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Upstox reported that 10 Indian stocks had gained between 170% and 882% in 2026 through the October 12 close, even as it described the NIFTY 50 and SENSEX as down nearly 15% over the year. Sterlite Technologies led the list at 882%, followed by Sigma Advanced System at 411%. These are date-specific figures published by Upstox, not independently verified returns, current quotes or forecasts.
Which stocks were up at least 170%?
The table below reproduces Upstox’s reported 2026 returns and market capitalizations, using closing prices on October 12, 2026. The source describes the names as having risen by 170% or more; its headline’s “over 150%” threshold is broader than the table’s actual lowest return, 170%.
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| 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 |
Returns and market-cap figures are attributed to Upstox’s October 2026 report. The article says returns were calculated using October 12 closing prices, but does not establish a reproducible starting-date convention or per-stock calculation in the information available here. The figures have not been independently recomputed from exchange price data.
How can these stocks rise while the market falls?
A benchmark decline and large gains in individual shares are not contradictory. An index represents a basket of companies; its overall movement can be negative while particular companies benefit from sector demand, company-specific developments or investor expectations. The ten stocks span different businesses, so they should not be treated as direct peers or as a single market trend.
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Upstox said the NIFTY 50 and SENSEX were down nearly 15% during 2026 at its October reporting cutoff. It cited foreign-investor outflows, elevated crude-oil prices associated with the US-Iran conflict, and high US bond yields as pressures. Those are the report’s dated market explanations, not a permanent description: index levels and market conditions change daily.
What explanations did Upstox give for the gains?
Upstox connected the moves to demand in several 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 also pointed to order wins and order books as possible sources of revenue visibility. These are proposed explanations for share performance; the reported price gains alone do not prove that any one factor caused them.
Telecom, fibre and infrastructure
For Sterlite Technologies and HFCL, Upstox highlighted demand for telecom and optical-fibre networks and reported FY26 order-book growth. The article also reported that Sterlite Technologies returned to profit in FY26, with net profit of ₹56 crore after a ₹123 crore loss in FY25. Those earnings figures describe the reported financial years; they do not establish how future results will develop.
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Water infrastructure and corporate performance
Upstox cited Welspun Corp’s global order book of ₹45,000 crore as a factor supporting its account of the company’s prospects. An order book can indicate contracted or prospective work, but its value alone does not show when orders will be executed, how much revenue or profit they will generate, or whether projects will proceed as expected.
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For Aditya Infotech, the report pointed to growth in video security and surveillance and reported Q1FY27 consolidated net profit of ₹142 crore and revenue of ₹1,402 crore. Upstox said those amounts were year-over-year increases of 332% and 89%, respectively. These are company results as reported by Upstox for that quarter, not a guarantee of continued growth.
Other sectors in the list
The list also includes companies associated in Upstox’s account with data-centre, cloud, GPU-computing, defence-electronics and power-infrastructure themes. The table supplies no comparable sector breakdown, valuation measures or financial metrics for all ten companies, so it cannot show which theme contributed most to each return.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why earlier 2026 reports show different returns
Share-return rankings depend on their cutoff dates. Earlier reports captured different points in a volatile year and should not be combined with the October table.
Do these 3 things before closing this tab:
1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minute- 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 both stocks hit lower circuits on June 8, illustrating that a large gain over a period can coexist with abrupt declines.
- In a July 1 first-half snapshot, Upstox reported returns of 494% for Sterlite Technologies, 214% for HFCL and 144% for Aditya Infotech. Its measurement window differed from the October report.
These earlier figures are historical snapshots, not corrections to the October values. A comparison is meaningful only when its measurement dates and calculation basis are aligned.
What the ranking does not tell investors
A return list answers which shares rose most over the stated period; it does not establish which are attractively priced or appropriate for a particular investor. The October table does not provide a valuation ranking, liquidity comparison, volatility or drawdown analysis, or enough forward-looking information to assess suitability.
To compare companies beyond the headline return, a reader would need to examine the same-date price-return basis, each company’s sector exposure, the scale and execution horizon of its order book, and trends in revenue, profits and margins. Valuation and trading liquidity also matter, but neither can be inferred from the figures in this table. A past rise—however large—is not a forecast or a buy signal. Upstox describes its discussion as educational rather than a buy-or-sell recommendation and includes an investment-risk disclaimer.
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