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Upstox reported that ten Indian stocks had gained between 170% and 882% in 2026 through the October 12 close, even as the report said the NIFTY 50 and SENSEX were down nearly 15% over the year at that point. Sterlite Technologies led the list. These are date-specific figures from Upstox, not independently recalculated returns, live prices or a forecast.
Which stocks made the list?
The figures below are the returns and market capitalizations Upstox reported using October 12, 2026 closing prices. The report’s headline says “over 150%,” while its table and accompanying text put the ten stocks at 170% or more.
| Stock | Reported 2026 return | Reported market capitalization |
|---|---|---|
| Sterlite Technologies | 882% | ₹50,715 crore |
| Sigma Advanced System | 411% | ₹18,350 crore |
| HFCL Limited | 291% | ₹40,010 crore |
| E2E Networks | 269% | ₹14,945 crore |
| Cupid Limited | 249% | ₹48,320 crore |
| Welspun Corp | 243% | ₹73,100 crore |
| Shilpa Medicare | 215% | ₹19,990 crore |
| Aditya Infotech | 177% | ₹51,260 crore |
| Diamond Power | 175% | ₹22,690 crore |
| Avalon Technologies | 170% | ₹16,100 crore |
Upstox does not establish in the cited account the exact starting-date convention or provide a reproducible per-stock calculation. The table should therefore be read as that publisher’s snapshot, rather than as an exchange-verified ranking. Returns and market capitalizations change with share prices.
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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteHow could these shares rise while the broader market fell?
An index and a collection of individual shares measure different things. A broad index reflects the performance of its constituents; a small group of stocks can rise sharply even when the index declines. The ten companies also span different industries, so they are not a single peer group moving for one uniform reason.
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Upstox described the market backdrop as a nearly 15% decline in both the NIFTY 50 and SENSEX during 2026 as of its reporting cutoff. It cited foreign investor outflows, elevated crude oil prices associated with the US-Iran conflict, and high US bond yields as pressures. That is the report’s dated summary, not a current reading of either index.
What explanations did Upstox give for the gains?
The report pointed to demand in expanding or specialized areas, including telecom connectivity and optical fibre, data centres and AI-ready infrastructure, cloud and GPU computing, defence electronics, and power infrastructure. It suggested that demand and order wins could improve revenue visibility. Such themes may help explain investor interest, but they do not prove that any one factor caused a particular share’s return.
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Sterlite Technologies and HFCL
Upstox connected the two telecom and optical-fibre names to sector demand and order books. It reported FY26 order-book growth for both companies. For Sterlite Technologies, it also reported a return to profit in FY26: net profit of ₹56 crore after a ₹123 crore loss in FY25. The figures describe reported financial periods; they do not by themselves establish that the improvement will continue.
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Upstox cited Welspun Corp’s ₹45,000 crore global order book as part of its explanation. An order book can indicate potential work ahead, but the figure alone does not show when orders will be executed, how much revenue or profit they will produce, or whether execution risks will arise.
Aditya Infotech
The report associated Aditya Infotech with growth in video security and surveillance and its financial results. It reported Q1FY27 consolidated net profit of ₹142 crore and revenue of ₹1,402 crore, increases of 332% and 89%, respectively, year over year. Those are the reported results for that quarter, not a guarantee of future growth.
Why do earlier 2026 rankings show different numbers?
Returns depend on the period measured. Earlier articles used earlier cutoffs, so their figures should not be combined with the October 12 snapshot.
| Report and cutoff | Figures reported |
|---|---|
| Business Standard, values as of June 5, 2026 | Sterlite Technologies had risen about 467%; HFCL about 163%. |
| Upstox, first-half 2026 report published July 1 | Sterlite Technologies 494%; HFCL 214%; Aditya Infotech 144%. |
| Upstox, through October 12, 2026 close | Sterlite Technologies 882%; HFCL 291%; Aditya Infotech 177%. |
Business Standard also reported that Sterlite Technologies and HFCL hit lower circuits on June 8. That episode illustrates that dramatic gains can coexist with abrupt declines and volatility; a past return does not describe the path taken to achieve it.
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What the ranking does—and does not—tell investors
A return list shows historical price performance over a stated period. It does not establish whether a share is attractively valued, easy to trade, appropriate for a particular portfolio, or likely to keep rising. The October table does not supply valuation measures, liquidity data, drawdowns, or a comparison of margins and execution across all ten companies. Its market-capitalization figures do not fill those gaps.
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Anyone assessing a company would need to examine its own financial statements, valuation, order execution, risks and trading conditions rather than treating sector themes or a ranking as a substitute. Upstox characterized its discussion as educational and not a buy-or-sell recommendation. A large historical gain alone is not a reason to buy.
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