Thermax, Patanjali Foods among top gainers on Nifty Midcap 150

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In Wednesday's trading session, several stocks within the Nifty Midcap 150 index experienced notable gains. Leading the way was Thermax, showcasing strong performance as of 2:00 pm.

Other top gainers on the Nifty Midcap 150 included Patanjali Foods, Gland Pharma, Star Health, and Vodafone Idea.

Financial Highlights of Thermax

Thermax's financial performance reveals several key trends based on its consolidated financial data:

Quarterly Performance:

• Revenue: Thermax's revenue exhibited a fluctuating pattern over the past five quarters. For the quarter-ending March 2024, revenue stood at Rs 2,763.68 Crore, subsequently decreasing to Rs 2,184.41 Crore by June 2024. However, the company saw a recovery in the following quarters, with revenue reaching Rs 2,611.59 Crore in September 2024, Rs 2,507.76 Crore in December 2024, and ultimately climbing to Rs 3,084.93 Crore for the quarter-ending March 2025.
• Net Profit: The net profit trend mirrored the revenue pattern. Starting at Rs 187.43 Crore in March 2024, it declined to Rs 109.84 Crore by June 2024. The profit then increased to Rs 198.03 Crore in September 2024 and Rs 114.23 Crore in December 2024, before rising to Rs 204.84 Crore in March 2025.
• EPS: Earnings per share (EPS) reflected these fluctuations, beginning at Rs 16.90 in March 2024, decreasing to Rs 10.28 by June 2024, and then increasing to Rs 17.49 in September 2024, Rs 10.29 in December 2024, and reaching Rs 18.27 in March 2025.

Annual Performance:

• Revenue: Thermax has demonstrated consistent revenue growth over the years. Revenue increased from Rs 4,791.25 Crore in 2021 to Rs 6,128.33 Crore in 2022, Rs 8,089.81 Crore in 2023, Rs 9,323.46 Crore in 2024, and reached Rs 10,388.69 Crore in 2025.
• Net Profit: The company's net profit also showed growth, climbing from Rs 206.58 Crore in 2021 to Rs 312.18 Crore in 2022, Rs 450.93 Crore in 2023, and Rs 644.01 Crore in 2024. However, there was a slight dip to Rs 626.94 Crore in 2025.
• EPS: The earnings per share (EPS) saw an increase from Rs 18.34 in 2021 to Rs 27.73 in 2022, Rs 39.98 in 2023, and Rs 57.30 in 2024, before experiencing a minor decrease to Rs 56.33 in 2025.
• BVPS: Book Value Per Share increased steadily from Rs 288.76 in 2021 to Rs 438.25 in 2025.
• ROE: Return on Equity (ROE) rose from 6.35% in 2021 to 14.53% in 2024, before falling to 12.85% in 2025.
• Debt to Equity: The debt-to-equity ratio experienced a gradual increase from 0.09 in 2021 to 0.34 in 2025.

Financial Highlights of Patanjali Foods

Turning our attention to Patanjali Foods, their consolidated financial data indicates the following:

Quarterly Performance:

• Revenue: Patanjali Foods generally saw increasing revenue over the past five quarters. Starting from Rs 8,221 Crore in March 2024, it decreased to Rs 7,173 Crore by June 2024. Subsequently, revenue increased, reaching Rs 8,154 Crore in September 2024, Rs 9,103 Crore in December 2024, and finally Rs 9,692 Crore for the quarter-ending March 2025.
• Net Profit: The net profit followed a similar pattern. Beginning at Rs 206 Crore in March 2024, it increased to Rs 262.72 Crore by June 2024. The profit then grew to Rs 308.58 Crore in September 2024 and Rs 370.88 Crore in December 2024, before decreasing to Rs 358.52 Crore in March 2025.
• EPS: Earnings per share (EPS) started at Rs 23.02 in 2021, rising to Rs 27.26 in 2022, then decreasing to Rs 24.54 in 2023, and Rs 21.14 in 2024, before increasing to Rs 35.96 in March 2025.

Annual Performance:

• Revenue: Patanjali Foods experienced considerable revenue growth from 2021 to 2025. Revenue grew from Rs 16,318 Crore in 2021 to Rs 24,205 Crore in 2022, Rs 31,524 Crore in 2023, Rs 31,721 Crore in 2024, and reached Rs 34,156 Crore in 2025.
• Net Profit: Net profit also demonstrated growth, increasing from Rs 680 Crore in 2021 to Rs 806 Crore in 2022, Rs 886 Crore in 2023, and Rs 765 Crore in 2024, and then significantly increasing to Rs 1,301 Crore in 2025.
• EPS: Earnings per share (EPS) climbed from Rs 23.02 in 2021 to Rs 27.26 in 2022, Rs 24.54 in 2023, and Rs 21.14 in 2024, before rising to Rs 35.96 in 2025.
• BVPS: Book Value Per Share increased steadily from Rs 137.35 in 2021 to Rs 314.03 in 2025.
• ROE: Return on Equity (ROE) initially decreased from 16.75% in 2021 to 16.51% in 2022 and further to 9.00% in 2023, before increasing to 7.49% in 2024 and reaching 11.43% in 2025.
• Debt to Equity: The debt to equity ratio saw some fluctuation, ultimately reaching 0.07 in 2025.

