Fastest-Growing Companies: The Art of Agility in Corporate Universe Led By Women

Vinita Gupta, Chief Executive Officer of Mumbai-based pharmaceutical firm Lupin Ltd, says leadership is all about the ability to anticipate change, adapt to circumstances with resilience and remain steadfast to one’s principles at the same time.

“Equally vital is the capacity to build and lead diverse, high-performing teams that share trust and a unified sense of purpose,” says Gupta. “Because ultimately, even the most robust strategy depends on the collective strength and alignment of the people who bring it to life.”

Gupta steered Lupin to sterling earnings growth in FY25, when many companies battled geopolitical and economic headwinds marked by ceaseless conflict in Ukraine and the Middle East, the threat and actuality of punitive US tariffs and technological changes such as the rapid advances made by artificial intelligence.

She and a clutch of other woman business leaders lived up to former US First Lady Michelle Obama’s words that “there is no limit to what we as women can accomplish.” From healthcare and insurance to real estate and manufacturing, companies led by women defied sectoral headwinds, bringing to the table disciplined execution, sharp capital allocation and operational agility, as reflected in the BT Most Powerful Women in Business list.

Lupin delivered 71% growth in net profit to Rs 3,306 crore in FY25 on a 12.9% increase in sales to Rs 22,192 crore. Earning before interest, tax, depreciation and amortisation (Ebitda), a measure of operating profitability, advanced 39.4% to Rs 5,479 crore, and profit margin expanded 469 basis points to 24.7%. One basis point is one hundredth of a percentage point.

For Praveena Rai, Managing Director and CEO of Multi Commodity Exchange of India Ltd (MCX), there are years that test, and then there are years that transform. FY25 was a bit of both for MCX, she said in her annual letter to shareholders. Revenue grew 59% to Rs 1,208.86 crore and EBITDA expanded more than 445% to Rs 761.51 crore.

It’s all about the leadership. “An open-minded approach, empathy in engagement, and courage to take decisions in a dynamic environment are essential leadership qualities,” Rai tells BT. “It’s about empowering teams, nurturing innovation, and fostering a culture of trust where diverse perspectives thrive, driving high performance,” she adds.

Leading The Street

The broader corporate universe reported only a modest uptick in earnings but companies with women at the helm stood out. Against a 9.9% rise in profitability for Nifty 500 companies in FY25, these women-led entities posted a 50-450% surge in profit, shows data compiled by corporate database AceEquity.

Rai’s MCX led the pack, with profit surging seven-fold on the back of higher trading volumes and platform upgrades. For her, the three strategic focus areas during the year were operational excellence, compliance, and expansion of products and participants.

Jasleen Kohli’s Go Digit followed with a 134% leap in bottom line, reflecting strong underwriting performance and premium growth.

Kaynes Technology India reported a 60% jump in profit. Savitha Ramesh, Executive Chairperson and Whole-time Director, wrote in her annual report that the electronics manufacturer’s strategy centered around creating value by participating in high-growth, high-impact sectors from railways and space to electric mobility, smart metering and semiconductors.

Kaynes’ order was Rs 6,597 crore at the end of the year. With the acquisition of Iskraemeco India, the company is building full-stack smart meter capabilities and aiming for 15–20% market share, Ramesh told shareholders.

Saloni Satish Wagh’s Supriya Lifescience reported record revenue and Ebitda in FY25. Wagh told shareholders that Supriya Lifescience was working on multiple CDMO opportunities across active pharmaceutical ingredients and finished formulations, adding the company’s enhanced capacity will be sufficient to support revenue growth through 2027-28. CDMO is short for Contract Development Manufacturing Organisation.

Bhuvneswari Nara’s Heritage Foods posted a 77% increase in profit and Pavitra Shankar-led Brigade Enterprises’s profit expanded by 70%. Apollo Hospitals, Kaynes Technology and Garware Hi-Tech Films also reported healthy net income growth.

Cost Management, Tech Efficiency

For some of these woman leaders, cost management and tech efficiency was the key to strong results. Kohli said her general insurance company more than doubled its profit in FY25. She attributed the achievement to a disciplined approach to cost management and technology-led efficiencies that enabled her to scale up operations across product lines.

