Volatility aside, these 10 stocks have more than doubled in 2025 so far

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Despite significant volatility in Indian markets during the first half of 2025—driven by geopolitical tensions and tariff war jitters—a select group of stocks managed to outperform and deliver strong returns. In a study conducted by Moneycontrol, the top 10 return-generating stocks with a market capitalisation above Rs 1,000 crore were identified. Notable names among these include GHV Infra Projects, RRP Semiconductor, Elitecon International, and Kothari Industrial Corporation among others. During the same period, India’s benchmark indices, Sensex and Nifty, registered gains of around 4.5 percent and 5 percent, while the broader BSE MidCap and SmallCap indices fell by 3 percent and 5 percent respectively. Here are the top 10 stocks by market capitalisation, as identified in the study:

GHV Infra Projects| CMP: Rs 880| The stock has delivered a staggering rally of over 867 percent in 2025, following an impressive return of 374 percent in 2024. Since October 2024, the stock has maintained a strong upward trajectory, averaging monthly gains of approximately 55 percent. From a modest price of Rs 14 per share, it has surged to Rs 880, pushing the company’s current market capitalisation to Rs 1,242 crore. The remarkable turnaround began in FY25, when the company shifted from a loss-making, zero-revenue entity to a profitable, revenue-generating business. Except for the June 2024 quarter (Q1), where it reported zero revenue and a net loss of approximately Rs 7 lakh, the company has posted strong results across the subsequent quarters. In Q2, Q3, and Q4 of FY25, the company reported revenues of Rs 1.05 crore, Rs 18.46 crore, and Rs 16.50 crore, respectively. Corresponding net profits stood at Rs 28 lakh, Rs 2.96 crore, and Rs 13.98 crore. As of March 2025, GHV Infra’s total debt stands at approximately Rs 31 crore. In a strategic move to fuel further growth, the board has approved raising Rs 160 crore through convertible warrants to non-promoter investors.

RRP Semiconductor| CMP: Rs 1,760| The firm has witnessed a phenomenal rally of over 850 percent in 2025. The company, engaged in trading electronic components in India, also operates in the broader technology space, including semiconductors and digital chips. The stock has been on a consistent upward trajectory since April 2025, rising from Rs 10 per share to over Rs 1,760, taking its current market capitalisation to approximately Rs 2,400 crore. The rally gained momentum after the company transitioned from losses to profitability in the March 2024 quarter. For FY25, RRP Semiconductor posted a net profit of Rs 8.46 crore, compared to a loss of Rs 2 lakh in the previous fiscal. Revenue surged to Rs 31.59 crore in FY25, up from just Rs 38 lakh a year earlier. As of March 2025, the company holds a total debt of Rs 12 crore, up from Rs 8 crore the previous year. Its cash and bank balance has also improved significantly to Rs 1.51 crore, from Rs 3 lakh in the prior fiscal. Founded by Rajendra Chodankar, RRP Semiconductor is setting ambitious goals. Its subsidiary, RRP Electronics, has announced plans to establish a Rs 24,000 crore semiconductor fabrication plant and a Rs 12,035 crore Phase 1 OSAT (Outsourced Semiconductor Assembly and Test) facility in Maharashtra. This strategic project is being developed in collaboration with HMT Zurich, AMB Taiwan, and Deca Technologies (USA).

Elitecon International | CMP: Rs 520| The stock has surged over 438 percent so far in 2025. The stock, which was trading at Rs 10 per share in August 2024, has skyrocketed to Rs 520, taking its current market capitalisation to Rs 8,310 crore. The rally began after the company posted consistent profits for two consecutive fiscal years, reversing its earlier loss-making trend. In FY25, Elitecon reported a net profit of Rs 32.21 crore, a significant jump from Rs 4.78 crore in FY24. Revenue also saw robust growth, rising to Rs 304.61 crore in FY25 from Rs 56.36 crore the previous year. Elitecon International operates as an investment firm, with a primary focus on investing in shares, stocks, debentures, bonds, and various other financial instruments.

