Markets have quietly flipped the script over the last two fiscal years. In FY26 so far, the benchmark Sensex and broader indices are up nearly 6%, while the smallcap index has barely moved—stuck in neutral. Roll the clock back to FY25, and the picture looks very different: smallcaps stole the spotlight with an 8% rise, comfortably outpacing the Sensex and midcaps, which managed gains of around 5%. On the surface, headline indices across both years show only single-digit moves. But beneath that calm exterior, the broader market has seen dramatic churn. Stocks that were darlings just a year ago have faced sharp reversals.
Here are the stocks that standout as multibaggers in FY25—rallying more than 100%—but have since slipped into the laggards’ camp in FY26. The findings are striking: around 12 such stocks that once created outsized wealth have corrected sharply, falling 30–55% so far this fiscal year. To ensure relevance, the study is limited to companies with a current market capitalisation above Rs 2,000 crore. Investors should note, however, that a couple of names on this list trade with relatively lower volumes. (Data Source: ACE Equity)