## Table 1 - Year-by-year summary (all FYs are Indian financial years, Apr-Mar)

| FY | Nifty 500 | Median stock | Top sector (median, n) | Top 5 stocks (% return) | Gold INR | Silver INR | 10Y yld chg | Repo chg |
|---|---|---|---|---|---|---|---|---|
| **FY17** | +23.9% | +35.0% | Metals & Mining (+87%, n=15) | OLECTRA 352%, JSL 325%, ESCORTS 287%, VEDL 273%, PCBL 246% | -0.3% | +15.2% | -32 bp | -50 bp |
| **FY18** | +11.5% | +10.1% | Information Technology (+42%, n=17) | HEG 1330%, GRAPHITE 548%, GPIL 265%, HSCL 234%, PCBL 229% | +6.8% | -9.5% | +44 bp | -25 bp |
| **FY19** | +8.4% | -4.6% | Consumer Services (+22%, n=8) | USHAMART 121%, ADANIPOWER 103%, CGCL 98%, BATAINDIA 92%, BALRAMCHIN 81% | +4.4% | -1.5% | -13 bp | +25 bp |
| **FY20** | -27.6% | -36.9% | Chemicals (-4%, n=18) | ADANIGREEN 312%, ABBOTINDIA 112%, NAVINFLUOR 73%, BERGEPAINT 54%, DIXON 52% | +36.3% | +4.7% | -72 bp | -185 bp |
| **FY21** | +76.0% | +95.1% | Metals & Mining (+232%, n=15) | PGEL 1407%, INTELLECT 1260%, CGPOWER 1225%, ATGL 1013%, SAREGAMA 717% | +3.2% | +61.5% | -41 bp | -40 bp |
| **FY22** | +21.0% | +23.1% | Metals & Mining (+74%, n=15) | TTML 1082%, ANGELONE 428%, BSE 395%, FLUOROCHEM 377%, USHAMART 307% | +15.6% | +5.8% | +54 bp | +0 bp |
| **FY23** | -2.3% | +1.6% | Capital Goods (+41%, n=52) | APARINDS 286%, KIRLOSENG 200%, BLS 182%, MAZDOCK 177%, ELECON 166% | +15.2% | +7.0% | +25 bp | +250 bp |
| **FY24** | +39.1% | +64.0% | Realty (+148%, n=10) | GVT&D 611%, TARIL 595%, BSE 484%, INOXWIND 458%, IRFC 435% | +13.9% | +3.9% | -11 bp | +0 bp |
| **FY25** | +5.4% | +5.5% | Healthcare (+24%, n=43) | PGEL 452%, MAZDOCK 184%, TARIL 171%, CARTRADE 158%, SARDAEN 153% | +33.2% | +33.3% | -47 bp | -25 bp |
| **FY26** | -3.8% | -5.9% | Metals & Mining (+22%, n=17) | PFOCUS 263%, GVT&D 134%, MCX 125%, NATIONALUM 120%, FORCEMOT 114% | +63.0% | +140.7% | +38 bp | -100 bp |

Repo rate at FY end: FY17 6.25%, FY18 6.00%, FY19 6.25%, FY20 4.40%, FY21 4.00%, FY22 4.00%, FY23 6.50%, FY24 6.50%, FY25 6.25%, FY26 5.25%