Financial Highlights of Gland Pharma

Gland Pharma's financial performance, based on consolidated data, reveals the following trends:

Quarterly Performance:

• Revenue: Gland Pharma's revenue showed a fluctuating pattern over the past five quarters. Revenue for the quarter-ending March 2024 was Rs 1,537.45 Crore, decreasing to Rs 1,401.71 Crore by June 2024. However, there was a slight increase in the subsequent quarters, reaching Rs 1,405.83 Crore in September 2024, Rs 1,384.05 Crore in December 2024, and ultimately reaching Rs 1,424.91 Crore for the quarter-ending March 2025.
• Net Profit: The net profit trend displayed a similar fluctuation. Starting at Rs 192.42 Crore in March 2024, it decreased to Rs 143.76 Crore by June 2024. The profit then increased to Rs 163.53 Crore in September 2024 and Rs 204.69 Crore in December 2024, before declining to Rs 186.54 Crore in March 2025.
• EPS: Earnings per share (EPS) mirrored this fluctuation, starting at Rs 11.68 in March 2024, decreasing to Rs 8.73 by June 2024, and then rising to Rs 9.93 in September 2024 and Rs 12.42 in December 2024, before decreasing to Rs 11.32 in March 2025.

Annual Performance:

• Revenue: Gland Pharma's revenue has shown some inconsistency over the years. Revenue grew from Rs 3,462.88 Crore in 2021 to Rs 4,400.71 Crore in 2022, then decreased to Rs 3,624.60 Crore in 2023, increased to Rs 5,664.72 Crore in 2024, before slightly declining to Rs 5,616.50 Crore in 2025.
• Net Profit: Net profit also experienced fluctuations, increasing from Rs 996.96 Crore in 2021 to Rs 1,211.66 Crore in 2022, then decreasing to Rs 781.04 Crore in 2023 and Rs 772.46 Crore in 2024, and decreasing again to Rs 698.53 Crore in 2025.
• EPS: Earnings per share (EPS) increased from Rs 63.07 in 2021 to Rs 73.81 in 2022, before decreasing to Rs 47.44 in 2023, Rs 46.90 in 2024 and again to Rs 42.40 in 2025.
• BVPS: Book Value Per Share increased consistently from Rs 360.86 in 2021 to Rs 555.40 in 2025.
• ROE: Return on Equity (ROE) decreased from 16.88% in 2021 to 16.92% in 2022 and further to 9.81% in 2023, and 8.85% in 2024 and again to 7.63% in 2025.
• Debt to Equity: The debt-to-equity ratio has remained relatively stable, with 0.00 in 2021, 2022 and 2023, a slight increase to 0.04 in 2024, and a further decrease to 0.03 in 2025.

Financial Highlights of Star Health

The following analysis outlines Star Health's financial performance based on available consolidated data:

Quarterly Performance:

• Revenue: Star Health's revenue experienced fluctuations over the last five quarters. The revenue for the quarter-ending March 2024 stood at Rs 10,573.70 Crore, which slightly decreased to Rs 10,508.30 Crore by June 2024. In subsequent quarters, revenue increased to Rs 10,932.20 Crore in September 2024 and Rs 11,117.30 Crore in December 2024, then slightly decreased to Rs 11,013.50 Crore for the quarter-ending March 2025.
• Net Profit: The net profit also experienced fluctuations. Starting at Rs -7,672.00 Crore in March 2024, the net loss decreased to Rs -6,432.20 Crore by June 2024. The loss then increased to Rs -7,175.60 Crore in September 2024 and decreased to Rs -6,609.30 Crore in December 2024, before increasing again to Rs -7,168.10 Crore in March 2025.
• EPS: Earnings per share (EPS) reflected these fluctuations, starting at Rs -1.57 in March 2024, increasing to Rs -1.02 by June 2024, and then decreasing to Rs -1.03 in September 2024 and Rs -0.95 in December 2024, before increasing again to Rs -1.01 in March 2025.

