Ten Indian Stocks That Have More Than Doubled in 2025 Despite Volatility
Mumbai, June 20, 2025 – Even as the Indian equity markets navigated a volatile macroeconomic landscape in the first half of 2025—characterized by geopolitical friction, global trade uncertainty, and corrections in broader indices—a handful of small- and mid-cap stocks defied the trend to deliver outsized gains. While the Sensex and Nifty registered modest gains of around 4.5% and 5% respectively, and the BSE MidCap and SmallCap indices posted losses of 3% and 5%, a select group of companies posted returns of over 100%, dramatically outperforming benchmark indices and cementing their place on the 2025 multibagger list.
GHV Infra Projects has emerged as one of 2025’s most explosive stock stories, delivering a staggering 867% gain year-to-date. From a price of just ₹14 in early January to ₹880 currently, the company has experienced a meteoric rise in valuation, driven largely by a business turnaround. Historically a loss-making, zero-revenue firm, GHV Infra pivoted sharply beginning FY25, reporting three consecutive quarters of revenue and profitability. With FY25 net profit soaring to ₹13.98 crore in Q4 alone and full-year revenue exceeding ₹36 crore, the company’s transformation has gained investor attention. It has also announced a ₹160 crore capital raise via convertible warrants, signaling aggressive growth plans. Despite holding ₹31 crore in debt, the market has rewarded its revenue revival and strategic expansion. source-MoneyControl
Highlights:
Stock gained over 867% in 2025, rising from ₹14 to ₹880.
FY25 marked a major turnaround, with positive revenue and net profit growth.
Rs 160 crore fundraising plan approved to fuel further expansion.
Current market cap: ₹1,242 crore, up from sub-₹100 crore a year ago.
Also Read : Sensex Surges 771 Points, Nifty Reclaims 25,000 on Global Calm, FII Inflows
With the global semiconductor ecosystem witnessing policy and capital support, RRP Semiconductor capitalized on the wave, delivering over 850% gains in 2025. From ₹10 per share in early April to ₹1,760 today, RRP’s rally has been fueled by strong earnings, a pivot to profitability, and mega-capex announcements. FY25 saw revenue leap from ₹38 lakh to ₹31.59 crore and net profit jump to ₹8.46 crore. The company plans to build a ₹24,000 crore chip fabrication unit and a ₹12,035 crore OSAT facility in Maharashtra, with global partners like HMT Zurich and AMB Taiwan. Despite a rise in debt to ₹12 crore, investor sentiment remains buoyant due to the sector’s high-growth potential and government support under India’s semiconductor mission.
Highlights:
850% rally in 2025, stock surged from ₹10 to ₹1,760.
Profitable FY25 with net profit of ₹8.46 crore.
Announced ₹36,000+ crore capex plans for chip and OSAT plants.
Current market cap: ₹2,400 crore, strong sectoral tailwinds.
Elitecon International has rallied over 438% in 2025, marking a turnaround driven by multi-year profitability. From ₹10 in August 2024 to ₹520 in June 2025, the company has benefited from strong financials, including FY25 net profit of ₹32.21 crore and revenue of ₹304.61 crore, up significantly from the previous fiscal. The firm operates as a diversified investment company, with a focus on equity, debt, and hybrid financial instruments. With a current market capitalization of ₹8,310 crore, the company has attracted investor interest for its risk-managed, consistently performing asset model, especially as equity markets have remained turbulent in broader segments.
Highlights:
438% gain in 2025, stock rose from ₹10 to ₹520.
FY25 net profit: ₹32.21 crore, up 6x from previous year.
Strong AUM-backed model draws interest amid market uncertainty.
Current market cap: ₹8,310 crore, significant financial stability.
Kothari Industrial Corporation posted a 274% rally despite continued losses in FY25, thanks to major debt reduction and asset diversification. Trading at just ₹1.20 in March 2024, the stock now stands near ₹317, with a market cap of ₹2,969 crore. The company, engaged in fertilizers, textiles, granite, and plantation commodities, reported a loss of ₹13 crore in Q1 FY25 but stabilized revenues at ₹26.4 crore. More notably, it reduced its debt from ₹73 crore in FY23 to just ₹11.13 crore by December 2024, significantly improving its balance sheet and making it attractive for long-term contrarian investors betting on a turnaround.
Highlights:
274% rally in 2025, despite FY25 losses.
Debt reduced from ₹73 crore to ₹11.13 crore in under 2 years.
Diversified sector exposure, including plantations and fertilizers.
Current market cap: ₹2,969 crore, up from near penny-stock status.
Sika Interplant Systems has delivered a 202% return in 2025, continuing its multi-year trend of consistent performance. With gains nearly every year since 2013, the company is known for its niche supply of industrial and technical systems for automotive, aerospace, and healthcare sectors. FY25 revenue rose to ₹147.66 crore (from ₹106.04 crore in FY24), while net profit increased to ₹23.47 crore. A key strength is its zero-debt balance sheet and robust liquidity, with ₹24.9 crore in cash reserves. Its strategic positioning in mission-critical infrastructure and clean balance sheet continues to attract institutional buying.
Highlights:
202% return in 2025, annual gains in most years since 2013.
FY25 net profit: ₹23.47 crore, healthy YoY increase.
Zero debt and ₹24.9 crore cash reserves enhance investor confidence.
Diversified into high-end industrial and biomedical systems.