## Table 2 - Sector median return by FY (broad industry, n>=3)

| Sector | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Automobile and Auto Components | +33% | +24% | -20% | -40% | +99% | +8% | +18% | +57% | +7% | +11% |
| Capital Goods | +48% | +10% | -18% | -54% | +95% | +45% | +41% | +105% | +2% | +3% |
| Chemicals | +58% | +26% | +2% | -4% | +94% | +45% | -1% | +27% | +11% | -10% |
| Construction | +47% | +18% | -20% | -49% | +106% | -9% | +36% | +131% | -8% | -8% |
| Construction Materials | +37% | -0% | +1% | -30% | +98% | -3% | +4% | +21% | +12% | -4% |
| Consumer Durables | +40% | +9% | +1% | -10% | +96% | +10% | -10% | +25% | +9% | -20% |
| Consumer Services | +10% | +31% | +22% | -35% | +62% | +68% | -16% | +62% | +11% | -23% |
| Diversified | +42% | +44% | -2% | -47% | +93% | -15% | -13% | +36% | +26% | +4% |
| Fast Moving Consumer Goods | +21% | +26% | +14% | -20% | +40% | +15% | +3% | +29% | +14% | -9% |
| Financial Services | +44% | +3% | -4% | -45% | +87% | +3% | +6% | +58% | +6% | -0% |
| Healthcare | +8% | -10% | -0% | -11% | +67% | +13% | -11% | +64% | +24% | -0% |
| Information Technology | -4% | +42% | +22% | -31% | +182% | +48% | -23% | +59% | -8% | -24% |
| Media Entertainment & Publication | +63% | +7% | -22% | -61% | +64% | +57% | -20% | +12% | -8% | -13% |
| Metals & Mining | +87% | +10% | -18% | -53% | +232% | +74% | -13% | +79% | +7% | +22% |
| Oil Gas & Consumable Fuels | +53% | -1% | -10% | -39% | +46% | +16% | +8% | +82% | -5% | +0% |
| Power | +31% | -2% | -9% | -38% | +103% | +73% | +4% | +123% | +2% | +1% |
| Realty | +30% | +35% | +2% | -33% | +109% | +62% | -14% | +148% | +4% | -26% |
| Services | +20% | +4% | -5% | -34% | +178% | +12% | -10% | +85% | -7% | -9% |
| Telecommunication | -0% | +3% | -16% | -54% | +188% | +16% | -6% | +64% | -14% | -9% |
| Textiles | +59% | -7% | +3% | -41% | +215% | +68% | -30% | +44% | -2% | -8% |

## Table 3 - Sector rank by median return (1 = best)

| Sector | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Automobile and Auto Components | 12 | 7 | 18 | 12 | 9 | 16 | 3 | 13 | 9 | 2 |
| Capital Goods | 6 | 10 | 16 | 19 | 12 | 9 | 1 | 4 | 12 | 4 |
| Chemicals | 4 | 5 | 6 | 1 | 13 | 8 | 9 | 17 | 5 | 15 |
| Construction | 7 | 8 | 19 | 16 | 7 | 19 | 2 | 2 | 19 | 10 |
| Construction Materials | 11 | 16 | 7 | 5 | 10 | 18 | 6 | 19 | 4 | 9 |
| Consumer Durables | 10 | 11 | 8 | 2 | 11 | 15 | 12 | 18 | 7 | 17 |
| Consumer Services | 17 | 4 | 1 | 9 | 18 | 3 | 17 | 10 | 6 | 18 |
| Diversified | 9 | 1 | 10 | 15 | 14 | 20 | 14 | 15 | 1 | 3 |
| Fast Moving Consumer Goods | 15 | 6 | 3 | 4 | 20 | 12 | 8 | 16 | 3 | 13 |
| Financial Services | 8 | 15 | 11 | 14 | 15 | 17 | 5 | 12 | 10 | 8 |
| Healthcare | 18 | 20 | 9 | 3 | 16 | 13 | 13 | 9 | 2 | 7 |
| Information Technology | 20 | 2 | 2 | 6 | 4 | 7 | 19 | 11 | 17 | 19 |
| Media Entertainment & Publication | 2 | 12 | 20 | 20 | 17 | 6 | 18 | 20 | 18 | 16 |
| Metals & Mining | 1 | 9 | 17 | 17 | 1 | 1 | 15 | 7 | 8 | 1 |
| Oil Gas & Consumable Fuels | 5 | 17 | 14 | 11 | 19 | 10 | 4 | 6 | 15 | 6 |
| Power | 13 | 18 | 13 | 10 | 8 | 2 | 7 | 3 | 13 | 5 |
| Realty | 14 | 3 | 5 | 7 | 6 | 5 | 16 | 1 | 11 | 20 |
| Services | 16 | 13 | 12 | 8 | 5 | 14 | 11 | 5 | 16 | 12 |
| Telecommunication | 19 | 14 | 15 | 18 | 3 | 11 | 10 | 8 | 20 | 14 |
| Textiles | 3 | 19 | 4 | 13 | 2 | 4 | 20 | 14 | 14 | 11 |

