As the year 2025 nears its conclusion, a sense of weary relief is palpable among Indian investors. The past twelve months proved to be a stern test, challenging not just the pursuit of high-flying multibagger stocks but the very ability to preserve capital in a turbulent market.
A Year of Underperformance and Resilience
The struggle was evident in the benchmarks. It was only in November 2025 that the Nifty 50 index finally managed to scale a fresh all-time high, breaking a drought that lasted over a year. This milestone came against a contrasting global backdrop where world equities celebrated a year of record peaks, and several Asian markets posted impressive double-digit gains reaching up to 60%.
Zooming in on the period from last Christmas, the numbers reveal the strain. The Nifty 50 has managed a gain of 10%, while the broader Nifty 500 index has risen by 6.5%. The pain beneath the surface is more telling: 270 stocks within the Nifty 500 have declined in value over this one-year span. In this challenging environment, the hunt for multibaggers—stocks that double or more in value—proved exceptionally difficult, with only two constituents achieving this feat.
The Sole Multibaggers: Force Motors and L&T Finance
According to data from Capitaline, the distinction of being multibagger stocks since December 2024 belongs exclusively to Force Motors and L&T Finance. These two companies successfully more than doubled investor wealth, standing out in a sea of underperformance.
Force Motors has been a stellar performer, with its share price skyrocketing by 176%. It climbed from ₹6,657.25 on December 24, 2024, to ₹18,365 at the last closing price. This remarkable rally has been supported by growing institutional confidence. Trendlyne data shows Foreign Institutional Investor (FII) stake in the company increased to 10.3% in the September 2025 quarter, up from 7.9% a year earlier. Mutual Fund holding remained stable around 0.7%, while promoters hold 61.6%.
The financial performance underpins this surge. Force Motors reported a profit of ₹350 crore for the period ending September 30, 2025, a dramatic increase from ₹141 crore in the same quarter last year. Revenues also grew, reaching ₹2,105.8 crore, marking an 8% year-on-year rise.
The other multibagger, L&T Finance, saw its stock appreciate by 119%. Its price moved from ₹138.65 a year ago to ₹303.25 at the last close. The company enjoys a consensus 'Buy' recommendation, and its steady financials have attracted mutual funds. MF holding in L&T Finance rose to 10.5% from 7.4% on a year-on-year basis, while FII holding remained largely steady at 6.4%.
Other Notable Gainers in a Tough Market
Beyond the two multibaggers, several other stocks posted significant gains, offering pockets of opportunity. Leading this pack is Laurus Labs, with a solid 91% return. RBL Bank and Muthoot Finance followed closely, each registering an 87% rise in their share prices.
The list of top performers includes a diverse set of companies:
- Aditya Birla Capital (86.5%)
- AU Small Finance Bank (75.1%)
- Vodafone Idea (61.1%)
- Maruti Suzuki (55.6%)
- Eicher Motors (52.6%)
Other prominent names that advanced this year include MCX, Shriram Finance, Nykaa (FSN E-Commerce), and Manappuram Finance.
Disclaimer: This analysis is for educational purposes only. Market conditions are dynamic, and investors are strongly advised to consult with certified financial experts before making any investment decisions.
