Multibagger Stocks in India: Study List and History

103 Indian companies are on the study list from the review of 10 October 2026. 90 are small caps and 8 are mid caps. 19 show early price momentum, led by Valiant Organics, Sahasra Electronic Solutions and Emami Paper Mills. The 2 large caps are shown apart, below the main table.

A study list, not a prediction or a recommendation. Being on it means the last review found a lasting change in the business. Each company's lines below also say what is going the wrong way or is not proven yet. Nothing here says where the price goes next.

3 names on the list are not in the weekly price scan yet, so they are not in the table: Hexagon Nutrition, Waterways Leisure Tourism and Citius Transnet Investment Trust.

Download the 100 rows (CSV). Size is the rank by market value used on the small and mid cap page. Price stage is how far the price has already moved, read from its whole price history. "vs Nifty 500" is the stock's return minus the Nifty 500's, in percentage points.

Study list of 10 October 2026, refreshed every fortnight. Prices as of 16 October 2026. 3-month moves from the weekly scan to 9 October 2026

The word means a share whose price rises several times over, say from ₹100 to ₹500, a 5-bagger. Nobody can tell in advance which shares will do that. This page shows what 591 past ones looked like in a study of 15 May 2026, and the 103 companies on today's study list.

What is a 5-bagger or a 10-bagger stock?

A 5-bagger is a share that rises to 5 times its price, a gain of 400%. A 10-bagger rises to 10 times, a gain of 900%. In the study of 591 Indian winners (15 May 2026), 11% of the 2,474 price runs gained more than 500%, so they ended above 6 times their starting price. For runs that began after 3 weak years, with the price already rising, it was 19% of 186 runs. The typical run gained 123%, a little over 2 times.

The study looked only at past winners, so these rates describe winners, not the chance that any share becomes one.

How the study list is made: every fortnight a set of companies is read one by one, 156 of them on 10 October 2026. A company stays on the list when a lasting change in its business shows up in its own numbers.

Each one gets three lines: what is changing, what is not proven yet, and how far the price has already moved.

Since the review of 22 August 2026, which kept 162 names, 40 of today's names were on both lists and 122 names from then are not on this one. Part of that is because the set of companies read changes too: only 50 of today's 103 were read on 22 August 2026.

Study list refreshed every fortnight. Last review 10 October 2026

A study of 591 Indian stocks that rose many times over found 2,474 separate price runs. The typical run gained 123%. Runs that began after a weak 3 years, with the price already rising, did best: a typical gain of 185%, and 19% of them rose more than 500%.

A run is a rise of 50% or more within 18 months, followed until the price fell 25% from its peak. A weak 3 years means the share grew less than 5% a year for 3 years, or spent half of the past year below its 200-day average price.

The 591 stocks came from four groups:

• 200 companies whose share price grew more than 15% a year for 10 years
• 200 financial companies
• 96 fast risers listed after 2018
• 95 steady risers that grew 12% to 15% a year

The study looked only at winners. It never checked how many shares showed the same signs and did not rise. So these are traits of past winners, not a test that finds future ones.

From the 591-winner study of 15 May 2026

Trading had gone quiet before 958 of the 2,021 runs with trading data (47%), and those runs gained 353% on average against 223% for the rest. Steady climbs did best, with a typical gain of 247%. A typical run also had a fall of about 22% lasting about 20 weeks on the way.

Quiet trading before the run

Quiet means the weekly volume at the start of the run was at least 30% below its 12-week average. 958 of 2,021 runs started that way.

The shape of the climb

Only 11% of runs were steady climbs. Runs that did half their rise in the first quarter gained the least.

From the 591-winner study of 15 May 2026. Trading data for 2,021 of the 2,474 runs

Most gains did not last. A year after the peak, only 28% of runs built mainly on earnings growth were above their peak price, and 23% of runs built mainly on a higher P/E. The earnings-led ones gave back the least, 4% on average.

This is why the study list above shows what is changing in each business, not only the price.

From the 591-winner study of 15 May 2026. One year after each run's peak

25 studied stocks are early, 52 middle and 26 late. Early means the price is still close to a long, low base. Middle means it has already had one or more rises. Late means it has already risen many times over.

3 of the stocks counted here have no weekly price data yet, so they are counted but not named, and have no earnings figure in the last column.

A late price stage is not a fault in the business. It only says how much of a rise has already happened.

Read from each stock's whole price history at the review of 10 October 2026, refreshed every fortnight

90 of the 100 studied stocks are small caps, 8 are mid caps and 2 are large caps. 8 trade under ₹100 a share, among them PC Jeweller (₹16.3), Motisons Jewellers (₹17.6) and Subex (₹19).

Size = rank by market value across every company we score: top 100 large cap, next 150 mid cap, the rest small cap. Updated every weekend

19 of the 103 studied stocks are small or mid caps with early price momentum: 18 small caps and 1 mid cap. The list starts with them, small caps first. The 2 large caps are shown apart at the end.

