Apollo Micro Systems Ltd (APOLLO) – 2

<< APOLLO Financial

Based on financial results up to the first quarter of fiscal year 2026, Apollo Micro Systems Ltd. (NSE: APOLLO) shows strong growth driven by defense sector demand and expansion initiatives.

However, investors should be aware of a high valuation, a history of lower Return on Equity (ROE), and significant promoter pledges. 

It shows strong revenue and profit growth with improving margins, but trades at a rich valuation and has working-capital intensity; stance leans toward hold for long-term investors comfortable with defense exposure, while fresh entries may await better risk-reward or pullbacks given elevated multiples and cash flow strain.

Financial condition

  • Strong performance: The company posted record results for FY25 and continued the trend in Q1 FY26, reporting a 46% year-over-year revenue surge and 110% YoY growth in profit after tax (PAT).
  • Growing profitability: Operating margins have expanded, with the company reaching a record EBITDA margin of 31% in Q1 FY26, up from 23% in FY25.
  • Healthy financials but high valuation: The financial risk profile is considered healthy with comfortable debt metrics. However, analysts note a high Price-to-Earnings (P/E) ratio and high Enterprise Value to EBITDA (EV/EBITDA), indicating an expensive valuation.
  • Credit rating upgrades: In mid-2025, Acuité Ratings upgraded Apollo Micro Systems’ long-term rating to ‘ACUITE A-‘ and its short-term rating to ‘ACUITE A2+’ with a stable outlook, reflecting improving creditworthiness.
  • Promoter pledges: A significant portion of promoter shares, 38.6%, is pledged. 

Orders

  • Robust order book: As of August 2025, the company has a strong order book of ₹735 crore.
  • Recent wins: The company secured new orders worth ₹25.12 crore from DRDO and other defense PSUs in August 2025. This followed its first export order in July 2025, valued at $13.37 million (approximately ₹113.8 crore).
  • Potential future orders: The company expects more orders from the defense sector. The completion of MIGM mine trials and the acquisition of IDL Explosives position it to become a full-stake end-to-end weapons integrator, potentially expanding its order pipeline. 
  • Acquisition Boost
    It recently acquired IDL Explosives Ltd., aimed at enhancing its manufacturing capacity and positioning it as a Tier‑1 defense supplier ﹣ a strategic move expected to drive growth, despite some operational cost challenges

Future outlook

  • Positive growth expectations: Analysts forecast that earnings and revenue will continue to grow significantly, with one firm expecting revenue growth of 45–50% over the next two years for its core business.
  • Strategic expansion: The company is expanding its manufacturing capacity by opening a new unit in Hyderabad. It also recently acquired IDL, a bulk explosives manufacturer, to become a Tier-1 defense supplier.
  • Growing defense sector: The “Make in India” initiative and heightened geopolitical tensions in the region are increasing demand for indigenous defense solutions, which benefits Apollo Micro Systems. 
  • Structural tailwinds from India’s defense indigenization and electronics systems, plus rising margins and scale, support a constructive medium-term view if the order pipeline converts and cash discipline improves.
  • Near term, valuations imply perfection; any delay in order inflows or slippage in collections could pressure multiples, making execution and cash conversion the critical monitors into FY26.

Buy/sell recommendations

  • Analysts’ views: Analyst ratings are mixed. In late July 2025, Anand Rathi recommended buying in the ₹165–175 range with a target of ₹210, citing technical indicators. However, by late August 2025, with the stock trading higher, INDmoney reported that a single analyst had a target price of ₹240, implying a slight downside.
  • Technical analysis: In late August 2025, some technical analysts identified bullish signals and upward momentum for the stock, though share price volatility has also been noted.
  • Valuation concerns: The stock’s high valuation multiples, such as its P/E ratio, and high promoter pledge levels are noted as potential risks. 

Summary Outlook & Recommendation

AspectHighlights
Financial HealthReasonable; low debt, strong solvency, moderate profitability
Growth PotentialStrong – high revenue/earnings growth forecasts, large order book, DRDO/PSU wins, IDL acquisition
Valuation & RisksRich valuation, volatile stock, operational cash flow concerns
Short-Term ViewTechnically bullish; strong momentum
Analyst ViewMixed – strong buy technically, but price target lower than current level
Investor SentimentVery positive among retail investors

Takeaway:
Apollo Micro Systems appears fundamentally sound with strong growth drivers. The order book and strategic moves like IDL acquisition bolster its long-term potential. However, high valuation levels and technical volatility warrant caution.

  • Short-term trades may favor a buy or accumulate stance due to momentum and bullish technicals.
  • Medium-term investors could consider partial accumulation but monitor valuation and new developments.
  • Risk-averse or value-focused investors may prefer to wait for a dip toward ₹240–₹250, which aligns better with analyst target and technical support levels.

Investment take

  • For existing investors: consider a partial rebalance to manage position risk while riding fundamental momentum; watch order conversions, receivable days, and OCF/PAT ratio each quarter.
  • For prospective investors: a staggered approach or wait-for-pullback strategy seems prudent given premium multiples; re-evaluate on confirmed order wins and improved cash conversion.

Trading Strategies for Breakouts and Swing Trading

Well-known trading strategies (like Mark Minervini’s SEPA breakout swing approach) that are designed for breakouts, swing trading, and medium-term positioning.

🔑 Popular Breakout & Swing Trading Strategies

1. William O’Neil’s CANSLIM (Position & Swing Breakouts)

  • Focus: Strong earnings + new highs.
  • Core Idea: Buy leading stocks breaking out of cup-with-handle, flat base, or double bottom patterns.
  • Holding Period: Few weeks to months.
  • Edge: Combines fundamentals + technicals (growth investing + breakout).

2. Darvas Box Strategy (Nicolas Darvas)

  • Focus: Price & volume expansion.
  • Core Idea: Stock consolidates in a “box.” Buy on breakout above resistance with rising volume.
  • Holding Period: Swing to medium-term.
  • Edge: Trend-following + breakout confirmation.

3. Jesse Livermore’s Trend/Breakout Method

  • Focus: Pivotal points.
  • Core Idea: Enter at major breakout levels (new highs or major resistance break).
  • Holding Period: Can be short-swing or longer trend-ride.
  • Edge: Simplicity — “Don’t fight the tape.”

4. Mark Minervini’s SEPA (Specific Entry Point Analysis)

  • Already mentioned, but worth noting — focuses on volatility contraction + breakout from tight ranges.
  • Similar to O’Neil + volatility squeeze.

5. Stan Weinstein’s Stage Analysis

  • Focus: Market cycle stages.
  • Core Idea: Buy during Stage 2 (early uptrend) breakouts above resistance (often with 30-week MA).
  • Holding Period: Weeks to months (medium-term).
  • Edge: Works well for trend & swing traders.

6. Darvas + Minervini Hybrid (Modern Momentum)

  • Popular among swing traders today:
    • Look for tight consolidation (volatility contraction).
    • Confirm with relative strength (RS).
    • Enter on breakout with volume thrust.

7. Wyckoff Method (Accumulation & Breakout)

  • Focus: Market structure.
  • Core Idea: Identify accumulation → breakout → markup phase.
  • Holding Period: Swing to position trading.
  • Edge: Institutional footprints (spring, SOS, LPS signals).

8. Bollinger Band Squeeze (Breakout Variant)

  • Focus: Volatility contraction.
  • Core Idea: Bands squeeze → low volatility → expansion breakout.
  • Holding Period: Short-swing to medium trend.
  • Edge: Works well in momentum markets.

✅ Summary:

  • Shorter swing breakout → Minervini (SEPA), Darvas, Bollinger Squeeze.
  • Medium-term swing/position → O’Neil’s CANSLIM, Weinstein’s Stage Analysis, Wyckoff.
  • Classic breakout trend-riding → Livermore’s pivotal points, Darvas.

