With unprecedented 103% yearly surge, silver now rubs shoulders with 20 stocks in multibagger club. Can the rally sustain?
As silver surged past the Rs 1.8 lakh-per-kg mark on Monday, it entered the multibagger club for the first time — a milestone the white metal has never achieved before. With a stellar 103% return so far in 2025, silver now finds itself in the elite company of just 20 stocks that have delivered multibagger gains this year.
Long viewed as gold’s cheaper cousin and merely a portfolio diversifier, silver was rarely mentioned in the same breath as the yellow metal — let alone equities. But 2025 has flipped the script. Its blistering returns have not only outpaced gold by a wide margin but also eclipsed nearly every stock listed on the BSE and NSE.
The year is still not over and analyst estimates see the white metal testing levels of up to Rs 1,85,000.
Enrich Money’s CEO Ponmudi R expects domestic silver to hit levels between Rs 1,81,000–Rs 1,85,000 in the near term, backed by the form it is in. The March silver futures is hovering around an immediate hurdle of Rs 1,79,000–Rs 1,80,000, and a breakout above this zone can push silver toward the suggested target, Ponmudi R said.
Anuj Gupta, Director at Ya Wealth Global Research also expects silver to finish the year around Rs 1,82,000.
The silver futures on the MCX closed at Rs 1,81,461 on Monday after hitting the fresh lifetime high of Rs 1,82,998.
The elite club
Elitecon International, an FMCG company with business interests in tobacco and food & beverages tops the chart with 746% returns on the year-to-date basis. It is followed by Kothari Industrial Corporation with stellar returns of 561% in the same period. The next in line is Kothari Industrial Corporation, a fertilizer company which yielded 376%.
Others like Cupid, Indo Thai Securities, NACL Industries, Force Motors, ASM Technologies, Lumax Industries, Lumax Auto Technologies, GRM Overseas, Apollo Micro Systems, Axiscades Technologies, Tourism Finance Corporation Of India (TFCI), Gabriel India, SML Mahindra, AB Infrabuild and CarTrade Technologies have delivered returns between 334% and 108%. Notably all the above stocks are smallcaps.
There are two midcaps stocks as well viz. L&T Finance and Aditya Birla Capital which have given returns of 130% and 101%, respectively in 2025, so far.
ETMarkets analysed the returns of stocks with market capitalisation of Rs 1,000 crore and above. To give readers some perspective, 4,455 stocks traded on the BSE on Monday.
The article does not go into the reasons for the outperformance of these stocks.
Silver surge
Bullion has got its mojo back on the hopes of a Federal Reserve’s policy rate cut and a sliding dollar index (DXY). The latter has fallen 0.82% in the past five sessions (as on December 1) after rising for nearly two months. In 2025, DXY’s fall against a basket of top six currencies is to the tune of 8.5%.
A Reuters report noted BofA Global Research saying that it now expects the U.S. Federal Reserve to cut interest rates by 25 basis points at its December meeting, citing weak labor market conditions and recent comments from policymakers hinting at an early cut. It expects two more cuts in 2026.
A rate cut is positive for a non-yielding gold and silver.
Silver’s growing appeal is also in anticipation of a robust industrial demand.
But domestic silver rates outpacing the international prices has a rupee factor to it.
Gupta of Ya Wealth tells that INR has depreciated 4.6% against the US dollar. A lower rupee has kept import prices up, supporting the domestic prices of both gold and silver, he added.
Historical snapshot
Silver’s next best annual returns of 46% came in 2020, a year disrupted by Covid, forcing lockdowns and bringing the global economic activity to a halt for many months. In 2019, it was 20%, the next best returns.
Between 2022 and 2024, silver prices grew in double-digits at 11%-17%. Meanwhile, 2021 was an unproductive year when silver prices slipped nearly 8%.
Should you buy silver?
Gupta finds silver’s appeal to remain intact in the foreseeable future. He expects silver to outperform gold with prices touching Rs 1,90,000 ($80) by March 2026 while a level of Rs 2 lakh ($100) by Diwali 2026.
Decoding the technical charts, Apurva Sheth, Head of Market Perspectives and Research at SAMCO Securities, said the bulls have returned with force after weeks of consolidation between $46 and $54. He noted that the broader trend remains firmly intact, and the setup once again suggests that another leg of the uptrend could be on the verge of unfolding.
(Data Inputs: Ritesh Presswala)
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)