Multibagger Stocks in India: Defying Market Challenges with Stellar Returns
The past year has presented significant challenges for the Indian stock market. On numerous occasions, bullish attempts to gain control were thwarted by external triggers, including the imposition of tariffs by former US President Donald Trump, persistent global trade war concerns, and escalating geopolitical tensions, particularly the conflicts between the US and Iran and Russia and Ukraine. These factors severely dampened investor sentiment, creating repeated opportunities for bearish forces to dominate.
Compounding these issues were continuous selling by Foreign Institutional Investors (FIIs) and a sharp depreciation of the Indian National Rupee (INR) against the US Dollar (USD). These elements further strengthened the bears' position in the market. However, amidst this turbulent backdrop, a select group of stocks listed on Dalal Street has demonstrated remarkable resilience, standing firm against the odds and delivering extraordinary returns to their shareholders.
Top Multibagger Stocks Since the Last Union Budget
As the date for the Union Budget 2026 approaches rapidly, attention turns to stocks that have performed exceptionally well since the previous budget. Here is a detailed look at five such multibagger stocks that have provided substantial returns to investors.
- Midwest Gold: Leading the list of multibagger stocks that have defied market challenges since the last budget is Midwest Gold. The share price of this company has skyrocketed from approximately ₹155 to an impressive ₹5,506 per share on the Bombay Stock Exchange (BSE). This represents a staggering return of over 3400% for shareholders since the last budget announcement. Notably, the stock gained 5% on the day just before Budget 2026. Over the last six months, it has surged by around 285%, and in January alone, it witnessed an increase of over 15%.
- GHV Infra Projects: This infrastructure-focused stock has risen from ₹28 to ₹229 per share since the last budget, delivering returns exceeding 700% to its investors. The stock peaked in mid-August 2025, reaching a record high of ₹362.40 per share on the BSE, potentially marking it as a top multibagger. Since that peak, it has generally been considered a 'sell-on-rise' opportunity for many market participants.
- Synthico Foils: Another infrastructure-related stock that has achieved multibagger status is Synthico Foils. It has provided returns of approximately 725% to shareholders, with its price climbing from ₹223 to ₹1,839 per share over the past year.
- Hindustan Copper: As a commodity stock, Hindustan Copper has greatly benefited from the soaring prices of gold, silver, and other base metals in recent years. Over the last year, this multibagger stock has delivered returns of over 180%, rising from around ₹239 to ₹676 per share. In the past six months alone, it has yielded returns exceeding 175%.
- MCX: This multibagger stock has provided shareholders with a return of approximately 120% since the last budget, showcasing solid performance in a volatile market environment.
Expectations for Union Budget 2026
Market analysts and experts anticipate that the Central Government will likely increase budgetary allocations to key sectors such as defence and infrastructure, with a particular focus on railways, oil, and energy. There is a strong expectation for a consumer-oriented budget designed to mitigate external threats like trade wars, tariffs, and ongoing geopolitical tensions.
Global brokerage firm Jefferies has shared its insights, suggesting that a significant boost in defence capital expenditure, potentially growing by more than 20%, would be a positive development for defence Public Sector Undertakings (PSUs) and contractors. Additionally, incentives linked to affordable housing and insurance sectors could provide support to lenders and life insurance companies. Jefferies also expects the government to continue its path of fiscal consolidation, albeit at a moderated pace, with the fiscal deficit for FY27 projected to be around 4.2% to 4.4% of GDP.
Key Investment Takeaways
- Investors should focus on identifying multibagger stocks that possess the strength to withstand market volatility and deliver consistent returns.
- The upcoming Union Budget 2026 is likely to create new opportunities, particularly in sectors such as defence and infrastructure, which are expected to receive increased allocations.
- A thorough understanding of historical stock performance and market trends can serve as a valuable guide for making informed investment decisions in the future.