📊 Comparison of Popular Breakout & Swing Strategies

Comparison table (Entry setup, Risk control, Typical holding time, Ideal market condition) for these strategies

StrategyEntry SetupRisk ControlTypical HoldingIdeal Market Condition
Mark Minervini (SEPA)Breakout from volatility contraction (tight ranges, VCP pattern), relative strength highTight stop just below breakout point or last contraction lowDays to a few weeksTrending bull markets with strong leadership stocks
William O’Neil (CANSLIM)Breakouts from cup-with-handle, flat base, double bottom patterns + strong earnings growth~7–8% stop-loss ruleWeeks to monthsBullish markets, growth-driven rallies
Nicolas Darvas (Darvas Box)Buy when stock breaks out above “box” resistance with volumeStop-loss just below box lowWeeks to monthsMomentum markets with volume expansion
Jesse Livermore (Pivotal Points)Entry at major breakout (new high / pivotal price point)Cut losses quickly, add on strengthWeeks to trend cyclesStrong trending markets (momentum phases)
Stan Weinstein (Stage Analysis)Buy in Stage 2 breakout (above 30-week MA + resistance)Stops under breakout base or 30-week MAMonths (medium-term)Clear bull phases; avoids choppy Stage 1 & 3
Wyckoff MethodBreakout after accumulation (spring → SOS → breakout)Stop below accumulation low or springWeeks to monthsMarket turning from accumulation to markup (early uptrend)
Bollinger Band SqueezeVolatility squeeze → breakout above upper band (with volume)Tight stop just inside squeeze zoneDays to weeksLow volatility environments before expansion

✅ Quick Takeaways

  • fast swing trades → Minervini SEPA, Darvas, Bollinger Squeeze.
  • medium-term (position swing) → O’Neil CANSLIM, Weinstein Stage 2, Wyckoff.
  • trend-following simplicity → Livermore’s pivotal point method.

But not every Western strategy translates well to the Indian markets (NSE/BSE). Why?

Because, India is a high-volatility, retail-driven, momentum-friendly market, so certain breakout/swing methods work better than others.

🇮🇳 Best-Fit Strategies for Indian Stock Market (NSE/BSE)

StrategyFit for India?Why it Works / Challenges
Mark Minervini (SEPA / VCP)✅ ExcellentIndian midcaps & smallcaps often show volatility contraction → explosive breakouts. Retail momentum fuels big runs. Works very well in trending sectors (IT, Pharma, PSU, etc.).
William O’Neil (CANSLIM)✅ Good, but adaptWorks on largecaps & growth stocks with strong fundamentals. But EPS/quarterly growth data in India can be inconsistent or delayed → need to rely more on price/volume action than reported numbers.
Nicolas Darvas (Darvas Box)✅ ExcellentPerfect for midcap/smallcap momentum stocks in India. NSE stocks often form “box ranges” before explosive breakouts. Volume spikes are very reliable signals.
Jesse Livermore (Pivotal Points)✅ Good“New highs” breakouts work very well in Indian markets. Many multibaggers started from simple 52-week high breakouts (e.g., Dmart, Bajaj Finance in past cycles). Requires discipline to cut false breakouts.
Stan Weinstein (Stage 2 Breakouts)✅ Very GoodLong-term investors in India use weekly charts + 30-week MA effectively. Works best in strong bull cycles (e.g., 2020–21, 2023–24). Avoids chop in sideways markets.
Wyckoff Method⚠️ ModerateInstitutional accumulation is harder to read in Indian markets due to operator activity & retail noise. But still useful for spotting early accumulation in sectors (like PSU banks before their rally).
Bollinger Band Squeeze✅ Good for Short SwingsWorks well in liquid midcaps before earnings or sector moves. NSE stocks often go from low volatility to sudden expansion. Beware false signals in illiquid stocks.

🏆 Summary (India Focus)

  • Best for Swing Breakouts: Minervini (SEPA), Darvas Box, Bollinger Squeeze.
  • Best for Medium-Term: O’Neil’s CANSLIM (adapted), Weinstein Stage 2.
  • Simple but Effective: 52-week high breakouts (Livermore style) → surprisingly powerful in India.
  • Use with Caution: Wyckoff — harder to read in Indian context.

👉 For NSE/BSE, traders often blend Minervini + Darvas + 52-week high breakouts, because those capture India’s momentum-driven rallies best.

✅ Practical Breakout & Swing Checklists for Indian Stocks

1. Mark Minervini SEPA / VCP (Volatility Contraction)

Setup: Swing to short-term breakout.

  • 📌 Step 1: Scan for stocks near 52-week highs, with sector strength.
  • 📌 Step 2: Look for VCP pattern (each pullback gets tighter).
  • 📌 Step 3: Check Relative Strength (RS) > 80 (vs Nifty).
  • 📌 Step 4: Volume dries up during contractions.
  • 📌 Step 5: Buy on breakout above pivot with >50% avg volume surge.
  • 📌 Step 6: Place stop just below last contraction low.
  • 📌 Step 7: Book partial profits at +20–25% or trail stop.

2. William O’Neil CANSLIM (Adapted for India)

Setup: Position swing, weeks to months.

  • 📌 Step 1: Focus on stocks with earnings growth >20% YoY (if reliable).
  • 📌 Step 2: Prefer industry leaders (top in sector).
  • 📌 Step 3: Chart must show base pattern (cup-with-handle, flat base).
  • 📌 Step 4: Stock should be near 52-week highs, not lows.
  • 📌 Step 5: Buy on breakout with strong volume.
  • 📌 Step 6: Strict stop at 7–8% below entry.
  • 📌 Step 7: Hold through earnings season unless stock breaks down.

3. Darvas Box Strategy

Setup: Medium-term breakout, trending stocks.

  • 📌 Step 1: Identify stock forming a sideways box range (higher lows preferred).
  • 📌 Step 2: Ensure volume expansion on up days.
  • 📌 Step 3: Relative Strength line rising.
  • 📌 Step 4: Buy breakout above box top with volume.
  • 📌 Step 5: Stop below box low.
  • 📌 Step 6: Ride trend, trail with new higher “boxes”.

4. Jesse Livermore – Pivotal Points (52-Week High Breakouts)

Setup: Simple breakout method, works great in India.

  • 📌 Step 1: Find stocks making new 52-week highs.
  • 📌 Step 2: Ensure breakout is not on low volume (needs participation).
  • 📌 Step 3: Check if sector is trending (sector confirmation).
  • 📌 Step 4: Enter on breakout close or intraday strength.
  • 📌 Step 5: Stop just below breakout level.
  • 📌 Step 6: Add to position if stock keeps hitting new highs with volume.

5. Stan Weinstein Stage 2 Breakouts (Weekly Chart)

Setup: Medium to long swing.

  • 📌 Step 1: Look at weekly chart. Stock above 30-week MA and MA turning up.
  • 📌 Step 2: Stock breaks major resistance with volume.
  • 📌 Step 3: Relative Strength vs Nifty > 1.0.
  • 📌 Step 4: Enter on breakout weekly close.
  • 📌 Step 5: Stop below breakout base or 30-week MA.
  • 📌 Step 6: Hold for months until Stage 3 topping signs.

6. Bollinger Band Squeeze Breakout

Setup: Short swing trades.

  • 📌 Step 1: Scan for BB squeeze (bands narrowest in months).
  • 📌 Step 2: Wait for volume pickup.
  • 📌 Step 3: Enter on breakout above upper band.
  • 📌 Step 4: Stop just below mid-band or squeeze low.
  • 📌 Step 5: Exit quickly if no follow-through in 2–3 days.

🎯 Quick Summary for India

  • Fast swing trades: Minervini SEPA, Bollinger Squeeze, Darvas.
  • Medium-term holds: CANSLIM (adapted), Weinstein Stage 2.
  • Simple and effective: Livermore (52-week high breakouts).

📊 Ready-to-Use NSE Stock Screening Criteria

1. Minervini SEPA / VCP Setup (Swing Breakout)

  • Price within 10% of 52-week high
  • RSI > 60 (momentum strong)
  • Consolidation: last 3–6 weeks, range contraction (look for ATR ↓)
  • Volume dry-up during contraction (average daily volume < 20-day average)
  • Breakout day: Volume ≥ 1.5x 20-day average
    ✅ Scan for VCP candidates ready to explode.

2. CANSLIM (Adapted for India)

  • EPS growth > 20% YoY (if available)
  • Quarterly Sales growth > 15%
  • Price within 15% of 52-week high
  • RSI > 55
  • Breakout from cup/flat base on volume ≥ 1.5x 20-day average
    ✅ Good for medium-term growth investors.

3. Darvas Box Breakout

  • Stock in 3+ week sideways consolidation
  • Box top = recent resistance (flat highs)
  • Price breaks above box high
  • Volume ≥ 1.5x 20-day average
  • RSI rising > 60
    ✅ Captures midcap momentum in India.

4. Livermore 52-Week High Breakout

  • New 52-week high today OR within last 2 days
  • Volume ≥ 1.5x 20-day average
  • RSI > 65
  • Relative Strength vs Nifty > 1.0 (outperforming index)
    ✅ Simple, powerful filter for multi-baggers.