How this study list is ordered

Small caps come first, including the smallest companies some call microcaps, then mid caps. Size is the same rank by market value used on the small and mid cap page. Large caps, the 100 biggest companies, are shown apart at the end. Inside each size group, the first names have early price momentum. That means three things at once. The price is still early in its run. Its 3-month return is ahead of the Nifty 500 in the weekly scan. And over the past year it has not already beaten the Nifty 500 by 100 percentage points or more. The rest follow, early price stage first, then the biggest 3-month move. The list is not ranked on a score, and nothing here says which share will rise.

What is changing, and what is not proven yet

• Valiant Organics early price momentum

  Small cap · ₹1,311 cr · Early: still near its long, low base · +80.1 points vs Nifty 500 over 3 months

  What the numbers show: Profit margin recovered to 18% by June 2026, but sales are flat near ₹739 crore.

  Not proven yet: The newest earnings call is from November 2023, so the cause is unexplained.

• Sahasra Electronic Solutions early price momentum

  Small cap · ₹1,183 cr · Early: still near its long, low base · +65.5 points vs Nifty 500 over 3 months

  What the numbers show: Reported profit rests mostly on income outside the business, not on the plants themselves.

  Not proven yet: Whether operating profit ever covers new depreciation and interest on its own.

• Emami Paper Mills early price momentum

  Small cap · ₹699 cr · Early: still near its long, low base · +39.9 points vs Nifty 500 over 3 months

  What the numbers show: Operating profit and margin improved in December, March and June on the same paper plants.

  Not proven yet: No earnings calls exist, so a lasting cost or price reason is unproven.

• Manoj Vaibhav Gems N Jewellers early price momentum

  Small cap · ₹1,015 cr · Early: still near its long, low base · +39.4 points vs Nifty 500 over 3 months

  What the numbers show: New showrooms in more districts lifted sales 21.5% and operating profit 16.4%.

  Not proven yet: Two years produced ₹215 crore of profit but minus ₹41 crore of cash.

• PVR Inox early price momentum

  Small cap · ₹13,033 cr · Early: still near its long, low base · +38.8 points vs Nifty 500 over 3 months

  What the numbers show: Four straight quarters of higher operating profit, more spend per guest, and the company now has net cash.

  Not proven yet: Profit rides the film release slate, and new screen openings have slipped.

• Motisons Jewellers early price momentum

  Small cap · ₹2,054 cr · Early: still near its long, low base · +33.5 points vs Nifty 500 over 3 months

  What the numbers show: Lower debt and a smaller interest bill are the one real contributor to better profit.

  Not proven yet: No earnings calls exist, so the margin swings have no operating explanation.

• eMudhra early price momentum

  Small cap · ₹4,722 cr · Early: still near its long, low base · +31.4 points vs Nifty 500 over 3 months

  What the numbers show: Its own products grew about 13% abroad last year, and cash beat profit at ₹133 crore.

  Not proven yet: Home grown growth ran 7% to 16%, below the 18% promised.

• RBZ Jewellers early price momentum

  Small cap · ₹763 cr · Early: still near its long, low base · +29.9 points vs Nifty 500 over 3 months

  What the numbers show: Last year's profit growth came largely from rising gold prices, worth ₹10 crore to ₹12 crore.

  Not proven yet: Cash from operations was negative every year from 2023 to 2026.

• Proventus Agrocom early price momentum

  Small cap · ₹667 cr · Early: still near its long, low base · +26.9 points vs Nifty 500 over 3 months

  What the numbers show: Sales grew 33% and 86% in the last two half years with margins slightly up.

  Not proven yet: Operating margin is still about 2% while marketing spending rises.

• Laxmi Organic Industries early price momentum

  Small cap · ₹5,012 cr · Early: still near its long, low base · +22.3 points vs Nifty 500 over 3 months

  What the numbers show: The June 2026 profit jump came from a wider ethyl acetate price gap, not more volume.

  Not proven yet: Dahej Phase 2 revenue has slipped twice, now expected only by March 2028.

• DIC India early price momentum

  Small cap · ₹554 cr · Early: still near its long, low base · +21.7 points vs Nifty 500 over 3 months

  What the numbers show: Operating cost absorption improved in September and June beyond the gross margin gain alone.

  Not proven yet: No earnings calls exist and the filings do not explain the profit bridge.

• Plastiblends India early price momentum

  Small cap · ₹524 cr · Early: still near its long, low base · +16.7 points vs Nifty 500 over 3 months

  What the numbers show: Recent quarters improved on their own, without the income outside the business that cushioned earlier ones.

  Not proven yet: No management evidence proves a lasting margin or growth cause, and only part of the profit turned into cash.

• Indiqube Spaces early price momentum

  Small cap · ₹4,123 cr · Early: still near its long, low base · +15.5 points vs Nifty 500 over 3 months

  What the numbers show: Revenue from filling signed office space grew 35% to 46% in all four quarters.

  Not proven yet: The business still loses money and rent paying space has stalled near 6.3 million square feet.