“With data-driven underwriting and sharper risk assessment, we achieved one of the best loss ratios in the industry. Strong investment income and prudent asset management further strengthened our financial position,” she says.

Lupin’s Gupta says her leadership journey has been profoundly shaped by the vision of her father Desh Bandhu Gupta, Lupin’s founder.

In an industry as dynamic and complex as pharmaceuticals, foresight, agility and conviction are indispensable, she says.

FY26 So Far

Most companies led by women sustained their performance in FY26. Kaynes Technology posted 76.6% growth in H1FY26 profit at Rs 196 crore from Rs 110.99 crore a year ago.

Brigade Enterprises reported a 68% jump in profit at Rs 328.8 crore. Lupin saw 62.54% growth, while MCX’s profit rose 51%.

“Our efforts translated into strong performance, which has continued to hold good in H1 FY26 as well. Taking the cue from the macroeconomic factors driving volatility in commodity markets globally and in India, we intensified our market outreach and business efforts,” says Rai.

Supriya Lifescience, Go Digit General Insurance, Apollo Hospitals and Garware Hi-Tech Films reported strong growth of 22-47% in the first half of FY26. Heritage Foods was an exception, with a 16% drop in H1 profits.

What’s Ahead?

Most stock market analysts are bullish on women-led companies. Deepika Murarka, a healthcare analyst at Choice Institutional Equities, is positive on Lupin, Supriya Lifescience and Apollo Hospitals.

“Supriya Lifescience led by Saloni Wagh has been performing well with Ebitda margin higher than peers, API leadership in niche therapies and demand-driven capacity expansions that support sustained growth. Additionally, its entry into the high-growth, high-value CDMO segment via a 10-year European contract reinforces our positive stance,” says Murarka. Gupta’s Lupin, Murarka says, is poised for a strong growth trajectory, driven by high-value launches in North America and India.

“The drug maker has demonstrated robust execution in scaling up new products like Tolvaptan (used for treating a kidney disorder), Mirabegron (a medication for an overactive bladder), Albuterol (an airways medication) and gSpiriva (a respiratory drug), reinforcing confidence in its differentiated pipeline. Margins are expected to expand, supported by a more favourable product mix,” she says.

“Apollo Hospitals is set for steady growth, with capacity increasing from 10,200 to 14,600 beds over the next five years and a sustained Ebitda margin of 24%. The diagnostics arm (AHLL) is targeting 15% revenue growth with a 200 bps margin improvement, driven by expansion in primary care and diagnostics. Apollo HealthCo (pharmacy) is expected to deliver 20% revenue CAGR, supported by deeper integration across the healthcare ecosystem and stronger penetration in high-potential emerging cities,” says Murarka. AHLL is short for Apollo Health and Lifestyle Ltd.

Analysts say Kaynes’ order book is healthy. With a surge in sales, led by robust execution, Q2 saw strong margin expansion on the back of operating leverage and product mix. Elara Securities has upped its estimates on Kaynes Tech for FY26.

Given H1FY26 bookings of Rs 3,150 crore, Brigade Enterprises may miss its Rs 9,000 crore pre-sales guidance for FY26, Nuvama warns, but says the Bengaluru market can still deliver volume growth and that the pace of launches will determine it sales trajectory going ahead. The securities firm retained its ‘Buy’ call on the real estate stock.

MCX continues to dominate the commodity futures market (98.9% share as of H1 of FY26) with 100% share in precious metals, 99.4% in energy and 100% in base metals. The exchange has introduced several products, including Silver (30kg) and Silver Mini (5kg) monthly expiry contracts, Cardamom and Nickel futures, and Options on the MCX iCOMDEX Bullion Index (MCX BULLDEX), covering gold and silver. The management has indicated the product pipeline remains robust with necessary regulatory approvals already in place, says MOFSL The brokerage has raised its FY 2026 earnings estimate for MCX by 21%.

The performance of women-led companies bodes well for investors in search of stellar returns.

@amitmudgill