOTILALOFS	871.65	7.43%	41.58%	1,064.00	507.55	71.74%	18.08%
AUBANK	819.85	17.96%	21.64%	824.00	478.35	71.39%	0.50%
MAZDOCK	3,247.00	-6.72%	-24.22%	3,775.00	1,918.05	69.29%	13.99%
LTF	206.19	20.27%	13.71%	207.80	129.20	59.59%	0.77%
PRESTIGE	1,660.00	13.01%	-12.43%	1,972.00	1,048.05	58.39%	15.82%
MUTHOOTFIN	2,627.00	18.44%	46.11%	2,669.90	1,664.60	57.82%	1.61%

Data Source: NSE

On resilience score, the list was dominated by 8 Financial Inclusion Stocks (BSE, Paytm, AB Capital, Max Financial, Motilal Oswal, AU Bank, L&T Finance, and Muthoot Finance); 4 Defence stocks (Bharat Dynamics, Solar Industries, Cochin Shipyards, and Mazagon Docks). The other stocks were spread out, but list largely synced with 1-year return rankings. The list at the bottom included Colgate Palmolive, ABFRL, Patanjali, ACC, Alkem Labs, Aurobindo Pharma, Petronet LNG, and Voltas.

HOW CLOSE WERE MID-CAPS TO THE YEARLY HIGHS?

In terms of proximity to the peak, the index was just 1.94% short of the peak. Total of 19 stocks are less than 5% from the peak and 27 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
ABCAPITAL	277.60	24.31%	15.87%	278.09	149.01	86.30%	0.18%
SRF	3,236.00	13.32%	33.09%	3,251.80	2,126.85	52.15%	0.49%
AUBANK	819.85	17.96%	21.64%	824.00	478.35	71.39%	0.50%
MFSL	1,647.50	9.61%	69.51%	1,659.70	950.00	73.42%	0.74%
LTF	206.19	20.27%	13.71%	207.80	129.20	59.59%	0.77%
SOLARINDS	17,600.00	9.28%	75.61%	17,820.00	8,482.50	107.49%	1.23%
MUTHOOTFIN	2,627.00	18.44%	46.11%	2,669.90	1,664.60	57.82%	1.61%
HDFCAMC	5,194.00	8.55%	30.01%	5,278.90	3,563.05	45.77%	1.61%
MAXHEALTH	1,275.00	13.40%	35.65%	1,296.80	836.60	52.40%	1.68%
FEDERALBNK	212.70	5.47%	20.24%	217.00	172.66	23.19%	1.98%
INDIANB	643.55	4.35%	17.96%	658.50	473.90	35.80%	2.27%
MARICO	722.00	0.82%	17.84%	740.20	577.85	24.95%	2.46%
PAGEIND	49,255.00	6.53%	26.37%	50,590.00	38,300.00	28.60%	2.64%
UNIONBANK	153.40	4.64%	12.37%	158.65	100.81	52.17%	3.31%
MRF	1,42,005.00	2.52%	9.97%	1,47,435.00	1,02,124.05	39.05%	3.68%

Data Source: NSE

In terms of proximity to the peak, the list is dominated by 9 financials (AB Capital, AU Bank, Max Financial, L&T Finance, Muthoot Finance, HDFC AMC, Federal Bank, Indian Bank, and Union Bank). That was the only dominant sector, with the others spread across sectors. Companies farthest from the peak were stocks like Vodafone Idea, IREDA, Oil India, Astral, RVNL, Colgate Palmolive, and Tata Tech. The good news is that the month has seen the mid-caps moving much closer to their all-time highs; largely thanks to the financials.