The 2025 multibagger pack has split sharply in 2026. Some of last year’s biggest winners have continued to deliver strong gains, while others have collapsed, showing how quickly momentum trades can turn once the market mood changes. Data for 15 stocks that more than doubled in 2025 shows that eight are still positive in 2026, while seven have slipped into the red.

Cupid has gained another 149% in 2026 after surging 583% in 2025, while Blue Pearl Agriventures has crashed 92% this year after rising 564% last year. The sharp divergence shows that a multibagger return in one year does not automatically protect investors in the next. In several cases, the biggest winners of 2025 have become the biggest losers of 2026.

Cupid is the strongest continuation trade in the list. The stock had rallied 583% in 2025 and has gained another 149% in 2026 so far. SML Mahindra has also extended its rally, rising 69% this year after a 183% gain in 2025.

Apollo Micro Systems, Gabriel India, Axiscades Technologies and Lumax Auto Technologies have also stayed in favour. Apollo Micro Systems is up 50% in 2026 after gaining 136% last year. Gabriel India has advanced 46% after a 113% rise in 2025, while Axiscades Technologies is up 43% after rising 112% last year. Lumax Auto Technologies has gained 37% this year after a 139% rally in 2025.

Aditya Birla Capital and Jayaswal Neco Industries have managed to stay positive, but only modestly. Aditya Birla Capital is up 11% in 2026 after rising 101% in 2025. Jayaswal Neco has gained just 3% this year after a 124% gain last year.

The pressure is more visible in the rest of the pack. Hindustan Copper has slipped 2% in 2026 after a 109.16% rise in 2025. L&T Finance is down 4% after gaining 133% last year. Force Motors, which had rallied 216% in 2025, has fallen 16% in 2026.
The biggest reversals have come from the most dramatic 2025 winners. Midwest Energy, which had surged 4,284% in 2025, is down 27% in 2026. Ashapura Minechem has fallen 39% after a 125% gain last year.Also Read: Chasing IPO debut highs? All 10 listing multibaggers of last 2 years bleed negative returns

Elitecon International and Blue Pearl Agriventures have seen the steepest fall. Elitecon had jumped 881% in 2025, but crashed 91% in 2026. Blue Pearl Agriventures, which gained 564% last year, is down 91% this year.

The data reveals that buying after a stock has already multiplied can work only if earnings, valuations and liquidity continue to support the move. Once the market turns cautious, the same stocks can fall faster because expectations are already stretched.

The split also shows that the market is becoming more selective. Stocks with stronger business momentum or sector tailwinds have held up. Those that ran far ahead of fundamentals have corrected sharply.

What’s ahead for Indian markets

The near-term backdrop is not easy for high-momentum stocks. Global cues have turned more challenging after the Federal Reserve’s latest rate hike, with higher US bond yields, a stronger dollar, firm crude prices and pressure on the rupee becoming key variables for emerging markets.

Sachin Shah, Executive Director and Fund Manager at Emkay Investment Managers, said the Fed’s latest rate hike may have been largely expected, but the impact on India goes beyond the 25-basis-point move.

“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,” Shah said.

He said elevated US Treasury yields, a stronger dollar, higher crude prices and the rupee near record lows have changed the risk-reward equation for global investors allocating money to emerging markets.

“At the same time, higher US yields are making fixed income increasingly competitive with equities for global capital,” Shah said.

Data: Ritesh Presswala

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.