27 Multibagger Stocks Defy Market Volatility with Up to 459% Gains Since Last Budget
The Indian stock market has experienced a tumultuous journey since the last Union Budget, with the benchmark Sensex managing a modest rise of just 6%. However, beneath this surface-level calm, a remarkable phenomenon has unfolded: twenty-seven stocks have emerged as true wealth multipliers, delivering staggering returns of up to 459%.
Mid-Cap and Small-Cap Domination in Multibagger Rally
According to data from Capitaline, these twenty-seven stocks have surged by 100% or more since the previous Budget. For this analysis, only companies with a market capitalization of ₹500 crore or more were considered, ensuring a focus on established players. A Mint analysis reveals a clear pattern: all these multibagger stocks belong exclusively to the mid-cap and small-cap categories. The Multi Commodity Exchange stands out with the highest market capitalization among them, exceeding ₹64,000 crore.
Top Performers: Cupid Leads with Stellar 459% Return
Among these standout performers, Cupid has emerged as the undisputed leader, being the only stock to offer returns exceeding 400%. Its shares have skyrocketed from ₹71.77 at the time of the last Budget to ₹401.5 at the latest closing price, recording an extraordinary gain of 459%. This remarkable performance is underpinned by several strong fundamentals: consistent positive returns over the past four years, robust earnings growth, a declining promoter pledge indicating strong insider confidence, a thriving export business, and a strategic foray into the FMCG segment.
The company recently announced its best-ever quarterly performance for the October-December period, with net profit surging 196% year-over-year to ₹33 crore. Additionally, the Cupid board has approved a 4:1 bonus issue, further boosting investor sentiment.
Other Notable Multibaggers: Elitecon and Sri Adhikari Brothers
Elitecon International secures the second position on the list, with its shares soaring 315% since Budget 2025. This small-cap stock witnessed its price zoom from ₹15 to above ₹63 within a year. Interestingly, the stock experienced a dramatic peak at ₹400 during the year before correcting significantly, yet it has still managed to multiply investor wealth substantially. The company's exponential growth is attributed to record sales, strong profit after tax (PAT), ambitious expansion plans, and an expanding global footprint.
Sri Adhikari Brothers is the only other stock on the list to have jumped over 300%. This small-cap company, with a market capitalization of ₹4,200 crore, has seen its stock price skyrocket to ₹1,655 from ₹407 a year ago, translating into a 307% gain.
Strong Performers Across Various Sectors
The list features several other impressive gainers:
- City Pulse and Force Motors have surged 204% and 188%, respectively.
- Hindustan Copper shares have risen 184%, largely driven by the sharp surge in copper prices to record high levels over the past year.
- Other notable companies include CIAN Agro, SML Mahindra, BGR Energy Systems, Lumax Auto, ASM Technologies, Arfin India, and Tourism Finance Corporation, all of which have delivered gains between 130% and 180%.
Multi Commodity Exchange, another marquee name on the list, has posted stellar earnings recently, thanks to a significant jump in trading volumes amid a record rally in gold, silver, and other base metal prices.
Complete List of Top Stocks Since Budget 2025
Here is the comprehensive list of the best-performing stocks since Budget 2025, based on Capitaline data:
- Cupid: 459.43%
- Elitecon International: 315.12%
- Sri Adhikari Brothers: 306.71%
- City Pulse Multi: 215.75%
- Force Motors: 204.48%
- Hindustan Copper: 188.59%
- CIAN Agro: 184.23%
- SML Mahindra: 158.57%
- BGR Energy Systems: 156.27%
- Lumax Auto Tech: 148.27%
- ASM Technologies: 144.46%
- Arfin India: 143.39%
- Concord Control: 138.70%
- Tourism Finance Corporation: 129.59%
- InfoBeans Tech: 126.67%
- NACL Industries: 124.69%
- Lumax Industries: 124.35%
- IFB Agro Industries: 120.42%
- Multi Commodity Exchange: 120.14%
- Sika Interplant: 118.38%
- Megasoft: 114.97%
- Silver Touch: 113.53%
- Spice Lounge Food: 111.07%
- GRM Overseas: 107.96%
- Prime Focus: 106.82%
- Frontier Springs: 102.63%
- Gabriel India: 102.51%
Budget Day Trading Strategy: Caution and Prudence Advised
As Budget Day approaches, analysts are advising investors to adopt a more cautious and prudent approach. Historically, Budget Day is one of the most volatile periods for Indian markets. Santosh Meena, Head of Research at Swastika Investmart Ltd., highlights a unique dynamic this year: "Since the 2026 Budget falls on a Sunday, institutional investors, who typically provide liquidity and stability, may remain largely inactive. This could lead to thinner order books and more erratic movements driven by retail sentiment. The initial reaction during the Sunday special session might be noise, with a clearer, sustainable trend likely emerging on Monday after big players digest the policy details."
Meena shared key technical levels for market indices:
- For Nifty, immediate support lies at 24,900, with a stronger base at 24,500. Upside resistance is pegged at 25,500 and 25,800.
- For Bank Nifty, support levels are at 59,000 and 58,000, with major hurdles at 60,600 and 61,800. Breaking these levels on high volume will be critical for determining the post-budget trend.
Key sectors to monitor include Defense, Infrastructure, and Power, which often benefit from budgetary allocations, as well as Financials and Housing, which are sensitive to tax incentives and interest rate commentary.
Mayank Jain, Market Analyst at Share.Market, recommends that Budget Day is best approached with a capital-preservation mindset rather than a return-maximization lens. With volatility expected to peak ahead of the speech and collapse sharply thereafter, traders should focus on defined-risk option structures such as Iron Flies, Iron Condors, or credit spreads instead of naked option selling.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions.
