From textiles to ethanol, these lesser-known stocks defied market volatility with triple-digit returns in just one month
Multibaggers Shine Amid Market Uncertainty
September 2025 was anything but calm for the Indian equity market. Amid FII outflows, tariff volatility, and RBI policy anxieties, a handful of microcap and SME stocks defied the broader mood to deliver triple-digit returns.
Four stocks — Lakhotia Polyesters, GDL Leasing & Finance, CIAN Agro, and Tulasee Bio Ethanol — each gained over 100% in September alone and continued their rally into October, hitting upper circuits on the BSE.
1. Lakhotia Polyesters (India) Ltd
September Return: +164%
Friday’s Price: ₹160.50 (+4.97%)
Textile manufacturer Lakhotia Polyesters, known for its metallic yarn and fabric exports, surged from ₹43.12 to ₹114.25 during September. The rally extended into October, pushing the stock to ₹160.50, locked in a 5% upper circuit.
- Core business in specialty textiles with domestic and international clientele
- Possible driver: Export demand revival and low float investor interest
2. GDL Leasing & Finance Ltd
September Return: +177%
Friday’s Price: ₹43.34 (+4.99%)
Financial services firm GDL Leasing & Finance rocketed from ₹11.68 to ₹32.37 in September. On Friday, it hit another upper circuit at ₹43.34.
- Business focus: Loan financing and trading in shares & stocks
- Gains possibly fueled by speculative activity and renewed interest in microfinance stocks
3. CIAN Agro Industries & Infrastructure Ltd
September Return: +174%
Friday’s Price: ₹2,989.05 (+5%)
CIAN Agro, a diversified agri and packaged food company, had the most dramatic price action. Its stock jumped from ₹773.35 to ₹2,124.35 in September, and hit the upper circuit again at ₹2,989.05 on Friday.
- Products include edible oils, rice, sugar, and spices
- Investors may be pricing in strong rural demand and supply chain expansion
4. Tulasee Bio Ethanol Ltd
September Return: +149%
Friday’s Price: ₹52.97 (+1.98%)
Tulasee Bio Ethanol, a biofuel and chemical manufacturer, rallied from ₹18.50 to ₹46.15 in September. While not locked in a circuit, it was still up nearly 2% on Friday, trading at ₹52.97.
- Growing relevance amid biofuel push and energy transition policies
- Sectoral tailwinds may be driving continued interest
What’s Fueling the Rally?
Several common factors appear to be driving these microcap multibagger stories:
- Low base effect and illiquid float, allowing large percentage moves
- Retail investor participation in SME and BSE-listed firms
- Sectoral themes like green energy, agri demand, and textiles export revival
- Broader rotation into small and midcap segments amid Nifty consolidation
However, the rapid rise also signals speculative trading activity, often common in low-market-cap counters.
Investor Caution Advised
While these stocks have delivered stellar short-term returns, investors should remain cautious:
- SME stocks often lack liquidity and institutional coverage
- Sharp reversals are common in high-flying microcaps
- Fundamental sustainability may not always match price momentum
A disciplined approach with due diligence, risk management, and profit booking is key in navigating such stocks.
Despite a volatile broader market, four SME stocks — Lakhotia Polyesters, GDL Leasing, CIAN Agro, and Tulasee Bio Ethanol — posted 100%+ returns in September, and remain on a tear into October. While momentum continues, investors should balance excitement with caution, especially in microcap names driven by sentiment and liquidity.
