Up to 5,000% return! These stocks made investors richer since Diwali 2024

A first look at the major domestic equity indices shows muted returns since Diwali 2024. The benchmark BSE Sensex has gained just 3% since November 1, 2024, while the BSE Midcap index rose a marginal 0.17% during the same period. In contrast, the BSE Smallcap index underperformed, declining 4%. Market watchers attribute the subdued sentiment to factors such as ongoing geopolitical tensions, muted earnings growth, and sustained outflows from foreign institutional investors. Data show that only stock-specific investors made significant profits during the same period.

Overall, as many as 95 stocks on Dalal Street have more than doubled investors’ wealth since Diwali 2024. Some lesser-known names even skyrocketed over 1,000% during the period. GHV Infra Projects topped the list with a surprising 5,383% gain, as its share price surged to Rs 319.90 on October 10, 2025, from Rs 5.83 on November 1, 2024. Arunis Abode, Colab Platforms, and String Metaverse also delivered spectacular returns of 4,011%, 2,098%, and 1,310%, respectively.

Rajasthan Tube Manufacturing Company, Anand Rayons, BGR Energy Systems, Indokem, Synthiko Foils, Tera Software, Osiajee Texfab, Vas Infrastructure and Shukra Pharmaceuticals also advanced somewhere between 350% and 950% since Diwali 2024.

Sharing his views on the domestic equity markets, Rahul Singh, CIO-Equities, Tata Asset Management said, “The Indian markets have been in a sideways and consolidating phase for the last 9 to 12 months, but the good news is that valuations are becoming more reasonable with time correction, the Nifty50 forward P/E is now below 21x, offering a good entry range in anticipation of growth accelerating into FY27.”

He further added that while the GST reduction is a positive reform that could boost consumption in the second half, it created some temporary uncertainty in August and September, likely leading to a softer Q2 for consumption. However, this is short term, and we expect a gradual pickup ahead.

“The trade and visa developments between India and the US have also added near-term pressure on the IT sector, a key index component, and that headwind may persist for a while. Overall, this remains a bottom-up market. Apart from banking, which continues to look attractive given strong balance sheets, low credit costs, and steady credit growth, sectoral opportunities are more stock-specific. In such conditions, flexi cap funds remain our preferred category for the next 12–24 months as they can dynamically shift across market caps,” Singh said.

Data further showed that Trustedge Capital,  Gujarat Natural Resources, Balgopal Commercial, Vaxfab Enterprises, NACL Industries, Avance Technologies, Axiscades Technologies, Jetmall Spices and Masala, Rainbow Foundations, Escorp Asset Management, Manor Estates & Industries, LKP Finance, BGIL Films & Technologies, Everest Organics, Yogi Ltd, Suditi Industries, Apollo Micro Systems, Norben Tea & Exports, Addi Industries, and Gayatri Highways also gained more than 200% since last Diwali.

According to Axis Securities, entering Samvat 2082, India’s macro backdrop remains resilient, supported by pro-growth fiscal and monetary measures and GST 2.0 reforms. The valuation premium has normalised, offering a healthier entry point. “With earnings recovery expected from Q3FY26 and double-digit growth likely in FY27, the market is poised for a stronger performance ahead,” the brokerage said.

Aditya Birla Capital, BSE, Hero MotoCorp, India Nippon Electricals, Inox Green Energy, Laurus Labs, MTAR Technologies, NBCC, NMDC, SBI, Paytm and Syrma SGS Technology are among the top Diwali picks of Axis Securities for Diwali 2025.