Synopsis: Several small-cap stocks reported sharp Q3FY26 EBITDA growth, led by a 308% surge. Strong YoY gains in revenue and profit were seen, though some companies faced sequential moderation in quarterly performance.
A sharp surge in quarterly profitability has put these small-cap stocks in the spotlight after they reported an exceptional EBITDA growth of up to 308 percent in Q3 FY26. Such a steep rise in operating earnings often signals an improved cost efficiency, better realizations, or a significant jump in volumes. When a company of relatively smaller size delivers this kind of expansion at the operating level, it naturally grabs investor attention, as it may indicate improving fundamentals and stronger business momentum. Listed below are the stocks:
Jain Resource Recycling Limited
Jain Resource Recycling Limited is a Chennai-based company, founded in 1950, engaged in the recycling, manufacturing, and export of non-ferrous metal products. The company processes scrap metals to produce value-added products such as lead and lead alloy ingots, copper ingots, aluminum alloy ingots, and molten aluminum alloys.
With a market capitalization of Rs. 13,011.46 crore, the shares of Jain Resource Recycling Limited were trading at Rs. 376.85 on Friday, down by 0.78 percent from its previous closing price of Rs. 379.80 per equity share.
In Q3FY26, the company reported revenue of Rs. 2,676 crore, which is higher than Rs. 1,724 crore in Q3FY25, showing a strong YoY growth of 55.2 percent. Compared to the previous quarter Q2FY26 revenue of Rs. 2,055 crore, revenue increased by 30.2 percent QoQ. This shows that sales improved both compared to last year and the last quarter.
EBITDA for Q3FY26 stood at Rs. 190 crore, significantly higher than Rs. 76 crore in Q3FY25, marking a sharp YoY growth of 150.0 percent. On a sequential basis, EBITDA rose from Rs. 156 crore in Q2FY26, reflecting a 21.8 percent QoQ increase. This indicates better operating performance and improved cost control.
Profit after tax came in at Rs. 127 crore in Q3FY26, compared to Rs. 42 crore in Q3FY25, resulting in a strong YoY growth of 202.4 percent. Compared to Rs. 99 crore in Q2FY26, profit increased by 28.3 percent QoQ. Overall, the company delivered strong growth in revenue, operating profit, and net profit during the quarter.
Natco Pharma Limited
NATCO Pharma Limited is a Hyderabad-based pharmaceutical company, incorporated in 1981, engaged in the R&D, manufacturing, and marketing of finished dosage formulations, APIs, and intermediates across India, the US, and other global markets. The company has a strong presence in oncology and also operates in therapeutic areas such as CNS, cardiology, diabetology, pain management, and gastroenterology, along with orthopedic products like bisphosphonates.
With a market capitalization of Rs. 15,754.50 crore, the shares of Natco Pharma Limited are trading at Rs. 879.55 on Friday, down by 0.99 percent from its previous closing price of Rs. 888.30 per equity share.
Revenue in Q3FY26 stood at Rs. 647 crore, compared to Rs. 475 crore in Q3FY25, reflecting a healthy 36.2 percent YoY growth. However, on a sequential basis, revenue declined sharply by 52.5 percent QoQ from Rs. 1,363 crore in Q2FY26. This indicates strong improvement over last year but a significant slowdown compared to the previous quarter.
EBITDA for Q3FY26 came in at Rs. 159 crore, sharply higher than Rs. 39 crore in Q3FY25, registering a robust 307.7 percent YoY growth. On a QoQ basis, EBITDA fell by 72.5 percent from Rs. 579 crore in Q2FY26. While operating performance improved substantially year-on-year, it weakened considerably compared to the last quarter.
Profit after tax stood at Rs. 151 crore in Q3FY26 versus Rs. 132 crore in Q3FY25, showing a modest 14.4 percent YoY growth. Sequentially, profit declined by 70.8 percent QoQ from Rs. 518 crore in Q2FY26.
Vikram Solar Limited
Vikram Solar Limited is a Kolkata-based solar energy company, incorporated in 2005, engaged in manufacturing and selling solar photovoltaic modules and systems in India and overseas markets. The company also provides end-to-end EPC (engineering, procurement, and construction) services, along with solar operations and maintenance solutions. It markets its products under brands such as Suryava, Hypersol, Paradea, SOMERA, and PREXOS, and is also active in rooftop solar projects.
With a market capitalization of Rs. 7,278.13 crore, the shares of Vikram Solar Limited are trading at Rs. 200.23 on Friday, down by 7.23 percent from its previous closing price of Rs. 215.85 per equity share.
