Q4 Earnings Stars: 5 Midcap Stocks on Investors’ Radar

Due to geopolitical tensions, high fuel prices, weak global demand, and other factors, businesses are suffering across the globe, and India is not an exception. 

Having said that, the Q4 FY26 results have been relatively better than the previous few quarters. Interestingly, there are a handful of midcap companies that have delivered strong Q4 earnings that are worth investors’ attention. 

In this editorial, we will be exploring five such midcap stocks that have delivered blockbuster Q4 results, and we will also look at the bigger picture that is the entire FY26 performance.

#1 Neuland Laboratories 

Neuland Laboratories is a manufacturer and supplier of bulk drugs catering to domestic as well as international markets. 

This pharma company specialises in prime Active Pharmaceutical Ingredients (APIs), specialty APIs, or niche APIs, and also offers customer manufacturing solutions (CMS). 

Q4FY26 Performance 

Basis	Q4FY25	Q4FY26	% Change
Total Income (Rs m)	3358	7887	134.9
PAT (Rs m)	277	2125	666.3

During Q4FY26, the total income of the company went up to Rs 7,887 million (m), from Rs 3,358 m in the corresponding quarter last fiscal, a 134.9% YoY growth. 

During the quarter, this company delivered a whopping 666.3% YoY profit growth. The profit after tax (PAT) went up from Rs 277 m to Rs 2,125 m during the period. 

The PAT margin grew from a mere 8.3% in Q4FY25 to 26.9% in Q4FY26. 

This significant rise in the profit of the company also made earnings per share (EPS) increase from Rs 21.6 per share to Rs 165.6 per share during the period. 

However, what’s more interesting is that the company achieved this exponential Q4 result while reducing its debt. Neuland reduced its net debt from Rs 2,287 m in Q4FY25 to Rs 1,568 m during Q4FY25. 

Another interesting fact is that the company has been increasing its CMS segment, and that is evident from the revenue share of the CMS business segment, which has surged from 34% during Q4FY25 to 68% in Q4FY26. 

This has made the share of prime and specialty APIs in the revenue come down to 18% and 8%, respectively, from the 40% and 19% in Q4FY25. 

Coming to the overall performance during FY26, the total income surged from Rs 14,973 m in FY25 to Rs 20,531 m. PAT increased from Rs 2,594 m to Rs 3,631 m during the fiscal year. 

The company has a return on capital employed (ROCE) of 26.1% as of FY26. 

Looking ahead, the company has 204 patent filings awaiting approval. Then there are more than a thousand Drug Master Files (DMFs), along with three USDMFs that the company filed during FY26. 

Neuland is building a big research and development (R&D) center, which will span 1.4 lakh sq. ft. of area in Genome Valley, Hyderabad. 

#2 Lloyds Metals & Energy Limited 

The next stock on our list of midcap companies with strong Q4 results is Lloyds Metals & Energy Ltd. 

This company is engaged in manufacturing sponge iron, mining activities, and the power generation business as well. 

Q4FY26 Performance 

Basis	Q4FY25	Q4FY26	% Change
Total Income (Rs m)	12126	60309	397
PAT (Rs m)	2019	15301	658

During Q4 FY26, the total income of the company jumped a massive 397% YoY from Rs 12,126 m in Q4 FY25 to Rs 60,309 m. 

PAT surged from Rs 2,019 m in Q4 FY25 to Rs 15,301 m in Q4 FY26, a whopping 658% YoY growth. 

The company crossed the Rs 100 billion (bn) revenue milestone for the first time as its FY26 total income stood at Rs 173 bn compared to Rs 68 bn generated in FY25, logging a 155% YoY growth. 

PAT for the entire FY26 stood at Rs 38,286 m, growing 163% YoY from Rs 14,553 m recorded during FY25. 

Diluted EPS surged from Rs 26.12 at the end of FY25 to Rs 66.87 at the end of FY26. 

Coming to the core business segment, iron ore production volume increased by a massive 529% YoY during the quarter, surging to 9.09 million tonnes (MT). 

The overall production capacity of iron ore for FY26 stood at 21.96 MT, and the management is anticipating the same to grow to 26 MT by the end of FY27. 

Lloyds Metals is venturing into copper production as well, and it has already acquired 50% stake in the Surya Mines, which is a copper mining and processing unit. The estimated copper production for the current year, 2026, is around 10,000 tonnes, while for 2027 it is around 15,000 tonnes. 

Apart from Surya Mines, Lloyds has acquired 49% stake in Chemaf Group as well, again for copper mining and processing. 

Tata Steel and Lloyds Metals have entered into a strategic investment as well to enhance domestic steel production. 

This partnership is anticipated to increase steel production by increasing pellet supply over 3.4 million tonnes per annum. However, the most interesting factor here is that this increase in production can be achieved without any greenfield expansion. 

#3 HFCL 

Himachal Futuristic Communications Limited (HFCL) is the third stock on this list of stocks with solid Q4 earnings growth. 

This is a diverse telecom infrastructure enabler that offers different telecom and networking products. 

HFCL is the leading supplier of optical fibre cable in the country, and apart from that, it deals in the manufacturing of point-to-point UBR solutions, point-to-multi-point UBR solutions, and Wi-Fi access points. 

Apart from the telecom sector, HFCL also serves the defence sector for products like electronic fuze, high-capacity radio-relay, ground surveillance radar, and other related communication systems and products. 

