BHEL, OFSS shares climb over 40% in a month as NIFTY Midcap 100 scales new peak

The measure of the top 100 midcap companies on the National Stock Exchange (NSE), the NIFTY Midcap 100 index, rose for a fourth straight session on Thursday, May 7, to hit a record high of 61,700.80. In the last four trading sessions, the index has surged as much as 3.2% or 1,916 points, massively outperforming the NIFTY50 index.

The NIFTY Midcap 100 index has massively outperformed the NIFTY 50 index, as it has surged as much as 17% since April 2, when the NIFTY 50 index touched its 52-week low of 22,183. In the last one month, the NIFTY Midcap 100 index has climbed 13%, outperforming the NIFTY50 index, which has gained 5.4%.

Individual shares in the NIFTY Midcap 100 index have massively rewarded investors since April. 95 stocks in the 100 constituent index have given positive returns at a time when investor sentiment was shaken by rising crude oil prices in the aftermath of the attack on Iran by the United States and Israel, persistent selling of Indian equities by foreign institutional investors, and the rupee hitting a new low against the US dollar.

BHEL has been the top gainer in the NIFTY Midcap 100 index; the stock has surged a whopping 57% since March 30. Cochin Shipyards, Oracle Financial Services Software, BSE, Billionbrains Garage Ventures, HUDCO, Motilal Oswal Financial Services, Hitachi Energy, and Suzlon Energy have also surged between 37% and 47%, data from ACE Equity showed.

On the flip side, Oil India, Indus Towers, Astral, APL Apollo, and Supreme Industries have been notable laggards in the NIFTY Midcap 100 index.

Market analysts say that attractive valuations and expectations of strong earnings in the March quarter are leading to buying interest in midcap shares.

"The earnings cycle is expected to improve in the broader market space, and that is why midcaps are doing better," market expert Avinash Gorakshakar told Upstox.

Q4 earnings impact

On the earnings front, YES Bank, a prominent member of the NIFTY Midcap 100 index, last month reported a net profit of ₹1,068 crore in the January-March quarter, marking an increase of 45% from ₹738 crore in the same period last year. The sharp jump in profit came on the back of lower provisioning during the quarter.

The bank's provisions for bad loans declined 41% annually to ₹188 crore from ₹318 crore in the year-ago period.

YES Bank's net interest income, or the difference between interest earned on loans and expended on deposits, advanced 16% to ₹2,638 crore as against ₹2,276 crore.

Oracle Financial Services Software, with a return of 44% since March, said last month that its net profit in the January-March quarter jumped 31% to ₹842 crore from ₹644 crore in the same period last year. For the financial year 2025-26, OFSS' net profit advanced 11% to ₹2,639 crore compared with ₹2,380 crore in the previous financial year.

OFSS' revenue from operations in the fourth quarter of the financial year 2025-26 advanced 20% to ₹2,065 crore from ₹1,716 crore in the year-ago period.

Billionbrains Garage Ventures, the parent company of broking firm Groww, with a return of 40% over a month, reported a massive jump of 122% in its net profit to ₹686 crore in the March quarter.

Its revenue from operations stood at ₹1,505.36 crore in Q4 FY26, reflecting an increase of 87.93% from ₹801 crore in the same period a year back.