According to PRIME Database, nearly 10% of the 97 companies listed so far in 2026 have delivered returns exceeding 220%, with ESDS Software Solution emerging as the standout performer with a 220% return from the IPO issue price. Advit Jewels followed closely with 161% gains, while Omnitech Engineering delivered 178% returns. Other notable performers include Indo-MIM (131%), Xtranet Technologies (125%), and Shadowfax Technologies (119%). The latest data as of October 21 shows that Technocraft Ventures has gained 133%, Sedemac Mechatronics has surged 128%, and Milky Mist Dairy Food has moved higher by 100% over their respective IPO prices.
As reported by Business Standard, analysts attribute the strong IPO performance to investor preference for niche and differentiated businesses backed by healthy growth expectations and high entry barriers in some segments. However, market experts are recommending partial profit booking due to sharp valuation expansions. Vinod Nair from Geojit Investments noted that further upside will depend on earnings growth, margin sustainability, and maintaining strong growth momentum. Despite the strong performance, analysts are cautioning against further chasing of gains, with Avinash Mentor Research Services advising investors to separate underlying business quality from valuation stretch and consider staggered buying during meaningful corrections.
According to SBI Securities' Sunny Agrawal, OneEMI Technology remains a preferred pick among the top performers, having rallied 93% and showing potential for 40% annual growth over the medium term. Agrawal also highlighted Advit Jewels as one of the fastest-growing bridal jewellery players, with its shift towards B2C segment contributing 20% of business and the company becoming debt-free after the IPO. Master Capital Services' Ravi Singh favours Shadowfax for e-commerce exposure, Indo-MIM for specialized manufacturing, and Milky Mist for growing demand in value-added dairy products.
Despite the strong performance, analysts are cautioning against further chasing of gains. As reported by Avinash Mentor Research Services, after a triple-digit rally in a short window, the risk-reward matrix changes dramatically. The firm advises investors to separate underlying business quality from valuation stretch and consider staggered buying during meaningful corrections. Market experts recommend tracking quarterly results, cash flows, and growth visibility while adopting a 'buy on dips' strategy for selective opportunities. While the secondary market has remained under pressure so far in CY2026, the primary market has stayed buoyant, delivering several multibaggers.