The company has a presence in more than 60 countries, including the US, UK, Canada, Germany, and others. 

Q4FY26 Performance 

Basis	Q4FY25	Q4FY26	% Change
Total Income (Rs m)	8144	18464	126.7
PAT (Rs m)	(833)	1845	NA

During the Jan-Mar quarter, total income of the company went up 126.73% YoY, to Rs 18,464 m from Rs 8,144 m in Q4 FY25. 

The company went from losses of Rs 833 m in Q4 FY25 to a profit of Rs 1,845 m in Q4 FY26.

PAT margin increased from negative 10.4% to 10.1% during the period.

If you look at the whole of FY26, then total income for the fiscal year stood at Rs 50,145 m, up from Rs 41,223 m in FY25. 

PAT increased from Rs 1,733 m in FY25 to Rs 3,294 m in FY26. Diluted EPS also surged from Rs 1.23 to Rs 2.13 during the period.

The company witnessed a huge surge in its order book in FY26 to Rs 212,060 m at the end of the fiscal. The came in the form of export orders as the share of export orders surged from a mere 4.5% back in FY21 to a whopping 41.36% in FY26.

The company is further targeting to increase the same to 50% by the end of FY27. 

HFCL is expanding its defence business segment. The company has acquired 1,000 acres of land in Andhra Pradesh to expand its manufacturing capabilities for defence products. 

#4 Multi Commodity Exchange of India Limited 

The next stock with blockbuster Q4 results is MCX Ltd. 

As you may know, MCX has a monopoly in the commodity trading in India, with over 95% market share. And if it is base metals, energy, or bullion trading, then MCX holds almost 99% market share. 

Q4FY26 Performance 

Basis	Q4FY25	Q4FY26	% Change YoY
Total Income (Rs m)	3205	9253	189
PAT (Rs m)	1355	5298	291

During Q4 FY26, MCX’s total income rose by 189% YoY, from Rs 3,205 m to Rs 9,253 m. PAT surged from Rs 1,355 m to Rs 5,298 m, a 291% YoY growth. 

As per the company, this growth has been mainly driven by bullion and energy trading during the quarter. 

PAT margin also surged from 42% in Q4 FY25 to 57% in Q4 FY26. 

Coming to the overall performance during FY26, the commodity exchange witnessed a surge of around 101% in the total income. The same went up from Rs 12,089 m in FY25 to Rs 24,291 m in FY26. 

PAT during FY25 stood at Rs 5,600 m, which went up to Rs 13,316 m in FY26, logging a 138% YoY growth. 

Diluted EPS went up from Rs 21.96 in FY25 to Rs 52.22 in FY26. 

Some of the key growth drivers behind this astounding performance of MCX are increasing brokerage houses’ integration, helping clients to easily access the platforms and trade, and increasing participation from mutual funds in the exchange-traded commodity derivatives and commodity index options. 

Apart from these, MCX introduced Electricity Derivatives, which is a first of its kind in India. Then the exchange also launched other new products such as  Nickle futures, BULLDEX options, and gold and silver monthly options. 

#5 Hindustan Copper Limited

The final company on this list of midcap companies with strong Q4 results is Hindustan Copper Ltd. (HCL). 

This Miniratna company is the only vertically integrated refined copper producer in the country with an array of facilities like mining, ore beneficiation, refining, smelting, and extruding of copper rods. 

It has a monopoly over all the operating mining leases of copper ore. 

Furthermore, HCL has access to 45% of the reserves and copper ore resources present in the country. 

Q4FY26 Performance 

Basis	Q4FY25	Q4FY26	% Change YoY
Total Income (Rs m)	7773	11888	52.9
PAT (Rs m)	1895	4441	134.1

During the fourth quarter of FY26, the total income of the company went up to Rs 11,888 m from Rs 7,773 m generated during the corresponding quarter of the last fiscal, a 52.9% YoY growth. 

PAT during the period surged by 134.1% YoY from Rs 1,895 m to Rs 4,441 m. 

The overall income for the entire FY26 stood at Rs 31,497 m, up from Rs 21,483 m recorded during FY25. During the fiscal year, PAT went up from Rs 4,674 m to Rs 9,207 m. 

Diluted EPS almost doubled from Rs 4.81 in FY25 to Rs 9.5 in FY26.

With the government’s initiatives such as 100 smart cities, 500 GW of renewable energy, and PLI schemes in the consumer electronics sector, copper demand is on the rise. 

Looking forward, the company is planning to expand its copper mining capacity from the current 4.35 (MT) as of FY26, to 12.2 MT by FY31. 

For the same, HCL has a planned capex of around Rs 20,000 m for the next five to six years. 

In the past two years, an increased exploration budget has added 123 MT of additional copper ore reserves and resources. 

Conclusion

Even though both global and domestic equity markets are going through a tough time, with mixed corporate earnings, these stocks stood out with their solid Q4 earnings growth. 

However, it is not just the rise in income or profit figures during the fourth quarter; all these companies grew throughout the entire FY26. Their strong fundamentals, solid order book position, clear capex planning, and future potential are something that sets them apart.

In times like these, when there’s so much uncertainty in the market, midcap stocks tend to perform sluggishly, but the blockbuster Q4 results of these midcap stocks could be a reason to look at the bigger picture and future potential. 

Having said that, as an investor, you must check financial results thoroughly, along with other corporate announcements, and perform due diligence before making any investment decision. 

Happy investing.

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