Tejas Networks, Jupiter Wagons, PG Electroplast, and Anant Raj are among ten constituents of the Nifty Smallcap 100 index that have faced a sustained sell-off in 2025, eroding up to 60% of their value and dealing a significant blow to retail investors’ portfolios.
These stocks, once counted among Dalal Street’s favourite picks and known for delivering multibagger returns in the past, have become least favoured even as frontline indices hover near record highs, with weak financial performance, stretched valuations, and EPS downgrades collectively weighing on sentiment.
With no meaningful recovery visible, these counters are now on track to log their first yearly decline in five years, signalling that long-standing bullish momentum in the broader small-cap space may be losing strength if current trends continue.
Tejas Networks has shed 60% in 2025 so far, falling to ₹481.30 apiece, and the last time it recorded a negative yearly return was in 2019, when it dropped 54%.
Jupiter Wagons is also poised to break its five-year winning run, as the stock has crashed 42% this year. Its previous worst yearly decline was also in 2019, when it fell 47%.
A sustained sell-off in Ramkrishna Forgings in recent months has dragged the stock down 39.25% in 2025, putting it on track for its first yearly drop in five years.
| Scrip Name | YTD crash |
|---|---|
| Tejas Networks | 60% |
| Jupiter Wagons | 42% |
| KEC International | 41.6% |
| Ramkrishna Forgings | 39.4% |
| Swan Corp | 39% |
| PG Electroplast | 38.4% |
| NCC | 36% |
| Action Construction | 35.6% |
| Anant Raj | 29.3% |
| Ircon International | 25% |
| Source: Trendlyne | |
Reversing from a massive 313% rally in 2024, PG Electroplast has lost 39% year-to-date, and with five weeks left in 2025, the EMS stock is also headed for its first yearly decline since 2019.
After a steady slide since the start of 2025, Action Construction shares have plummeted 36%, marking their first yearly drop in five years.
Other multibagger small-cap names, including KEC International, Swan Corp, NCC, Anant Raj, and Ircon International, are also on course for their first annual decline in five years.
Nifty Smallcap 100 trails peers
The Nifty Smallcap 100 index has crashed 4.25% year-to-date, sharply underperforming the Nifty Midcap 100 and the benchmark Nifty 50, which have rallied 6.75% and 11%, respectively, over the same period.
If the index ends the year lower—which appears likely—it will mark its first yearly decline in two years and the second-biggest drop since 2022, when it corrected 14%.
Domestic brokerage Motilal Oswal said that 40% of small-cap stocks under its coverage posted numbers below estimates in Q2FY26, with overall earnings dipping 5% YoY compared to its estimate of 3% YoY growth. Conversely, within the large-cap and mid-cap universes, only 19% and 22% of companies, respectively, missed estimates.
JM Financial also noted that earnings misses in the small-cap stocks it tracks were higher than those in mid-caps and large-caps during the September quarter. It said that 32% of small-cap companies missed expectations in Q2, while the figures were lower for mid-caps and large-caps at 27% and 26%, respectively.
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