Revenue for Q3FY26 stood at Rs. 1,106 crore, compared to Rs. 1,026 crore in Q3FY25, reflecting a 7.8 percent YoY growth. However, on a sequential basis, revenue slightly declined by 0.4 percent QoQ from Rs. 1,110 crore in Q2FY26, indicating stable but flat performance compared to the previous quarter.
EBITDA came in at Rs. 205 crore in Q3FY26, significantly higher than Rs. 85 crore in Q3FY25, registering a strong 141.2 percent YoY growth. On a QoQ basis, EBITDA declined by 12.8 percent from Rs. 235 crore in Q2FY26, suggesting some moderation in operating performance sequentially despite strong yearly improvement.
Profit after tax stood at Rs. 98 crore in Q3FY26 versus Rs. 19 crore in Q3FY25, marking a sharp 415.8 percent YoY growth. Compared to Rs. 128 crore in Q2FY26, profit declined by 23.4 percent QoQ. Overall, the company showed strong year-on-year improvement across all metrics, though there was some sequential pressure in earnings during the quarter.
Atlanta Electrical Limited
Atlanta Electricals Limited is an Anand-based company, founded in 1983, engaged in manufacturing and selling a range of transformers to institutional and corporate customers across India. Its product portfolio includes power and auto transformers, furnace transformers, inverter duty, green, and special duty transformers, along with after-sales support services. The company caters to industries such as transmission, steel, dairies, solar, textile, construction, and infrastructure.
With a market capitalization of Rs. 6,743.83 crore, the shares of Atlanta Electrical Limited are trading at Rs. 876 on Friday, down by 1.13 percent from its previous closing price of Rs. 886 per equity share.
Revenue in Q3FY26 stood at Rs. 472 crore, compared to Rs. 263 crore in Q3FY25, registering a strong 79.5 percent YoY growth. On a sequential basis, revenue increased by 48.9 percent QoQ from Rs. 317 crore in Q2FY26. This indicates a sharp improvement both compared to last year and the previous quarter.
EBITDA for Q3FY26 came in at Rs. 94 crore, up from Rs. 42 crore in Q3FY25, reflecting a healthy 123.8 percent YoY growth. Compared to Rs. 56 crore in Q2FY26, EBITDA rose 67.9 percent QoQ, showing strong operating leverage and better cost efficiency during the quarter.
Profit after tax stood at Rs. 49 crore in Q3FY26 versus Rs. 22 crore in Q3FY25, marking a 122.7 percent YoY growth. Sequentially, profit increased by 63.3 percent QoQ from Rs. 30 crore in Q2FY26. Overall, the company delivered strong growth across revenue, EBITDA, and profit on both a yearly and quarterly basis.
Pondy Oxides & Chemicals Limited
Pondy Oxides And Chemicals Limited is a Chennai-based company, incorporated in 1995, engaged in manufacturing and selling lead, lead alloys, and plastic additives in India and international markets. Its product portfolio includes various specialty alloys such as calcium, antimony, tin, silver, cadmium, and babbit alloys, along with aluminium and copper products, plastic granules (PP and ABS), and traded metals like zinc and cadmium. The company exports to countries including Japan, South Korea, Thailand, Indonesia, and the Middle East.
With a market capitalization of Rs. 3,545.56 crore, the shares of Pondy Oxides & Chemicals Limited are trading at Rs. 1,162.05 on Friday, down by 2.02 percent from its previous closing price of Rs. 1,186 per equity share.
Revenue for Q3FY26 stood at Rs. 776 crore, compared to Rs. 502 crore in Q3FY25, reflecting a strong 54.6 percent YoY growth. On a sequential basis, revenue increased by 22.2 percent QoQ from Rs. 635 crore in Q2FY26, indicating healthy improvement both year-on-year and quarter-on-quarter.
EBITDA came in at Rs. 58 crore in Q3FY26, up from Rs. 25 crore in Q3FY25, registering a solid 132.0 percent YoY growth. Compared to Rs. 54 crore in Q2FY26, EBITDA rose 7.4 percent QoQ, showing steady improvement in operating performance.
Profit after tax stood at Rs. 38 crore in Q3FY26 versus Rs. 15 crore in Q3FY25, marking a strong 153.3 percent YoY growth. Sequentially, profit increased by 5.6 percent QoQ from Rs. 36 crore in Q2FY26. Overall, the company delivered robust growth across revenue, operating profit, and net profit on both a yearly and quarterly basis.
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