India’s top gainer stocks: What’s behind the sharp moves in Delta Magnets, NRL, and Shriram Pistons?

A wave of mid- and small-cap stocks posted notable gains in the Indian equity markets, with certain names surging over 20% in a single session. From engineering firms like Delta Magnets to core industrials like Shriram Pistons and Numaligarh Refinery Limited (NRL), the rally reflected a mix of institutional rotation, retail momentum, and sector-specific catalysts. Importantly, some of these gains were supported by fresh financial results, strategic developments, and thematic tailwinds, rather than pure speculative spikes.

Why Did Delta Magnets Shares Surge Over 20%?

Delta Magnets Limited emerged as the session’s top performer, posting a 20% gain to close at ₹96.62. The company, which specializes in manufacturing ferrite magnets used in electric motors and electronics, has remained off the radar for institutional investors but seems to be gaining speculative interest amid discussions around localization of motor components in India.

Although no exchange filing was submitted in the latest session, market watchers believe Delta Magnets may be riding on tailwinds linked to India’s electrification drive, particularly in two-wheeler EVs and home appliances. The absence of bulk deals suggests the move may be driven by coordinated high-volume trades from retail syndicates rather than formal fund flows. Still, magnet component makers remain a thematic beneficiary of the domestic manufacturing policy push.

NRL Rallies Nearly 20% on Record FY25 Throughput and Profit

Shares of Numaligarh Refinery Limited (NRL) surged 19.99%, closing at ₹84.46. The move coincided with its recently announced financial results, where the company confirmed its highest-ever crude throughput in FY25, crossing the 3 million metric tonnes mark.

The Miniratna PSU also posted its best-ever annual net profit, reflecting stable refining margins and strong crude procurement from Indian Oil Corporation. NRL’s capacity expansion project and upcoming refinery augmentation to 9 MMTPA, supported by a ₹28,000 crore capex plan, are being viewed as long-term bullish triggers. The surge appears fundamentally driven, with analysts highlighting the Northeast-centric refinery’s strategic importance for India’s energy security.

Shriram Pistons Gains Over 14% on Auto Sector Revival

Shriram Pistons & Rings Limited posted a 14.67% gain, closing at ₹97.00, bolstered by sector-wide optimism in auto components. With rising domestic and export orders from passenger vehicle OEMs and favorable replacement cycle dynamics, the stock has seen sustained interest from long-only funds over the past week.

The company has also been gaining visibility for its R&D investments in cleaner internal combustion engine (ICE) technologies, particularly for BS-VI and Euro 6 markets. In a recent analyst meet, management reaffirmed its growth targets for FY26, with margin expansion expected through operational leverage. As EV adoption remains gradual in India, component suppliers catering to efficient ICE engines are witnessing valuation re-ratings.

Kronox Lab Sciences Extends Post-IPO Rally

Kronox Lab Sciences rose 13.80% to close at ₹168.60, driven by post-IPO momentum and optimism around its niche in high-purity specialty chemicals. As a newly listed firm focused on lab reagents and pharma intermediates, Kronox is riding investor enthusiasm for precision chemical plays.

While the stock’s movement appears technically fueled, analysts tracking the sector note that Kronox could benefit from China+1 sourcing shifts in fine chemicals. However, no specific operational update was filed during the session, and investor caution around post-listing volatility remains.

Godavari Biorefineries Posts 13.6% Gain Following Strong Q4 Results

Godavari Biorefineries Limited ended 13.60% higher at ₹259.90. The move followed the company’s robust Q4 FY25 results, where it reported strong YoY growth in both top line and EBITDA margins.

A key highlight was its performance in the ethanol segment, which saw rising demand from OMCs under the national biofuel blending program. Godavari also confirmed progress on its bio-acetic acid and specialty chemical verticals. Investor sentiment has turned favorable as the company transitions from a bulk chemical model to a branded biobased specialty supplier, positioning itself as an ESG-compliant portfolio candidate.

Celebrity Fashions Surges 12.46% Amid Export Revival

Celebrity Fashions Limited rose to ₹13.90, up 12.46%. Though not accompanied by a regulatory disclosure, the rally follows broader optimism around India’s apparel exports, which have picked up on softening cotton prices and improved order flow from Europe and North America.

The company, which manufactures garments for brands like Tommy Hilfiger and Levi’s, is reportedly increasing its capacity utilization. Some investors see it as a turnaround play with improving working capital metrics and operational leverage.

Apollo Micro Systems Jumps 12% on New Order Buzz

Apollo Micro Systems Limited gained 12.02%, closing at ₹155.50. While no new order announcement was made, sector insiders suggest that the company may be in the running for defense electronics contracts linked to DRDO and state PSUs.

Apollo’s core strength in mission-critical embedded systems makes it a recurring bidder in India’s defense modernization initiatives. Its Q4 numbers showed an 8% YoY rise in net profit and a strong order book, reinforcing institutional interest. With capital expenditure on defense expected to rise in the FY26 budget, midcap firms like Apollo are regaining attention.

Syncom Formulations Gains 11.49% on Low-Float Momentum

Syncom Formulations India Limited posted an 11.49% gain, ending at ₹22.22. Despite the absence of fresh operational updates, the pharma penny stock witnessed unusually high volumes, with investor circles speculating about small private label contract wins in Africa and Latin America.

The company remains on the speculative radar, and its financial disclosures suggest limited earnings predictability. That said, its current valuation continues to attract retail interest, especially amid a broader low-float rally in micro-cap pharmaceuticals.

Camlin Fine Sciences Rises 11.29% on Capacity Expansion Hopes

Camlin Fine Sciences ended at ₹242.06, up 11.29%, supported by expectations around its Brazil-based expansion project in aroma chemicals and antioxidants. The company has already indicated that the next production phase will be online by H2 FY26.

Analysts also cite stronger realizations in food antioxidants and fine chemicals, especially as EU buyers diversify sourcing. With improving EBITDA margins and export revenue mix, Camlin is being increasingly viewed as a long-term export-led play in specialty chemicals.

Yatra Online Up 10.64% as Travel Demand Grows

Yatra Online Limited closed at ₹107.25 after gaining 10.64%. The company, one of India’s top online travel platforms, has seen improving booking volumes across both leisure and business categories.

The stock’s recent momentum coincides with increased air traffic movement data and rising hotel occupancy rates in metro cities. While competition from MakeMyTrip and Cleartrip remains intense, Yatra’s B2B travel vertical and potential institutional contracts offer additional growth levers.

Institutional Flow and Sector Signals

The latest gainers suggest a mix of fundamental momentum and speculative enthusiasm. At least four names — NRL, Shriram Pistons, Camlin Fine Sciences, and Godavari Biorefineries — had credible fundamental triggers, while others benefited from momentum and thematic interest.

Fund flows appeared concentrated in midcap manufacturing, defense-linked electronics, and specialty chemicals, all sectors favored by India’s current macro and policy environment.

Market Outlook: Stock-Specific Breakouts Continue

While broader indices remain range-bound, stock-specific rallies in sectors aligned with government capex and export growth are gaining traction. Investors should track follow-up disclosures, particularly from NRL and Apollo Micro Systems, to validate the strength of these moves. Smallcap volatility remains high, so earnings visibility and debt metrics remain key for sustained rerating.