Largecaps lead profit growth, mid & smallcaps outshine in revenue momentum
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ET Intelligence Group: Large-cap companies reported stronger year-on-year net profit growth at the aggregate level for the March 2026 quarter compared with the mid and small-cap companies, shows a market cap based analysis of corporate India's performance.However, contraction in their operating margin was higher and revenue growth was slower than the mid and small counterparts, implying a greater role of one-off gains in boosting the bottomline performance.
Net profit grew by 30% and 16% for large-cap and small-cap categories respectively, while it dropped by 4% for the mid-caps.
Aggregate revenue growth for large companies at 10% lagged that of the mid and small companies at 12.4% and 13.4%.The aggregate profit growth posted by large-caps also exceeded the 25% growth for the total sample of 2,956 companies.
Additionally, the large-cap group of companies operated at a higher margin compared with small and medium companies and the total sample.
Its operating margin at 19.4% exceeded the sample's 17.9% margin for the March quarter.
The mid and small cap groups clocked margins of 15.2% and 11.2% respectively.131952208While the profitability for the large cap group was higher, it showed a higher contraction of 210 basis points year-on-year compared with a fall of 40 basis points and 125 basis points for the mid and small cap groups in that order.
For the total sample, operating margin declined by 180 basis points.The resilient financial performance of the mid-caps and small-caps relative to the large caps reflects in the movement of their respective indices on the bourses.
Over the past three months, the BSE 150 MidCap and BSE 250 SmallCap indices have gained 14% and 22% respectively, far outpacing the 3% and 6% return posted by the BSE Sensex and the BSE 100 indices in that order. ...