Nifty Midcap Index Hits New Record High; IRB Infra, Hero MotoCorp Shine

The Nifty Midcap 100 index touched a fresh record high of 61,156, rising 0.7% on November 17, driven by strong gains in IRB Infra and Hero MotoCorp.

Analysts at Motilal Oswal Financial Services (MOFS) said the mid-cap universe has now delivered its third consecutive quarter of robust earnings, clearly outperforming both large-cap and small-cap segments.

Midcaps Deliver Strong Q2 Earnings

MOFS noted that the quarterly earnings season ended on a positive note, with broader improvement across sectors.

“The quarterly earnings season has concluded on a healthy note, with mid-caps outperforming large-caps and small-caps,” the brokerage said.

For H2 FY26, analysts expect earnings momentum to improve further, supported by government measures aimed at boosting consumption and resetting the growth trajectory.

A striking trend highlighted by MOFS is that 97 out of 100 midcap companies have now extended their three-quarter streak of upbeat earnings, delivering a strong 34% YoY profit growth.
This strong PAT growth was much higher than estimates, showing deeper resilience within midcaps.

Across the index, 16 out of 22 sectors posted double-digit PAT growth, showing broad-based strength.

Also Read: Tata Motors PV Shares Crash 6% After Weak Q2, JLR Guidance Cut

Key Sectors Driving Earnings Growth

MOFS data showed that oil & gas, metals, NBFC lending, PSU banks, and real estate together contributed 70% of the incremental YoY profit growth.

Investor interest remains strong as well. According to AMFI data, mid-cap equity mutual fund schemes had ₹4.55 lakh crore in AUM in October, surpassing large-cap, multi-cap, and small-cap schemes — highlighting a clear preference for midcaps.

So far in 2025, however, the midcap index is up 7%, trailing the Nifty 50’s 9.7% rise.

Midcaps vs Small-Caps: Clear Divergence

While mid-caps performed strongly, small-caps continue to struggle.
MOFS reported that small-cap earnings dipped 5% YoY, missing estimates and reflecting broad-based weakness across 142 small-cap companies.

IRB Infra Jumps 5% on Big NHAI Contract Win

IRB Infra rose 5% after its unit, IRB Infrastructure Trust, won a ₹9,270 crore contract from the National Highways Authority of India to operate and maintain highway stretches in Uttar Pradesh.

Brokerage CLSA noted that IRB’s tolling business saw good growth in Q2, which continued into October.

Hero MotoCorp Surges 4% After Strong Q2 Margins

Hero MotoCorp jumped 4% as its Q2 margin expansion impressed brokerages.

Motilal Oswal expects the company to deliver a 6% volume CAGR during FY26–28, supported by:

• New product launches

• Export ramp-up

• Strong festive season demand

Nirmal Bang added that Hero MotoCorp outperformed the industry during the festive season, gaining 40 bps market share.
⚡ The brokerage expects sustained volume growth, a rising premium mix, and a growing EV portfolio to strengthen Hero’s leadership in the two-wheeler segment.

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