5. Stan Weinstein Stage 2 (Weekly Chart Scan)

  • Price above 30-week SMA
  • 30-week SMA sloping upwards
  • Stock making 52-week highs OR breaking weekly resistance
  • Weekly volume ≥ 2x 20-week average
  • RS vs Nifty > 1.0
    ✅ For position trades, weeks to months hold.

6. Bollinger Band Squeeze (Short Swing)

  • Bollinger Band Width = lowest in last 6 months
  • Price near upper band
  • RSI > 55
  • Breakout candle with volume ≥ 2x 20-day average
    ✅ Good for short-term swing pop trades.

🏆 Practical Tip (India Focus)

  • Best screeners:
    • Free → Chartlink Screener (most Indian traders use this)
    • Paid → TradingView + StockEdge + Zerodha Streak
  • Combine filters: e.g., 52-week high breakout + Volume spike + RSI > 60 → Can capture most SEPA, Darvas, and Livermore setups in NSE/BSE.

Important Financial Parameters

Here’s a ranked list of key financial parameters to consider when selecting a midcap or smallcap company in India, particularly for long-term investment.

These are ordered based on their importance and reliability in identifying fundamentally strong companies with growth potential and lower risk.

🔟 Ranked Financial Parameters (Most to Least Important)

1. ✅ Promoter Holding & Pledge Status

  • High promoter holding (ideally >50%) indicates confidence in the company.
  • No or low promoter pledge is crucial; pledged shares signal financial stress.
  • ✅ Significance: Trust, alignment of interest, and financial health.

2. 💰 Consistent Net Profit Growth (3 to 5 Years)

  • Look for stable or growing profits over the past 3–5 years.
  • Avoid companies with erratic or declining profit trends.
  • ✅ Significance: Business stability and operational strength.

3. 📊 Revenue Growth (Sales Growth)

  • Sales growth should be steady and not driven solely by one-off events.
  • Indicates whether the company is expanding its market or pricing power.
  • ✅ Significance: Underlying demand for products/services.

4. 📈 Return on Capital Employed (ROCE)

  • ROCE > 15% is considered strong for mid/small caps.
  • Measures efficiency of capital usage.
  • ✅ Significance: Core profitability of operations.

5. 📉 Debt to Equity Ratio (D/E)

  • Prefer companies with low or zero debt (D/E < 1 is safe for small/mid caps).
  • Avoid high-leverage companies unless in capital-intensive sectors.
  • ✅ Significance: Risk of insolvency and financial pressure.

6. 💼 Operating Profit Margin (OPM)

  • Consistent/improving margins reflect operational efficiency.
  • Compare with industry peers to understand competitiveness.
  • ✅ Significance: Core strength of business model.

7. 📄 Cash Flow from Operations (CFO)

  • Must be positive and aligned with net profits.
  • Negative cash flow despite profits is a red flag.
  • ✅ Significance: Real, sustainable earnings.

8. 🏢 Interest Coverage Ratio

  • Ideally >3. Indicates the company can comfortably repay interest on debt.
  • ✅ Significance: Debt servicing ability.

9. 🧾 Price to Earnings (PE) Ratio (Valuation)

  • Compare with industry average and company’s historical PE.
  • Low PE with growth potential is attractive.
  • ⚠️ Note: PE is less meaningful without quality/growth context.

10. 📚 Price to Book Value (PBV) Ratio

  • Useful for asset-heavy sectors (e.g., manufacturing, finance).
  • PBV < 1 may indicate undervaluation, but check if it’s due to poor fundamentals.

📌 Bonus Qualitative & Red-Flag Checks

  • Audit qualifications or frequent auditor changes
  • Management track record and capital allocation
  • Corporate governance (related party transactions, etc.)
  • Regulatory or litigation issues
  • Sector tailwinds or disruptions

💡 Suggested Minimum Filter Values (Rule of Thumb)

ParameterIdeal Range
Promoter Holding> 50%
Promoter Pledge0% (or very low)
Net Profit Growth (5Y CAGR)> 15%
Revenue Growth (5Y CAGR)> 10%
ROCE> 15%
Debt/Equity< 0.5
OPMStable or rising
PE Ratio< Sector average (if growth is intact)
Interest Coverage> 3
Cash FlowPositive from operations

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Important Financial Parameters for Selecting Midcap and Smallcap Companies in India

When evaluating midcap and smallcap companies in India, several critical financial parameters help investors identify quality stocks with strong growth potential. Here’s a comprehensive ranking based on their importance and significance:

Highest Priority Parameters

1. Financial Health and Stability

  • Revenue Growth: Look for consistent year-on-year revenue growth over 3-5 years, indicating the company’s ability to scale and expand. Companies with increasing sales over multiple quarters demonstrate sustainable growth potential.
  • Profitability Ratios: Focus on Return on Equity (ROE) and Return on Capital Employed (ROCE), which show how efficiently the company manages shareholder money. A positive trend in these ratios is essential.
  • Net Profit Margins: Examine profit margins over 3-5 years to assess operational efficiency and pricing power.

2. Promoter Holdings and Pledge Status

  • Promoter Shareholding: Higher promoter holdings typically indicate management confidence in the company’s future prospects. Monitor changes in promoter holdings as significant reductions may signal concerns.
  • Pledged Shares: Low or zero pledged shares by promoters is crucial, as high pledging indicates financial stress and poses risks to minority shareholders.

3. Debt Management

  • Debt-to-Equity Ratio: Lower ratios indicate the company isn’t overly dependent on borrowed money. Compare with industry averages and examine if debt levels have been increasing rapidly.
  • Interest Coverage Ratio: The company’s ability to service its debt obligations comfortably.

High Priority Parameters

4. Cash Flow Analysis

  • Operating Cash Flow: Positive cash flow from operations means the company generates sufficient money to sustain operations without external funding. This is particularly crucial for smallcap companies with limited cash reserves.
  • Free Cash Flow: Available cash after capital expenditures for growth opportunities or dividend payments.

5. Valuation Metrics

  • Price-to-Earnings (P/E) Ratio: Compare with industry peers to ensure reasonable valuation. Avoid overvalued stocks even with good fundamentals.
  • Price-to-Book (P/B) Ratio: Compares stock price to net asset value, helping identify undervalued opportunities.
  • PEG Ratio: Price-earnings-to-growth ratio provides better context for growth stocks.

6. Management Quality and Corporate Governance

  • Management Track Record: Assess the experience and credibility of the leadership team. Look for transparent communication and consistent strategy execution.
  • Corporate Governance: Strong governance practices are especially critical for smallcap companies where management errors can significantly impact stock prices.

Medium Priority Parameters

7. Market Position and Competitive Advantage

  • Market Share: The company’s positioning within its industry and competitive landscape.
  • Moat: Sustainable competitive advantages like brand recognition, cost leadership, or technological innovation.
  • Industry Growth Potential: Operating in high-growth or emerging sectors with favorable long-term trends.

8. Operational Efficiency

  • Operating Profit Margin: Consistently increasing operating margins indicate improving efficiency.
  • Asset Turnover Ratios: How effectively the company utilizes its assets to generate revenue.
  • Working Capital Management: Efficient management of inventory, receivables, and payables.

9. Growth Consistency

  • Revenue and Earnings Growth: Consistent performance over multiple years is often more valuable than exceptional single-year results.
  • Market Capture Ratios: Performance during different market conditions.

Additional Considerations

10. Liquidity and Trading Volumes

  • Average Daily Volumes: Should be at least 5% of market capitalization for easy entry and exit. For a ₹2,000 crore market cap company, daily turnover should be around ₹100 crore.
  • Bid-Ask Spreads: Narrow spreads indicate better liquidity.

11. Dividend Policy

  • Dividend Yield: For income-focused investors, though growth companies may reinvest profits rather than pay dividends.
  • Dividend Consistency: Regular dividend payments indicate financial stability.

12. Sector-Specific Metrics

  • Industry-Specific Ratios: Such as inventory turnover for retail companies or asset quality for financial services.
  • Regulatory Environment: Impact of government policies on the sector.

Key Investment Guidelines

  1. Time Horizon: Midcap and smallcap investments require a minimum 5-7 year investment horizon to ride out volatility.
  2. Portfolio Allocation: These stocks should typically represent 15-25% of your total equity portfolio, with the remainder in largecap stocks for stability.
  3. Risk Assessment: Both segments carry higher volatility than largecaps, with smallcaps being the most volatile.
  4. Research Depth: Conduct thorough fundamental analysis, as these companies often lack extensive analyst coverage compared to largecaps.

