Largecaps and top companies largely underperformed but mid-sized firms in many sectors rallied strongly in the past year. The broad-based BSE 500 index, for example, is down about 5 per cent but nearly 38 per cent of its stocks have delivered positive returns since September last year. As many as 73 stocks have delivered 30 per cent or higher returns in the period. In all, 138 stocks are up by 10 per cent or more since the end of September last year. This dichotomy in the broader market shows in the wide variation in the movement of various broad-based indices.
The one-year movement in broad-based indices ranges from a 7.6 per cent rise in the BSE SmallCap index to a 7.7 per cent fall in the BSE 100 index. The larger BSE 1000 is at levels last seen a year ago as gainers have compensated for losers. The BSE LargeCap index is down 7.3 per cent in the last 12 months, indicating that portfolio composition is a bigger driver of returns for individual investors than market sentiment.
Here are 10 stocks from the BSE 500 index that defied the downturn in the equity market in the past year. The rally in these stocks is not sentimental but driven by strong earnings growth in recent quarters, improved return ratios and strong earnings visibility.
According to Business Standard’s analysis, these stocks offer the best combination of market outperformance, faster revenue and profit growth, margin improvement and a reasonably high return on net worth. These companies also have strong balance sheets with low or minimal debt and strong cash flows. Most brokerages are upbeat about these stocks. On the downside, however, the rally in the past year has led to a sharp rise in the valuation of many of these companies, which could limit the upside for new investors.
• The public sector metals producer has been one of the top market performers with its stock price up 37.8 per cent in the last 12 months
• The rally has been driven by higher metal prices, supporting a strong double digit growth in the company’s earnings in recent quarters
• In Q1FY27, the company’s net sales jumped 81.4 per cent Y-o-Y, while adjusted net profit surged 162.5 per cent Y-o-Y
• A similar momentum was visible in its earnings in the last four quarters
• Analysts at Anand Rathi Shares & Stock Brokers maintain a “buy” rating on the stock, given continued bullishness in international copper prices
• The stock is, however, richly valued now with trailing P/E of 36x and P/BV of 13x, raising downside risk for investors
• Among the top gainers in this list, Navin Fluorine has delivered over 75.9 per cent returns over the past year
• Given the robust demand across businesses and multiple growth levers, the company is expected to achieve its guidance of 25 per cent annual growth through to 2030
• The capacity expansion of R32 refrigerant and continued scale-up of contract development and manufacturing organisation (CDMO) offers strong near-to-medium-term growth visibility
• Advanced materials segment is emerging as a meaningful long-term growth opportunity, with 19-20 fluorination-based products to contribute 10-15 per cent to revenue by FY30
• High-value segments like specialty chemicals, CDMO, and advanced materials offer superior margins, deeper customer stickiness, and multi-year visibility, says HDFC Securities
• Hitachi Energy India has beaten the broader equity market by a big margin last year
• The company’s stock price is up 71.7 per cent in the past year, making it one of the best performing stock in the industrial segment
• The rally has been driven by a global boom in power transmission and distribution equipment, thanks to demand from data centres and renewable energy projects
• Net sales grew 71 per cent Y-o-Y, while adjusted net profit rose 123.5 per cent Y-o-Y in Q1FY27
• According to Motilal Oswal Securities, order inflows (ex-HVDC) grew 26 per cent Y-o-Y, taking the order book to ₹32,200 crore at the end of Q1FY27, up 11 per cent Y-o-Y
• The rally has, however, pushed up Hitachi Energy India’s valuation with trailing P/E of 116x and P/BV of 26.8x, which is excessive for a stock with middling return on net worth of 21 per cent
• After the Q1FY27 results, some brokerages had revised their earnings estimates of the cables and wires major, led by robust volume growth, commodity-led realisation, improving product mix and operating leverage from capacity expansion
• The medium-term growth outlook for the industry also remains favourable, supported by sustained investments in power infrastructure, real estate, industrial capex and renewable energy
• The company seeks to outperform the sector and is targeting a growth of 25 per cent, as compared to the sector’s 15 per cent and increase its market share
• According to Motilal Oswal Research, growth is expected to be primarily volume-led, supported by capacity expansion, a sharper focus on B2B cables, and an improved product availability. The ongoing shift from unorganised to organised players, aided by a limited price differential, is estimated to drive market share gains
• Shares of the electronic manufacturing services major have surged 113.9 per cent over the past year, making it the second biggest gainer
