Rs 1 Trillion Club Swells

Newly listed companies Vedanta Aluminium Metal, SBI Funds Management and Manipal Health Enterprises have entered the Rs 1 trillion mcap list since March 2026.

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Rs 1 Trillion Club Grows

The number of stocks with a market capitalisation (mcap) of over Rs 1 trillion has risen 27 per cent to 119 as of August 31, from 94 on March 30, 2026, data shows.

The increase comes amid a rally in largecap and midcap stocks in the first five months of financial year 2026-2027 (FY27).

This number is higher when compared to 111 stocks that commanded an mcap over Rs 1 trillion at the beginning of the calendar year 2026.

As of December 1, 2025, when the BSE Sensex hit a record high of 86,159.02, the number of stocks with mcap of more than Rs 1 trillion stood at 97.

In the last five months, the Sensex and the Nifty 50 gained 7 per cent and 8 per cent, respectively.

The Nifty Midcap 100 and Smallcap 100 indices on the NSE moved up 22 per cent and 31 per cent, respectively.

Midcaps Lead Market Rally

Newly listed companies Vedanta Aluminium Metal, SBI Funds Management and Manipal Health Enterprises have entered the Rs 1 trillion mcap list since March 2026.

Investors, according to G Chokkalingam, founder and head of research at Equinomics Research, have been selective in the last few months, favouring stocks of companies with better revenue visibility and attractive valuation.

Some, he said, were news-driven, too.

“Investors mostly piled onto select stocks at the top of the midcap universe where there is revenue visibility and good fundamentals.

“As foreign investors exited the largecaps, domestic investors have kept the faith in Indian equities,” he said.

Stock-wise

Among stocks, Zydus Life Sciences, Laurus Labs, and Cipla from the pharmaceutical sector; Bharat Heavy Electricals Limited (BHEL), Hitachi Energy India, and GE Vernova T&D India from the power sector; and Aditya Birla Capital, HDFC Asset Management Company (AMC), and Bajaj Holdings & Investments from the financials space have seen their mcap cross Rs 1 trillion mark between April and August 2026, data shows.

Among the new additions, Laurus Labs saw its mcap rise 92 per cent to Rs 1.03 trillion from Rs 53,546 crore as of March 30, 2026.

Oracle Financial Services, One 97 Communications (Paytm), Lodha Developers, Bosch, BHEL, and Vodafone Idea are the other prominent stocks where the mcap surged between 70 per cent and 83 per cent in the last five months of FY27.

Adani Stocks Surge

Adani Enterprises, the Adani group’s flagship company, saw its mcap soar 74 per cent to Rs 3.95 trillion from Rs 2.27 trillion on March 30, 2026.

Other Adani group stocks — Adani Energy Solutions, Adani Green Energy and Adani Power — rallied between 32 per cent and 59 per cent.

Solar Industries, Divi’s Laboratories, Samvardhana Motherson International, Eternal and Hindustan Aeronautics saw their respective mcaps jump in the range of 38 to 68 per cent.

PSUs take a backseat

However, public sector undertaking companies Oil and Natural Gas Corporation (ONGC), Coal India, NTPC, and Power Grid Corporation have seen their mcaps erode between 10 per cent and 19 per cent from their respective levels on March 30, 2026 till August 31.

ITC, Reliance Industries, Wipro, Infosys, HDFC Life Insurance Company, HDFC Bank, Tata Steel, Hindustan Unilever, and Tata Power Company, too, saw their respective mcaps decline during this period.

A lot of these stocks, especially the stock of ONGC, have been impacted by negative news and hence underperformed, suggests Gaurang Shah, senior vice-president at Geojit Financial.

“Some have not done well due to earnings disappointment in the first quarter of FY27,” he explains.

Feature Presentation: Ashish Narsale/Rediff