• Gujarat Pipavav Port early price momentum

  Small cap · ₹8,117 cr · Early: still near its long, low base · +15.1 points vs Nifty 500 over 3 months

  What the numbers show: Car export volume over existing berths lifted operating profit about 15% over four quarters.

  Not proven yet: The port licence expires in September 2028 with no renewal terms disclosed.

• Castrol India early price momentum

  Small cap · ₹19,255 cr · Early: still near its long, low base · +12.2 points vs Nifty 500 over 3 months

  What the numbers show: Volume ran 7% to 8% ahead of a slow growing lubricant market, with margins steady.

  Not proven yet: The 43% June profit jump leaned on one time lower cost stock.

• Powerica early price momentum

  Small cap · ₹7,409 cr · Early: still near its long, low base · +9.5 points vs Nifty 500 over 3 months

  What the numbers show: June 2026 sales rose 26.6% and operating profit 24.7% as orders turned into sales.

  Not proven yet: Generators, 81% of sales, earned only a 5.6% margin.

• Manba Finance early price momentum

  Small cap · ₹711 cr · Early: still near its long, low base · +8.8 points vs Nifty 500 over 3 months

  What the numbers show: Revenue rose 20% to 39% every quarter as new branches opened in new states.

  Not proven yet: Profit rose only 12% while revenue rose 32%.

• EPL early price momentum

  Small cap · ₹7,457 cr · Early: still near its long, low base · +4.1 points vs Nifty 500 over 3 months

  What the numbers show: Sales growth climbed from 11% to 25% over four quarters with gross margin near 60%.

  Not proven yet: Net profit has not grown for four quarters, ₹393 crore against ₹399 crore.

• Fedbank Financial Services

  Small cap · ₹5,492 cr · Early: still near its long, low base · -1.8 points vs Nifty 500 over 3 months

  What the numbers show: Interest earned minus interest paid grew ₹215 crore as new branches lent more against gold.

  Not proven yet: Loan growth is mostly the gold price, with tonnage up about 1%.

• Inventurus Knowledge Solutions

  Small cap · ₹29,468 cr · Early: still near its long, low base · -4.7 points vs Nifty 500 over 3 months

  What the numbers show: Revenue grew over 20% and operating profit 36% over four quarters, paid in cash.

  Not proven yet: The TruBridge purchase now needs 18 to 24 months to integrate, with debt added.

• PC Jeweller

  Small cap · ₹14,525 cr · Middle: has had one or more rises · +54.6 points vs Nifty 500 over 3 months

  What the numbers show: Bank debt was repaid, the interest bill fell, and operating profit grew.

  Not proven yet: Cash from operations was minus ₹77 crore against ₹714 crore of profit.

• Subex

  Small cap · ₹1,081 cr · Middle: has had one or more rises · +51.3 points vs Nifty 500 over 3 months

  What the numbers show: Costs stayed near ₹62 crore to ₹64 crore a quarter while operating profit rose from 6 to ₹15 crore.

  Not proven yet: Order to revenue timing stretched from 3 to 4 or 5 quarters.

• Prabha Energy

  Small cap · ₹3,422 cr · Middle: has had one or more rises · +50.2 points vs Nifty 500 over 3 months

  What the numbers show: Gas production has started and June 2026 turned a positive operating result.

  Not proven yet: The three quarters before June all had operating losses, and depletion has not begun.

• Entero Healthcare Solutions

  Small cap · ₹7,295 cr · Middle: has had one or more rises · +44.7 points vs Nifty 500 over 3 months

  What the numbers show: Gross margin rose from 9.94% to 11.41% and sales grew faster than the medicine market.

  Not proven yet: Cash was ₹96 crore against ₹146 crore of profit, with borrowings at ₹677 crore.

• Uflex

  Small cap · ₹4,489 cr · Middle: has had one or more rises · +44.1 points vs Nifty 500 over 3 months

  What the numbers show: Americas film tonnes grew 18% in both the March and June 2026 quarters.

  Not proven yet: June's 17% margin rests on film price gaps and an ₹82.5 crore currency gain.

• AVT Natural Products

  Small cap · ₹1,444 cr · Middle: has had one or more rises · +41.6 points vs Nifty 500 over 3 months

  What the numbers show: Profit margin improved against the year before in three quarters, including June 2026.

  Not proven yet: Cash was ₹12 crore against ₹65 crore of profit, customers paying in 123 days.

• Sambhv Steel Tubes

  Small cap · ₹4,727 cr · Middle: has had one or more rises · +41.5 points vs Nifty 500 over 3 months

  What the numbers show: Operating profit rose in all four quarters as far more tonnes moved through the same plants.

  Not proven yet: Debt rises toward ₹800 crore to ₹850 crore before the Kesda plant produces anything.

• Rajputana Stainless

  Small cap · ₹1,438 cr · Middle: has had one or more rises · +39.5 points vs Nifty 500 over 3 months

  What the numbers show: Operating profit and margin improved against the year before in December, March and June.