## Table 4 - Macro regime and risk-on / risk-off

| FY | Nifty 500 | Gold | Silver | Equity-Gold | Regime | Repo path | 10Y chg |
|---|---|---|---|---|---|---|---|
| FY17 | +23.9% | -0.3% | +15.2% | +24.2 pp | RISK-ON | -50 bp | -32 bp |
| FY18 | +11.5% | +6.8% | -9.5% | +4.6 pp | RISK-ON | -25 bp | +44 bp |
| FY19 | +8.4% | +4.4% | -1.5% | +4.1 pp | RISK-ON | +25 bp | -13 bp |
| FY20 | -27.6% | +36.3% | +4.7% | -63.9 pp | RISK-OFF | -185 bp | -72 bp |
| FY21 | +76.0% | +3.2% | +61.5% | +72.8 pp | RISK-ON | -40 bp | -41 bp |
| FY22 | +21.0% | +15.6% | +5.8% | +5.4 pp | RISK-ON | +0 bp | +54 bp |
| FY23 | -2.3% | +15.2% | +7.0% | -17.4 pp | RISK-OFF | +250 bp | +25 bp |
| FY24 | +39.1% | +13.9% | +3.9% | +25.2 pp | RISK-ON | +0 bp | -11 bp |
| FY25 | +5.4% | +33.2% | +33.3% | -27.8 pp | RISK-OFF | -25 bp | -47 bp |
| FY26 | -3.8% | +63.0% | +140.7% | -66.8 pp | RISK-OFF | -100 bp | +38 bp |

## Table 5 - Early-mover signal accuracy

### 5a. Against the FULL-year outcome (partly mechanical - the year contains the signal window)

| Signal window | Mean recall | Median recall | Mean precision | Median precision |
|---|---|---|---|---|
| first 10 trading days | 47.0% | 48.4% | 14.6% | 14.8% |
| first 20 trading days | 51.3% | 50.0% | 15.8% | 16.2% |
| first 30 trading days | 55.3% | 55.0% | 17.1% | 17.2% |
| first 60 trading days | 60.7% | 63.4% | 18.7% | 19.8% |

Random baselines: recall 25%, precision ~7-8% (30 / universe size).

### 5b. Against a NON-OVERLAPPING forward target (signal: first N days; target: top 30 by return from day 60 to FY end)

| Signal window | Mean recall | Median recall | Mean precision | Median precision |
|---|---|---|---|---|
| first 10 trading days | 33.0% | 36.6% | 10.3% | 11.7% |
| first 20 trading days | 33.7% | 33.3% | 10.5% | 10.6% |
| first 30 trading days | 34.3% | 31.6% | 10.7% | 10.5% |
| first 60 trading days | 32.0% | 28.4% | 10.0% | 9.4% |

### 5c. Correlation of early excess return with subsequent performance

| Window | corr vs full-year return (overlapping) | corr vs forward excess (clean) |
|---|---|---|
| day 10 | +0.221 | +0.044 |
| day 20 | +0.301 | +0.069 |
| day 30 | +0.334 | +0.054 |
| day 60 | +0.490 | +0.088 |

### 5d. Technical traits in the first 30 days, eventual top-30 vs rest

| Trait | Winners | Rest | Difference |
|---|---|---|---|
| Volume surge (30d mean / prior 250d mean) | +1.405 | +1.112 | +0.293 |
| Gap-ups (>2% open-to-prior-close) | +2.420 | +1.470 | +0.950 |
| Down days in first 30d | 13.94 | 14.89 | -0.95 |
| Worst drawdown in first 30d | -0.110 | -0.113 | +0.003 |
| Broke a 52-week high | 34.0% | 26.2% | 7.8% |
| Excess return vs index (by construction) | +0.143 | +0.016 | +0.127 |

