Multibagger small-cap stock erases six-month losses with 58% surge in September. Is it in your portfolio?

Brokerage firm Indo Thai Securities staged a stellar comeback in September, as its shares witnessed a phenomenal rally even as broader sentiment remained cautious and continued their upward run without any major pullbacks.

In the current month so far, the shares have surged 58% to ₹248 apiece, and if they hold the momentum until the end of the month, it will mark their biggest monthly rally since September 2024, when they jumped 81%.

While there is no fundamental factor behind the stellar rise, analysts say technical factors played a role, helping the stock emerge as one of the best performers in September.

After maintaining a one-way ride between July 2024 and February 2025, the stock lost momentum and turned red in the following months, resulting in a six-month cumulative decline of 21%. Nevertheless, the stock rebounded sharply in September, erasing these cumulative losses in a single month, highlighting its strong recovery potential.

Latest rally has led the stock to gain over 90%

The September rally also pushed the stock to gain 92% in 2025 so far, a significant move considering it delivered 455% in the previous calendar year. Looking at long-term performance, the stock has delivered even bigger returns to shareholders.

From trading at just ₹1.76 five years ago, it has skyrocketed by an astounding 14,000% to its current market price of ₹248. This extraordinary performance includes stellar returns in certain calendar years, with gains of 1,205% in CY21 and 456% in CY22.

The massive rise in the share price over a short period has significantly boosted investor wealth. An investor who had put ₹1 lakh into the stock five years ago and held onto it would have seen its value grow to ₹1.41 crore, highlighting the wealth-creating potential of the stock market when the right counters are chosen.

Meanwhile, the stock has been trading on an ex-split basis in the ratio of 1:10 since July 2025. The above calculation does not factor in the post-split benefit.

About Indo Thai Securities

Established in 1995, Indo Thai is a leading NSE-BSE full-service broker in India, with a market capitalisation of ₹2,200 crore. The company has recently expanded its physical presence by inaugurating two additional branches: one in Rajkot on 6th November 2024 and another in Surat on 7th May 2025.

Additionally, the company raised funds in FY24 through a preferential allotment of equity shares and convertible warrants. The proceeds were primarily used to increase margin deposits with various stock exchanges, enabling the company to support client funding activities and proprietary trading. A portion of the funds was also used for general corporate purposes.

Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.