  Not proven yet: Seamless pipe sales are undisclosed and cash of ₹32 crore trails ₹50 crore profit.

• Parag Milk Foods

  Small cap · ₹3,849 cr · Middle: has had one or more rises · +38.5 points vs Nifty 500 over 3 months

  What the numbers show: Avvatar protein and Pride of Cows sales grew 59% to 123% across four quarters.

  Not proven yet: Profit margin has not risen despite the fast new age growth.

• FlySBS Aviation

  Small cap · ₹1,062 cr · Middle: has had one or more rises · +37.8 points vs Nifty 500 over 3 months

  What the numbers show: Revenue grew about 64% in both recent half years as demand outran aircraft supply.

  Not proven yet: Profit margin fell from 28.85% to 21.04% as the company grew.

• Kross

  Small cap · ₹1,568 cr · Middle: has had one or more rises · +37.1 points vs Nifty 500 over 3 months

  What the numbers show: Sales rose 18% to 32% for three quarters on higher axle volumes.

  Not proven yet: Cash was ₹28 crore against ₹55 crore of profit, customers paying in 107 days.

• Shadowfax Technologies

  Small cap · ₹17,306 cr · Middle: has had one or more rises · +35.5 points vs Nifty 500 over 3 months

  What the numbers show: The same delivery network carried 65% more parcels and margin rose from 3.06% to 6.76%.

  Not proven yet: The raised 38% to 40% growth promise rests on customers never quantified.

• Quality Power Electrical Equipments

  Small cap · ₹11,984 cr · Middle: has had one or more rises · +33.9 points vs Nifty 500 over 3 months

  What the numbers show: Orders rose from ₹830 crore to ₹1,945 crore and revenue more than doubled to ₹1,004 crore.

  Not proven yet: The Sangli plant has slipped twice and approvals are still pending.

• DMCC Speciality Chemicals

  Small cap · ₹830 cr · Middle: has had one or more rises · +32.5 points vs Nifty 500 over 3 months

  What the numbers show: Operating profit doubled to ₹34 crore in June 2026, mostly on higher prices.

  Not proven yet: No earnings call covers the biggest profit quarter and gross margin fell throughout.

• Indo Amines

  Small cap · ₹1,145 cr · Middle: has had one or more rises · +31.1 points vs Nifty 500 over 3 months

  What the numbers show: June 2026 operating profit reached ₹53 crore against ₹31 crore a year earlier.

  Not proven yet: Product earnings are undisclosed and the Mahad disruption leaves production continuity unsettled.

• ASK Automotive

  Small cap · ₹11,595 cr · Middle: has had one or more rises · +31.0 points vs Nifty 500 over 3 months

  What the numbers show: It grows faster than two wheeler production, and newer Bangalore and Karoli plants are filling up.

  Not proven yet: Profit margin fell below last year twice running, 11.65% against 13.42%.

• Qualitek Labs

  Small cap · ₹644 cr · Middle: has had one or more rises · +29.6 points vs Nifty 500 over 3 months

  What the numbers show: A larger laboratory group is profitable, with a stronger half year to March 2026.

  Not proven yet: Growth in the same laboratories is not separated from acquired growth.

• VRL Logistics

  Small cap · ₹4,971 cr · Middle: has had one or more rises · +29.2 points vs Nifty 500 over 3 months

  What the numbers show: Freight rates passed on lifted revenue per tonne 9% to 10%, and June volume grew 9%.

  Not proven yet: Volume forecast has moved three times, 10% to 11%, then 6% to 7%, then 8%.

• Engineers India

  Small cap · ₹16,473 cr · Middle: has had one or more rises · +28.6 points vs Nifty 500 over 3 months

  What the numbers show: Sales fell against last year in both recent quarters and new orders were ₹514 crore.

  Not proven yet: Whether the ₹14,424 crore rupee order pile turns into rising sales.

• R R Kabel

  Small cap · ₹30,602 cr · Middle: has had one or more rises · +27.9 points vs Nifty 500 over 3 months

  What the numbers show: Operating profit grew 73.5% on 37.7% more revenue, with volume beating the cable industry.

  Not proven yet: Cash lagged profit, ₹295 crore against ₹492 crore, as stock days rose.

• Omnitech Engineering

  Small cap · ₹7,842 cr · Middle: has had one or more rises · +27.5 points vs Nifty 500 over 3 months

  What the numbers show: Sales grew 38% to 82% each quarter and operating profit doubled to ₹51 crore.

  Not proven yet: Cash from operations was negative two years running, minus 69 and ₹2 crore.

• Bhansali Engineering Polymers

  Small cap · ₹3,108 cr · Middle: has had one or more rises · +27.4 points vs Nifty 500 over 3 months

  What the numbers show: Reported profit improved from the business, but no single cause passes its test yet.

  Not proven yet: Whether June's higher sales repeat as profit from more output rather than good prices.

• KSH International

  Small cap · ₹6,786 cr · Middle: has had one or more rises · +24.2 points vs Nifty 500 over 3 months

  What the numbers show: Operating profit rose from ₹141 crore to ₹225 crore on transformer demand and exports.