Important Note: While past performance and financial metrics are crucial, they should be evaluated alongside qualitative factors like business model sustainability, industry trends, and management quality. The key is finding companies with strong fundamentals trading at reasonable valuations within growing industries.

Next >> Financial Parameters for Midcap Smallcap

Nifty Index Companies List

01 – NIFTY 50
02 – NIFTY Next 50
04 – NIFTY 200
05 – NIFTY 500
06 – Nifty Total Market 750

01 – NIFTY 50

Adani Enterprises Ltd. (ADANIENT)
Adani Ports and Special Economic Zone Ltd. (ADANIPORTS)
Apollo Hospitals Enterprise Ltd. (APOLLOHOSP)
Asian Paints Ltd. (ASIANPAINT)
Axis Bank Ltd. (AXISBANK)
Bajaj Auto Ltd. (BAJAJ-AUTO)
Bajaj Finance Ltd. (BAJFINANCE)
Bajaj Finserv Ltd. (BAJAJFINSV)
Bharat Electronics Ltd. (BEL)
Bharti Airtel Ltd. (BHARTIARTL)
Cipla Ltd. (CIPLA)
Coal India Ltd. (COALINDIA)
Dr. Reddy’s Laboratories Ltd. (DRREDDY)
Eicher Motors Ltd. (EICHERMOT)
Eternal Ltd. (ETERNAL)
Grasim Industries Ltd. (GRASIM)
HCL Technologies Ltd. (HCLTECH)
HDFC Bank Ltd. (HDFCBANK)
HDFC Life Insurance Company Ltd. (HDFCLIFE)
Hero MotoCorp Ltd. (HEROMOTOCO)
Hindalco Industries Ltd. (HINDALCO)
Hindustan Unilever Ltd. (HINDUNILVR)
ICICI Bank Ltd. (ICICIBANK)
ITC Ltd. (ITC)
IndusInd Bank Ltd. (INDUSINDBK)
Infosys Ltd. (INFY)
JSW Steel Ltd. (JSWSTEEL)
Jio Financial Services Ltd. (JIOFIN)
Kotak Mahindra Bank Ltd. (KOTAKBANK)
Larsen & Toubro Ltd. (LT)
Mahindra & Mahindra Ltd. (M&M)
Maruti Suzuki India Ltd. (MARUTI)
NTPC Ltd. (NTPC)
Nestle India Ltd. (NESTLEIND)
Oil & Natural Gas Corporation Ltd. (ONGC)
Power Grid Corporation of India Ltd. (POWERGRID)
Reliance Industries Ltd. (RELIANCE)
SBI Life Insurance Company Ltd. (SBILIFE)
Shriram Finance Ltd. (SHRIRAMFIN)
State Bank of India (SBIN)
Sun Pharmaceutical Industries Ltd. (SUNPHARMA)
Tata Consultancy Services Ltd. (TCS)
Tata Consumer Products Ltd. (TATACONSUM)
Tata Motors Ltd. (TATAMOTORS)
Tata Steel Ltd. (TATASTEEL)
Tech Mahindra Ltd. (TECHM)
Titan Company Ltd. (TITAN)
Trent Ltd. (TRENT)
UltraTech Cement Ltd. (ULTRACEMCO)
Wipro Ltd. (WIPRO)

02 – NIFTY Next 50

ABB India Ltd. (ABB)
Adani Energy Solutions Ltd. (ADANIENSOL)
Adani Green Energy Ltd. (ADANIGREEN)
Adani Power Ltd. (ADANIPOWER)
Ambuja Cements Ltd. (AMBUJACEM)
Avenue Supermarts Ltd. (DMART)
Bajaj Holdings & Investment Ltd. (BAJAJHLDNG)
Bajaj Housing Finance Ltd. (BAJAJHFL)
Bank of Baroda (BANKBARODA)
Bharat Petroleum Corporation Ltd. (BPCL)
Bosch Ltd. (BOSCHLTD)
Britannia Industries Ltd. (BRITANNIA)
CG Power and Industrial Solutions Ltd. (CGPOWER)
Canara Bank (CANBK)
Cholamandalam Investment and Finance Company Ltd. (CHOLAFIN)
DLF Ltd. (DLF)
Dabur India Ltd. (DABUR)
Divi’s Laboratories Ltd. (DIVISLAB)
GAIL India Ltd. (GAIL)
Godrej Consumer Products Ltd. (GODREJCP)
Havells India Ltd. (HAVELLS)
Hindustan Aeronautics Ltd. (HAL)
Hyundai Motor India Ltd. (HYUNDAI)
ICICI Lombard General Insurance Company Ltd. (ICICIGI)
ICICI Prudential Life Insurance Company Ltd. (ICICIPRULI)
Indian Hotels Co. Ltd. (INDHOTEL)
Indian Oil Corporation Ltd. (IOC)
Indian Railway Finance Corporation Ltd. (IRFC)
Info Edge India Ltd. (NAUKRI)
InterGlobe Aviation Ltd. (INDIGO)
JSW Energy Ltd. (JSWENERGY)
Jindal Steel & Power Ltd. (JINDALSTEL)
LTIMindtree Ltd. (LTIM)
Life Insurance Corporation of India (LICI)
Lodha Developers Ltd. (LODHA)
Pidilite Industries Ltd. (PIDILITIND)
Power Finance Corporation Ltd. (PFC)
Punjab National Bank (PNB)
REC Ltd. (RECLTD)
Samvardhana Motherson International Ltd. (MOTHERSON)
Shree Cement Ltd. (SHREECEM)
Siemens Ltd. (SIEMENS)
Swiggy Ltd. (SWIGGY)
TVS Motor Company Ltd. (TVSMOTOR)
Tata Power Co. Ltd. (TATAPOWER)
Torrent Pharmaceuticals Ltd. (TORNTPHARM)
United Spirits Ltd. (UNITDSPR)
Varun Beverages Ltd. (VBL)
Vedanta Ltd. (VEDL)
Zydus Lifesciences Ltd. (ZYDUSLIFE)

