- Midwest Gold surged 3,400% since the 2025 budget – a rarity in a volatile market.
- GHV Infra Projects and Synthico Foils posted 700%+ gains, riding the infrastructure wave.
- Hindustan Copper’s 180% rise ties to soaring base‑metal prices, offering a commodity play.
- MCX delivered 120% returns, hinting at broader derivatives market strength.
- Upcoming Budget 2026 allocations to defence and infrastructure could amplify these winners.
You missed the fine print on India’s last budget, and you could be leaving money on the table.
Why Midwest Gold’s 3,400% Surge Defies Market Turmoil
Midwest Gold (BSE: MIDWEST) catapulted from ₹155 to ₹5,506 per share, delivering a mind‑blowing 3,400% return since the 2025 Union Budget. The stock’s recent 5% rally ahead of Budget 2026 shows that even in a bearish macro environment—U.S. tariff threats, geopolitical tension, and a depreciating rupee—investors are still chasing the gold narrative.
Gold’s price has climbed over 30% year‑to‑date, driven by safe‑haven demand amid the Russia‑Ukraine conflict. This tailwind lifted mining firms’ earnings forecasts, and Midwest’s low‑cost mining model amplified margins. Compared with peers like Tata Gold and Hindustan Copper, Midwest’s price‑to‑earnings (P/E) ratio remains a discount, suggesting upside potential if gold stays above ₹70,000 per ounce.
Definition: A “multibagger” is a stock that returns multiple times its original investment, typically measured in 2×, 5×, 10×, etc.
GHV Infra Projects: Riding India’s Infrastructure Boom
From ₹28 to ₹229, GHV Infra Projects (BSE: GHV) logged a 700% gain. The company benefited from the government’s push to modernise railways, highways, and urban transit—sectors slated for a 20%+ increase in capital expenditure in Budget 2026.
Competitor analysis shows that major players like Larsen & Toubro (L&T) and Adani Ports are also poised to capture a slice of the anticipated ₹6 trillion infrastructure pipeline. However, GHV’s niche focus on mid‑tier road contracts gives it a higher operating leverage than large conglomerates that must juggle multiple business lines.
Historically, infrastructure‑linked stocks have outperformed during fiscal years when the government raises capex. After the 2017 budget, the Nifty Infrastructure Index jumped 38% the following year, a pattern that could repeat.
Synthico Foils: A Hidden Gem in the Infra Materials Space
Synthico Foils (BSE: SYNTHICO) leapt from ₹223 to ₹1,839, a 725% surge. The firm supplies high‑performance foils for solar panels and electric‑vehicle batteries—sectors that are beneficiaries of the government’s renewable‑energy push.
While peers like Tata Power and Adani Renewables focus on generation, Synthico’s downstream position offers higher margins and less exposure to policy‑driven tariff changes. The stock’s beta of 1.3 suggests it’s more volatile than the market, but that volatility is a price for upside when the EV adoption rate accelerates.
Technical note: The stock broke above its 200‑day moving average in March 2025, a classic bullish signal that often precedes sustained uptrends.
Hindustan Copper: Commodity Play Amid Base‑Metal Rally
Hindustan Copper (BSE: HINDCOP) rose from ₹239 to ₹676, delivering 180% returns. The surge mirrors global base‑metal price spikes, especially copper and nickel, driven by supply constraints and heightened demand from China’s manufacturing rebound.
Comparatively, peers such as Vedanta Limited and Coal India have shown more muted performance, reflecting Hindustan’s tighter focus on copper, which has a higher correlation with global economic health.
Historically, commodity stocks outperform during periods of inflationary pressure. After the 2022 inflation surge, copper‑linked equities outperformed the broader Nifty by 12% over twelve months.
MCX: Derivatives Exchange Gains from Volatility Premium
MCX (BSE: MCX) posted a 120% gain, reflecting the exchange’s ability to monetize market volatility. Higher trade volumes during geopolitical events and macro‑policy shifts boosted fee income.
With the upcoming budget expected to introduce new derivatives contracts for green energy commodities, MCX could capture additional market share from competitors like NSE Derivatives and BSE Ltd.
Fundamental insight: MCX’s return on equity (ROE) climbed to 18% in FY25, outpacing the average 12% for Indian exchanges, indicating strong management execution.
Budget 2026 Outlook: Defence, Infrastructure, and Consumer Spending
Market consensus points to a defence‑centric budget with capex growth of >20%, alongside hefty allocations for rail, oil, and energy. Such spending fuels demand for construction firms, raw‑material suppliers, and defense contractors.
Jefferies projects a fiscal deficit of 4.2‑4.4% of GDP for FY27, implying continued fiscal consolidation but with enough room for targeted stimulus. The budget’s consumer‑orientation—affordable housing incentives and insurance subsidies—could lift lenders and life‑insurers, indirectly supporting infrastructure financing.
Sector trends indicate that any positive fiscal signal will likely lift the entire mid‑cap index, where most multibaggers reside.
Investor Playbook: Bull vs Bear Scenarios
Bull Case: If Budget 2026 delivers on promised capex, infrastructure stocks (GHV, Synthico) could see double‑digit earnings growth, pushing valuations higher. Midwest Gold’s upside remains tied to sustained gold prices above ₹70,000/oz. Adding a modest allocation (5‑10% of a diversified portfolio) to these high‑conviction names could generate outsized returns.
Bear Case: A tighter fiscal stance or a sudden reversal in global risk sentiment could dampen commodity prices, hurting Hindustan Copper and Midwest Gold. Likewise, a slowdown in infrastructure approvals would pressure GHV and Synthico. Investors should hedge with short‑duration bonds or defensive sectors like FMCG.
Bottom line: The five stocks highlighted have already proven resilience against macro headwinds. The upcoming budget will be the catalyst that separates the next generation of multibaggers from the rest.