## Table 6 - Winner characteristics

### 6a. Sector concentration of the top 30

| FY | Most-represented sector | Names | Share | HHI | Sectors represented |
|---|---|---|---|---|---|
| FY17 | Financial Services | 7 | 23.3% | 0.129 | 11 |
| FY18 | Capital Goods | 6 | 20.0% | 0.102 | 15 |
| FY19 | Financial Services | 7 | 23.3% | 0.131 | 11 |
| FY20 | Healthcare | 8 | 26.7% | 0.144 | 11 |
| FY21 | Information Technology | 4 | 13.3% | 0.096 | 13 |
| FY22 | Capital Goods | 6 | 20.0% | 0.113 | 11 |
| FY23 | Capital Goods | 12 | 40.0% | 0.204 | 11 |
| FY24 | Capital Goods | 11 | 36.7% | 0.209 | 11 |
| FY25 | Capital Goods | 7 | 23.3% | 0.133 | 10 |
| FY26 | Financial Services | 9 | 30.0% | 0.187 | 11 |

### 6b. Market-cap band of the top 30 vs the universe (terciles of estimated FY-start mcap)

| FY | Small | Mid | Large |  Universe |
|---|---|---|---|---|
| FY17 | 66.7% | 20.0% | 13.3% | 33/33/33 |
| FY18 | 66.7% | 26.7% | 6.7% | 33/33/33 |
| FY19 | 33.3% | 33.3% | 33.3% | 33/33/33 |
| FY20 | 33.3% | 40.0% | 26.7% | 33/33/33 |
| FY21 | 66.7% | 20.0% | 13.3% | 33/33/33 |
| FY22 | 80.0% | 13.3% | 6.7% | 33/33/33 |
| FY23 | 80.0% | 13.3% | 6.7% | 33/33/33 |
| FY24 | 76.7% | 16.7% | 6.7% | 33/33/33 |
| FY25 | 70.0% | 30.0% | 0.0% | 33/33/33 |
| FY26 | 56.7% | 33.3% | 10.0% | 33/33/33 |
| **Average** | **63.0%** | **24.7%** | **12.3%** | 33/33/33 |

### 6c. Momentum vs mean reversion, head to head

| Transition | Prior BEST quartile avg next-year return | Prior WORST quartile avg next-year return | Prior best stays in top quartile | Prior worst jumps to top quartile |
|---|---|---|---|---|
| FY17>FY18 | +34.3% | +15.1% | 35.4% | 25.3% |
| FY18>FY19 | -1.0% | -2.7% | 26.8% | 23.2% |
| FY19>FY20 | -17.3% | -47.7% | 44.8% | 13.6% |
| FY20>FY21 | +98.0% | +213.5% | 14.3% | 45.1% |
| FY21>FY22 | +78.0% | +17.2% | 42.1% | 12.6% |
| FY22>FY23 | +5.6% | +14.2% | 25.5% | 25.5% |
| FY23>FY24 | +125.0% | +72.4% | 38.5% | 22.1% |
| FY24>FY25 | +12.2% | +18.7% | 24.3% | 24.1% |
| FY25>FY26 | -5.1% | +4.1% | 18.8% | 30.4% |

Random baseline for both 'stays' and 'jumps' columns: 25%.

## Table 7 - Top 20 and Bottom 20 by FY

### FY17  (n=316 eligible, median +35.0%)

| # | Top 20 | Return | Bottom 20 | Return |
|---|---|---|---|---|
| 1 | OLECTRA | +352.3% | INTELLECT | -49.1% |
| 2 | JSL | +325.1% | DIVISLAB | -36.8% |
| 3 | ESCORTS | +286.9% | INOXWIND | -34.3% |
| 4 | VEDL | +273.0% | GLAXO | -28.1% |
| 5 | PCBL | +245.5% | WOCKPHARMA | -26.1% |
| 6 | ITI | +195.6% | GVT&D | -25.1% |
| 7 | LTFOODS | +191.2% | ASHOKLEY | -23.2% |
| 8 | MANAPPURAM | +180.4% | TATAELXSI | -22.2% |
| 9 | HSCL | +177.8% | JWL | -22.2% |
| 10 | INDIANB | +167.8% | IDEA | -22.1% |
| 11 | MOTILALOFS | +165.9% | PERSISTENT | -21.8% |
| 12 | SARDAEN | +158.5% | HFCL | -21.3% |
| 13 | BAJAJFINSV | +139.5% | WELCORP | -16.3% |
| 14 | SWANCORP | +134.6% | INFY | -16.1% |
| 15 | BIOCON | +134.3% | SUNPHARMA | -16.1% |
| 16 | JMFINANCIL | +132.9% | INDUSTOWER | -14.7% |
| 17 | BBTC | +132.6% | BLUEDART | -14.0% |
| 18 | IOC | +125.3% | SAREGAMA | -13.4% |
| 19 | GPIL | +122.6% | DRREDDY | -13.3% |
| 20 | HINDPETRO | +122.2% | JUBLFOOD | -13.3% |

