17 multibaggers dampen the shine of silver and deliver up to 13,052% return over one year

Silver’s return of over 75% in the past one-year period is at its fastest level ever and is drawing comparisons to equities, having comfortably beaten all major benchmarks.

But an analysis by ETMarkets has found 25 stocks with a market capitalization of Rs 5,000 crore or more that are outsmarting the white metal. Smallcap multibagger RRP Semiconductor tops the list with a return of 13,052%, turning an investment of Rs 10,000 into Rs 13.15 lakh in just one year. On the other hand, Fortis Healthcare rounds off the list with a still impressive 80% gain, meaning the same amount would now be worth Rs 18,529.

Of the 25 stocks examined, 17 have become multibaggers. Elitecon International, CIAN Agro Industries & Infrastructure, Blue Pearl Agriventures, Indo Thai Securities, Cupid Apollo Micro Systems, Axiscades Technologies, Gabriel India, CarTrade Tech, Shaily Engineering Plastics, Force Motors, ASM Technologies, Ashapura Minechem, Lumax Auto Technologies, Le Travenues Technology (Ixigo) and Banco Products (India) have delivered returns between 4,237% and 104% over the same period.

Others, including Paradeep Phosphates, Syrma SGS Technology, Acutaas Chemicals, Avalon Technologies, JSW Holdings, Gallantt Ispat, Laurus Labs Fortis Healthcare, KRN Heat Exchanger And Refrigeration, and One 97 Communications (Paytm), have outperformed silver by up to 95% returns.

We have not analyzed the reasons for the rally in the above-mentioned stocks.

Defying most analyst expectations, gold and silver have exceeded every forecast at the start of the year, outperforming both stocks and Bitcoin in 2025. The outlook for the rest of the year also remains optimistic.

The notable rise in precious metals since last Diwali has been driven by a mix of global and domestic factors – including geopolitical tensions due to the conflicts between Russia, Ukraine and Israel-Hamas, trade uncertainties related to US President Donald Trump’s tariff measures, and growing expectations of interest rate cuts by the US Federal Reserve. The Fed made its first rate cut in nine months at its September policy meeting and signaled the possibility of further easing against the backdrop of a weakening labor market.

Sharing his views, Pranay Aggarwal, Director and CEO, Stoxkart, said ongoing geopolitical tensions and trade disputes have disrupted global trade, increasing the appeal of precious metal. This global vulnerability, he noted, is compounded by concerns about a possible U.S. government shutdown and expectations of further Fed rate cuts.

But experts remain divided on the bullion’s prospects.

Anuj Gupta, director of Ya Wealth Global Research expects global central banks to continue their gold buying in the next Samvat 2082. The precious metals are likely to experience tailwinds for gold and silver, he noted. A weaker dollar will fuel the precious metal’s rally, while a weaker rupee will make returns more lucrative for domestic investors, Gupta said.

Deciphering the silver charts, Gupta expects prices to be around $60-$70 per ounce internationally and between Rs 1,80,000 and Rs 2,00,000 on the MCX by Diwali 2026. Silver remains structurally tight for the fourth consecutive year, mainly driven by industrial and green energy demand, this analyst said. “Its growing applications in electronics, electric vehicles and solar panels continue to drive demand amid limited supply and low above-ground inventories,” he said.

On the other hand, Sailesh Raj Bhan, CIO – Equity Investments at Nippon India Mutual Fund, believes it is time for smart investors to rebalance. Speaking to ET Now on the Samvat 2082 Fund’Tastic Manager series, he said gold has had its golden phase but equity valuations have now become ‘sensible’ – paving the way for steady earnings-driven compounding in the year ahead.

Kranthi Bathini, Director-Equity Strategy at WealthMills Securities said every asset class has its cycle and gold and silver are currently in a bull cycle due to several reasons including US President Donald Trump’s rate drift. “There is a global reset. Supply is tight in the gold and silver sectors and that has led to a huge price increase due to growing demand,” he said.

His advice to investors is to allocate 5-10 to gold and silver for portfolio diversification. As for stocks, he suggested stock selection.

(Disclaimer: The recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times.)