04 – NIFTY 200

ACC Ltd. (ACC)
APL Apollo Tubes Ltd. (APLAPOLLO)
AU Small Finance Bank Ltd. (AUBANK)
Adani Total Gas Ltd. (ATGL)
Aditya Birla Capital Ltd. (ABCAPITAL)
Aditya Birla Fashion and Retail Ltd. (ABFRL)
Alkem Laboratories Ltd. (ALKEM)
Apollo Tyres Ltd. (APOLLOTYRE)
Ashok Leyland Ltd. (ASHOKLEY)
Astral Ltd. (ASTRAL)
Aurobindo Pharma Ltd. (AUROPHARMA)
BSE Ltd. (BSE)
Bandhan Bank Ltd. (BANDHANBNK)
Bank of India (BANKINDIA)
Bank of Maharashtra (MAHABANK)
Bharat Dynamics Ltd. (BDL)
Bharat Forge Ltd. (BHARATFORG)
Bharat Heavy Electricals Ltd. (BHEL)
Bharti Hexacom Ltd. (BHARTIHEXA)
Biocon Ltd. (BIOCON)
Cochin Shipyard Ltd. (COCHINSHIP)
Coforge Ltd. (COFORGE)
Colgate Palmolive India Ltd. (COLPAL)
Container Corporation of India Ltd. (CONCOR)
Cummins India Ltd. (CUMMINSIND)
Dixon Technologies India Ltd. (DIXON)
Escorts Kubota Ltd. (ESCORTS)
Exide Industries Ltd. (EXIDEIND)
FSN E-Commerce Ventures Ltd. (NYKAA)
Federal Bank Ltd. (FEDERALBNK)
GMR Airports Ltd. (GMRAIRPORT)
Glenmark Pharmaceuticals Ltd. (GLENMARK)
Godrej Properties Ltd. (GODREJPROP)
HDFC Asset Management Company Ltd. (HDFCAMC)
Hindustan Petroleum Corporation Ltd. (HINDPETRO)
Hindustan Zinc Ltd. (HINDZINC)
Housing & Urban Development Corporation Ltd. (HUDCO)
IDFC First Bank Ltd. (IDFCFIRSTB)
IRB Infrastructure Developers Ltd. (IRB)
Indian Bank (INDIANB)
Indian Railway Catering And Tourism Corporation Ltd. (IRCTC)
Indian Renewable Energy Development Agency Ltd. (IREDA)
Indraprastha Gas Ltd. (IGL)
Indus Towers Ltd. (INDUSTOWER)
Jubilant Foodworks Ltd. (JUBLFOOD)
KPIT Technologies Ltd. (KPITTECH)
Kalyan Jewellers India Ltd. (KALYANKJIL)
L&T Finance Ltd. (LTF)
LIC Housing Finance Ltd. (LICHSGFIN)
Lupin Ltd. (LUPIN)
MRF Ltd. (MRF)
Mahindra & Mahindra Financial Services Ltd. (M&MFIN)
Mankind Pharma Ltd. (MANKIND)
Marico Ltd. (MARICO)
Max Financial Services Ltd. (MFSL)
Max Healthcare Institute Ltd. (MAXHEALTH)
Mazagoan Dock Shipbuilders Ltd. (MAZDOCK)
Motilal Oswal Financial Services Ltd. (MOTILALOFS)
MphasiS Ltd. (MPHASIS)
Muthoot Finance Ltd. (MUTHOOTFIN)
NHPC Ltd. (NHPC)
NMDC Ltd. (NMDC)
NTPC Green Energy Ltd. (NTPCGREEN)
National Aluminium Co. Ltd. (NATIONALUM)
Oberoi Realty Ltd. (OBEROIRLTY)
Oil India Ltd. (OIL)
Ola Electric Mobility Ltd. (OLAELEC)
One 97 Communications Ltd. (PAYTM)
Oracle Financial Services Software Ltd. (OFSS)
PB Fintech Ltd. (POLICYBZR)
PI Industries Ltd. (PIIND)
Page Industries Ltd. (PAGEIND)
Patanjali Foods Ltd. (PATANJALI)
Persistent Systems Ltd. (PERSISTENT)
Petronet LNG Ltd. (PETRONET)
Phoenix Mills Ltd. (PHOENIXLTD)
Polycab India Ltd. (POLYCAB)
Premier Energies Ltd. (PREMIERENE)
Prestige Estates Projects Ltd. (PRESTIGE)
Rail Vikas Nigam Ltd. (RVNL)
SBI Cards and Payment Services Ltd. (SBICARD)
SJVN Ltd. (SJVN)
SRF Ltd. (SRF)
Solar Industries India Ltd. (SOLARINDS)
Sona BLW Precision Forgings Ltd. (SONACOMS)
Steel Authority of India Ltd. (SAIL)
Supreme Industries Ltd. (SUPREMEIND)
Suzlon Energy Ltd. (SUZLON)
Tata Communications Ltd. (TATACOMM)
Tata Elxsi Ltd. (TATAELXSI)
Tata Technologies Ltd. (TATATECH)
Torrent Power Ltd. (TORNTPOWER)
Tube Investments of India Ltd. (TIINDIA)
UPL Ltd. (UPL)
Union Bank of India (UNIONBANK)
Vishal Mega Mart Ltd. (VMM)
Vodafone Idea Ltd. (IDEA)
Voltas Ltd. (VOLTAS)
Waaree Energies Ltd. (WAAREEENER)
Yes Bank Ltd. (YESBANK)