Kothari Industrial Corporation | CMP: Rs 317| The stock has rallied over 274 percent in 2024. The stock, which was trading at just Rs 1.20 per share in March 2024, has surged to approximately Rs 317, pushing its current market capitalisation to Rs 2,969 crore. The company operates across multiple sectors—including the manufacturing and trading of fertilisers, textiles, and yarn—alongside granite products. It also owns tea and coffee plantations, with integrated coffee curing operations. Interestingly, the stock’s sharp rise has come despite the firm posting losses in both the March and December 2024 quarters. It reported a loss of Rs 13 crore in the March quarter, compared to a Rs 3.5 crore loss in the December quarter. However, revenue remained steady, rising slightly to Rs 26.4 crore from Rs 25.1 crore. One of the key positives has been the company’s significant debt reduction. As of December 2024, total debt stood at Rs 11.13 crore—down sharply from Rs 33 crore in March 2024 and Rs 73 crore in March 2023. The company’s cash and bank balance also improved to Rs 1.47 crore from Rs 1.16 crore during the same period.

Sika Interplant Systems | CMP: Rs 1,522.80| The stock has delivered a stellar return of over 202 percent so far in 2025. Known for its consistent long-term performance, the stock has posted annual gains every year since 2013—except for 2018 and 2022, when it declined by 17 percent and 34 percent, respectively. The company's track record includes a 78 percent surge in 2024, 108 percent in 2023, 246 percent in 2021, 61 percent in 2020, and 30 percent in 2019, underscoring its strong momentum across multiple market cycles. Sika Interplant is engaged in the import and marketing of high-end industrial and technical equipment. Its portfolio includes automotive and airport equipment, machine tools, and biomedical systems. It supplies fluid-filling systems and balancing machines for the automotive sector, aircraft and engine emission testing systems, hydraulic pumps and motors, simulation and testing systems, and biomedical equipment for hospitals. In FY25, the company reported a net profit of Rs 23.47 crore, up from Rs 19.17 crore in the previous fiscal. Revenue for the year stood at Rs 147.66 crore, compared to Rs 106.04 crore in FY24. A zero-debt company, Sika Interplant also maintained a strong liquidity position with a cash and bank balance of Rs 24.9 crore in FY25, up slightly from Rs 24.49 crore the previous year.

Shalimar Agencies| CMP: Rs 27| The stock has surged over 200 percent in 2025, rising from Rs 5 to Rs 27 per share, taking its current market capitalisation to Rs 1,930 crore. This marks the fifth consecutive year of positive annual returns. The stock gained 101 percent in 2021, 61 percent in 2022, 40 percent in 2023, and 70 percent in 2024. The company provides financial research and advisory services. After years of operating in the red, Shalimar Agencies turned profitable for the first time in FY25, reporting a net profit of Rs 5.6 crore, compared to a loss of Rs 9 lakh in FY23. As of FY25, the company’s total debt stands at Rs 70.59 crore. Cash and cash equivalents rose to Rs 2.44 crore from Rs 59 lakh in the previous fiscal.

NACL Industries | CMP: Rs 176.45| The stock has rallied over 174 percent in 2025, rebounding sharply after a 30 percent decline in 2023 and a 10 percent drop in 2024. The company is engaged in the manufacturing and marketing of crop protection products, including insecticides, fungicides, herbicides, and plant growth regulators. Despite the stock’s strong performance, the company has reported losses for the second consecutive year—Rs 91.7 crore in FY25, compared to Rs 57.8 crore in FY24. Revenue declined to Rs 1,234.52 crore in FY25 from Rs 1,756.23 crore a year earlier. One of the key positives has been a substantial reduction in debt. As of March 2025, total debt stood at Rs 399 crore, down from Rs 789.08 crore in FY24. Cash and cash equivalents were Rs 59.35 crore, slightly lower than Rs 65.93 crore in the previous year.

