As 2025 draws to a close, many investors are breathing a sigh of relief after a bruising year — one that tested not just the hunt for multibaggers, but even the ability to stay afloat.

It was only last month, in November, that the Nifty 50 managed to make a fresh high after over a year, signalling the tough phase for the Indian stock market. This was despite the global equities enjoying a year of record highs, and most Asian markets delivering double-digit gains of up to 60%.

Since last Christmas, Nifty 50 index has risen 10% while the broader Nifty 500 index has added 6.5%. What’s even more distressing is that 270 stocks from the index have fallen in a year, while only two have managed to deliver multibagger returns.

Christmas to Christmas: A Tough Year for Multibagger Hunters

According to data from Capitaline, Force Motors and L&T Finance are the only two Nifty 500 constituents that have emerged as multibagger stocks, effectively more than doubling investor wealth.

Force Motors shares have surged a whopping 176% from ₹6657.25 on December 24, 2024, to ₹18,365 as of the last closing price. The stock has seen a steady increase in FII shareholding in the company, signalling strong institutional interest and robust financial performance.

According to Trendlyne data, FII stake in Force Motors has risen to 10.3% in the September 2025 quarter from 7.9% a year ago. Meanwhile, MF holding has largely remained stable at 0.7%. It was 0.5% in the September quarter last year. Promoters continue to hold a major chunk of the stocks at 61.6%.

The company has also posted a sharp rise in its profit and revenue on a year-on-year (YoY) basis. Its profit has grown to ₹350 crore as of September 30, 2025, more than double that of ₹141 crore in the same period last year. Meanwhile, revenues stood at ₹2,105.8, up 8% YoY.

L&T Finance is the only other multibagger stock since last Christmas, surging 119% during this period, with its stock price rising to ₹303.25 as of last close, as against ₹138.65 on the same day a year ago.

According to data from Trendlyne, the stock has a consensus ‘Buy’ recommendation on the L&T Finance stock. The company’s financial performance has remained steady, with strong interest from mutual fund investors. MF holding has risen to 10.5% from 7.4% on a YoY basis. While FII holding remains largely unchanged at 6.4% as against 6.7% in the September quarter of 2024.

Laurus Labs, Vodafone Idea, RBL other top gainers

Among other top gainers this year, Laurus Labs tops the list, with a 91% surge. Meanwhile, RBL Bank and Muthoot Finance followed amid an 87% rise in shares of both companies.

Some other prominent names that have risen this year include MCX, Shriram Finance, Nykaa, Mannapuram Finance, Vodafone Idea and Maruti Suzuki.

Disclaimer: This story is for educational purposes only. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.