Annual Performance:

• Revenue: Star Health has shown an increase in revenue over the years. Revenue grew from Rs 41,952.20 Crore in 2021 to Rs 38,515.50 Crore in 2022, Rs 42,177.20 Crore in 2023, Rs 42,651.70 Crore in 2024, and reached Rs 43,571.30 Crore in 2025.
• Net Profit: Net profit, while remaining negative, improved from Rs -44,464.50 Crore in 2021 to Rs -28,246.60 Crore in 2022, Rs -29,301.60 Crore in 2023, and Rs -31,232.90 Crore in 2024. There was a further improvement to Rs -27,385.20 Crore in 2025.
• EPS: The earnings per share (EPS) improved from Rs -15.40 in 2021 to Rs -9.83 in 2022, Rs -8.43 in 2023, and Rs -6.41 in 2024, with a further improvement to Rs -4.01 in 2025.
• BVPS: Book Value Per Share has consistently improved from Rs -13.30 in 2021 to Rs -9.85 in 2025.

Financial Highlights of Vodafone Idea

Vodafone Idea's financial performance reveals the following trends based on consolidated data:

Quarterly Performance:

• Revenue: The company’s revenue has exhibited a fluctuating pattern over the past five quarters. Revenue for the quarter-ending March 2024 was Rs 10,573.70 Crore, it slightly decreased to Rs 10,508.30 Crore by June 2024. Revenue then increased to Rs 10,932.20 Crore in September 2024 and Rs 11,117.30 Crore in December 2024, before slightly decreasing to Rs 11,013.50 Crore for the quarter-ending March 2025.
• Net Profit: The net profit also showed negative values. Starting at Rs -7,672.00 Crore in March 2024, the net loss increased to Rs -6,432.20 Crore by June 2024. The loss then increased to Rs -7,175.60 Crore in September 2024 and decreased to Rs -6,609.30 Crore in December 2024, before increasing again to Rs -7,168.10 Crore in March 2025.
• EPS: Earnings per share (EPS) mirrored this pattern, starting at Rs -1.57 in March 2024, increasing slightly to Rs -1.02 by June 2024, and then decreasing to Rs -1.03 in September 2024 and Rs -0.95 in December 2024, before increasing again to Rs -1.01 in March 2025.

Annual Performance:

• Revenue: Vodafone Idea has demonstrated a consistent increase in revenue over the years. Revenue grew from Rs 41,952.20 Crore in 2021 to Rs 38,515.50 Crore in 2022, Rs 42,177.20 Crore in 2023, Rs 42,651.70 Crore in 2024, and reached Rs 43,571.30 Crore in 2025.
• Net Profit: The company's net profit also showed negative values, starting at Rs -44,464.50 Crore in 2021. The net loss increased to Rs -28,246.60 Crore in 2022, slightly decreased to Rs -29,301.60 Crore in 2023, and further decreased to Rs -31,232.90 Crore in 2024 before increasing to Rs -27,385.20 Crore in 2025.
• EPS: The earnings per share (EPS) improved from Rs -15.40 in 2021 to Rs -9.83 in 2022, before decreasing to Rs -8.43 in 2023, and slightly decreasing to Rs -6.41 in 2024, before decreasing to Rs -4.01 in 2025.
• BVPS: Book Value Per Share has consistently decreased from Rs -13.30 in 2021 to Rs -9.85 in 2025.

Corporate Actions

• Thermax: Thermax Limited has announced a corrigendum to the Annual Report for FY 2024-25. The company also informed about a special window for re-lodgement of transfer requests of physical shares and the signing of a shareholders agreement by its subsidiary, First Energy 11 Private Limited. The company had announced a final dividend of Rs 14 per share (700%) on May 9, 2025. The ex-date for split is March 31, 2006.
• Patanjali Foods: Patanjali Foods will consider a proposal for the issue of bonus shares at a board meeting scheduled for July 17, 2025, subject to shareholder approval. An order prohibiting the sale of Patanjali Organic Wild Honey batch was revoked by the Administration of Union Territory of Ladakh. The company announced an interim dividend of Rs 8 per share (400%) on October 22, 2024. The ex-date for rights is June 26, 1992.
• Gland Pharma: Gland Pharma received a GMP Compliance Certificate from the Danish Medicines Agency. The company also granted stock options under its Employee Stock Option Scheme 2025. The company had announced a final dividend of Rs 18 per share (1800%) on May 20, 2025.
• Star Health: Star Health announced an earnings call, and the board will meet on July 29, 2025, to consider the unaudited standalone financial results for the quarter ended June 30, 2025.
• Vodafone Idea: Vodafone Idea is set to launch 5G in 23 cities and disclosed amendments to its Articles of Association. The company announced a final dividend of Rs 0.60 per share (6%) on April 28, 2016. The ex-date for rights is March 29, 2019.

The Nifty Midcap 150 index demonstrated notable activity, with Thermax, Patanjali Foods, Gland Pharma, Star Health, and Vodafone Idea stocks leading the gains in Wednesday's trading session.