Synopsis: Small-cap stocks reported strong Q3FY26 growth, led by GHV Infra with 666% revenue growth, while Quality Power posted 365% EBITDA growth, reflecting sharp improvement in operating performance.
A sharp surge in quarterly profitability has put a small-cap stock in the spotlight after it reported an exceptional EBITDA growth of up to 365 percent in Q3 FY26. Such a steep rise in operating earnings often signals an improved cost efficiency or better realizations.
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. However, in some cases, such sharp increases can also be supported by exceptional gains or one-time items in the profit figures. Listed below are the stock
Netweb Technologies India Limited
Netweb Technologies India Limited is a Faridabad-based company, incorporated in 1999, that designs, manufactures, and sells high-end computing solutions in India. Its offerings include supercomputing systems, AI systems, private and hybrid cloud infrastructure, high-performance storage, data centre servers, enterprise networking solutions, and HPC-on-cloud services, marketed under the Tyrone brand. The company also provides cloud migration, managed services, AI/ML solutions, and technical support, serving sectors such as IT/ITeS, BFSI, government, defence, education, media, and research institutions.
With a market capitalization of Rs. 18,562.09 crore, the shares of Netweb Technologies India Limited closed at Rs. 3,250.80 on Thursday, down by 6.09 percent from its previous closing price of Rs. 3,461.50 per equity share.
Revenue for Q3FY26 stood at Rs. 805 crore, compared to Rs. 334 crore in Q3FY25, registering a sharp 141.0 percent YoY growth. On a sequential basis, revenue surged 164.8 percent QoQ from Rs. 304 crore in Q2FY26, indicating a significant jump in sales both year-on-year and quarter-on-quarter.
EBITDA came in at Rs. 98 crore in Q3FY26, up from Rs. 43 crore in Q3FY25, reflecting a strong 127.9 percent YoY growth. Compared to Rs. 45 crore in Q2FY26, EBITDA increased 117.8 percent QoQ, showing substantial improvement in operating performance during the quarter.
Profit after tax stood at Rs. 73 crore in Q3FY26 versus Rs. 30 crore in Q3FY25, marking a healthy 143.3 percent YoY growth. Sequentially, profit rose 135.5 percent QoQ from Rs. 31 crore in Q2FY26. Overall, the company delivered exceptional growth across revenue, EBITDA, and profit on both yearly and quarterly bases.
Cupid Limited
Cupid Limited is a Nashik-based company, incorporated in 1993, engaged in designing, manufacturing, marketing, and exporting male and female condoms in India and global markets. Along with condoms, the company offers water-based lubricants, in-vitro diagnostic kits (including HIV, dengue, malaria, hepatitis, pregnancy, and ovulation tests), and various personal care products such as deodorants, perfumes, menstrual cups, and sanitizers. It exports to regions including Africa, Europe, Asia-Pacific, North America, the Middle East, and South America.
With a market capitalization of Rs. 11,039.66 crore, the shares of Cupid Limited closed at Rs. 405.50 on Thursday, up by 6.95 percent from its previous closing price of Rs. 379.15 per equity share.
Revenue for Q3FY26 stood at Rs. 104 crore, compared to Rs. 51 crore in Q3FY25, reflecting a strong 103.9 percent YoY growth. On a sequential basis, revenue increased by 15.6 percent QoQ from Rs. 90 crore in Q2FY26, indicating steady improvement both year-on-year and quarter-on-quarter.
EBITDA came in at Rs. 45 crore in Q3FY26, up from Rs. 16 crore in Q3FY25, registering a robust 181.3 percent YoY growth. Compared to Rs. 34 crore in Q2FY26, EBITDA rose 32.4 percent QoQ, showing improved operating performance during the quarter.
Profit after tax stood at Rs. 33 crore in Q3FY26 versus Rs. 11 crore in Q3FY25, marking a sharp 200.0 percent YoY growth. Sequentially, profit increased by 37.5 percent QoQ from Rs. 24 crore in Q2FY26. Overall, the company delivered strong growth across revenue, EBITDA, and net profit on both yearly and quarterly bases.
Thangamayil Jewellery Limited
Thangamayil Jewellery Limited is a Madurai-based jewellery retailer, founded in 1947, operating a chain of retail stores across India. The company offers gold, diamond, silver, platinum, and precious stone jewellery, along with silver articles and gold coins. It is also engaged in the manufacture and sale of jewellery and related accessories, provides gold saving schemes, and sells its products through online platforms.
With a market capitalization of Rs. 11,288.99 crore, the shares of Thangamayil Jewellery Limited closed at Rs. 3,634.60 on Thursday, up by 0.83 percent from its previous closing price of Rs. 3,604.80 per equity share.
Revenue for Q3FY26 stood at Rs. 2,406 crore, compared to Rs. 1,132 crore in Q3FY25, registering a strong 112.5 percent YoY growth. On a sequential basis, revenue increased by 40.6 percent QoQ from Rs. 1,711 crore in Q2FY26, indicating sharp improvement both year-on-year and quarter-on-quarter.
EBITDA came in at Rs. 172 crore in Q3FY26, up from Rs. 83 crore in Q3FY25, reflecting a healthy 107.2 percent YoY growth. Compared to Rs. 106 crore in Q2FY26, EBITDA rose 62.3 percent QoQ, showing significant improvement in operating performance during the quarter.