### FY18  (n=328 eligible, median +10.1%)

| # | Top 20 | Return | Bottom 20 | Return |
|---|---|---|---|---|
| 1 | HEG | +1329.9% | MAHABANK | -59.6% |
| 2 | GRAPHITE | +547.7% | NEULANDLAB | -52.5% |
| 3 | GPIL | +265.3% | LUPIN | -49.1% |
| 4 | HSCL | +234.1% | BALRAMCHIN | -48.0% |
| 5 | PCBL | +228.9% | MCX | -44.8% |
| 6 | GRAVITA | +205.9% | SUZLON | -44.2% |
| 7 | ADANIENSOL | +201.9% | PFC | -41.3% |
| 8 | SAREGAMA | +180.6% | UNIONBANK | -40.6% |
| 9 | ACE | +180.6% | ADANIPOWER | -40.6% |
| 10 | OLECTRA | +142.2% | UCOBANK | -40.2% |
| 11 | RADICO | +141.1% | GLENMARK | -38.2% |
| 12 | UNOMINDA | +140.0% | PNB | -36.4% |
| 13 | KEI | +110.7% | INOXWIND | -36.4% |
| 14 | JUBLFOOD | +110.0% | IOB | -34.5% |
| 15 | DMART | +107.7% | IFCI | -34.1% |
| 16 | TITAN | +103.6% | TARIL | -34.0% |
| 17 | HFCL | +102.7% | WELSPUNLIV | -33.8% |
| 18 | COFORGE | +98.9% | BLS | -32.2% |
| 19 | CHAMBLFERT | +89.8% | TRIDENT | -31.8% |
| 20 | MINDACORP | +89.0% | FORTIS | -31.7% |

### FY19  (n=351 eligible, median -4.6%)

| # | Top 20 | Return | Bottom 20 | Return |
|---|---|---|---|---|
| 1 | USHAMART | +121.3% | PGEL | -74.2% |
| 2 | ADANIPOWER | +103.2% | RPOWER | -68.6% |
| 3 | CGCL | +97.8% | JPPOWER | -61.1% |
| 4 | BATAINDIA | +92.5% | IDEA | -60.2% |
| 5 | BALRAMCHIN | +81.2% | DEEPAKFERT | -54.4% |
| 6 | TIINDIA | +72.3% | LTFOODS | -53.9% |
| 7 | BAJFINANCE | +70.9% | TEJASNET | -53.5% |
| 8 | HAVELLS | +58.3% | TARIL | -50.7% |
| 9 | NAUKRI | +56.8% | CENTRALBK | -50.7% |
| 10 | DIVISLAB | +56.2% | JSL | -48.3% |
| 11 | TORNTPHARM | +56.0% | GRAVITA | -47.9% |
| 12 | RELIANCE | +54.4% | NIACL | -46.8% |
| 13 | COFORGE | +53.2% | TMPV | -46.7% |
| 14 | AXISBANK | +52.3% | GPIL | -46.4% |
| 15 | PFIZER | +52.2% | KIRLOSENG | -46.0% |
| 16 | MUTHOOTFIN | +51.1% | TTML | -45.0% |
| 17 | RHIM | +49.8% | CGPOWER | -45.0% |
| 18 | IPCALAB | +49.8% | JKTYRE | -43.6% |
| 19 | UBL | +47.2% | SUZLON | -42.3% |
| 20 | ABFRL | +46.1% | HBLENGINE | -42.0% |

