Diwali 2026: 77 stocks knock down D-St bears to deliver multibagger returns of up to 4,700% in a year

While bears prowled over Sensex and Nifty since Diwali last year and burnt massive sums to investor wealth, around 77 stocks with a market capitalisation of more than Rs 1,000 crore bucked the headwinds to deliver rocketing multibagger returns of up to 4,700%, lighting up their shareholders’ portfolios.

Diwali 2025 marked the beginning of Samvat 2082. What followed was a challenging phase for the Indian stock market, comprising geopolitical tensions, concerns around corporate earnings growth, especially for blue chips, trade tariff threat, elevated crude oil prices, persistent FII outflows and sharp currency depreciation. Sensex and Nifty have fallen up to 13% in just 2026 alone.

Also read | Diwali 2026: Sensex plunged 10,000 points, Nifty dropped 13% since last Diwali. Will Samvat 2083 bring some relief?

Multibagger stocks

As India gets ready to celebrate Diwali 2026 and welcome the new Samvat 2083, they are hoping for some relief from the incessant bear attacks. However, even as Sensex and Nifty reeled in the red, some stocks skyrocketed to more than double in just one year since last Diwali.

Mrugesh Trading, which has a market cap of a little over Rs 5,200 crore, takes the top spot on the list.The stock delivered a whopping 4,657% return since Diwali last year. Axis Solution comes next, jumping around 1,081% during the same period to deliver over tenbagger returns to its shareholders in just one year.

Sterlite Technologies, the fiber and digital infrastructure company, has surged 650%, taking its market cap beyond Rs 45,000 crore. Cupid ranks fourth, delivered 527% returns since Diwali last year. Sigma Advanced Systems and Hindusthan Insulators & Industries skyrocketed more than 400% each, while Bliss GVS Pharma, Kwality Pharmaceuticals and Zelio E-Mobility jumped over 300%.

Swan Defence and Heavy Industries, Ind-Swift Laboratories, Shreeji Shipping Global, Tribhovandas Bhimji Zaveri, Gretex Corporate Services, MTAR Technologies, Keltech Energies, HFCL, Kabra Extrusiontechnik, United Foodbrands and Welspun Corp shares surged 200-260% during the period, while those of Spectrum Electrical Industries, Bafna Pharmaceuticals, Venus Remedies, Sansera Engineering, Aeroflex Industries and others gained up to 200%.

EV scooter maker Ather Energy, pharma major Laurus Labs, TD Power Systems, Thangamayil Jewellery and others are included in the list of companies that have delivered multibagger returns since India celebrated Diwali last year.

Here is a full list of the stocks and the returns they have delivered since Diwali 2025.

Will Sensex, Nifty recover in Samvat 2083?

Following two years of consolidation, SBI Securities to see Indian equities witness a gradual recovery over Samvat 2083, with the primary catalyst being a pull back in crude oil prices below $90 per barrel. “We remain optimistic about forward outlook and believe domestic equities are likely to deliver better returns on the back of double-digit earnings growth despite of vulnerable external environment; likely conclusion of trade deal between US-India, alongside India’s ongoing export basket diversification; reversal of global AI trade, which should redirect capital flows toward well diversified markets emerging markets like India and likelihood of continued reforms by government to accelerate economic growth,” the brokerage said.

Additionally, it sees any relief in the taxation pertaining to STT or LTCG to serve as a big sentiment booster for equity markets. Going forward, SBI Securities believes wealth creators are likely to emerge from sectors including auto OEMs and auto ancillaries, capital goods or Engineering, including defence, aerospace engineering, railway safety, power equipment, pharma ancillary, import substitution like CNC machine, BFSI, EMS, recycling, new age platform businesses, pharma - CDMO & chemicals, structural steel tubes, discretionary consumption (hotels, jewellery, alcoholic beverages etc.) and metals or mining.

Also read |Nifty rout hides a striking bull run: Smallcap universe gives 60 multibaggers since last Diwali

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.