5 Midcap Companies that Reported Over 100% Growth in Profit

#2 MTAR Technologies

Second on the list is MTAR Technologies.

MTAR designs and manufactures critical, high-precision, and differentiated engineered products.

The company operates in strategic, high-growth sectors, primarily Clean Energy, Civil Nuclear Power, and Aerospace & Defence. Recently, it diversified into emerging growth areas, including Oil & Gas and Data Center Infrastructure Solutions.

In Q1FY27, MTAR revenue grew 130.4% YoY to Rs 3.6 bn. Clean Energy remains the largest contributor (61%), driven by strong demand for solid oxide fuel cells.

The rest is contributed by products and others (28%), aerospace and defence (10%) and civil nuclear power (1%). The EBITDA margin expanded 550 bps to 23.6%, driven by operating leverage.

As a result, net profit increased 364.5% to Rs 0.5 bn.

MTAR's order book stood at Rs 51.4 bn as of 30 June 2026. This implies long-term revenue visibility as per FY26 revenue of Rs 8.8 bn.

To meet the high demand for fuel cells, MTAR is investing Rs 5 bn to expand capacity. Fuel cells are being integrated directly into data centers to meet their zero-interruption power requirements.

About 70% of the capital is dedicated strictly to the clean energy segment. Phase 1 has been commissioned, Phase 2 is scheduled for completion by October 2026, and Phase 3 (a major capacity expansion) will be commissioned by March 2027.

Management targets an asset turnover of at least 6 times the capital spent. At the targeted 6x asset turnover on Rs 3.5 bn of clean energy capex, the implied incremental peak revenue potential is approximately Rs 21 bn.

Even at the company's current asset turnover of 4-5, this capex can support peak revenues of Rs 14-17.5 bn upon full commercialisation and ramp-up.

The management expects the aerospace and defence revenue to double in FY27 from Rs 1 bn in FY26. Growth is driven by orders for qualified products in its MNC aerospace division and by domestic programs such as the LCA Tejas actuator assemblies.

MTAR has received an export order of Rs 450 million (m) from SLB to supply sheet metal components and assemblies for data center infrastructure solutions. The order is to be executed by March 2027. The customer's long-term plan includes an annual requirement of up to eight sets of these major packages.

Management estimates an 8x scale-up potential, translating to a potential pipeline of Rs 3.6 bn for this vertical once commercial volumes commence.

Check out MTAR's financial factsheet and quarterly results to know more.

#3 RR Kabel

Third on the list is RR Kabel.

RR Kabel is a leading electrical manufacturer operating primarily through two major business segments: Wires and Cables (W&C) and Fast Moving Electrical Goods (FMEG).

W&C is the key growth driver, contributing 91% of total revenue in Q1FY27. The remaining 9% comes from the FMEG business. RR Kabel revenue grew 54% YoY to Rs 31.7 bn.

Operating EBITDA nearly doubled (+99%) to around Rs 2.8 bn while margins expanded by 205 bps to 9%. As a result, net profit surged 129% to Rs 2 bn.

RR Kabel is benefiting from higher cable demand. Segment revenue grew 57% YoY to Rs 28.8 bn, driven by 17% higher W&C volumes. Cable volumes increased 25%, while wire volumes increased 12%.

Demand for cables is such that its cable plant is operating at around 90% capacity utilisation, whereas wire capacity utilisation is in the range of 65-70%.

The W&C segment's profit increased 105% to Rs 2.8 bn, while margins stood at 9.9%. The loss-making FMEG division (28% revenue growth) also broke even, supporting overall profitability.

Looking ahead, to cater to the high demand, RR Kabel is executing a 3-year capex program (FY26-28) of Rs 12 bn. Of this, the company invested Rs 3 bn in FY26 and plans to invest Rs 6-6.5 bn in FY27.

Approximately 80% of total capex is directed toward expanding the high-growth cable segment.

New wire capacity is scheduled to go live in Q2FY27, and cable capacity is planned for later this year. The company is also expanding its presence in high voltage (HV) and speciality cables.

RR Kabel expects W&C volumes to grow 18% in FY27, and targets 20% revenue growth for the FMEG business. Management aims to make the FMEG business consistently profitable in 2 to 3 years.