### FY20  (n=362 eligible, median -36.9%)

| # | Top 20 | Return | Bottom 20 | Return |
|---|---|---|---|---|
| 1 | ADANIGREEN | +312.5% | YESBANK | -91.8% |
| 2 | ABBOTINDIA | +111.5% | RPOWER | -89.0% |
| 3 | NAVINFLUOR | +72.6% | SAMMAANCAP | -88.7% |
| 4 | BERGEPAINT | +53.8% | CGPOWER | -88.2% |
| 5 | DIXON | +52.3% | POONAWALLA | -85.6% |
| 6 | AMBER | +50.7% | INDIANB | -84.6% |
| 7 | NESTLEIND | +48.7% | NCC | -83.4% |
| 8 | DMART | +48.7% | IDEA | -83.0% |
| 9 | TATACONSUM | +44.6% | PNBHOUSING | -81.2% |
| 10 | IPCALAB | +41.8% | TEJASNET | -81.2% |
| 11 | DEEPAKNTR | +40.5% | INDUSINDBK | -80.3% |
| 12 | MCX | +39.8% | RBLBANK | -80.1% |
| 13 | GRSE | +38.5% | OLECTRA | -79.9% |
| 14 | HDFCAMC | +37.7% | CHENNPETRO | -77.9% |
| 15 | HINDUNILVR | +34.7% | CEMPRO | -77.4% |
| 16 | LALPATHLAB | +34.2% | HEG | -76.9% |
| 17 | TRENT | +33.8% | J&KBANK | -76.8% |
| 18 | ALKEM | +32.8% | IIFL | -75.9% |
| 19 | BHARTIARTL | +32.4% | NBCC | -75.4% |
| 20 | AJANTPHARM | +32.0% | BLS | -74.7% |

### FY21  (n=378 eligible, median +95.1%)

| # | Top 20 | Return | Bottom 20 | Return |
|---|---|---|---|---|
| 1 | PGEL | +1407.4% | YESBANK | -30.5% |
| 2 | INTELLECT | +1260.3% | CHALET | -28.7% |
| 3 | CGPOWER | +1224.8% | COALINDIA | -6.9% |
| 4 | ATGL | +1013.2% | ABBOTINDIA | -3.0% |
| 5 | SAREGAMA | +716.9% | GODFRYPHLP | -2.9% |
| 6 | TTML | +683.3% | RITES | -2.2% |
| 7 | ADANIENT | +649.4% | JSWDULUX | +3.8% |
| 8 | NEULANDLAB | +638.4% | NESTLEIND | +5.3% |
| 9 | ADANIGREEN | +620.9% | PVRINOX | +5.5% |
| 10 | GPIL | +584.8% | HINDUNILVR | +5.8% |
| 11 | POONAWALLA | +547.6% | ZFCVINDIA | +7.2% |
| 12 | APLAPOLLO | +461.9% | GILLETTE | +7.9% |
| 13 | HINDCOPPER | +461.5% | PFIZER | +12.5% |
| 14 | LAURUSLABS | +457.4% | PETRONET | +12.5% |
| 15 | AFFLE | +442.8% | PNB | +13.3% |
| 16 | JPPOWER | +441.7% | BATAINDIA | +14.2% |
| 17 | DIXON | +412.9% | GLAXO | +14.6% |
| 18 | KPITTECH | +403.7% | UNITDSPR | +14.8% |
| 19 | TEJASNET | +398.3% | NLCINDIA | +14.8% |
| 20 | COHANCE | +394.3% | IRCON | +15.9% |

