Best IPOs of FY26: 5 issues jump over 50% on debut, 3 other turn multibagger; do you own?

Primary markets investors barely made money in the financial year 2025-26, which turned out to be a reality check for those who wished to steal a quick buck from fresh debutants. However, only a handful of issues managed to deliver strong listings gains, while fewer companies were able to turn multibagger amid the market volatility.

According to the data from CMIE Prowess, only 36 companies were listed at a premium of at least 10 per cent in FY26, while 36 others delivered single digit gains on debut, with more than half listing at 5 per cent or below their issue prices. Only five companies managed to deliver listing gains above 50 per cent in FY26.

In terms of listing gains, Bharat Coking Coal Ltd topped the table with a listing pop of 76.43 per cent, while Highway Infrastructure was listed at a premium of 72.5 per cent. Urban Company Ltd was listed at a nearly 62 per cent premium, followed by Aditya Infotech Ltd and Meesho Ltd, which made debuts at 60 per cent and 53 per cent premium, over its issue price, respectively.

LG Electronics India, PhysicsWallah, GNG Electronics, Jain Resource Recycling, Corona Remedies, Ellenbarrie Industrial Gases, Globe Civil Projects, Billionbrains Garage Ventures Ltd (Groww), Sudeep Pharma, Sri Lotus Developers & Realty, Rubicon Research, Regaal Resources, Anthem Biosciences, and Crizac delivered a listing pop of 25-50 per cent to the investors in FY26.  

Interestingly, only three newly listed companies managed to end FY26 as multibaggers for the investors, rising up to 166 per cent, led by Aditya Infotech. Ather Energy was second, rising 135 per cent, while Belrise Industries was up 107 per cent from its IPO price, the data suggests.

Only four other stocks were able to post more than per cent gains as of the year ended from their issue price. This list includes names like Jain Resource Recycling (up 97 per cent), Atlanta Electricals (up 60 per cent), Rubicon Research (up 59 per cent) and Billionbrains Garage Ventures (up 50 per cent).

Debutants of FY26 including GNG Electronics, Corona Remedies, Borana Weaves, Canara HSBC Life Insurance Company, Bharat Coking Coal, Tenneco Clean Air India, ICICI Prudential Asset Management Company, Shreeji Shipping Global, Meesho and LG Electronics India managed to end with gains between 25 per cent and 50 per cent as of end of fiscal year.

India’s IPO market is entering FY27 with one of the strongest structural backlogs seen in decades, even as FY26 closes with near-term moderation driven by global volatility and valuation resets. We are continuing to see the pipeline becoming robust with high quality issuers, with 150+ companies lined up across sectors to raise Rs 2.5-4 lakh crores, said Bhavesh Shah, Managing Director and Head of Investment Banking at Equirus Capital. The new financial year will be less about volume and more about quality, scale and pricing discipline. We could see a few mega IPOs catching the attention this year. Overall, we expect FY27 to raise around USD 20 bn in capital, depending on market circumstances. The key risks, however, remain around Geopolitical tensions and FPI inflows, which could delay timing," he added.

Ankit Patel, Co-founder and Partner at Arunasset Investment Services believe that primary markets sentiments remain muted and promoters and bankers will defer issues until the market stabilizes after war-shocks. Premium valuations are not sustainable in the current markets scenario and only a few mage issues wont decide the directions of primary markets in FY27. Patel said that after the recent meaningful correction, secondary markets are likely to attract higher inflows as the primary market loses steam. For IPO investors to see strong listing gains, both valuations and investor sentiment need to turn favourable, which would lead to revival of sentiments.