05 – NIFTY 500

360 ONE WAM Ltd. (360ONE)
3M India Ltd. (3MINDIA)
ACME Solar Holdings Ltd. (ACMESOLAR)
AIA Engineering Ltd. (AIAENG)
AWL Agri Business Ltd. (AWL)
Aadhar Housing Finance Ltd. (AADHARHFC)
Aarti Industries Ltd. (AARTIIND)
Aavas Financiers Ltd. (AAVAS)
Abbott India Ltd. (ABBOTINDIA)
Action Construction Equipment Ltd. (ACE)
Aditya Birla Real Estate Ltd. (ABREL)
Aditya Birla Sun Life AMC Ltd. (ABSLAMC)
Aegis Logistics Ltd. (AEGISLOG)
Afcons Infrastructure Ltd. (AFCONS)
Affle 3i Ltd. (AFFLE)
Ajanta Pharmaceuticals Ltd. (AJANTPHARM)
Akums Drugs and Pharmaceuticals Ltd. (AKUMS)
Alembic Pharmaceuticals Ltd. (APLLTD)
Alivus Life Sciences Ltd. (ALIVUS)
Alkyl Amines Chemicals Ltd. (ALKYLAMINE)
Alok Industries Ltd. (ALOKINDS)
Amara Raja Energy & Mobility Ltd. (ARE&M)
Amber Enterprises India Ltd. (AMBER)
Anand Rathi Wealth Ltd. (ANANDRATHI)
Anant Raj Ltd. (ANANTRAJ)
Angel One Ltd. (ANGELONE)
Apar Industries Ltd. (APARINDS)
Aptus Value Housing Finance India Ltd. (APTUS)
Asahi India Glass Ltd. (ASAHIINDIA)
Aster DM Healthcare Ltd. (ASTERDM)
AstraZenca Pharma India Ltd. (ASTRAZEN)
Atul Ltd. (ATUL)
Authum Investment & Infrastructure Ltd. (AIIL)
BASF India Ltd. (BASF)
BEML Ltd. (BEML)
BLS International Services Ltd. (BLS)
Balkrishna Industries Ltd. (BALKRISIND)
Balrampur Chini Mills Ltd. (BALRAMCHIN)
Bata India Ltd. (BATAINDIA)
Bayer Cropscience Ltd. (BAYERCROP)
Berger Paints India Ltd. (BERGEPAINT)
Bikaji Foods International Ltd. (BIKAJI)
Birlasoft Ltd. (BSOFT)
Blue Dart Express Ltd. (BLUEDART)
Blue Star Ltd. (BLUESTARCO)
Bombay Burmah Trading Corporation Ltd. (BBTC)
Brainbees Solutions Ltd. (FIRSTCRY)
Brigade Enterprises Ltd. (BRIGADE)
C.E. Info Systems Ltd. (MAPMYINDIA)
CCL Products India Ltd. (CCL)
CESC Ltd. (CESC)
CRISIL Ltd. (CRISIL)
Campus Activewear Ltd. (CAMPUS)
Can Fin Homes Ltd. (CANFINHOME)
Caplin Point Laboratories Ltd. (CAPLIPOINT)
Capri Global Capital Ltd. (CGCL)
Carborundum Universal Ltd. (CARBORUNIV)
Castrol India Ltd. (CASTROLIND)
Ceat Ltd. (CEATLTD)
Central Bank of India (CENTRALBK)
Central Depository Services India Ltd. (CDSL)
Century Plyboards India Ltd. (CENTURYPLY)
Cera Sanitaryware Ltd (CERA)
Chalet Hotels Ltd. (CHALET)
Chambal Fertilizers & Chemicals Ltd. (CHAMBLFERT)
Chennai Petroleum Corporation Ltd. (CHENNPETRO)
Cholamandalam Financial Holdings Ltd. (CHOLAHLDNG)
City Union Bank Ltd. (CUB)
Clean Science and Technology Ltd. (CLEAN)
Cohance Lifesciences Ltd. (COHANCE)
Computer Age Management Services Ltd. (CAMS)
Concord Biotech Ltd. (CONCORDBIO)
Coromandel International Ltd. (COROMANDEL)
Craftsman Automation Ltd. (CRAFTSMAN)
CreditAccess Grameen Ltd. (CREDITACC)
Crompton Greaves Consumer Electricals Ltd. (CROMPTON)
Cyient Ltd. (CYIENT)
DCM Shriram Ltd. (DCMSHRIRAM)
DOMS Industries Ltd. (DOMS)
Dalmia Bharat Ltd. (DALBHARAT)
Data Patterns India Ltd. (DATAPATTNS)
Deepak Fertilisers & Petrochemicals Corp. Ltd. (DEEPAKFERT)
Deepak Nitrite Ltd. (DEEPAKNTR)
Delhivery Ltd. (DELHIVERY)
Devyani International Ltd. (DEVYANI)
Dr. Lal Path Labs Ltd. (LALPATHLAB)
Dummy Valor Estate Ltd. (DUMMYDBRLT)
E.I.D. Parry India Ltd. (EIDPARRY)
EIH Ltd. (EIHOTEL)
Elecon Engineering Co. Ltd. (ELECON)
Elgi Equipments Ltd. (ELGIEQUIP)
Emami Ltd. (EMAMILTD)
Emcure Pharmaceuticals Ltd. (EMCURE)
Endurance Technologies Ltd. (ENDURANCE)
Engineers India Ltd. (ENGINERSIN)
Eris Lifesciences Ltd. (ERIS)
Fertilisers and Chemicals Travancore Ltd. (FACT)
Finolex Cables Ltd. (FINCABLES)
Finolex Industries Ltd. (FINPIPE)
Firstsource Solutions Ltd. (FSL)
Five-Star Business Finance Ltd. (FIVESTAR)
Fortis Healthcare Ltd. (FORTIS)
GE Vernova T&D India Ltd. (GVT&D)
Garden Reach Shipbuilders & Engineers Ltd. (GRSE)
General Insurance Corporation of India (GICRE)
Gillette India Ltd. (GILLETTE)
Gland Pharma Ltd. (GLAND)
Glaxosmithkline Pharmaceuticals Ltd. (GLAXO)
Global Health Ltd. (MEDANTA)
Go Digit General Insurance Ltd. (GODIGIT)
Godawari Power & Ispat Ltd. (GPIL)
Godfrey Phillips India Ltd. (GODFRYPHLP)
Godrej Agrovet Ltd. (GODREJAGRO)
Godrej Industries Ltd. (GODREJIND)
Granules India Ltd. (GRANULES)
Graphite India Ltd. (GRAPHITE)
Gravita India Ltd. (GRAVITA)
Great Eastern Shipping Co. Ltd. (GESHIP)
Gujarat Fluorochemicals Ltd. (FLUOROCHEM)
Gujarat Gas Ltd. (GUJGASLTD)
Gujarat Mineral Development Corporation Ltd. (GMDCLTD)
Gujarat Narmada Valley Fertilizers and Chemicals Ltd. (GNFC)
Gujarat Pipavav Port Ltd. (GPPL)
Gujarat State Petronet Ltd. (GSPL)
H.E.G. Ltd. (HEG)
HBL Engineering Ltd. (HBLENGINE)
HFCL Ltd. (HFCL)
Happiest Minds Technologies Ltd. (HAPPSTMNDS)
Himadri Speciality Chemical Ltd. (HSCL)
Hindustan Copper Ltd. (HINDCOPPER)
Hitachi Energy India Ltd. (POWERINDIA)
Home First Finance Company India Ltd. (HOMEFIRST)
Honasa Consumer Ltd. (HONASA)
Honeywell Automation India Ltd. (HONAUT)
IDBI Bank Ltd. (IDBI)
IFCI Ltd. (IFCI)
IIFL Finance Ltd. (IIFL)
INOX India Ltd. (INOXINDIA)
IRCON International Ltd. (IRCON)
ITI Ltd. (ITI)
Indegene Ltd. (INDGN)
India Cements Ltd. (INDIACEM)
Indiamart Intermesh Ltd. (INDIAMART)
Indian Energy Exchange Ltd. (IEX)
Indian Overseas Bank (IOB)
Inox Wind Ltd. (INOXWIND)
Intellect Design Arena Ltd. (INTELLECT)
International Gemmological Institute India Ltd. (IGIL)