### FY22  (n=391 eligible, median +23.1%)

| # | Top 20 | Return | Bottom 20 | Return |
|---|---|---|---|---|
| 1 | TTML | +1082.3% | NEULANDLAB | -50.7% |
| 2 | ANGELONE | +428.2% | INDIAMART | -44.1% |
| 3 | BSE | +395.3% | JUBLPHARMA | -43.0% |
| 4 | FLUOROCHEM | +376.8% | GICRE | -42.9% |
| 5 | USHAMART | +307.0% | CEATLTD | -40.1% |
| 6 | TRIDENT | +279.9% | RBLBANK | -37.3% |
| 7 | GRAVITA | +251.1% | ARE&M | -37.2% |
| 8 | JSWENERGY | +244.0% | 3MINDIA | -35.3% |
| 9 | GMDCLTD | +243.4% | RAILTEL | -33.7% |
| 10 | KPITTECH | +238.5% | MGL | -33.4% |
| 11 | TATAELXSI | +228.3% | BANKINDIA | -32.4% |
| 12 | HFCL | +212.9% | AEGISLOG | -31.2% |
| 13 | RPOWER | +210.3% | WOCKPHARMA | -30.9% |
| 14 | OLECTRA | +208.1% | WHIRLPOOL | -29.4% |
| 15 | SAREGAMA | +202.7% | IDFCFIRSTB | -28.7% |
| 16 | JSL | +199.6% | NIACL | -27.7% |
| 17 | KPRMILL | +191.9% | IGL | -27.2% |
| 18 | JWL | +185.3% | LUPIN | -26.8% |
| 19 | CGPOWER | +183.2% | HDFCAMC | -26.5% |
| 20 | RHIM | +171.7% | NCC | -25.9% |

### FY23  (n=415 eligible, median +1.6%)

| # | Top 20 | Return | Bottom 20 | Return |
|---|---|---|---|---|
| 1 | APARINDS | +285.8% | TTML | -66.7% |
| 2 | KIRLOSENG | +200.2% | GLAND | -61.2% |
| 3 | BLS | +181.8% | ATGL | -59.6% |
| 4 | MAZDOCK | +176.6% | ADANIENSOL | -58.1% |
| 5 | ELECON | +165.8% | INTELLECT | -56.6% |
| 6 | TITAGARH | +158.9% | NYKAA | -55.9% |
| 7 | KARURVYSYA | +125.4% | BSE | -54.4% |
| 8 | VBL | +121.0% | ADANIGREEN | -54.0% |
| 9 | FINCABLES | +115.2% | LAURUSLABS | -50.4% |
| 10 | JWL | +111.2% | AMBER | -48.2% |
| 11 | RVNL | +109.8% | GRAPHITE | -47.8% |
| 12 | UCOBANK | +105.1% | TRIDENT | -47.6% |
| 13 | CIEINDIA | +104.1% | MPHASIS | -47.6% |
| 14 | GRSE | +100.9% | AARTIIND | -45.8% |
| 15 | DATAPATTNS | +95.7% | IEX | -43.1% |
| 16 | INDIANB | +87.5% | BSOFT | -42.6% |
| 17 | GESHIP | +86.6% | ABSLAMC | -41.7% |
| 18 | CHENNPETRO | +86.1% | WOCKPHARMA | -41.6% |
| 19 | ANANTRAJ | +85.4% | IDEA | -39.9% |
| 20 | AEGISLOG | +84.4% | NAM-INDIA | -39.6% |

### FY24  (n=429 eligible, median +64.0%)

| # | Top 20 | Return | Bottom 20 | Return |
|---|---|---|---|---|
| 1 | GVT&D | +611.3% | PAYTM | -36.8% |
| 2 | TARIL | +595.3% | UPL | -36.5% |
| 3 | BSE | +484.3% | ZEEL | -34.7% |
| 4 | INOXWIND | +458.4% | IIFL | -30.3% |
| 5 | IRFC | +435.2% | NAVINFLUOR | -27.1% |
| 6 | SUZLON | +411.4% | AWL | -20.8% |
| 7 | HBLENGINE | +376.6% | SUMICHEM | -18.4% |
| 8 | SCHNEIDER | +375.9% | AAVAS | -18.3% |
| 9 | ANANDRATHI | +357.5% | ATUL | -17.5% |
| 10 | HUDCO | +332.9% | PVRINOX | -13.5% |
| 11 | MRPL | +315.9% | RHIM | -12.3% |
| 12 | KALYANKJIL | +306.1% | HINDUNILVR | -11.6% |
| 13 | JWL | +305.8% | NUVOCO | -11.2% |
| 14 | IFCI | +304.6% | HDFCBANK | -10.0% |
| 15 | IRCON | +292.2% | PAGEIND | -9.1% |
| 16 | RECLTD | +290.6% | CROMPTON | -8.7% |
| 17 | CHENNPETRO | +281.8% | BALRAMCHIN | -8.5% |
| 18 | WOCKPHARMA | +280.6% | DEEPAKFERT | -8.1% |
| 19 | RVNL | +268.7% | BANDHANBNK | -8.0% |
| 20 | COCHINSHIP | +266.5% | SBICARD | -7.8% |

