NSE Midcap Growth Brief: February 2026 The Indian midcap segment is showing a distinct divide between operational momentum and market valuation. While the Nifty Midcap 100 index recently faced a **0.92%** monthly dip, a select group of ten non-financial firms has defied the trend. These companies achieved consistent sales growth for four consecutive quarters ending December 2025, signaling resilient demand in the energy, consumer tech, and infrastructure sectors. Solar Sector Surge Waaree Energies has emerged as a standout performer in the renewable energy space. The company reported a record-breaking quarterly revenue of **7,565 crore** for the December 2025 period. This represents a massive **118.8%** year-on-year increase. The firm’s operational scale is now hitting critical mass. It achieved a module sales volume of **3.6 GW** in a single quarter, supported by an order book valued at approximately **60,000 crore**. Profit after tax also surged by **118%** to reach **1,107 crore**, reflecting strong pricing power amid India’s green energy transition. Consumer Tech and Logistics In the digital economy, Swiggy demonstrated high-volume growth despite bottom-line pressure. Quarterly revenue jumped **54%** to reach **6,148 crore**. The primary engine for this growth was the quick-commerce arm, Instamart, which saw its revenue climb **74%** to **1,052 crore**. While the company’s net loss widened to **1,065 crore** due to aggressive dark store expansion, its supply chain and distribution segment became a major contributor, generating **2,981 crore**. The focus for investors has shifted toward unit economics as the platform matures. Infrastructure and Healthcare GMR Airports maintained steady topline growth, with sales rising **50.5%** to **3,994 crore** in the December quarter. The Delhi airport alone handled a record **20.8 million** passengers during this period. However, one-time expenses related to labor laws and contract terminations led to a **14%** decline in consolidated net profit, which stood at **174 crore**. In the healthcare space, Narayana Hrudayalaya showcased robust performance. Revenue for the December quarter reached **2,151 crore**, up from **1,335 crore** in the previous year. This growth highlights the sustained demand for specialized medical services and improved operational efficiency across its hospital network. Sectoral Trends at a Glance The broader market is currently rotating away from IT, which has seen a **50,000 crore** decline in mutual fund holdings this month. Investors are increasingly favoring "old economy" sectors and high-growth midcaps with visible order books. * **Nifty Midcap 100 PE Ratio:** Currently at **32.5** * **Top Growth Driver:** Renewable Energy and Quick Commerce * **Key Resistance Level:** Nifty 50 at **26,000** * **Midcap Index Level:** Trading near **59,500** The trend suggests that while the broader midcap index remains volatile, individual companies with strong execution in the manufacturing and service sectors are successfully decoupling from the general market weakness.