Profit after tax stood at Rs. 105 crore in Q3FY26 versus Rs. 48 crore in Q3FY25, marking a strong 118.8 percent YoY growth. Sequentially, profit increased by 78.0 percent QoQ from Rs. 59 crore in Q2FY26. Overall, the company delivered robust growth across revenue, EBITDA, and net profit on both yearly and quarterly bases.
Quality Power Electrical Equipments Limited
Quality Power Electrical Equipments Limited is a Sangli-based company, incorporated in 2001, that provides power products and solutions for generation, transmission, distribution, and automation sectors in India and overseas markets. Its portfolio includes reactors, transformers, line traps, capacitor banks, converters, and power quality systems such as static VAR compensators and harmonic filters. The company serves industries including renewables, steel, cement, railways, oil and gas, automotive, and power utilities.
With a market capitalization of Rs. 6,226.51 crore, the shares of Quality Power Electrical Equipments Limited closed at Rs. 799.65, up by 1.30 percent from its previous closing price of Rs. 789.40 per equity share.
Revenue for Q3FY26 stood at Rs. 284 crore, compared to Rs. 73 crore in Q3FY25, registering a sharp 289.0 percent YoY growth. On a sequential basis, revenue increased by 37.9 percent QoQ from Rs. 206 crore in Q2FY26, indicating strong improvement both year-on-year and quarter-on-quarter.
EBITDA came in at Rs. 79 crore in Q3FY26, up from Rs. 17 crore in Q3FY25, reflecting a robust 364.7 percent YoY growth. Compared to Rs. 36 crore in Q2FY26, EBITDA surged 119.4 percent QoQ, showing significant expansion in operating performance during the quarter.
Profit after tax stood at Rs. 63 crore in Q3FY26 versus Rs. 20 crore in Q3FY25, marking a strong 215.0 percent YoY growth. Sequentially, profit rose 80.0 percent QoQ from Rs. 35 crore in Q2FY26. Overall, the company delivered exceptional growth across revenue, EBITDA, and net profit on both yearly and quarterly bases.
Rajesh Exports Limited
Rajesh Exports Limited is a Bengaluru-based gold refining company, incorporated in 1989, engaged in the manufacture, wholesale, retail, and export of gold and gold products in India. The company also operates retail jewellery showrooms under the SHUBH Jewellers brand.
With a market capitalization of Rs. 3,694.00 crore, the shares of Rajesh Exports Limited closed at Rs. 125.11, hitting a lower circuit of 5 percent from its previous closing price of Rs. 131.69 per equity share.
Revenue for Q3FY26 stood at Rs. 235,098 crore, compared to Rs. 96,630 crore in Q3FY25, registering a strong 143.3 percent YoY growth. On a sequential basis, revenue increased by 34.2 percent QoQ from Rs. 175,212 crore in Q2FY26, indicating substantial improvement both year-on-year and quarter-on-quarter.
EBITDA came in at Rs. 114 crore in Q3FY26, up from Rs. 67 crore in Q3FY25, reflecting a healthy 70.1 percent YoY growth. However, on a sequential basis, EBITDA declined by 35.2 percent QoQ from Rs. 176 crore in Q2FY26, suggesting some moderation in operating performance compared to the previous quarter.
Profit after tax stood at Rs. 71 crore in Q3FY26 versus Rs. 36 crore in Q3FY25, marking a 97.2 percent YoY growth. Sequentially, profit fell by 31.7 percent QoQ from Rs. 104 crore in Q2FY26. Overall, while the company delivered strong year-on-year growth across revenue and profitability, there was a noticeable decline in EBITDA and profit on a quarter-on-quarter basis.
GHV Infra Projects Limited
GHV Infra Projects Limited, based in Mumbai and incorporated in 1976, develops infrastructure projects across India. It undertakes roads, bridges, buildings, canals, irrigation, transport, energy, environmental, industrial, and commercial projects. The company also develops property and solar power projects. It is a subsidiary of JHV Commercials LLP.
With a market capitalization of Rs. 2,234.33 crore, the shares of GHV Infra Projects Limited closed at Rs. 310, down by 0.24 percent from its previous closing price of Rs. 310.75 per equity share.
Revenue for Q3FY26 stood at Rs. 138 crore, compared to Rs. 18 crore in Q3FY25, reflecting a strong 666.7 percent YoY growth. On a sequential basis, revenue declined by 25.0 percent QoQ from Rs. 184 crore in Q2FY26, indicating a sharp drop compared to the previous quarter despite strong yearly growth.
EBITDA came in at Rs. 28 crore in Q3FY26, up from Rs. 4 crore in Q3FY25, registering a robust 600.0 percent YoY growth. Sequentially, EBITDA increased by 27.3 percent QoQ from Rs. 22 crore in Q2FY26, showing steady improvement in operating performance compared to the last quarter.
Profit after tax stood at Rs. 15 crore in Q3FY26 versus Rs. 3 crore in Q3FY25, marking a 400.0 percent YoY growth. On a QoQ basis, profit rose by 36.4 percent from Rs. 11 crore in Q2FY26. Overall, the company delivered strong year-on-year growth across revenue, EBITDA, and profit, with modest sequential gains in profitability.
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