The management targets an 18% CAGR in W&C revenue and over 25% in FMEG during FY26-28, with EBITDA increasing 2.5 times.

Check out RR Kabel's financial factsheet and quarterly results to know more.

#4 Deepak Nitrite

Fourth on the list is Deepak Nitrite.

Deepak Nitrite Limited (DNL) is one of India's leading producers of chemical intermediates.

The company offers a diversified portfolio of 36+ products catering to 56+ applications. Its business spans sectors like pharmaceuticals, agrochemicals, plastics, paper, textiles, and home and personal care.

DNL is the largest producer of Phenol, Acetone, Isopropyl Alcohol (IPA), and Sodium Nitrite in India.

Phenolics contributed Rs 17.7 bn of Q1FY27 revenue, followed by advanced intermediates (Rs 8 bn).

Consolidated revenue from operations grew 35% YoY to Rs 25.9 bn in Q1FY27, driven by the Phenolics segment (+36%) and advanced intermediates (+33%).

EBITDA grew 159% to Rs 5.5 bn, as margins jumped to 21% compared to 11% in Q1FY26. As a result, net profit surged 207% to around Rs 3.4 bn.

Growth was driven by the strong operating leverage of Deepak's integrated value chains. Management has shown confidence in sustaining this profitable growth momentum.

Looking ahead, DNL is setting up India's first integrated polycarbonate project with a capacity of 165,000 MTPA. This is targeted for commissioning in H2 FY29.

As India is currently entirely import-dependent on polycarbonate, this capacity is intended to address a structural supply gap. DNL has successfully qualified these compound formulations with partners including Mahindra, Panasonic, Goldmedal, and Tata AutoComp.

DNL has also signed a long-term contract to build a dedicated on-site Hydrogen and Carbon Monoxide (HyCO) plant. This is scheduled for commissioning in 2028.

The company is also linking Propylene to polycarbonate and compounding, allowing DNL to participate in both captive downstream and merchant markets. This commissioning is also targeted for H2FY29.

In total, DNL is investing Rs 115 bn to expand capacity. At peak borrowing, total debt (including working capital) is expected to reach Rs 85 bn, with a debt-to-equity ratio below 1.

Check out Deepak Nitrite's financial factsheet and quarterly results to know more.

#5 Lenskart Solutions

Fourth on the list is Lenskart Solutions.

Lenskart is a global consumer eyewear brand. It has approximately 3,459 stores across India. The company has laid out a mid to long-term roadmap to scale to 10,000 stores in India alone.

Management states that of the 6,400 pin codes mapped in India, over 6,100 still do not have a single Lenskart store. This offers a large headroom to grow the store count.

Lenskart revenue grew 43.3% YoY to Rs 27.1 bn. Operating profit expanded 75% to Rs 5.9 bn, while margins grew to 22%. Net profit surged 274% to approximately Rs 2.3 bn.

The company's India same store sales growth accelerated to 18.3% up from 16% in Q1 FY26.

Lenskart generated Rs 2.9 bn of operating cash flow, representing an 82% EBITDA-to-cash conversion.

Looking ahead, Lenskart is laying the groundwork for accelerated international store expansion. The company is looking to replicate the Singapore playbook (where it captured 25% volume market share) to expand in Thailand. In addition, the company is also expanding into the Middle East and Japan.

While Lenskart continues to gain market share in the premium category from global brands, it's also offering eyeglasses for Rs 500. This initiative added 530,000 customers in Q1.

Check out Lenskart Solutions' financial factsheet and quarterly results to know more.

Conclusion

These companies did not simply report higher profits. Their earnings were supported by specific business triggers - strong data center demand, large order books, operating leverage, capacity expansion, and improving margins.

The sharp rise in profit therefore points to improving business momentum, but the big question is whether these drivers can sustain earnings growth beyond Q1 FY27.

For investors, the next few quarters will be important to determine whether this profit surge marks a temporary jump or the start of a long earnings upcycle.

Instead of relying on hype, investors should carefully analyse the company's fundamentals, including financial performance, corporate governance practices, and growth strategies.

Happy investing.

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