Upstox reported that 10 Indian stocks had gained between 170% and 882% in 2026 through the October 12 close, even as it described the NIFTY50 and SENSEX as down nearly 15% over the year at that point. The figures are a dated snapshot, not current prices or a forecast; Upstox’s return calculations have not been independently verified here.
Which 10 stocks made the list?
The table below reproduces the returns and market capitalizations reported by Upstox, using closing prices on October 12, 2026. The ranking spans different sectors, so these companies are not direct peers. The source does not establish the exact starting-price convention or provide a reproducible calculation for each return.
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| Company | 2026 return through October 12 close | Market capitalization reported |
|---|---|---|
| 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 |
Although the headline described the stocks as up more than 150%, the article’s table places the lowest reported gain at 170%. Both the returns and market capitalizations are date-sensitive published figures, not live quotations.
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A broad index and individual companies can move in opposite directions: an index reflects the combined performance of its constituents, while a particular share may respond to company-specific results, expectations, orders, or sector demand. Upstox said the NIFTY50 and SENSEX were down nearly 15% in 2026 as of its October reporting cutoff. It cited foreign investor outflows, high crude oil prices associated with the US-Iran conflict, and high US bond yields as pressures on the broader market. That account applies to its reporting date; index levels change daily.
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Upstox linked the individual stock moves to themes including telecom connectivity and optical fibre, data centres, AI-ready infrastructure, cloud and GPU computing, defence electronics, and power infrastructure. It also pointed to order wins and improving earnings as possible supports for revenue visibility. These are the publisher’s explanations, not proof that any one factor caused a share-price move.
What company-specific details did Upstox cite?
Sterlite Technologies and HFCL
Upstox highlighted FY26 order-book growth at both companies, alongside demand themes in telecom and optical fibre. For Sterlite Technologies, it also reported that the company returned to profit in FY26, with net profit of ₹56 crore after a ₹123 crore loss in FY25. These figures describe reported results for those fiscal years; they do not establish future profitability or the extent to which earnings explain the stock return.
Welspun Corp
Upstox cited a global order book of ₹45,000 crore for Welspun Corp and framed order demand as a source of potential revenue visibility. An order book is not the same as revenue already earned: execution timing, delivery, costs, and conversion into recognized sales matter.
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Upstox attributed the company’s performance to growth in video security and surveillance as well as 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 source-reported quarterly figures, not a guarantee that the growth rate will continue.
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Why earlier reports show different returns
Stock-return rankings change with their measurement dates. Earlier coverage should not be combined with the October table as if all figures described the same period.
- Business Standard reported on June 8 that, as of June 5, Sterlite Technologies had risen about 467% in calendar 2026 and HFCL 163%. It also reported that the shares hit lower circuits on June 8, illustrating that steep gains can coexist with abrupt declines.
- An Upstox article published July 1 reported first-half 2026 gains of 494% for Sterlite Technologies, 214% for HFCL, and 144% for Aditya Infotech.
The different figures reflect different cutoffs. A reported return should always be read with its date and calculation basis rather than treated as a timeless ranking.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the ranking does—and does not—tell investors
A large past gain shows what a share price did over a specified period; on its own, it does not show whether the company is attractively valued, whether the move is sustainable, or whether the stock suits a particular investor. The October table provides returns and market capitalizations, but not the valuation, liquidity, drawdown, margin trend, or risk information needed to compare the companies on those grounds.
Anyone assessing the names would need to examine, at minimum, the measurement date and return calculation, each company’s sector exposure, order-book size and execution horizon, revenue and profitability trends, valuation, and trading liquidity. Upstox describes its discussion as educational rather than a buy-or-sell recommendation and includes an investment-risk disclaimer. The reported returns are not a recommendation to buy or sell any of the shares.
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