18 months, no market return; yet MCX, Paytm among 5 stocks doubling investor money
BSE topped the chart, rallying 206 per cent to Rs 2,753.70 oer share on Friday from Rs 901 apiece, 18 months ago.
- Feb 20, 2026,
- Updated Feb 20, 2026 12:00 PM IST
Multibagger stocks: The broader market, as represented by Nifty 500, stands virtually where it was at 18 months ago. Yet five constituents from the 500-packed index delivered over 100 per cent returns during the challenging period. They are BSE Ltd, Force Motors Ltd, Multi Commodity Exchange of India Ltd (MCX), Laurus Labs Ltd and One97 Communications Ltd (Paytm).
On Friday, Nifty 500 was quoting 87.95 points, or 0.38 per cent, higher at 23,380.65. This is against the 23,280.35 level, the index settled at, 18 months ago, on August 20, 2024.
During this period, BSE topped the index chart, rallying 206 per cent to Rs 2,753.70 oer share on Friday from Rs 901 apiece, 18 months ago, data compiled from corporate database AceEquity suggested. Elara in a February 10 note said BSE is well -positioned to capitalise on structural growth levers as it has established a strong foothold in key verticals.
With 500 co-location racks already in place and plans to add another 80 alongside StarMF as its leading mutual fund distribution platform, the exchange boasts robust infrastructure, Elara said.
"BSE's dominance in SME listings and proactive debt segment development further offer significant value -unlock optionality, underpinned by an asset -light model and expanding product suite where execution will be key," it said.
Force Motors Ltd, which is not tracked by many analysts, saw its shares soaring 187 per cent to Rs 24,183 apiece on Friday from Rs 8,440.65 per share on August 20, 2024. FPI holding in the auto stock has been rising for past eight quarters and stood at 10.46 per cent at the end of December quarter.
MCX shares are up 147 per cent in the past 18 months. Analysts noted that MCX is a play on commodity volatility, especially related to gold, silver and oil prices. While volume predictability is a challenge, ICICI Securities said it has been using terms like ‘structural volatility’ and ‘commodity momentum’ to support its positive view on MCX
ICICI Securities on January 28 noted that SEBI Chairman Tuhin Kanta Pandey recently signaled that the regulator is working with the RBI and IRDAI to allow banks, insurance companies, and pension funds to trade in the commodity derivatives market. In addition, the regulator is evaluating a proposal to permit FPIs to participate in non-cash settled, nonagricultural derivatives. Laurus Labs and Paytm shares jumped 133 per cent and 100 per cent in the period mentioned. Over the past 18 months, Laurus commercialised and supplied three NCEs. Analysts said te rug maker reported strong operating cash flow led by robust Ebitda growth, working capital optimisation, and customer advances. MOFSL has a target price of Rs 1,230 on the stock.
In the case of Paytm, the online payment platform operates as an intermediary across several structurally oligopolistic markets such as UPI P2M, payment gateway, soundbox devices, and merchant loan distribution, where just 2–3 players dominate.
"Coupled with Paytm’s deep tech capabilities and embedded merchant relationships, this structure supports long-term pricing power and imposes high switching costs. With most of its merchant acquisition already in place and a digital-first model, Paytm enjoys substantial operating leverage," Investec said on January 22 while initiating coverage on the stock.
Multibagger stocks: The broader market, as represented by Nifty 500, stands virtually where it was at 18 months ago. Yet five constituents from the 500-packed index delivered over 100 per cent returns during the challenging period. They are BSE Ltd, Force Motors Ltd, Multi Commodity Exchange of India Ltd (MCX), Laurus Labs Ltd and One97 Communications Ltd (Paytm).
On Friday, Nifty 500 was quoting 87.95 points, or 0.38 per cent, higher at 23,380.65. This is against the 23,280.35 level, the index settled at, 18 months ago, on August 20, 2024.
During this period, BSE topped the index chart, rallying 206 per cent to Rs 2,753.70 oer share on Friday from Rs 901 apiece, 18 months ago, data compiled from corporate database AceEquity suggested. Elara in a February 10 note said BSE is well -positioned to capitalise on structural growth levers as it has established a strong foothold in key verticals.
With 500 co-location racks already in place and plans to add another 80 alongside StarMF as its leading mutual fund distribution platform, the exchange boasts robust infrastructure, Elara said.
"BSE's dominance in SME listings and proactive debt segment development further offer significant value -unlock optionality, underpinned by an asset -light model and expanding product suite where execution will be key," it said.
Force Motors Ltd, which is not tracked by many analysts, saw its shares soaring 187 per cent to Rs 24,183 apiece on Friday from Rs 8,440.65 per share on August 20, 2024. FPI holding in the auto stock has been rising for past eight quarters and stood at 10.46 per cent at the end of December quarter.
MCX shares are up 147 per cent in the past 18 months. Analysts noted that MCX is a play on commodity volatility, especially related to gold, silver and oil prices. While volume predictability is a challenge, ICICI Securities said it has been using terms like ‘structural volatility’ and ‘commodity momentum’ to support its positive view on MCX
ICICI Securities on January 28 noted that SEBI Chairman Tuhin Kanta Pandey recently signaled that the regulator is working with the RBI and IRDAI to allow banks, insurance companies, and pension funds to trade in the commodity derivatives market. In addition, the regulator is evaluating a proposal to permit FPIs to participate in non-cash settled, nonagricultural derivatives. Laurus Labs and Paytm shares jumped 133 per cent and 100 per cent in the period mentioned. Over the past 18 months, Laurus commercialised and supplied three NCEs. Analysts said te rug maker reported strong operating cash flow led by robust Ebitda growth, working capital optimisation, and customer advances. MOFSL has a target price of Rs 1,230 on the stock.
In the case of Paytm, the online payment platform operates as an intermediary across several structurally oligopolistic markets such as UPI P2M, payment gateway, soundbox devices, and merchant loan distribution, where just 2–3 players dominate.
"Coupled with Paytm’s deep tech capabilities and embedded merchant relationships, this structure supports long-term pricing power and imposes high switching costs. With most of its merchant acquisition already in place and a digital-first model, Paytm enjoys substantial operating leverage," Investec said on January 22 while initiating coverage on the stock.