• Following a strong Q1FY27, the management expects to surpass 35 per cent revenue growth guidance, while retaining its 10.5-11 per cent operating profit margin guidance, supported by execution, a maturing global customer pipeline and disciplined capital allocation
• Equirus Securities says that its thesis over the past four quarters — better mix, margin expansion and tighter working capital discipline translating into stronger operating cash flows — is increasingly visible in Syrma’s performance
• 360 ONE expects strong and profitable growth over the medium term, driven by better revenue mix with original design manufacturing contribution moving up to 25 per cent from 17 per cent currently
• Other triggers are traction in higher value segments such as MedTech, industrial metering and power electronics and meaningful margin contribution from printed circuit boards from FY29
• Aided by a strong performance over the last few quarters and a robust outlook, the stock delivered a 128.1 per cent return over the past year, propelling it to the top of this gainers list
• The strength of its growth engine can be gauged by a 67 per cent jump in operating profit with a margin of 31.5 per cent in Q1FY27. The margin at the operating level was up 715 basis points Y-o-Y, supported by gross margin expansion of 330 basis points
• Its profit growth was powered by CDMO sales growth of 69 per cent, though this was offset by the generic business, leading to an overall sales growth of 29 per cent
• The company expects the strong momentum witnessed in Q1FY27 to continue in the CDMO business in FY27, supported by accelerated expansion, late-phase new chemical entity projects with big pharma clients, steady traction from recently commercialised patented active pharma ingredients and fermentation capacity addition
• Shares of Solar Industries have delivered a return of 44.8 per cent over the past year
• The company’s recent acquisition of South Africa-based Omnia will enhance its positioning in several international markets
• Motilal Oswal expects margin performance to be aided by increasing revenue from defence, resilient supply chain network and backward integration
• The firm has price escalation clauses in most contracts, and its shift toward defence and exports has been complemented by deep backward integration, with in-house manufacturing of most of the raw materials, it adds
• Rising share in international explosives, expansion into higher value defence products, and growing manufacturing scale should support 28 per cent annual revenue growth and sustain 27-28 per cent operating profit margin over FY26-29, says Prabhudas Lilladher
• Titan Company continues to ride on the wave of higher gold prices. The stock price is up 33.2 per cent in one year, making it one of the top performing index and large cap stocks
• Higher gold prices translate into higher revenues and better margins for Titan, as jewellery making charges are indexed to precious metal prices
• This more than compensates for weaker volume growth due to higher gold prices, as jewellery accounts for 90 per cent of Titan’s revenue
• In Q1FY27, net sales were up 40.3 per cent Y-o-Y, while adjusted net profit grew 63 per cent Y-o-Y
• Analysts at Motilal Oswal Securities retained a “buy” rating on growing formalisation in jewellery industry and store expansion
• The strong rally has led to a rise in Titan’s valuation with trailing P/E at 74x and P/BV at 27.6x, which is too rich for a retailer
• The country’s second largest alcohol beverage maker has been one of the best performing stocks in the consumer segment
• Its share price is up 46 per cent since September 2025 end, outperforming the benchmark as well as the fast-moving consumer goods indices by a big margin
• The rally has been driven by a sharp rise in margins and earnings, despite a modest growth in top line
• In Q1FY27, Radico’s net sales were up 11.8 per cent, while operating and adjusted net profits rose 57.6 per cent and 69.1 per cent, respectively, over the year-ago period
• Analysts at Equirus Securities see further upside as the company’s premium portfolio is outperforming the broader industry, driving higher profitability and return ratios
• The stock is trading at a trailing P/E of 86x and P/BV of 18.4x; too rich for a firm with a modest RoE of 20 per cent
• Shares of Bajaj Auto have risen 16.8 per cent in one year, driven by strong growth in sales, but the stock has receded ground since September
• The rally has been underpinned by a surge in its quarterly earnings as net sales were up 65 per cent year-on-year (Y-o-Y) in Q1FY27, while adjusted net profit rose 46 per cent
• Analysts at Axis Securities see more upside in the stock on the back of higher exports and premiumisation and electric vehicle (EV)-led growth in the domestic market
• The brokerage has recommended a “buy” on Bajaj Auto, supported by strong growth drivers across premium motorcycles, exports, EVs, three-wheelers and scaling up of Bajaj Auto Credit
• Valuation remains reasonable with trailing price-to-earnings (P/E) of 25x and price-to-book value (P/BV) of 7x, which provides comfort
