Several stocks on the BSE Midcap index surged between 14%-24% during November 2025. These gains highlight strong investor confidence in companies tied to infrastructure, capital goods, and financial services. Many of these firms have healthy order books, improving operations, and strong demand outlooks. In this article, we delve into what drove their rally.
Bharat Heavy Electricals (BHEL) emerged as the top performer with gains of nearly 24% in November. The stock benefited from its robust ₹2.2-trillion order book, improved project execution, and continued government focus on infrastructure and power development. Better quarterly performance further lifted investor sentiment.
A strong month for the BFSI sector helped stocks such as Mahindra & Mahindra Financial Services, L&T Finance, and Aditya Birla Capital rise sharply.
These financial companies rode the broader theme of financial inclusion and expanding credit growth across semi-urban and rural India.
Ashok Leyland share price gained nearly 17% during the month, thanks to strong momentum in the commercial vehicle (CV) sector. Government-led infrastructure expansion, fleet replacement demand, and positive auto sector trends supported the stock. Technical charts also showed continued buying interest.
GMR Airports share pricegained close to 14%, driven by rising passenger traffic and improving cargo movement. The ongoing recovery in aviation and continued development of airport infrastructure strengthened the stock’s performance.
Max Financial Services share pricegained around 14%, benefited from consistent demand in the life insurance segment. Improved persistency ratios and stable long-term industry outlook helped maintain strong investor interest.
Read more: Mahindra Unlikely to Raise Vehicle Prices from January 2026.
November 2025 proved to be a strong month for BSE Midcap stocks, with big moves across capital goods, auto, aviation, and financial services. The rally was fuelled by solid order flows, improving financial metrics, and sector-wide tailwinds. As India’s growth story remains intact, midcap companies tied to domestic demand themes continue to attract investor attention.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.
Published on: Nov 28, 2025, 11:14 AM IST
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