### FY25  (n=447 eligible, median +5.5%)

| # | Top 20 | Return | Bottom 20 | Return |
|---|---|---|---|---|
| 1 | PGEL | +451.5% | INDUSINDBK | -58.2% |
| 2 | MAZDOCK | +183.7% | SONATSOFTW | -52.1% |
| 3 | TARIL | +171.1% | IDEA | -48.7% |
| 4 | CARTRADE | +157.8% | ADANIGREEN | -48.3% |
| 5 | SARDAEN | +153.3% | BSOFT | -47.7% |
| 6 | WOCKPHARMA | +143.2% | DELHIVERY | -42.7% |
| 7 | BLUEJET | +131.1% | HONASA | -42.4% |
| 8 | ACUTAAS | +123.2% | AARTIIND | -41.3% |
| 9 | DEEPAKFERT | +121.4% | NSLNISP | -39.0% |
| 10 | GRSE | +120.4% | MRPL | -38.5% |
| 11 | GODFRYPHLP | +119.0% | RRKABEL | -38.4% |
| 12 | BSE | +117.8% | OLECTRA | -38.2% |
| 13 | LLOYDSME | +113.8% | INTELLECT | -36.8% |
| 14 | NAVA | +113.7% | CYIENT | -36.6% |
| 15 | PTCIL | +103.8% | SAMMAANCAP | -36.4% |
| 16 | LTFOODS | +103.0% | SWANCORP | -35.8% |
| 17 | GALLANTT | +98.6% | JKTYRE | -35.8% |
| 18 | AMBER | +97.1% | JIOFIN | -35.7% |
| 19 | PAYTM | +94.6% | ASTRAL | -35.0% |
| 20 | NEULANDLAB | +90.9% | IOB | -35.0% |

### FY26  (n=473 eligible, median -5.9%)

| # | Top 20 | Return | Bottom 20 | Return |
|---|---|---|---|---|
| 1 | PFOCUS | +262.8% | COHANCE | -73.8% |
| 2 | GVT&D | +133.5% | BLUEJET | -63.0% |
| 3 | MCX | +125.0% | NEWGEN | -59.6% |
| 4 | NATIONALUM | +120.0% | OLAELEC | -57.0% |
| 5 | FORCEMOT | +114.5% | INOXWIND | -53.0% |
| 6 | GMDCLTD | +113.5% | RPOWER | -52.6% |
| 7 | ACUTAAS | +109.7% | MAPMYINDIA | -52.6% |
| 8 | HINDCOPPER | +105.4% | TARIL | -52.6% |
| 9 | NETWEB | +104.6% | KPITTECH | -51.5% |
| 10 | POWERINDIA | +91.5% | FIVESTAR | -51.2% |
| 11 | CCL | +87.6% | BATAINDIA | -50.2% |
| 12 | KIRLOSENG | +84.6% | TEJASNET | -49.2% |
| 13 | DATAPATTNS | +79.6% | SAPPHIRE | -48.9% |
| 14 | APARINDS | +78.4% | PGEL | -48.7% |
| 15 | SYRMA | +68.1% | AAVAS | -48.3% |
| 16 | RBLBANK | +67.0% | POLYMED | -47.0% |
| 17 | KARURVYSYA | +66.0% | SYNGENE | -46.3% |
| 18 | DELHIVERY | +63.3% | TTML | -44.3% |
| 19 | ANURAS | +62.1% | AFCONS | -44.2% |
| 20 | LAURUSLABS | +61.8% | CLEAN | -43.8% |