Holi-to-Holi multibaggers: From market favourites to hidden gems, 80 stocks deliver up to 1,822% returns

As investors prepare to celebrate Holi on Wednesday, March 4, 2026, the real splash of green has fallen upon these 80 stocks from Indian markets that have turned multibaggers from last Holi, which fell on March 14, 2025. The returns have skyrocketed up to an extraordinary 1,822%, even as Indian equities grappled with tariff concerns, subdued earnings and stretched valuations.

Out of the 80 stocks under review, 17 have delivered over 200% returns in the said period, with Midwest Gold rising up to 1,822%, the highest among its peers. The Karnataka-based company processes granite blocks, including the mining and processing of all other types of minerals. The next is Kalind, which has yielded 1,143% returns.

The other head turners are Belding India, GHV Infra Projects, Cupid, Gujarat Natural Resources, SML Mahindra, Valiant Communications, BGR Energy Systems, Concord Control Systems, CIAN Agro Industries & Infrastructure, Indokem, Spice Lounge Food Works, Lumax Auto Technologies, Force Motors, Mahamaya Steel Industries and MTAR Technologies, which have delivered returns between 201% and 650%.




Also read: Stock Market Holi Holiday 2026: Will NSE & BSE be closed on March 3 or 4?

In the same period, the Nifty50 index yielded 11%, rising by 2,468 points.

The other widely tracked stocks that have delivered more than 100% returns are TD Power Systems, Lumax Industries, Prime Focus, GE Vernova T&D India, Infobeans Technologies, Netweb Technologies India, Hindustan Copper, Tourism Finance Corporation Of India, Multi Commodity Exchange Of India (MCX), Bajaj Consumer Care, Ashok Leyland, Aditya Birla Capital, Apollo Micro Systems, Indian Metals & Ferro Alloys, L&T Finance, RBL Bank, Apar Industries, Indian Bank and John Cockerill India.

Market outlook

Kranthi Bathini, Director-Equity Strategy at WealthMills Securities, said that this Holi is being celebrated during very turbulent times with the Iran-Israel/US war unsettling global markets, including India. The outlook remains uncertain as the length of the war cannot be assessed, Bathini said, highlighting that this conflict is quite different from the Russia-Ukraine war or Israel-Palestine tensions.

Iran is a much stronger opponent, and the entire Middle East is vulnerable to war, he opined.

He said unforeseen geopolitical tensions are emerging, putting India in a challenging position on multiple fronts, adding that crude oil prices will be a crucial factor shaping the outlook for domestic equity markets.

Brent oil prices have jumped nearly 30% this year and are currently hovering around $77.79 per barrel, surging 7% on Tuesday.

Indian equity markets are closed today on account of the Holi holiday. The Multi-Commodity Exchange of India (MCX) will open for trade in the evening session.

The markets are expected to remain volatile and may extend their weakness in the medium term, the WealthMills Director warned.

While conceding that the availability of oil remains in abundance and the market still has bearish undertones, he said things may change if the war extends for long.

What should investors do?

Bathini said that the investment themes appear limited given the current uncertainties. The Indian IT sector has been under correction from the AI onslaught, and tech companies over the last few years have been preserving their capital by way of buybacks and dividend payouts instead of spending on the emerging technologies, he lamented.

His advice to investors is to invest in inward-facing sectors like infrastructure (railways and defence), healthcare and consumption, where the opportunity is immense.

Meanwhile, market expert Anuj Gupta stopped short of recommending themes in view of next Holi, arguing that the correction is not over and the direction remains uncertain. His advice to investors is to wait and watch.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)