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Mid-cap Minutes



In terms of price to earnings multiple, Sensex has always enjoyed a premium over the Midcap index. That, however, was not the case in April-May 2006 and Dec-Jan 2008, when the mid-cap valuations overtook or, at the minimum, challenged that of the Sensex. In both these cases, markets subsequently fell off considerably from their peaks.


Of a total of 261 stocks, 142 underperformed the Midcap index’s negative 77 year-to-date returns. In terms of worst-hit sectors, realty, capital goods and infrastructure topped the charts. On the other hand, many companies in the pharma, healthcare and consumer goods space managed to limit their falls better than the index.


September quarter numbers for companies that comprise the BSE Midcap index, though strong in terms of revenue growth, disappointed on the earnings front. Net earnings dropped 8 per cent in a year, driven primarily by increased raw material and borrowing costs. The average EBIDTA and net profit margins too declined.

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