  Not proven yet: Cash was negative in four of five years, minus ₹65 crore last year.

• Leela Palaces Hotels & Resorts

  Small cap · ₹19,620 cr · Middle: has had one or more rises · +23.6 points vs Nifty 500 over 3 months

  What the numbers show: Room rates rose 10% to 17% and revenue grew faster than the luxury hotel market.

  Not proven yet: The ₹268 crore rupee interest saving is a one time step, now finished.

• Aether Industries

  Small cap · ₹23,202 cr · Middle: has had one or more rises · +22.8 points vs Nifty 500 over 3 months

  What the numbers show: Sales to existing contract customers, above all Baker Hughes, rose from about ₹45 crore to ₹70 crore.

  Not proven yet: Growth slowed from 41% to 27% while margins stayed flat.

• ESAF Small Finance Bank

  Small cap · ₹2,137 cr · Middle: has had one or more rises · +22.2 points vs Nifty 500 over 3 months

  What the numbers show: New bad loans fell from ₹340 crore to ₹75 crore and profit before loan provisions rose to ₹349 crore.

  Not proven yet: Bad loan cost is still 4.4% a year and provisions barely fell.

• Modis Navnirman

  Small cap · ₹780 cr · Middle: has had one or more rises · +20.3 points vs Nifty 500 over 3 months

  What the numbers show: New society redevelopment mandates lifted revenue and operating profit above last year in all four quarters.

  Not proven yet: Cash from the business was negative in all five years shown.

• Gandhi Special Tubes

  Small cap · ₹1,070 cr · Middle: has had one or more rises · +17.2 points vs Nifty 500 over 3 months

  What the numbers show: December and June operating profit grew faster than sales, and yearly cash rose.

  Not proven yet: Stock days rose from 266 to 313 and no volume explanation exists.

• TBO Tek

  Small cap · ₹18,095 cr · Middle: has had one or more rises · +17.0 points vs Nifty 500 over 3 months

  What the numbers show: Revenue and operating profit rose in all four quarters, helped by acquiring Classic Vacations.

  Not proven yet: Cash flow was minus ₹21 crore against ₹244 crore of profit.

• Taneja Aerospace & Aviation

  Small cap · ₹831 cr · Middle: has had one or more rises · +16.3 points vs Nifty 500 over 3 months

  What the numbers show: June 2026 showed a 72.26% operating margin, but the full year fell.

  Not proven yet: One quarter cannot prove lasting growth, and how full the plant runs was not disclosed.

• DCB Bank

  Small cap · ₹6,566 cr · Middle: has had one or more rises · +14.3 points vs Nifty 500 over 3 months

  What the numbers show: Running costs stayed nearly flat while the loan book grew 17% to 18%.

  Not proven yet: The deposit cost benefit ends by late 2026 and bad loan costs are half normal.

• Onward Technologies

  Small cap · ₹683 cr · Middle: has had one or more rises · +14.2 points vs Nifty 500 over 3 months

  What the numbers show: Existing customers ordered more work and revenue beat last year in all four quarters.

  Not proven yet: Profit margin fell to 12.29 from 12.87% in June 2026.

• Diffusion Engineers

  Small cap · ₹1,603 cr · Middle: has had one or more rises · +12.5 points vs Nifty 500 over 3 months

  What the numbers show: Revenue beat last year in all four quarters and operating profit rose from ₹47 crore to ₹61 crore.

  Not proven yet: Orders have stayed near ₹200 crore while yearly revenue passed ₹400 crore.

• Mishra Dhatu Nigam

  Small cap · ₹8,252 cr · Middle: has had one or more rises · +12.2 points vs Nifty 500 over 3 months

  What the numbers show: Orders lifted sales, but profit margin was below the year before in all four quarters.

  Not proven yet: More than half the profit rise came from income outside the business.

• Atlanta Electricals

  Small cap · ₹13,607 cr · Middle: has had one or more rises · +10.7 points vs Nifty 500 over 3 months

  What the numbers show: A bigger set of transformer factories filled up on growing orders for 220 kV units.

  Not proven yet: Rivals add about 60,000 MVA and this year's margin forecast is below last year's 18.6%.

• Capital Infra Trust

  Small cap · ₹2,962 cr · Middle: has had one or more rises · +9.8 points vs Nifty 500 over 3 months

  What the numbers show: Twelve road assets lifted revenue to ₹283 crore and ₹259 crore, with fixed payments on time.

  Not proven yet: Cash per unit fell from 14.61 promised to 11.6 paid, then 9 forecast.

• Afcom Holdings

  Small cap · ₹4,360 cr · Middle: has had one or more rises · +9.7 points vs Nifty 500 over 3 months

  What the numbers show: Three planes flying more trips lifted operating profit from ₹75 crore to ₹234 crore.

  Not proven yet: Revenue forecast fell from 1,000 to ₹700 crore and landed at ₹583 crore.

