7 midcap profit rockets: Reliance Power, Garden Reach, Bandhan Bank, 4 more to watch ahead of Q1 earnings

The midcaps in the last 1 month have shown significant divergence from the large caps. While the Nifty is up less than 2% in the last 1 month, the Nifty Midcap 150 Index is up nearly 3%. The BSE Midcap Index, though fairly modest in comparison, has also showcased significant intra-day outperformance in most sessions. Therefore, as the final countdown for the Q1 earnings season begins, here is a look at top performers last quarter, the heroes of Q4, and the expectations therein.

Here are the top 7 midcap companies that have clocked the highest quarterly profit.

This data is derived from the stock screener on Financialexpress.com. For this analysis, we used the screener, “Highest YOY Quarterly profit growth” and sorted stocks by market cap. We chose the midcaps this time. This screener highlights companies delivering the strongest year-on-year profit gains in the midcap space.

Bandhan Bank

Bandhan Bank profit performance stood out in Q4. Its net profit jumped a massive 4-fold YoY. In response to the stupendous jump in its profitability, the share price has also delivered strong double-digit gains in the last three months. However, weak growth guidance for FY26 has raised some concerns. Axis Securities expects “some respite on NIMs in H2FY26 as a result of the benefit of ‘cost of funds’ reflecting and an anticipated slowdown in slippages.” Currently, 55% of Bandhan’s book is fixed rate, and 19% is MCLR-linked.

National Aluminium Company

This aluminium player has clocked the second-highest jump in profitability on a year-on-year basis. Its Q4FY25 profit is up a whopping 262% YoY. Axis Securities has a Buy on the stock. They expect an incremental 5 lakh tonnes of alumina volumes in FY27. According to Axis Securities, the National Aluminium Company has demonstrated superior cost control both in terms of raw material and employee costs. It has also guided for higher Alumina sales tonnage in FY26 at 12.75 lakh tonnes Vs 11.06 lakh tonnes in FY25. “These factors will partially offset the EBITDA drop due to commodity prices but delays in refinery expansion remain the key risk,” the Axis report stated.

Inox Wind

The Q4 profit powerhouse also includes this key renewable energy play. Inox Wind clocked a 218% YoY jump in Q4FY25 profit. In fact, key domestic brokeage house Motilal Oswal has initiated coverage on Inox Wind with a Buy recommendation. They have set a target of Rs 210 per share and this implies over 20% upside in the next 12 months. Some of the key triggers for the positive recommendation from Motilal Oswal include the fact that the company handles “end to end solutions from conception and commissioning to O&M”. Its annual capacity from its four factories is 5 GW, and this enables the company to achieve scale to meet the demand.

India Inc Report card: Highest YOY quarterly profit growth

Source: FE Stock Screener 

Laurus Labs

This midcap pharma major is another standout performer in terms of profitability. Its Q4FY25 profit is up 209% YoY. Laurus Labs‘ CDMO pipeline has matured over the past 12–18 months, with an increasing share of late-stage and commercial-phase programs from big pharma clients. It also has over 110 active projects, and more than 15 are in the commercial stage already. The large share of CDMO revenue now comes from big pharma partnerships, reducing volatility and increasing project stickiness. In FY25, the company clocked a 30% YoY increase in continuous flow and a 40% YoY increase in biocatalysis projects.

Godrej Industries

Godrej Industries has seen a smart 158% jump YoY om its Q4FY25 profit. As all eyes are on the Godrej Industries’ Q1FY26 performance, the company was in news recently as it was excluded from MSCI Smallcap Index during the May rejig. The company’s chemical business recently announced capacity expansions in sync with the overall growth plan to become a $1 billion global business before 2030. With a total capital outlay for expansions to exceed Rs 750 crore over the next few years, the company has already kicked off several projects.

Reliance Power

Reliance Power and the other Anil Ambani Group stocks have been in focus. Not only has the Reliance Power share price seen a phenomenal 48% surge in 2025 so far, but the company’s balance sheet also has many reasons to add to the cheer. Its Q4 profit has risen a massive 135% YoY. Even if you check the sequential profit growth, Reliance Power has delivered a strong growth trajectory. The company’s Rs 2,000 crore partnership with Bhutan’s Druk Holding and Investments (DHI) to develop the Himalayan Nation’s largest solar power project has instilled investor confidence. That apart, it has also infused capital through a preferential issue to strengthen its growth trajectory.

Garden Reach Shipbuilders

Garden Reach Shipbuilder and Engineers has seen a phenomenal 100% jump in its profitability. Its Q4FY25 profit came in at Rs 244 crore compared to Q4FY24 profit of Rs 112 crore, nearly a 118% jump YoY. Garden Reach’s order pipeline remains strong at Rs 22,700 crore. Q0Q, the order book is down 5% due to faster-than-expected execution in Q4FY25.

However, the shipbuilding order pipeline is robust. This includes large orders, such as the P-17 Bravo Frigates (8 units for Rs 70,000 crore). This apart order for 8 units of Next Generation Corvettes ([NGC] worth Rs 40,000 crore) is likely to be awarded in FY26. 18 next-generation fast patrol vessels worth Rs 3,000 crore, five next-generation survey vessels worth Rs 3,500 crore, 31 waterjet fast attack craft worth Rs 3,000 crore, 12 mine countermeasure vessels worth Rs 32,000 crore, and several small projects of 1,500-3,000 crore are in the pipeline too.

Why tracking profit growth matters

A check on the profit performance is almost like a report card about a company’ financial health and gives investors an idea about the profit trajectory. Apart from the 7 companies analysed, there are some other important star performers too. These include Aster and One Source. As the profit amount is less than Rs 100 crore, they did not make it to the list of the ‘magnificent seven’ of the midcap world post Q4. Some recent listings of FY25 like Sagility, Inventurus Knowledge Solutions and Go Digit General Insurance, also showcased strong quarterly profit performance but were not included in the above list.