In a striking display of market volatility, several stocks that delivered multibagger returns in 2025 have experienced significant declines in 2026. Cupid, which surged 583% last year, has continued its upward trajectory with a 149% gain this year, while Blue Pearl Agriventures has plummeted 92% after a 564% rise in 2025.
The trend highlights the inherent risks in high-momentum stocks. SML Mahindra has extended its rally, rising 69% this year after a 183% gain in 2025. Other stocks like Apollo Micro Systems, Gabriel India, Axiscades Technologies, and Lumax Auto Technologies have also maintained positive momentum, albeit with more modest gains compared to last year.
Conversely, stocks such as Hindustan Copper, L&T Finance, and Force Motors have faced downward pressure. Hindustan Copper slipped 2% in 2026 after a 109.16% rise in 2025, while Force Motors, which rallied 216% last year, has fallen 16% this year.
“For Indian equities, the bigger transmission channels could be US bond yields, the dollar, crude oil and the rupee — and the way these four variables interact could determine the next leg for markets.”
Sachin Shah, Executive Director and Fund Manager at Emkay Investment Managers
The most dramatic reversals have come from Midwest Energy and Ashapura Minechem. Midwest Energy, which surged 4,284% in 2025, is down 27% in 2026. Ashapura Minechem has fallen 39% after a 125% gain last year.
Elitecon International and Blue Pearl Agriventures have seen the steepest declines. Elitecon crashed 91% in 2026 after an 881% jump in 2025, while Blue Pearl Agriventures is down 91% this year.
Background
The market's selective nature is evident, with stocks backed by strong business fundamentals holding up better than those driven by speculative momentum. The recent Federal Reserve rate hike and its implications for US bond yields, the dollar, crude oil prices, and the rupee are key factors influencing the market outlook.
Looking ahead, the challenging global environment, marked by elevated US Treasury yields and a stronger dollar, poses risks for emerging markets like India. Investors should closely monitor these variables as they could shape the next phase of market movements.