• Aurum Proptech

  Small cap · ₹1,679 cr · Middle: has had one or more rises · +9.2 points vs Nifty 500 over 3 months

  What the numbers show: Operating profit rose to ₹105 crore, helped by acquiring PropTiger and closing a costly unit.

  Not proven yet: Housing.com loses about ₹200 crore a year and profit rests on building sales.

• Vidya Wires

  Small cap · ₹2,086 cr · Middle: has had one or more rises · +7.3 points vs Nifty 500 over 3 months

  What the numbers show: Operating profit grew about 32% in line with sales, but volume grew only 6.5%.

  Not proven yet: The new plant is only 50% to 60% full and the build-up slipped.

• Ceigall India

  Small cap · ₹6,428 cr · Middle: has had one or more rises · +7.2 points vs Nifty 500 over 3 months

  What the numbers show: Record road orders turned into revenue growth of 19%, 37% and 16% over three quarters.

  Not proven yet: Cash from operations was negative every year since 2022, minus ₹91 crore.

• City Union Bank

  Small cap · ₹22,929 cr · Middle: has had one or more rises · +7.2 points vs Nifty 500 over 3 months

  What the numbers show: Loans grew about 25% without cutting lending rates, and recoveries beat new bad loans.

  Not proven yet: Bad loan cost is forecast to rise from near zero toward 0.4%.

• Stove Kraft

  Small cap · ₹2,656 cr · Middle: has had one or more rises · +6.7 points vs Nifty 500 over 3 months

  What the numbers show: Revenue grew 32.6% and 41.5% in two quarters as induction cooktop demand surged.

  Not proven yet: Induction demand began with a cooking gas shock two quarters ago.

• Indus Infra Trust

  Small cap · ₹7,928 cr · Middle: has had one or more rises · +6.5 points vs Nifty 500 over 3 months

  What the numbers show: Acquiring finished government paid roads lifted operating profit to ₹214 crore in June 2026.

  Not proven yet: Profit per unit fell to 2.12 from 2.72 rupees after interest and new units.

• Kajaria Ceramics

  Small cap · ₹19,099 cr · Middle: has had one or more rises · +6.1 points vs Nifty 500 over 3 months

  What the numbers show: Profit margin rose to about 19% on flat sales, and cash covered profit last year.

  Not proven yet: Volume growth slowed from 11% to 6% while rivals in Morbi stay shut.

• Exhicon Events Media Solutions

  Small cap · ₹817 cr · Middle: has had one or more rises · +1.4 points vs Nifty 500 over 3 months

  What the numbers show: The venue business has grown and the Pune venue is reported operational.

  Not proven yet: Customer payment days rose from 88 to 157 and venue cash earnings are unverified.

• Park Medi World

  Small cap · ₹11,697 cr · Middle: has had one or more rises · +1.0 points vs Nifty 500 over 3 months

  What the numbers show: Beds grew about 20% and operating profit matched or beat revenue growth for three quarters.

  Not proven yet: Return on capital slid from 38% to 19% as acquired beds cost more.

• Mayur Uniquoters

  Small cap · ₹3,426 cr · Middle: has had one or more rises · +0.9 points vs Nifty 500 over 3 months

  What the numbers show: Sales to US carmakers such as Ford and Chrysler grew, lifting both margins twice.

  Not proven yet: Export volume grew 9.9% while export rupee sales grew about 30%.

• Emmvee Photovoltaic Power

  Small cap · ₹20,774 cr · Middle: has had one or more rises · -3.7 points vs Nifty 500 over 3 months

  What the numbers show: Operating profit rose ₹925 crore over four quarters as new solar plants ran fuller.

  Not proven yet: Cash flow was ₹200 crore against ₹1,082 crore of profit.

• Northern Arc Capital

  Small cap · ₹4,554 cr · Middle: has had one or more rises · -7.2 points vs Nifty 500 over 3 months

  What the numbers show: Loans late at an early stage fell from 2.6% to 1.5% and lending income rose ₹398 crore.

  Not proven yet: Half the direct lending book is small consumer loans growing about 50%.

• Menon Bearings

  Small cap · ₹1,620 cr · Late: has already risen many times over · +74.9 points vs Nifty 500 over 3 months

  What the numbers show: Fuller factories and on time orders explain the profit rise, with 13% to 15% from outside income.

  Not proven yet: Cash was ₹23 crore against ₹38 crore of profit, customers paying in 111 days.

• One Point One Solutions

  Small cap · ₹2,113 cr · Late: has already risen many times over · +55.6 points vs Nifty 500 over 3 months

  What the numbers show: Acquiring Netcom lifted revenue to ₹158 crore and profit to ₹16 crore in June 2026.

  Not proven yet: The AI product earns about ₹4 crore a year and borrowings rose to ₹220 crore.

• Wheels India

  Small cap · ₹5,929 cr · Late: has already risen many times over · +52.2 points vs Nifty 500 over 3 months

  What the numbers show: Sales rose 17.5% over four quarters with margin steady near 7.6%.

