What are retail investors buying? The bets just got bigger in 50 multibaggers that soared up to 1,400%

Retail investors have increased their holdings in dozens of stocks that have delivered multibagger returns this year, with 50 companies recording higher small-shareholder ownership in their latest shareholding disclosures. The share price gains of the stocks range from upwards of 100% to more than 1,400% in 2026.

An analysis of ACE Equity data shows that individual shareholders holding shares with a nominal value of up to Rs 1 lakh increased their collective stakes in these companies during the September quarter, even as the stocks delivered strong returns.

The list includes Sterlite Technologies, HFCL, Ather Energy, Shilpa Medicare, Sky Gold and Diamonds, Welspun Corp, Sansera Engineering and several smaller companies whose shares have more than doubled this year.


The biggest gainer was Mrugesh Trading, whose shares surged 1,437% in 2026 through November 12. The company's small-retail-shareholder holding increased from 0.05% in June to 0.10% in September. Sterlite Technologies followed with a gain of 586.54%, while retail ownership rose from 14.82% to 16.19% during the September quarter.

Axis Solution delivered a return of 487%, with small-shareholder ownership increasing from 1.54% to 1.80%. Bliss GVS Pharma gained 292%, while its retail ownership increased from 18.54% to 19.39%. Kwality Pharmaceuticals advanced 256%, with the corresponding holding rising from 15.33% to 15.75%.

Among the more widely followed stocks, Sky Gold and Diamonds gained 215% in 2026. Small-retail-shareholder ownership in the company increased from 13.25% in June to 14.11% in September. HFCL recorded a 210% gain, with the holding rising marginally from 24.42% to 24.46%.

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Shilpa Medicare advanced 207%, while retail ownership climbed from 16.44% to 16.86%. Steel Strips Wheels also featured prominently, with a return of 196%. Its small-retail-shareholder stake increased from 14.51% to 16.24%.

Aditya Infotech delivered a gain of 183%, while Sansera Engineering rose 180%. Retail ownership increased from 2.47% to 2.57% in Aditya Infotech and from 12.23% to 12.4% in Sansera Engineering. Welspun Corp, another major name on the list, gained 166%, with retail ownership inching up from 7.24% to 7.27%.

Electric two-wheeler manufacturer Ather Energy recorded a 155% return, while small-retail-shareholder ownership increased from 6.99% to 8.96%. The increase of 1.97 percentage points was among the larger changes recorded in the dataset. Other notable performers included Rubicon Research, which gained 154%, Yasho Industries at 146%, SG Mart at 142% and Shivalik Bimetal Controls at 142%.

A closer look at the shareholding changes shows that investors increased their collective ownership by varying degrees.

Yash Highvoltage recorded one of the biggest increases, with small-retail-shareholder ownership rising from 17.23% in March to 20.53% in September, a gain of 3.3%. Its shares returned 213% in 2026. Fineotex Chemical saw ownership increase from 21.5% to 23.74%, while its stock gained 113%.

Deccan Gold Mines recorded an increase from 40.24% to 42.37%, alongside a share price gain of 104%.

The strong performance of these stocks comes as Indian equities had a muted year. The largecaps have staged a sharp recovery following months of weakness, but the smallcaps still are trading weak.

The Nifty has risen more than 10% in November, supported by falling crude oil prices, improving corporate earnings and a sharp turnaround in foreign institutional investor flows.

Foreign investors have purchased Rs 73,261 crore worth of Indian equities in November so far, surpassing the earlier monthly buying record of Rs 66,135 crore set in December 2023. The recovery follows heavy selling of Rs 2.95 lakh crore during the first ten months of 2026.

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What next for Indian markets?

Raamdeo Agrawal, chairman and co-founder of Motilal Oswal, believes the combination of improving earnings and more reasonable valuations could support stronger market returns. "After two years of stagnation, market has the potential to give investors bumper returns by next Diwali, because of confluence of low valuation and high earnings growth," Agrawal said earlier.

However, the outlook for smaller companies remains more selective.

Nitin Bhasin, head of institutional equities at Ambit, and Bharat Arora, lead equity strategist at Ambit Capital, have advised investors to favour large-cap stocks and banks next year, citing relatively attractive valuations and better earnings visibility.

Their caution reflects concerns that valuations in parts of the midcap and smallcap universe remain elevated despite the correction.

Data: Ritesh Presswala

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘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 disclosureshere.