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Summary: In September, mutual funds boosted their bets on a mix of small-cap names, ranging from consumer discretionary to materials and financial services. Here, we highlight the top five companies that saw the most buying.
The month of September saw mutual funds increase their stake across several small-cap companies, while also investing in a few new names. The buying was spread across multiple sectors, including consumer discretionary, financials, materials and industrials.
Let us look at the list of the top five small-cap stocks that mutual funds invested the most in September 2025.
#5 BlackBuck
BlackBuck, operated by Zinka Logistics Solutions, runs a digital platform for truck operators in India.
Founded in 2015 and headquartered in Bengaluru, the company connects fleet owners with shippers through its online load marketplace. Its services span fuel cards, vehicle financing (including for used trucks) and technology-led financial solutions. BlackBuck also offers digital tools for payments covering tolls and fuel. The company positions itself as a full-stack logistics enabler for India’s trucking ecosystem.
| Stock Rating | P/E ratio | 5Y revenue growth | 5Y net profit growth | 5Y average return on equity | 5Y average return on capital employed |
|---|---|---|---|---|---|
| ★★★ | - | -28.2% | 13.8% | -70.7% | -30.1% |
#4 Clean Science and Technology
Clean Science and Technology, incorporated in 2003 and headquartered in Pune, is a leading specialty chemicals manufacturer with operations in India and abroad. The company operates across three segments: performance chemicals, FMCG chemicals and pharma & agro intermediates. Its portfolio includes products that are critical inputs for FMCG, pharmaceuticals, agrochemicals and industrial applications.
With a focus on research-led innovation, Clean Science has built a reputation for high-quality, sustainable manufacturing practices. The company serves both consumer and industrial markets globally.
| Stock Rating | P/E ratio | 5Y revenue growth | 5Y net profit growth | 5Y average return on equity | 5Y average return on capital employed |
|---|---|---|---|---|---|
| ★★★ | 41.4 | 18.2% | 13.6% | 31.1% | 41.7% |
#3 United Foodbrands
United Foodbrands, headquartered in Bengaluru, operates a chain of casual dining restaurants under the ‘Barbeque Nation’ brand. It also runs Italian restaurants under the Toscano name and serves the delivery segment through ‘Barbeque in a Box’.
The company has expanded its footprint beyond India to markets such as Sri Lanka, Saudi Arabia, the UAE, Oman, Malaysia and Bahrain. The company positions itself as a diversified dining player with a mix of dine-in and delivery formats across multiple geographies.
| Stock Rating | P/E ratio | 5Y revenue growth | 5Y net profit growth | 5Y average return on equity | 5Y average return on capital employed |
|---|---|---|---|---|---|
| ★ | - | 7.8% | 3.4% | -29.1% | 9.9% |
#2 Jyothy Labs
Jyothy Labs, founded in 1983 and based in Mumbai, is a diversified FMCG company with operations in India and abroad. Its portfolio spans dishwashing (Pril, Exo), fabric care (Ujala, Henko, Mr White), household insecticides (Maxo, Maya, T-Shine) and personal care (Margo, Fa, Neem Active). Formerly known as Jyothy Laboratories, it was renamed Jyothy Labs Limited in 2019.
| Stock Rating | P/E ratio | 5Y revenue growth | 5Y net profit growth | 5Y average return on equity | 5Y average return on capital employed |
|---|---|---|---|---|---|
| ★★★ | 31.1 | 11.1% | 16.5% | 16.5% | 20.9% |
#1 Indian Energy Exchange
Indian Energy Exchange (IEX), founded in 2007 and based in Noida, runs India’s largest digital exchange for electricity and renewable energy. It offers day-ahead, term-ahead and real-time markets, along with green energy trading platforms and cross-border power trade. The company plays a pivotal role in promoting transparency and efficiency in India’s power sector.
| Stock Rating | P/E ratio | 5Y revenue growth | 5Y net profit growth | 5Y average return on equity | 5Y average return on capital employed |
|---|---|---|---|---|---|
| ★★★★ | 26.7 | 16.0% | 20.5% | 44.1% | 57.3% |
Are any of these small-cap stocks a part of our recommendation list?
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Also read: 5 most-bought mid-cap stocks by mutual funds in August 2025
Disclaimer: This content is for information only and should not be considered investment advice or a recommendation.
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