The Nifty barely moved this year.
Down. Sideways. Down again.
Most portfolios? Bleeding quietly.
But while everyone stared at the headline index…
15 stocks were busy doubling. Tripling. Some 5x'ing.
Quietly. Without the noise.
While the Nifty went nowhere in 2026, a small group of small and mid-caps went everywhere.
Here's the headline act 👇
Defence. Power. Telecom infra. Electronics manufacturing.
The themes did the heavy lifting.
Sanjay Doshi, Head of Research at Abakkus Flexi Cap Fund, has a simple answer.
Earnings actually showed up.
Especially in small and mid-caps.
Q3 was strong. Q4 FY26 surprised again.
Why? Most of these companies were sitting on fat raw-material inventories when the West Asia crisis hit.
Supply shocks bounced off them.
Margins held.
Add capacity expansions + fresh order books + sector tailwinds…
and suddenly boring small-caps started flying.
Doshi isn't getting carried away.
The June quarter is where the real test begins.
The delayed punch could land hard:
Translation: expect some earnings downgrades.
Expect volatility.
Expect some of these multibaggers to wobble.
Doshi sees a turn from Q2 FY27.
West Asia tensions easing. Sequential improvement. FY27 risk manageable.
Which means the playbook for the next leg is clear 👇
A flat index doesn't mean a flat market.
It just means the action moved somewhere else.
In 2026, that somewhere else made a few investors very, very rich.
The Nifty was the headline.
The multibaggers were the real story.
That's all for now!
