2025's Top-performing IPOs Face Stress Test Amid Market Volatility

Indian IPOs Defy Market Trend, Deliver Strong Returns

Despite the Indian stock market's 8% decline this year, the top-performing debutants of 2025 have largely remained on a firm footing. A study by Mint of BSE IPO constituents that listed in 2025 shows that among the 20 best performers of last year, nine are still trading higher by 8-52%, four are flat with a negative bias, and only six are down 10% or more, and one has lost around 7%. This signals investor confidence in their businesses.

These IPOs, including EV two-wheeler firm Ather Energy, security solutions provider Aditya Infotech, and automotive components manufacturer Belrise Industries, rose 106%-135% and have managed to remain higher in 2026, defying the current stock market mood. Aditya Infotech shares have surged a whopping 53% on a year-to-date (YTD) basis, leading the chart. The stock hit a 52-week high of ₹2,365 on 21 April. It markets its surveillance cameras under the brand name CP Plus.

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The company's March quarter results are awaited, but in the last three quarters of FY26, the company has seen a consistent rise in the net profit and sales, signalling robust fundamentals. On the valuations front, it commands a steep price-to-earnings multiple of 135 times. Ather Energy and Belrise Industries are trading higher by 19% and 18%, respectively.

Another standout performer is Billionbrains Garage Ventures, parent of discount broking Groww, after a YTD rise of 39%. It has built on the 59% rise seen in 2025 following its stock market debut in November last year. The company recently posted a better-than-expected performance for the March quarter, where its net income more than doubled year-on-year (YoY) to ₹686 crore. Analysts had estimated an income of ₹660 crore, according to a Reuters report.

On the flip side, Epack Prefab Technologies led the losers, erasing nearly all gains recorded last year by IPO investors following a 31% decline. Another marquee name, NSDL, has faced sharp losses this year amid the selling that has engulfed the Indian equities. NSDL stock is down 15% in 2026 after rising 33% last year.

Meanwhile, Jain Resource Reclying, another high flyer, is trading marginally in the red YTD but remains well above the IPO price of ₹409.85. Prostarm Info Systems, Shringar House of Mangalsutra, Anand Rathi Share & Stock Brokers, and Meesho also traded with marginal cuts.

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Once the markets stabilise and investor sentiments improve, India is expected to witness several marquee companies tapping the Street. National Stock Exchange (NSE) is set to list, offering exposure to the country's largest stock exchange. While Reliance Jio Platforms is preparing for a landmark IPO, driven by its dominance in telecom and digital services. SBI Mutual Fund and fintech leader PhonePe, backed by Walmart, is moving toward its IPO, capitalising on India's digital payments boom.