11 Smallcap Stocks Post Multibagger Returns as FII Holdings Up in Two Successive Quarters

The foreign institutional investors have been raising their exposure to small-cap stocks in two successive quarters of March and June 2026, where 11 stocks posted multibagger returns in the last six months. Exchange shareholding disclosures show that these companies recorded higher foreign ownership alongside sharp gains in their share prices during the period.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

Sterlite Technologies share price led the group with a 451% jump, rising to ₹518 from ₹94 in six months. Foreign institutional investment (FII) increased in the firm's shares from 10.93% in December 2025 to 11.47% in March 2026 and to 18.22% in June.

Dee Development share price followed with a 234% gain to ₹687 from ₹206, while foreign shareholding rose from 0.77% to 2.17% over the same period.

Stocks That Posted Triple-Digit Returns

MTAR Technologies share price climbed 126% to ₹6,044 from ₹2,672 as FII ownership more than doubled to 24.79% in June from 12.24% in December. Acutaas Chemicals share price advanced 113% to ₹3,615 from ₹1,697, with foreign holdings increasing from 16.67% to 21.61%.

Indo Tech Transformers share price gained 139% despite only a marginal rise in overseas ownership from 0.19% to 0.28%. The stock price of KSH International increased by 138% when there was an increase in FII from 3.72% to 5.71%, whereas Aeroflex Industries stock price increased by 134% when there was an increase in FII from 0.99% to 3.61%.

Sportking India share price appreciated 133%, with FII holdings moving up from 0.02% in December to 0.36% by June. Shilpa Medicare share price gained 112% as foreign ownership edged higher to 11.39%, while Schneider Electric Infrastructure share price rose 106% with FII holdings increasing from 3.02% to 3.42%. Rashi Peripherals share price completed the list after doubling to ₹736 from ₹368, with FII ownership climbing to 3.27% in June from 0.66% six months earlier.

Other Stocks Near the Multibagger Mark

Three additional companies narrowly missed doubling during the six-month period while also recording consecutive quarterly increases in foreign ownership. Syrma SGS Technology share price gained 92%, ideaForge Technology share price rose 87%, and Apar Industries share price advanced 86%. By the end of June, FII holdings in these companies stood at 7.51%, 4.89%, and 10.76%, respectively.

Broader Market Context

Rajesh Palviya, Head of Research at Axis Direct, told ETMarkets that valuations across mid- and small-cap stocks have become more demanding following the recent rally, leaving limited room for earnings disappointments. He added that quality large-cap companies with stronger balance sheets remain an important part of portfolio construction. Mayur Patel, President and Fund Manager for Listed Equity at 360 ONE Asset, also told ETMarkets that the long-term growth outlook for sectors such as power transmission, renewable equipment manufacturing and electronics manufacturing services remains intact, although valuations have risen in parts of the industrial segment.

The rise in foreign ownership across these companies highlights continued institutional participation beyond benchmark index constituents. However, the next phase of performance is likely to depend on earnings delivery rather than valuation expansion alone, as reflected in recent corporate shareholding disclosures and market performance.