Top 10 Best Performing Stocks of FY25: Biggest Gainers in the Indian Stock Market

The fiscal year 2025 has been a remarkable one for the Indian stock market, with several companies witnessing significant gains in market capitalisation. Strong economic growth, sectoral tailwinds, and strategic business expansions have driven stock performances across telecom, banking, finance, auto, defence, and metals.

In this blog, we highlight the top-performing stocks of FY25 based on their market cap gains, showcasing the companies that added the most value to investors during the year.

List of Top 10 Stocks by Market Capitalisation Growth

Let's see the summary of the above stocks, which grew in FY25

1. Bharti Airtel

Sector: Telecom

FY25 Return: 42.4%

Growth Drivers:

• Increase in mobile data consumption, driven by 5G rollout.

• ARPU (Average Revenue Per User) expansion due to tariff hikes.

• Aggressive customer acquisition and rural expansion.

• Successful monetisation of Airtel Business and digital services like Airtel Payments Bank.

2. HDFC Bank 

Sector: Banking

FY25 Return: 24.3%

Growth Drivers:

• Completion of the HDFC Ltd merger, making them a financial behemoth.

• Strong retail lending growth and increasing interest margins.

• Expansion into semi-urban markets and rural markets.

• Improvement in asset quality and robust growth in CASA (Current Account Savings Account) base.

3. ICICI Bank 

Sector: Banking

FY25 Return: 22.6%

Growth Drivers:

• Strong loan growth, especially in retail and SME segments.

• Superior asset quality and low NPAs as compared to peers.

• Increased digital adoption and customer base.

• Focus on high-margin products like premium credit cards and cross-selling.

4. Bajaj Finance 

Sector: NBFC

FY25 Return: 23.3%

Growth Drivers:

• Robust expansion of digital lending and consumer financing.

• Entry into the credit card business.

• Decreasing NPAs and strong collection efficiency.

• Consistent profitability and operational efficiency.

5. Mahindra & Mahindra 

Sector: Auto

FY25 Return: 39.1%

Growth Drivers:

• High SUV and EV sales with models like Scorpio-N and XUV700.

• Growing market share in the electric three-wheeler and tractor segment.

• Strong rural demand and export growth.

• Strategic capital expenditure in EV production and R&D.

6. Vedanta 

Sector: Mining & Metals

FY25 Return: 61.2%

Growth Drivers:

• Rise in global commodity prices, especially zinc, aluminium, and copper.

• Divestments and corporate restructuring.

• Strong cash flows from operations.

• Focus on green energy initiatives.

7. Kotak Mahindra Bank

Sector: Banking

FY25 Return: 21.2%

Growth Drivers:

• Better-than-expected quarterly results and stable asset quality.

• Expansion of digital banking activities.

• Diversification into high-growth household lending segments.

• Market anticipation around potential mergers and acquisitions.

8. Bharat Electronics

Sector: Defence PSU

FY25 Return: 42.7%

Growth Drivers:

• Rising defence expenditure by the government.

• Growing order book from defence and strategic electronics.

• Focus on local defence manufacturing under Atmanirbhar Bharat.

• Export orders from friendly nations(Southeast Asian Nations) and diversification into non-defence areas.

9. Hindustan Zinc

Sector: Mining & Metals

FY25 Return: 50.8%

Growth Drivers:

• Rising zinc and silver prices globally.

• Increased production and improved operational efficiencies.

• Healthy dividend payouts and cash-rich balance sheet.

• Positive sentiment around parent company Vedanta’s restructuring.

10. Mazagon Dock 

Sector: Defence PSU (Shipbuilding)

FY25 Return: 164.2%

Growth Drivers:

• Large defence shipbuilding order book from the Indian Navy.

• Participation in the P-75I submarine program.

• Growing export demand and capacity expansion.

• Investor confidence in defence stocks post-strong government push.

Key Takeaways: What Investors Can Learn from FY25's Market Leaders

Top performers during FY25 spanned across multiple sectors — telecom, banking, finance, defence, auto, and mining— indicating a broad-based rally in the Indian economy.

The companies benefited from strong domestic demand, digital transformation, supportive government policy, and global macro tailwinds. Most companies shared in the success of operational excellence and, in some cases, expansion and improved investor sentiment.