Non-Nifty 50 firms' profit engine fires up, eclipses index giants in Q2

Mid and small-cap companies delivered their fastest earnings growth in seven quarters, lifting their share of India Inc's profits even as Nifty 50 firms saw a slowdown

Non-Nifty 50 companies have recorded a sharp recovery in earnings over the past three quarters, outpacing their Nifty 50 counterparts. The combined net profit of non-Nifty 50 companies rose 22.5 per cent year-on-year in Q2FY26, marking the fastest expansion in seven quarters. 

These non-benchmark index companies also reported a mild revival in revenue growth during the July–September 2025 quarter, reversing a six-quarter slowdown. Combined net sales (gross interest income for banks and non-bank lenders) increased 8 per cent year-on-year, the strongest in five quarters. Their net sales had grown 6.6 per cent year-on-year in Q1FY26 and 6.7 per cent in