  Not proven yet: Group profit margin is flat, 7.57% against 7.54%, and aluminium wheels slipped twice.

• Renaissance Global

  Small cap · ₹1,726 cr · Late: has already risen many times over · +41.2 points vs Nifty 500 over 3 months

  What the numbers show: Demand led volume growth lifted operating profit in rupees every quarter, at thinner margins.

  Not proven yet: Own brands are only about 13% of sales and margins fell throughout.

• Finolex Cables

  Small cap · ₹21,239 cr · Late: has already risen many times over · +38.0 points vs Nifty 500 over 3 months

  What the numbers show: Unit volume growth in electrical cables and a fibre demand surge lifted profit in three quarters.

  Not proven yet: Fibre prices already fell from 17 to 13 dollars as new capacity arrives.

• Avalon Technologies

  Small cap · ₹15,386 cr · Late: has already risen many times over · +36.4 points vs Nifty 500 over 3 months

  What the numbers show: Existing customers ordered whole units, and growing orders turned into revenue with overheads spread wider.

  Not proven yet: Cash was ₹57 crore against ₹113 crore of profit, stock at 161 days.

• Aeroflex Industries

  Small cap · ₹6,888 cr · Late: has already risen many times over · +32.2 points vs Nifty 500 over 3 months

  What the numbers show: A shift from plain hose to higher margin assemblies lifted both margins above last year every quarter.

  Not proven yet: The new cooling skid line depends on one US partner and is months late.

• Yatharth Hospital & Trauma Care Services

  Small cap · ₹9,849 cr · Late: has already risen many times over · +29.5 points vs Nifty 500 over 3 months

  What the numbers show: Revenue rose 28% to 52% every quarter and group operating profit reached ₹92 crore.

  Not proven yet: New Delhi and Faridabad hospitals lost ₹10 crore together in December 2025.

• Karnataka Bank

  Small cap · ₹12,419 cr · Late: has already risen many times over · +25.1 points vs Nifty 500 over 3 months

  What the numbers show: The loan book grew about 17% a year while running costs stayed flat.

  Not proven yet: Loan yield fell to 8.68% and low cost deposits slipped to 32.42%.

• Syrma SGS Technology

  Small cap · ₹33,165 cr · Late: has already risen many times over · +24.8 points vs Nifty 500 over 3 months

  What the numbers show: Operating profit grew faster than revenue in all four quarters as exports rose 40% to 66%.

  Not proven yet: Margin forecast fell to 10.5% to 11% and working capital stretched to 71 days.

• IOL Chemicals & Pharmaceuticals

  Small cap · ₹5,904 cr · Late: has already risen many times over · +23.9 points vs Nifty 500 over 3 months

  What the numbers show: Operating profit rose ₹95 crore over four quarters with flat depreciation and interest.

  Not proven yet: The gain rests on ibuprofen restocking and wide ethyl acetate price gaps.

• Alivus Life Sciences

  Small cap · ₹16,283 cr · Late: has already risen many times over · +20.6 points vs Nifty 500 over 3 months

  What the numbers show: A steady stream of new launches outside Glenmark lifted gross margin above last year every quarter.

  Not proven yet: Glenmark purchases fell 52.6% and the cash cycle stretched to 267 days.

• Rashi Peripherals

  Small cap · ₹5,908 cr · Late: has already risen many times over · +19.9 points vs Nifty 500 over 3 months

  What the numbers show: Rupee sales jumped 40% over four quarters on a much smaller cost rise.

  Not proven yet: Growth rests on component prices, and price rises now come at half speed.

• Venus Pipes & Tubes

  Small cap · ₹4,229 cr · Late: has already risen many times over · +18.8 points vs Nifty 500 over 3 months

  What the numbers show: Order wins turned into 16% to 29% revenue growth at a 16% margin.

  Not proven yet: Net profit has been stuck near ₹26 crore for four quarters.

• Tamilnad Mercantile Bank

  Small cap · ₹13,853 cr · Late: has already risen many times over · +15.4 points vs Nifty 500 over 3 months

  What the numbers show: Interest earned minus interest paid rose ₹399 crore as gold loan pricing improved.

  Not proven yet: Gold loans are 47% of the book and gold led growth is slowing.

• Shyam Metalics & Energy

  Small cap · ₹29,591 cr · Late: has already risen many times over · +15.0 points vs Nifty 500 over 3 months

  What the numbers show: New capacity shipped about a fifth more tonnes and operating profit grew 28.5%.

  Not proven yet: The March and June margins coincide with a steel import safeguard duty.

• GNG Electronics

  Small cap · ₹7,815 cr · Late: has already risen many times over · +14.5 points vs Nifty 500 over 3 months

  What the numbers show: Revenue grew 25% to 43% every quarter as the overseas refurbished business expanded.

  Not proven yet: About ₹700 crore of stock is funded by ₹406 crore of net debt.

