Retail investors have made strong money in a set of stocks where small shareholders had a large presence, with 20 companies delivering gains of more than 100% in the last one year. The list includes names from telecom, electric vehicles, capital goods, metals, chemicals, pharma, cables, power and technology.
HFCL topped the table with a one-year gain of 243%, followed closely by Ather Energy, which returned 242%. Aditya Infotech, Welspun Corp, RR Kabel, Acutaas Chemicals, Hindustan Copper, Netweb Technologies, Aether Industries and Apar Industries were also among the biggest winners.
The data from Ace Equity was tracked using individual shareholders holding nominal share capital of up to Rs 2 lakh as of the June 2026 quarter. This category is commonly used as a proxy for retail ownership.
HFCL had 37.38 crore shares held by small individual shareholders as of June 2026. The stock has gained 243% in the last one year and 263% since December 2025, making it the top performer in the list. Ather Energy was close behind, with small individual shareholders holding 2.68 crore shares. The electric two-wheeler stock has risen 242% in one year and 95% since the end of December 2025.
Aditya Infotech also delivered a strong return, gaining 182% in the last one year. The company had 29.1 lakh shares held by small individual shareholders. Welspun Corp rose 175%, while RR Kabel gained 137%.
Chemical and manufacturing names also rewarded retail investors. Acutaas Chemicals rose 135%, Aether Industries gained 128%, and Apar Industries advanced 127%. Kirloskar Oil Engines was another strong performer, with the stock rising 127% in one year.
In metals and public sector-linked names, Hindustan Copper gained 132%, National Aluminium Company rose 110%, Chennai Petroleum Corporation added 108%, and Bharat Heavy Electricals doubled with a 105% rise. These stocks benefited from investor interest in commodities, infrastructure, capex and PSU themes.
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Retail money chased high-beta names
Some of the biggest gains came in stocks usually seen as high-beta or event-driven bets. Vodafone Idea, which has one of the largest retail shareholder bases in the list, gained 123% in the last one year. Small individual shareholders held 369.22 crore shares in the telecom company as of June 2026.
Laurus Labs rose 121%, helped by renewed interest in pharma and specialty plays. Multi Commodity Exchange of India gained 113%, supported by investor appetite for market infrastructure and trading-linked businesses.
Technology and electronics manufacturing names were also part of the rally. Netweb Technologies rose 130%, while Syrma SGS Technology gained 105%. Both names benefited from the market’s broader preference for electronics manufacturing, AI infrastructure, servers and domestic technology supply-chain stories. Adani Energy and Prime Focus also doubled investor money, gaining 105% and 101%, respectively.
The common thread is not one sector but stock selection. Retail investors who stayed with select midcap, smallcap and theme-based stocks through volatility saw strong returns. Many of these names were not the safest largecap bets, but they delivered far higher returns than the benchmark.
The broader market backdrop has been mixed. A Reuters poll of equity analysts said India’s stock market outlook had been cut for the third straight quarter as foreign investors looked for value elsewhere in Asia, even though Nifty 50 companies reported 18% profit growth in the June quarter, the fastest in 10 quarters.
While benchmark indices have faced pressure from foreign outflows, valuation concerns and global risks, pockets of the market have continued to deliver large gains.
The next phase may not be as easy. Analysts have warned that the market is likely to stay selective, with earnings delivery, balance-sheet strength and valuations becoming more important.
The robust Nifty profit growth has improved the outlook for domestic markets, but global risk aversion and a strong IPO pipeline could limit the broader rally in the near term, according to Abakkus Investment Managers.
Crude oil, the rupee, foreign flows and global interest-rate expectations remain key risks. Analysts say September risks are building for global markets, with oil and gas prices moving sharply as traders track West Asia tensions and key shipping routes.
Still, some brokerages remain constructive if crude cools and foreign flows return. Axis Securities has said foreign portfolio investors could bring over Rs 1 lakh crore into Indian equities over three to four months if Strait of Hormuz risks ease. It also sees a positive case for Nifty if oil prices normalise and macro stability improves.
