After an annual increase of 850%, Elitecon International shares are rising 5% to the upper circuit. Are you an owner?

Shares of Elitecon International, a little-known small-cap, remained stuck in the 5% upper circuit on Wednesday, snapping a three-session losing streak and rekindling investor interest in one of India’s most volatile multibaggers after surging 850% in the past year as markets staged a tentative recovery at year-end. Elitecon International rose to Rs 99.80 on the BSE that day, hitting the daily upper circuit. The rally coincided with a modest recovery in Indian equities, with the Sensex and Nifty 50 trading marginally higher in the last trading session of 2025 after four straight days of losses.

The stock’s sharp move reflected renewed buying interest in a counter that has delivered eye-popping long-term gains but also tested investors’ nerves with wild price swings.

From penny stock to multibagger

Despite the recent volatility, Elitecon’s longer-term performance remains exceptional. Since August 2024, the stock has returned more than 7,500%, firmly earning its multibagger label. Over the past year, shares are up 850%.

However, the path was far from smooth. The stock is up 58% in the past six months, down 49% in the past three months and up 16% in the past month.

Elitecon hit a 52-week high of Rs 422.65 on August 25, 2025, and a 52-week low of Rs 10.17 on December 31, 2024, highlighting the extreme volatility that has defined the stock’s trading.

Borrowing powers were expanded

In a recent stock exchange filing, Elitecon said it had taken steps to significantly expand its borrowing capacity to support future growth plans. “Increased borrowing powers under Section 180(1)(C) of the Companies Act, 2013 to Rs 500 Crores, subject to shareholder approval,” the company told stock exchanges.The company added that the increased limit would enable it to “make investments, loans, guarantees and securities in excess of the limits specified in Section 186 of the Companies Act, 2013, subject to shareholder approval.”

This move is expected to give Elitecon greater financial flexibility as it scales up its investment and lending activities.

Export order provides visibility

Earlier this month, the tobacco products manufacturer announced significant export gains. On December 15, 2025, Elitecon entered into a long-term supply contract worth $97.35 million for cigarettes, premix sheesha, hookah tobacco, smoking blends and other tobacco-related products.

“This long-term supply order provides the company with stable export prospects over the contract period and reflects the continued demand for its products in international markets,” Elitecon said in a filing with the regulator.

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