Force Motors has seen a 114% rise in 2025, marking its third straight year of strong returns. FY25 saw revenue jump to ₹8,071.7 crore, while net profit surged over sixfold to ₹805 crore. The company has drastically reduced its debt to just ₹17.43 crore, down from ₹1,068 crore two years ago. Cash balances rose to ₹507.4 crore. While June 2025 vehicle sales declined 2.9% YoY, the sharp financial turnaround and leaner balance sheet have improved long-term outlook. Its light commercial vehicle (LCV) segment continues to drive demand, despite pressure on exports.
Highlights:
114% YTD return, third year of double-digit gains.
FY25 net profit: ₹805 crore, massive jump from FY23.
Debt nearly eliminated, now at just ₹17.43 crore.
Minor sales dip in June, but long-term bullish outlook persists.
Garden Reach Shipbuilders has more than doubled in 2025, continuing a five-year winning streak. A key player in India’s defence sector, the company has been a top beneficiary of the Atmanirbhar Bharat initiative. FY25 net profit rose to ₹527 crore from ₹354 crore in FY24, while revenue surged to ₹5,076 crore. The company reduced its debt to just ₹9.67 crore and maintained over ₹3,700 crore in cash equivalents. The consistent government defence spending and a robust order book have made this PSU a multiyear outperformer.
Highlights:
Stock doubled in 2025, fifth consecutive year of gains.
FY25 revenue: ₹5,076 crore, net profit: ₹527 crore.
Debt slashed to ₹9.67 crore, with ₹3,731 crore in cash.
Defence theme and Make-in-India tailwinds boost valuations.
Shalimar Agencies has quietly become one of 2025’s most surprising multibaggers, with the stock delivering over 200% returns, rising from ₹5 to ₹27 per share. Despite its relatively modest public profile, the company has now posted five consecutive years of positive returns, building momentum year after year. The firm, which offers financial research and advisory services, made a significant pivot in FY25—reporting a net profit of ₹5.6 crore, reversing a loss of ₹9 lakh in FY23. This profitability milestone, combined with improved operating efficiencies, has been the primary driver behind the stock’s re-rating. Total debt remains on the higher side at ₹70.59 crore, but the company’s liquidity position improved, with cash and equivalents increasing to ₹2.44 crore. With a current market capitalization of ₹1,930 crore, Shalimar Agencies is gaining recognition among small-cap investors and is increasingly viewed as a turnaround story with further upside potential.
Highlights:
Stock surged over 200% in 2025, marking five consecutive years of gains.
FY25 net profit: ₹5.6 crore, first-ever profitable year.
Cash position improved to ₹2.44 crore, up from ₹59 lakh in FY24.
Current market cap: ₹1,930 crore, indicating growing investor interest.
Camlin Fine Sciences has made a strong comeback in 2025, gaining over 134% after two years of underperformance. The specialty chemicals firm, which caters to food, pharma, animal nutrition, and industrial markets, posted a robust turnaround in profitability with FY25 net profit standing at ₹77.4 crore, reversing a ₹92.65 crore loss in FY24. Revenue also improved to ₹1,666.5 crore. Importantly, the company continued its deleveraging journey, cutting debt from ₹800.59 crore to ₹681.3 crore in FY25. Cash and cash equivalents nearly doubled to ₹191.82 crore, strengthening its liquidity profile. Investors have rewarded this fundamental recovery, particularly given Camlin’s diversified customer base across geographies and sectors. Its return to profitability has sparked renewed confidence, with institutional participation also improving through Q1 FY26.
Highlights:
Stock gained 134% in 2025, reversing prior year losses.
FY25 net profit: ₹77.4 crore, vs. ₹92.65 crore loss in FY24.
Debt reduced to ₹681.3 crore, from ₹800+ crore a year earlier.
Cash balance surged to ₹191.82 crore, indicating financial strength.
Axiscades Technologies, a leading provider of advanced engineering and technology solutions, delivered a 115% gain in 2025, continuing its multiyear run of strong returns. With exposure across aerospace, defense, automotive, and industrial engineering, the company’s diversified verticals helped it navigate sectoral cyclicality. FY25 proved to be a breakout year, with net profit soaring to ₹70.71 crore, more than doubling from ₹32.81 crore in FY24. Revenue also rose to ₹1,030.72 crore. Debt reduction remained a priority—cutting borrowings to ₹255.9 crore from ₹318.9 crore. While cash and equivalents declined slightly to ₹141.58 crore, the company’s balance sheet continues to support future capex and R&D investments. Strong demand for defense modernization and industrial digitization globally has fueled Axiscades’ growth, reinforcing investor confidence in its long-term potential.
Highlights:
Stock surged 115% in 2025, extending a multiyear winning streak.
FY25 net profit: ₹70.71 crore, more than doubled YoY.
Debt reduced to ₹255.9 crore, enhancing capital structure.
Strong traction in defense, aerospace, and heavy engineering sectors.
IndiGo Crisis Intensifies as Govt Steps In; DGCA Suspends FDTL Rules, Full Restoration Expected in…
Markets Cheer RBI’s Growth-Driven Rate Cut as Sensex Rises 447 Points and Nifty Ends Near…
RBI Cuts Repo Rate and Lifts Growth Forecast, Boosting Sentiment in Rate-Sensitive Stocks In a…
CAMS Shares Appear to Plunge 80% as 1:5 Stock Split Kicks In, but Investors Are…
Major Cloudflare Outage Ripples Across India’s Trading Platforms, Disrupting Market Activity A sudden Cloudflare outage…
IndiGo Shares Bounce Back as DGCA Offers Partial Relief on Pilot Duty Rules Amid Nationwide…
This website uses cookies.