Stress Testing: Are the best-performing IPOs of 2025 managing to hold ground amid market meltdown?AI Quick ReadWhile the Indian primary market may have cooled off due to a meltdown on Dalal Street this year, the top-performing debutants of 2025 have largely remained on a firm footing.
The Middle East crisis and oil price spike-led selloff has pushed the Indian stock markets 8% lower for the year. However, the best-performing debutants of 2025 have largely remained in the green or recorded fewer losses than the benchmark indices, signalling investor confidence in their businesses.
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%.
As over 90 IPOs opened last year, only three managed to deliver multibagger gains to their investors, namely EV two-wheeler firm Ather Energy, security solutions provider Aditya Infotech and automotive components manufacture Belrise Industries.
These IPOs 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.
Its 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.
Rubicon Research, GNG Electronics, Corona Remedies, Tenneco Clean Air India and Urban Company were among other gainers from the pack. 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.
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.
Saloni Goel has over nine years of experience as a business journalist, with a strong track record of covering the financial markets. Over the course of her career, she has reported extensively on global and domestic equities, IPO market activity, commodities, and broader macroeconomic trends. Her reporting reflects a keen eye for detail, data-driven analysis, and the ability to spot emerging themes early.
At Mint, Saloni has been part of the markets team for nearly two years, where she currently works as Chief Content Producer. In this role, she plays a key part in shaping market coverage, driving editorial strategy, and ensuring timely, accurate, and insightful reporting across. She has been closely involved in breaking news coverage and in crafting stories that help decode the complex financial developments.
Before joining Mint, Saloni worked with some of India’s leading business newsrooms, including The Economic Times and Business Standard. Throughout her career, she has worn multiple hats—ranging from reporting and editing to contributing in-depth features and identifying new storytelling formats and market trends.
Her experience in fast-paced digital newsrooms has given her an edge in simplifying complex market concepts without losing analytical depth. Outside of work, Saloni enjoys reading books and spending time with her pet.