Inventurus Knowledge Solutions Ltd. (IKS)
Ipca Laboratories Ltd. (IPCALAB)
J.B. Chemicals & Pharmaceuticals Ltd. (JBCHEPHARM)
J.K. Cement Ltd. (JKCEMENT)
JBM Auto Ltd. (JBMA)
JK Tyre & Industries Ltd. (JKTYRE)
JM Financial Ltd. (JMFINANCIL)
JSW Holdings Ltd. (JSWHL)
JSW Infrastructure Ltd. (JSWINFRA)
Jaiprakash Power Ventures Ltd. (JPPOWER)
Jammu & Kashmir Bank Ltd. (J&KBANK)
Jindal Saw Ltd. (JINDALSAW)
Jindal Stainless Ltd. (JSL)
Jubilant Ingrevia Ltd. (JUBLINGREA)
Jubilant Pharmova Ltd. (JUBLPHARMA)
Jupiter Wagons Ltd. (JWL)
Justdial Ltd. (JUSTDIAL)
Jyothy Labs Ltd. (JYOTHYLAB)
Jyoti CNC Automation Ltd. (JYOTICNC)
K.P.R. Mill Ltd. (KPRMILL)
KEI Industries Ltd. (KEI)
KNR Constructions Ltd. (KNRCON)
Kajaria Ceramics Ltd. (KAJARIACER)
Kalpataru Projects International Ltd. (KPIL)
Kansai Nerolac Paints Ltd. (KANSAINER)
Karur Vysya Bank Ltd. (KARURVYSYA)
Kaynes Technology India Ltd. (KAYNES)
Kec International Ltd. (KEC)
Kfin Technologies Ltd. (KFINTECH)
Kirloskar Brothers Ltd. (KIRLOSBROS)
Kirloskar Oil Eng Ltd. (KIRLOSENG)
Krishna Institute of Medical Sciences Ltd. (KIMS)
L&T Technology Services Ltd. (LTTS)
LT Foods Ltd. (LTFOODS)
Latent View Analytics Ltd. (LATENTVIEW)
Laurus Labs Ltd. (LAURUSLABS)
Lemon Tree Hotels Ltd. (LEMONTREE)
Linde India Ltd. (LINDEINDIA)
Lloyds Metals And Energy Ltd. (LLOYDSME)
MMTC Ltd. (MMTC)
Mahanagar Gas Ltd. (MGL)
Maharashtra Seamless Ltd. (MAHSEAMLES)
Manappuram Finance Ltd. (MANAPPURAM)
Mangalore Refinery & Petrochemicals Ltd. (MRPL)
Mastek Ltd. (MASTEK)
Metropolis Healthcare Ltd. (METROPOLIS)
Minda Corporation Ltd. (MINDACORP)
Motherson Sumi Wiring India Ltd. (MSUMI)
Multi Commodity Exchange of India Ltd. (MCX)
NATCO Pharma Ltd. (NATCOPHARM)
NBCC India Ltd. (NBCC)
NCC Ltd. (NCC)
NLC India Ltd. (NLCINDIA)
NMDC Steel Ltd. (NSLNISP)
Narayana Hrudayalaya Ltd. (NH)
Nava Ltd. (NAVA)
Navin Fluorine International Ltd. (NAVINFLUOR)
Netweb Technologies India Ltd. (NETWEB)
Network18 Media & Investments Ltd. (NETWORK18)
Neuland Laboratories Ltd. (NEULANDLAB)
Newgen Software Technologies Ltd. (NEWGEN)
Nippon Life India Asset Management Ltd. (NAM-INDIA)
Niva Bupa Health Insurance Company Ltd. (NIVABUPA)
Nuvama Wealth Management Ltd. (NUVAMA)
Olectra Greentech Ltd. (OLECTRA)
PCBL Chemical Ltd. (PCBL)
PG Electroplast Ltd. (PGEL)
PNB Housing Finance Ltd. (PNBHOUSING)
PNC Infratech Ltd. (PNCINFRA)
PTC Industries Ltd. (PTCIL)
PVR INOX Ltd. (PVRINOX)
Pfizer Ltd. (PFIZER)
Piramal Enterprises Ltd. (PEL)
Piramal Pharma Ltd. (PPLPHARMA)
Poly Medicure Ltd. (POLYMED)
Poonawalla Fincorp Ltd. (POONAWALLA)
Praj Industries Ltd. (PRAJIND)
R R Kabel Ltd. (RRKABEL)
RBL Bank Ltd. (RBLBANK)
RHI MAGNESITA INDIA LTD. (RHIM)
RITES Ltd. (RITES)
Radico Khaitan Ltd (RADICO)
Railtel Corporation Of India Ltd. (RAILTEL)
Rainbow Childrens Medicare Ltd. (RAINBOW)
Ramkrishna Forgings Ltd. (RKFORGE)
Rashtriya Chemicals & Fertilizers Ltd. (RCF)
RattanIndia Enterprises Ltd. (RTNINDIA)
Raymond Lifestyle Ltd. (RAYMONDLSL)
Raymond Ltd. (RAYMOND)
Redington Ltd. (REDINGTON)
Reliance Power Ltd. (RPOWER)
Route Mobile Ltd. (ROUTE)
SBFC Finance Ltd. (SBFC)
SKF India Ltd. (SKFINDIA)
Sagility India Ltd. (SAGILITY)
Sai Life Sciences Ltd. (SAILIFE)
Sammaan Capital Ltd. (SAMMAANCAP)
Sapphire Foods India Ltd. (SAPPHIRE)
Sarda Energy and Minerals Ltd. (SARDAEN)
Saregama India Ltd (SAREGAMA)
Schaeffler India Ltd. (SCHAEFFLER)
Schneider Electric Infrastructure Ltd. (SCHNEIDER)
Shipping Corporation of India Ltd. (SCI)
Shree Renuka Sugars Ltd. (RENUKA)
Shyam Metalics and Energy Ltd. (SHYAMMETL)
Signatureglobal India Ltd. (SIGNATURE)
Sobha Ltd. (SOBHA)
Sonata Software Ltd. (SONATSOFTW)
Star Health and Allied Insurance Company Ltd. (STARHEALTH)
Sterling and Wilson Renewable Energy Ltd. (SWSOLAR)
Sumitomo Chemical India Ltd. (SUMICHEM)
Sun TV Network Ltd. (SUNTV)
Sundaram Finance Ltd. (SUNDARMFIN)
Sundram Fasteners Ltd. (SUNDRMFAST)
Swan Energy Ltd. (SWANENERGY)
Syngene International Ltd. (SYNGENE)
Syrma SGS Technology Ltd. (SYRMA)
TBO Tek Ltd. (TBOTEK)
Tanla Platforms Ltd. (TANLA)
Tata Chemicals Ltd. (TATACHEM)
Tata Investment Corporation Ltd. (TATAINVEST)
Tata Teleservices Maharashtra Ltd. (TTML)
Techno Electric & Engineering Company Ltd. (TECHNOE)
Tejas Networks Ltd. (TEJASNET)
The New India Assurance Company Ltd. (NIACL)
The Ramco Cements Ltd. (RAMCOCEM)
Thermax Ltd. (THERMAX)
Timken India Ltd. (TIMKEN)
Titagarh Rail Systems Ltd. (TITAGARH)
Transformers And Rectifiers India Ltd. (TARIL)
Trident Ltd. (TRIDENT)
Triveni Engineering & Industries Ltd. (TRIVENI)
Triveni Turbine Ltd. (TRITURBINE)
UCO Bank (UCOBANK)
UNO Minda Ltd. (UNOMINDA)
UTI Asset Management Company Ltd. (UTIAMC)
United Breweries Ltd. (UBL)
Usha Martin Ltd. (USHAMART)
V-Guard Industries Ltd. (VGUARD)
Valor Estate Ltd. (DBREALTY)
Vardhman Textiles Ltd. (VTL)
Vedant Fashions Ltd. (MANYAVAR)
Vijaya Diagnostic Centre Ltd. (VIJAYA)
Welspun Corp Ltd. (WELCORP)
Welspun Living Ltd. (WELSPUNLIV)
Westlife Foodworld Ltd. (WESTLIFE)
Whirlpool of India Ltd. (WHIRLPOOL)
Wockhardt Ltd. (WOCKPHARMA)
ZF Commercial Vehicle Control Systems India Ltd. (ZFCVINDIA)
Zee Entertainment Enterprises Ltd. (ZEEL)
Zen Technologies Ltd. (ZENTEC)
Zensar Technolgies Ltd. (ZENSARTECH)
eClerx Services Ltd. (ECLERX)

