18 SME Stocks at New Highs; BSE SME IPO Index Up 57% Since April, Nears Record

Small and medium enterprise stocks extended their run on Monday, with the BSE SME IPO index touching a 52-week high of 116,204.81 in intra-day trade, up 1% on the day. The wider market was moving the other way; the BSE Sensex was down 0.6% at 12:25 PM. 

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The index is now at its highest point since January 2025 and sits 5% below its all-time high of 122,298.30, recorded on January 6, 2025, according to exchange data. 

The gap between SME shares and the rest of the market has been widening for months. In September so far, the BSE SME IPO index has gained 4% while the Sensex has lost 1%. In August the index rose 11% against a 1.5% decline in the benchmark. Since April, it has climbed 57%, compared with a 5.8% rise in the Sensex. 

The BSE SME IPO index tracks the performance of small and medium enterprises listed on the BSE SME platform after their initial public offerings. It was launched on December 14, 2012. 

Record highs across 18 stocks 

Eighteen constituents of the index were trading at all-time highs on Monday. Among them were Millworks Technologies, Technocrafts Plasma, Admach Systems, Airflo Rail Technologies, Exato Technologies, Susan Electricals and Tipco Engineering. 

Systematic Industries 

Systematic Industries jumped 11% to ₹255.75 ahead of a board meeting on Tuesday, September 8, 2026, at which the company will consider raising funds through a preferential issue. 

The company makes steel wires and cables and supplies both conventional and newer infrastructure products. It is an approved vendor to government and utility bodies including RDSO and Power Grid Corporation of India Limited, and holds development vendor status for Fibre Armoured Optical Fibre Cables and Optical Ground Wires (OPGW). 

The company, in August, announced that it had acquired a galvanized iron wire manufacturing plant in Siltara, Chhattisgarh. This plant covers an area of about 10 acres and has a production capacity of 48,000 metric tonnes annually. The acquisition is in line with the company’s strategy of growing its wire business. 

Airfloa Rail Technology 

Airfloa Rail Technology rose 10% to ₹535.05 in intra-day trade, taking its gain over the past month to 70%. 

The industrial products company manufactures, processes, assembles, develops and designs railway rolling stock of all kinds: passenger coaches and their components, wagons and their components, and locomotives and their components. 

In its FY26 annual report, the company described its prospects as positive, pointing to ongoing growth and modernisation in railway infrastructure and the increasing priority given to rail connectivity, safety and passenger experience. It considers itself well placed, on the strength of its manufacturing capability, technical expertise and sector experience, to take part in the opportunities created by the expansion and upgrading of railway systems. With sustained government spending, firm domestic demand and rising private participation, the company expects rolling stock manufacturing to remain one of the fastest-growing heavy engineering sectors in India. 

Devson Catalyst 

Devson Catalyst, which produces specialty catalysts, adsorbents and ceramic balls, climbed 11% to ₹351, bringing its rise over the past two sessions to 24%. The stock listed on July 16, 2026 and has since gained 197% over its issue price of ₹118 per share. 

On September 4, 2026, the company announced that it had developed an Ammonia Decomposition Catalyst through in-house research and development. The product sits at the higher-value end of its existing catalyst range. Devson Catalyst has also secured commercial orders for the new catalyst from NMDC and Tata Steel following customer evaluation and approval, with the Tata Steel order being the first the company has received from that customer for this product. 

The management views the Tata Steel order, coming after a successful application, as further confirmation of the product and its performance, and expects it to open up new opportunities across relevant industrial uses. The company intends to keep developing specialised catalyst solutions shaped by customer and industry requirements. 

Tipco Engineering India 

Tipco Engineering India was locked at the 5% upper circuit at ₹295.35, frozen at the upper limit for a fourth consecutive session. The stock has risen 22% over the past week and 232% from ₹89 per share since its market debut on April 1, 2026. 

Tipco is an integrated process equipment manufacturer that designs, fabricates, assembles and supplies industrial machinery for mixing, milling, dispersion and homogenisation. It includes four key series which include; Mill Series (bead mill, attrition mill, basket mill and pug mill), Disperser Series (high-speed dispersers, twin-shaft dispersers, triple-shaft dispersers and vacuum dispersers) and Homogeniser Series (in-line homogenizers, in-tank homogenizers, high-shear homogenizers, and liquid-powder mixing machines). Its customers are intensive formulation industries including paints & coatings, specialty chemicals, pharmaceuticals, food processing, cosmetics, ink and printing, adhesives and construction chemicals. 

The company has guided for FY27 revenue of ₹180 crore or more, drawing on existing operations and the first phase of its Pune facility. It enters the year as a listed entity with a dual-facility expansion programme under way, two margin-accretive verticals gaining ground, a growing list of clients among India's largest industrial manufacturers and a strengthening balance sheet. Its stated priorities are disciplined capacity addition, margin improvement and the development of a scalable process equipment manufacturing platform based in India.