Camlin Fine Sciences | CMP: Rs 298.60| The stock has surged over 134 percent in 2025, staging a strong recovery after two consecutive years of negative returns. The stock declined 3.5 percent in 2024 and fell 15.2 percent in 2023. The company is engaged in the manufacturing of fine chemicals and food-grade products. Its portfolio includes active antioxidants, aroma ingredients, and performance chemicals, catering to a wide range of industries including food, pet food, animal nutrition, pharmaceuticals, dyes, biodiesel, petrochemicals, agrochemicals, textiles, and tanning, across global markets. In FY25, Camlin Fine Sciences posted a net profit of Rs 77.4 crore, marking a turnaround from a net loss of Rs 92.65 crore in FY24. Revenue increased to Rs 1,666.5 crore from Rs 1,595 crore in the previous year. The company also made progress on its balance sheet, reducing debt to Rs 681.3 crore in FY25 from Rs 800.59 crore in FY24. Cash and equivalents nearly doubled to Rs 191.82 crore, compared to Rs 93.5 crore a year ago.

Axiscades Technologies | CMP: Rs 1,446| Thes stock has gained 115 percent so far in 2025. While the stock was marginally down by 0.5 percent in 2024, it delivered strong annual returns in the previous three years—rising nearly 100 percent each year in 2021, 2022, and 2023. The company provides advanced engineering solutions across sectors such as aerospace, defence, heavy engineering, automotive, and industrial manufacturing. Axiscades remained profitable in FY25, posting a net profit of Rs 70.71 crore—more than double the Rs 32.81 crore reported in FY24. Revenue rose to Rs 1,030.72 crore from Rs 955.12 crore in the previous year. The company has also improved its balance sheet, reducing total debt to Rs 255.9 crore from Rs 318.9 crore a year earlier. Cash and cash equivalents stood at Rs 141.58 crore in FY25, compared to Rs 181.58 crore in FY24.

Force Motors|CMP Rs 13,888| The stock has delivered a strong 114 percent rally so far in 2025, marking its third consecutive year of positive returns. The stock gained 94 percent in 2024, 141 percent in 2023, and 11 percent in 2022. The company manufactures light commercial vehicles, including factory-built vans and minibuses. A major highlight in FY25 has been the dramatic improvement in its financials, particularly profitability and debt reduction. Net profit surged to Rs 805 crore in FY25 from Rs 134.4 crore in FY23. Revenue rose sharply to Rs 8,071.7 crore compared to Rs 5,028.59 crore a year ago. Force Motors has also significantly reduced its debt—from Rs 1,068 crore in FY22 to Rs 524.5 crore in FY24, and further down to just Rs 17.43 crore in FY25. Cash and cash equivalents increased to Rs 507.4 crore, up from Rs 141.3 crore in FY23 and Rs 72.1 crore in FY22.However, in June 2025, total vehicle sales declined 2.9 percent year-on-year to 2,553 units, compared to 2,628 units in June 2023. The sharpest decline was seen in exports of Small Commercial Vehicles (SCVs), Light Commercial Vehicles (LCVs), and Utility Vehicles (UVs), which fell 80 percent to 88 units from 440 units in the same period last year.

Garden Reach Shipbuilders| CMP: Rs 3195 | The stock has doubled in value so far in 2025, marking its fifth consecutive year of gains. The stock rose 85 percent in 2024, 81 percent in 2023, 117 percent in 2022, and 15 percent in 2021—establishing itself as a consistent multiyear performer. Earnings have seen significant growth over the past few years. In FY25, net profit rose to Rs 527 crore, up from Rs 354 crore in FY24 and Rs 224 crore in FY23. Revenue climbed to Rs 5,076 crore in FY25, compared to Rs 3,593 crore in FY24 and Rs 2,561 crore in FY23. The company has also made notable progress in reducing its debt, which stood at just Rs 9.67 crore in FY25—down from Rs 65.67 crore in FY24 and Rs 312 crore in FY23. Cash and equivalents remained robust at Rs 3,731.8 crore in FY25, compared to Rs 3,720 crore in FY24 and Rs 4,561.5 crore in FY23. Defence sector stocks, including Garden Reach, have been trading higher in recent years, driven by the Indian government’s push for Atmanirbhar Bharat and ongoing efforts to reduce dependency on foreign defence imports.