06 – Nifty Total Market 750

AGI Greenpac Ltd. (AGI)
ASK Automotive Ltd. (ASKAUTOLTD)
Aarti Drugs Ltd. (AARTIDRUGS)
Aarti Pharmalabs Ltd. (AARTIPHARM)
Acutaas Chemicals Ltd. (ACUTAAS)
Aditya Vision Ltd. (AVL)
Advanced Enzyme Tech Ltd. (ADVENZYMES)
Aether Industries Ltd. (AETHER)
Ahluwalia Contracts India Ltd. (AHLUCONT)
Akzo Nobel India Ltd. (AKZOINDIA)
Allcargo Logistics Ltd. (ALLCARGO)
Allied Blenders and Distillers Ltd. (ABDL)
Apeejay Surrendra Park Hotels Ltd. (PARKHOTELS)
Archean Chemical Industries Ltd. (ACI)
Arvind Fashions Ltd. (ARVINDFASN)
Arvind Ltd. (ARVIND)
Ashoka Buildcon Ltd. (ASHOKA)
Astra Microwave Products Ltd. (ASTRAMICRO)
Aurionpro Solution Ltd. (AURIONPRO)
Avalon Technologies Ltd. (AVALON)
Avanti Feeds Ltd. (AVANTIFEED)
Awfis Space Solutions Ltd. (AWFIS)
Azad Engineering Ltd. (AZAD)
Bajaj Hindusthan Sugar Ltd. (BAJAJHIND)
Balaji Amines Ltd. (BALAMINES)
Balu Forge Industries Ltd. (BALUFORGE)
Banco Products India Ltd. (BANCOINDIA)
Bansal Wire Industries Ltd. (BANSALWIRE)
Bhansali Engineering Polymers Ltd. (BEPL)
Bharat Bijlee Ltd. (BBL)
Birla Corporation Ltd. (BIRLACORPN)
Blue Jet Healthcare Ltd. (BLUEJET)
Bombay Dyeing & Manufacturing Co. Ltd. (BOMDYEING)
Borosil Ltd. (BOROLTD)
Borosil Renewables Ltd. (BORORENEW)
CIE Automotive India Ltd. (CIEINDIA)
CMS Info Systems Ltd. (CMSINFO)
CSB Bank Ltd. (CSBBANK)
Cartrade Tech Ltd. (CARTRADE)
Ceigall India Ltd. (CEIGALL)
Cello World Ltd. (CELLO)
Chemplast Sanmar Ltd. (CHEMPLASTS)
Choice International Ltd. (CHOICEIN)
Cigniti Technologies Ltd. (CIGNITITEC)
Cyient DLM Ltd. (CYIENTDLM)
DCB Bank Ltd. (DCBBANK)
DCX Systems Ltd. (DCXINDIA)
Datamatics Global Services Ltd. (DATAMATICS)
Dhani Services Ltd. (DHANI)
Dilip Buildcon Ltd. (DBL)
Dishman Carbogen Amcis Ltd. (DCAL)
Dodla Dairy Ltd. (DODLA)
Dummy Sterlite Technologies Ltd. (DUMMYSTLTE)
Dynamatic Technologies Ltd. (DYNAMATECH)
EPL Ltd. (EPL)
Easy Trip Planners Ltd. (EASEMYTRIP)
Edelweiss Financial Services Ltd. (EDELWEISS)
Electronics Mart India Ltd. (EMIL)
Electrosteel Castings Ltd. (ELECTCAST)
Embassy Developments Ltd. (EMBDL)
Entero Healthcare Solutions Ltd. (ENTERO)
Enviro Infra Engineers Ltd. (EIEL)
Epigral Ltd. (EPIGRAL)
Equitas Small Finance Bank Ltd. (EQUITASBNK)
Ethos Ltd. (ETHOSLTD)
Eureka Forbes Ltd. (EUREKAFORB)
FDC Ltd. (FDC)
Fiem Industries Ltd (FIEMIND)
Fine Organic Industries Ltd. (FINEORG)
Fineotex Chemical Ltd. (FCL)
Force Motors Ltd. (FORCEMOT)
G R Infraprojects Ltd. (GRINFRA)
GHCL Ltd. (GHCL)
GMM Pfaudler Ltd. (GMMPFAUDLR)
GMR Power and Urban Infra Ltd. (GMRP&UI)
Gabriel India Ltd. (GABRIEL)
Ganesh Housing Corporation Ltd. (GANESHHOUC)
Ganesha Ecosphere Ltd. (GANECOS)
Garware Hi-Tech Films Ltd. (GRWRHITECH)
Garware Technical Fibres Ltd. (GARFIBRES)
Gateway Distriparks Ltd. (GATEWAY)
Gokaldas Exports Ltd. (GOKEX)
Gopal Snacks Ltd. (GOPAL)
Greaves Cotton Ltd. (GREAVESCOT)
Greenpanel Industries Ltd. (GREENPANEL)
Greenply Industries Ltd. (GREENPLY)
Gujarat Ambuja Exports Ltd. (GAEL)
Gujarat State Fertilizers & Chemicals Ltd. (GSFC)
Gulf Oil Lubricants India Ltd. (GULFOILLUB)
H.G. Infra Engineering Ltd. (HGINFRA)
Hathway Cable & Datacom Ltd. (HATHWAY)
Healthcare Global Enterprises Ltd. (HCG)
HeidelbergCement India Ltd. (HEIDELBERG)
Hemisphere Properties India Ltd. (HEMIPROP)
Heritage Foods Ltd. (HERITGFOOD)
Hikal Ltd. (HIKAL)
Hindustan Construction Co. Ltd. (HCC)
IFB Industries Ltd. (IFBIND)
IIFL Capital Services Ltd. (IIFLCAPS)
ITD Cementation India Ltd. (ITDCEM)
Imagicaaworld Entertainment Ltd. (IMAGICAA)
India Glycols Ltd. (INDIAGLYCO)
India Shelter Finance Corporation Ltd. (INDIASHLTR)
Indian Metals & Ferro Alloys Ltd. (IMFA)
Indigo Paints Ltd. (INDIGOPNTS)
Indo Count Industries Ltd. (ICIL)
Infibeam Avenues Ltd. (INFIBEAM)
Ingersoll Rand India Ltd. (INGERRAND)
Innova Captab Ltd. (INNOVACAP)
Inox Green Energy Services Ltd. (INOXGREEN)
Ion Exchange India Ltd. (IONEXCHANG)
Isgec Heavy Engineering Ltd. (ISGEC)
J.Kumar Infraprojects Ltd. (JKIL)
JK Lakshmi Cement Ltd. (JKLAKSHMI)
JK Paper Ltd. (JKPAPER)
JTL Industries Ltd. (JTLIND)
Jai Balaji Industries Ltd. (JAIBALAJI)
Jai Corp Ltd. (JAICORPLTD)
Jain Irrigation Systems Ltd. (JISLJALEQS)
Jamna Auto Industries Ltd. (JAMNAAUTO)
Jana Small Finance Bank Ltd. (JSFB)
Jindal Worldwide Ltd. (JINDWORLD)
Johnson Controls – Hitachi Air Conditioning India Ltd. (JCHAC)
KPI Green Energy Ltd. (KPIGREEN)
KRBL Ltd. (KRBL)
KSB Ltd. (KSB)
Kalyani Steels Ltd. (KSL)
Karnataka Bank Ltd. (KTKBANK)
Kaveri Seed Company Ltd. (KSCL)
Kirloskar Pneumatic Company Ltd. (KIRLPNU)
LMW Ltd. (LMW)
Laxmi Organic Industries Ltd. (LXCHEM)
Le Travenues Technology Ltd. (IXIGO)
Lloyds Engineering Works Ltd. (LLOYDSENGG)
Lloyds Enterprises Ltd. (LLOYDSENT)
Lux Industries Ltd. (LUXIND)
MOIL Ltd. (MOIL)
MSTC Ltd. (MSTCLTD)
MTAR Technologies Ltd. (MTARTECH)
Maharashtra Scooters Ltd. (MAHSCOOTER)
Mahindra Lifespace Developers Ltd. (MAHLIFE)
Man Infraconstruction Ltd. (MANINFRA)
Marksans Pharma Ltd. (MARKSANS)
Max Estates Ltd. (MAXESTATES)
Medplus Health Services Ltd. (MEDPLUS)
Mishra Dhatu Nigam Ltd. (MIDHANI)
Mrs. Bectors Food Specialities Ltd. (BECTORFOOD)
NEOGEN CHEMICALS LTD. (NEOGEN)
NESCO Ltd. (NESCO)
NOCIL Ltd. (NOCIL)
National Fertilizers Ltd. (NFL)
Nazara Technologies Ltd. (NAZARA)
Nuvoco Vistas Corporation Ltd. (NUVOCO)
Optiemus Infracom Ltd. (OPTIEMUS)
Orchid Pharma Ltd. (ORCHPHARMA)
Orient Cement Ltd. (ORIENTCEM)
Orissa Min Dev Co Ltd. (ORISSAMINE)
P N Gadgil Jewellers Ltd. (PNGJL)
PC Jeweller Ltd. (PCJEWELLER)
PTC India Ltd. (PTC)
Paisalo Digital Ltd. (PAISALO)
Paradeep Phosphates Ltd. (PARADEEP)
Paras Defence and Space Technologies Ltd. (PARAS)
Patel Engineering Ltd. (PATELENG)
Pearl Global Industries Ltd. (PGIL)
Polyplex Corporation Ltd. (POLYPLEX)
Power Mech Projects Ltd. (POWERMECH)
Pricol Ltd. (PRICOLLTD)
Prince Pipes and Fittings Ltd. (PRINCEPIPE)
Prism Johnson Ltd. (PRSMJOHNSN)
Prudent Corporate Advisory Services Ltd. (PRUDENT)
Rain Industries Ltd (RAIN)
Rajesh Exports Ltd. (RAJESHEXPO)
Rallis India Ltd. (RALLIS)
Rategain Travel Technologies Ltd. (RATEGAIN)
RattanIndia Power Ltd. (RTNPOWER)
Redtape Ltd. (REDTAPE)
Refex Industries Ltd. (REFEX)
Reliance Infrastructure Ltd. (RELINFRA)
Religare Enterprises Ltd. (RELIGARE)
Responsive Industries Ltd. (RESPONIND)
Restaurant Brands Asia Ltd. (RBA)
Rossari Biotech Ltd. (ROSSARI)
Safari Industries India Ltd. (SAFARI)
Samhi Hotels Ltd. (SAMHI)
Sanofi Consumer Healthcare India Ltd. (SANOFICONR)
Sanofi India Ltd. (SANOFI)
Sansera Engineering Ltd. (SANSERA)
Senco Gold Ltd. (SENCO)
Sequent Scientific Ltd. (SEQUENT)
Shaily Engineering Plastics Ltd. (SHAILY)
Shakti Pumps India Ltd. (SHAKTIPUMP)
Sharda Cropchem Ltd. (SHARDACROP)
Share India Securities Ltd. (SHAREINDIA)
Sheela Foam Ltd. (SFL)
Shilpa Medicare Ltd. (SHILPAMED)
Shivalik Bimetal Controls Ltd. (SBCL)
Shoppers Stop Ltd. (SHOPERSTOP)
Shriram Pistons & Rings Ltd. (SHRIPISTON)
Skipper Ltd. (SKIPPER)
South Indian Bank Ltd. (SOUTHBANK)
Spandana Sphoorty Financial Ltd. (SPANDANA)
Star Cement Ltd. (STARCEMENT)
Sterlite Technologies Ltd. (STLTECH)
Strides Pharma Science Ltd. (STAR)
Stylam Industries Ltd. (STYLAMIND)
Subros Ltd. (SUBROS)
Sudarshan Chemical Industries Ltd. (SUDARSCHEM)
Sula Vineyards Ltd. (SULA)
Sun Pharma Advanced Research Company Ltd. (SPARC)
Sunflag Iron & Steel Company Ltd. (SUNFLAG)
Sunteck Realty Ltd. (SUNTECK)
Suprajit Engineering Ltd. (SUPRAJIT)
Supriya Lifescience Ltd. (SUPRIYA)
Surya Roshni Ltd. (SURYAROSNI)
Symphony Ltd. (SYMPHONY)
TARC Ltd. (TARC)
TD Power Systems Ltd. (TDPOWERSYS)
TVS Supply Chain Solutions Ltd. (TVSSCS)
Teamlease Services Ltd. (TEAMLEASE)
Technocraft Industries India Ltd. (TIIL)
Tega Industries Ltd. (TEGA)
Texmaco Rail & Eng. Ltd. (TEXRAIL)
Thangamayil Jewellery Ltd. (THANGAMAYL)
The Anup Engineering Ltd. (ANUP)
Thirumalai Chemicals Ltd. (TIRUMALCHM)
Thomas Cook India Ltd. (THOMASCOOK)
Tilaknagar Industries Ltd. (TI)
Time Technoplast Ltd. (TIMETECHNO)
Tips Music Ltd. (TIPSMUSIC)
Transrail Lighting Ltd. (TRANSRAILL)
Ujjivan Small Finance Bank Ltd. (UJJIVANSFB)
Unimech Aerospace and Manufacturing Ltd. (UNIMECH)
V-Mart Retail Ltd. (VMART)
V.I.P. Industries Ltd. (VIPIND)
VST Industries Ltd. (VSTIND)
Va Tech Wabag Ltd. (WABAG)
Vaibhav Global Ltd. (VAIBHAVGBL)
Varroc Engineering Ltd. (VARROC)
Ventive Hospitality Ltd. (VENTIVE)
Venus Pipes & Tubes Ltd. (VENUSPIPES)
Vesuvius India Ltd. (VESUVIUS)
Voltamp Transformers Ltd (VOLTAMP)
Websol Energy System Ltd. (WEBELSOLAR)
Welspun Enterprises Ltd. (WELENT)
Wonderla Holidays Ltd. (WONDERLA)
Yatharth Hospital & Trauma Care Services Ltd. (YATHARTH)
Zaggle Prepaid Ocean Services Ltd. (ZAGGLE)
Zinka Logistics Solutions Ltd. (BLACKBUCK)
Zydus Wellness Ltd. (ZYDUSWELL)
eMudhra Ltd. (EMUDHRA)