Cupid, Hindustan Copper to MCX: 27 stocks offer multibagger returns of up to 450% since last Budget. Do you own any?

Multibagger stocks: Despite it being a tumultuous year for the Indian stock market since the last Budget, with Sensex rising just 6%, there are several stocks that have emerged as wealth multipliers offering up to 459% gains.

There are 27 stocks that made the cut, according to Capitaline data, as they surged 100% or more since the last Budget. For the purpose of this study, we considered only those companies that had a market capitalization of ₹500 crore or more.

Mint analysis showed that all these multibagger stocks belonged to the mid-cap and small-cap categories, with Multi Commodity Exchange having the highest market capitalization of over ₹64,000 crores.

Budget to Budget stocks: 27 emerge as multibaggers

Among these 27 stocks, Cupid emerged as the leader and the only scrip offering over 400% return. The shares of the company have rallied from ₹71.77 last Budget to ₹401.5 as of the last closing price, recording a massive 459%.

The stock has delivered positive returns over the last four years, helped by strong earnings growth, declining promoter pledge signaling confidence in its growth trajectory, robust export business and foray into the FMCG segment.

The company posted its best-ever quarterly performance for the October-December period earlier this week, announcing a 196% year-over-year surge in net profit to ₹33 crores. The Cupid board also approved a 4:1 bonus issue.

Elitecon International, up 315% since Budget 2025, is second on the list as this small-cap stock has seen its shares zoom from ₹15 to above ₹63 in a year. The stock had seen a dramatic surge to ₹400 during the year, but failed to hold at those levels and has slumped dramatically. Yet, it has managed to multiply investor wealth.

The FMCG and tobacco player has seen exponential growth in its stock, helped by record sales, strong PAT, expansion plans and a global footprint.

Sri Adhikari Brothers is the only other stock on the list that has jumped over 300%. The small-cap stock, having a market capitalization of ₹4200 crore, has seen its stock skyrocket to ₹from 1655 ₹407 a year ago, translating into 307% gain.

City Pulse and Force Motors have surged 204% and 188%, respectively and are followed by Hindustan Copper, whose shares have risen 184% thanks to the sharp surge in copper prices to record high levels in a year.

CIAN Agro, SML Mahindra, BGR Energy Systems, Lumax Auto, ASM Technologies, Arfin India, and Tourism Finance Corporation are some of the other companies that have zoomed between 130% and 180%.

Multi Commodity Exchange is another marquee stock that features on the list. The company has recently posted a stellar set of earnings thanks to the jump in trading volumes amid a record rally in gold and silver prices, along with other base metals.

budget day strategy

In today’s Budget day trading, analysts advise adopting a more cautious and prudent approach, as historically, it is one of the most volatile days for the Indian markets.

“Since the 2026 Budget falls on a Sunday, the market dynamics are unique; institutional investors, who typically provide the necessary liquidity and stability, may remain largely absent or inactive. This absence can lead to thinner order books and even more erratic movements driven primarily by retail sentiment. Consequently, the initial reaction seen during the Sunday special session may be noisy, and the market is more likely to provide a clear, sustainable reaction on Monday, once big. players have had the chance to fully digest the fine print of the policy changes,” said Santosh Meena, Head of Research at Swastika Investmart Ltd.

Sharing key technical levels, Meena said that for Nifty, the immediate support lies at 24,900, followed by a stronger base at 24,500, while upside resistance is pegged at 25,500 and 25,800.

For Bank Nifty, he sees support levels at 59,000 and 58,000, with major hurdles at 60,600 and 61,800. Breaking these levels on high volume will be critical for determining the post-budget trend, he said.

Key sectors to track include Defence, Infra, and Power, which often benefit from budgetary allocations, as well as Financials and Housing, which are sensitive to tax incentives and interest rate commentary, as per Meena.

Mayank Jain, Market Analyst, Share.Market, said that Budget Day is best approached with a capital-preservation mindset rather than a return-maximisation lens. With volatility peaking ahead of the speech and collapsing sharply thereafter, traders should focus on defined-risk option structures such as Iron Flies, Iron Condors, or credit spreads instead of naked option selling, he recommended.

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions.