Five mid-cap companies that saw consistent sales growth for the last four quarters

Amid the gloom surrounding midcap stocks, some stocks stand to outperform others with their sound fundamentals. The midcap space, which has seen a sharp correction in the past few months, has also seen robust top-line growth across the board.

The overall earnings growth for the quarter remained steady despite multiple headwinds, including poor consumer sentiment, sluggish economic growth and global uncertainties. According to the Ace Equity data, the S&P BSE Midcap index, which consists of 132 companies, saw a standalone 9% YoY jump in the net sales for 123 companies in Q3FY25. The steady revenue growth is higher than that seen in the previous four quarters for the same set of companies. In addition, the operating profit grew at a healthy pace of 16% YoY, and net profit grew at 25% YoY for a similar quarter for a similar set of companies.

Here are the top five companies that posted consistent sales growth from the BSE Midcap index.

(Source: Ace Equity)

Max Healthcare

The company reported a 40% YoY jump in Q3FY25 revenue to ₹1,868 crore as against ₹1,334 crore in the previous year's similar quarter. On the operational front, EBITDA grew by 29.3% YoY to ₹499 crore. Lastly, the net profit for the quarter declined 17% YoY to ₹238 crore due to a one-time exceptional expense of ₹73 crore.

The strong and consistent top-line performance for the past four quarters was largely driven by above-industry occupancy at 76% and higher average revenue per bed. The company plans to double its bed capacity in the next 4-5 years through brownfield, greenfield, and merger and acquisition of small players.

CG Power and Industrial Solutions

The company recorded a consistent increase in its net sales for the past four quarters, from ₹1,860 crore in Q3FY24 to ₹2,389 crore in Q3FY25, a 28% YoY increase. As of 9MFY25, the total order backlog for the company stood at ₹9,700 crore. The company is one of the strong turnaround stories in Indian stock markets as it has transitioned itself into a full-fledged and diversified power and utility solutions provider. After the acquisition by the Murugappa Group in November 2020, the market capitalisation has increased 39x to ₹97,000 crore in January 2025.

Muthoot Finance

As of Q3FY25 and 9MFY25, the company recorded strong interest income growth at 38% YoY to ₹5,067 crore from ₹3,683 crore. The company recorded the highest-ever consolidated AUM growth at 34% to ₹1,11,308 crore. In addition, the company also recorded the highest-ever net profit at ₹1,391 crore.

The company hit its new record high on Thursday, at ₹ 2,334, gaining 69% in one year.

Indian Bank

In the quarter gone by, the Bank reported a consistent increase in the Q3FY25 interest income at ₹15,759 crore against ₹14,202 crore in the previous year's similar quarter. The strong increase in the interest income was largely aided by the superior yield on advances at 8.9% p.a.

Bharti Hexacom

The company reported a 25% YoY jump in revenue at ₹2,251 crore as against ₹1,800 crores in the previous year's similar quarter. The strong and consistent increase in revenue over the past four quarters was largely due to the Mobile Services segment growing 25% YoY contributing ₹2,193 crore to the total revenue. In addition, the company delivered industry-leading ARPU growth along with strong growth in data consumption. ARPU for the quarter stood at ₹241 compared to ₹200 in Q3FY24.

The strong sales growth in the above companies highlights the fact good business strategies performed well in the lull economic environment. Consequently, the share price performance also remained in a consistent growth trajectory in tandem with the fundamental performance of the company.