• Vintage Coffee & Beverages

  Small cap · ₹2,541 cr · Late: has already risen many times over · +13.8 points vs Nifty 500 over 3 months

  What the numbers show: More consumer coffee packs lifted margins, and the plant now runs toward 11,000 tonnes.

  Not proven yet: The freeze dried plant cost rose to ₹550 crore and ships nothing until July 2027.

• Kalpataru Projects International

  Small cap · ₹23,770 cr · Late: has already risen many times over · +9.3 points vs Nifty 500 over 3 months

  What the numbers show: Orders of ₹66,607 crore turn into revenue at steady margins, and debt fell sharply.

  Not proven yet: Revenue growth fell from 32% to 3.8% and operating margin is flat.

• Hindustan Foods

  Small cap · ₹6,951 cr · Late: has already risen many times over · +6.7 points vs Nifty 500 over 3 months

  What the numbers show: New plants filled up and operating profit grew 23% to 30% against 16% to 19% sales growth.

  Not proven yet: Return on capital is stuck at 14% and cash fell to ₹100 crore.

• Acutaas Chemicals

  Small cap · ₹25,876 cr · Late: has already risen many times over · -0.8 points vs Nifty 500 over 3 months

  What the numbers show: Exiting commodity products lifted both margins above last year in all four quarters.

  Not proven yet: Battery additives and the new molecules have no revenue figure and dates slip.

• Petronet LNG early price momentum

  Mid cap · ₹43,725 cr · Early: still near its long, low base · +10.8 points vs Nifty 500 over 3 months

  What the numbers show: Record profit leaned on ₹301 crore and ₹193 crore of trading and stock gains.

  Not proven yet: Gas handled fell to 207 from 220 units and underlying profit fell.

• Gland Pharma

  Mid cap · ₹50,523 cr · Middle: has had one or more rises · +29.8 points vs Nifty 500 over 3 months

  What the numbers show: Contract manufacturing for other drug firms lifted profit margin from 24.4% to 27.2%.

  Not proven yet: Dates slip, the chief executive seat is empty, and lines run about 90% full.

• Aegis Logistics

  Mid cap · ₹48,750 cr · Middle: has had one or more rises · +17.8 points vs Nifty 500 over 3 months

  What the numbers show: Industrial customers switching to LPG lifted volume 44% to 91% in every quarter.

  Not proven yet: The 7,000 rupee per tonne distribution margin could fall back toward 4,000.

• Ipca Laboratories

  Mid cap · ₹48,595 cr · Middle: has had one or more rises · +13.4 points vs Nifty 500 over 3 months

  What the numbers show: Better medicine mix lifted both margins above last year in all four quarters, with Indian sales outgrowing the market.

  Not proven yet: The 24% June 2026 margin leaned on delayed shipments and currency gains.

• Coforge

  Mid cap · ₹82,755 cr · Late: has already risen many times over · +30.5 points vs Nifty 500 over 3 months

  What the numbers show: Orders rose from 1.63 to 2.2 billion dollars and operating profit grew 73%.

  Not proven yet: Encora has two months of results while organic growth slowed to 1.2%.

• APL Apollo Tubes

  Mid cap · ₹58,700 cr · Late: has already risen many times over · +21.5 points vs Nifty 500 over 3 months

  What the numbers show: Gross margin stayed above 15% every quarter and operating profit rose ₹571 crore.

  Not proven yet: June 2026 volume fell about one fifth and the volume promise slid to 15%.

• Aurobindo Pharma

  Mid cap · ₹97,411 cr · Late: has already risen many times over · +14.5 points vs Nifty 500 over 3 months

  What the numbers show: Europe and other non US markets grew at double digits with a slightly better gross margin.

  Not proven yet: Penicillin G and China plant profits have slipped again.

• Bank of Maharashtra

  Mid cap · ₹63,963 cr · Late: has already risen many times over · +5.0 points vs Nifty 500 over 3 months

  What the numbers show: Interest earned minus interest paid rose ₹1,984 crore as branches and lending grew.

  Not proven yet: The bank earns less per rupee lent, with loan yield down 0.71 points.

Each company has two lines from the review: what its numbers show, good or bad, and what is not proven yet.

On the list, not in the weekly price scan yet

Study list of 10 October 2026, refreshed every fortnight

This page uses weekly closes, not live prices. In the week to 9 October, 41 of the 83 studied stocks with a clean price record closed higher and 40 closed lower, and 2 closed flat. The biggest weekly gains were Parag Milk Foods (+16.1%), Indo Amines (+15.6%) and PC Jeweller (+15.5%).

"Passes weekly test" below means a 3-month return at least 5 points above the Nifty 500, checked at each weekly scan.

Studied stocks beating the Nifty 500, week by week

Weekly closes, week to 9 October 2026 against the week to 1 October 2026. Updated every weekend

The table at the top lists all 100 studied stocks with price, size, price stage and returns. Download the CSV to sort it. The list changes every fortnight, after each review.

Download the study list (CSV) · How the numbers are worked out

Study list of 10 October 2026, refreshed every fortnight

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