The Year In Review
Best Performing Stocks of 2023
1 January – 31 December 2023
Of the 426 companies with a complete 2023, 396 finished the year higher and 30 finished lower. The median stock returned +46.6%. The average was +64.8% — well above the median, which means a small number of exceptional performers pulled it up rather than gains being spread evenly.
- Stocks tracked
- 426
- Median return
- +46.6%
- Average return
- +64.8%
- Finished higher
- 93.0%
The Winners
Top 25 stocks of 2023
Ranked by total return over the calendar year, December close to December close. The ₹10,000 column is the same simulation baseline used across the site.
| # | Stock | Sector | Return | ₹10,000 became |
|---|---|---|---|---|
| 1 | TITAGARHTitagarh Rail Systems Ltd. | Capital Goods | +367.0% | ₹46,698 |
| 2 | INOXWINDInox Wind Ltd. | Power | +360.4% | ₹46,039 |
| 3 | NEWGENNewgen Software Technologies Ltd. | Information Technology | +337.1% | ₹43,709 |
| 4 | GVT&DGE Vernova T&D India Ltd. | Capital Goods | +336.4% | ₹43,637 |
| 5 | ZENTECZen Technologies Ltd. | Defence | +331.4% | ₹43,137 |
| 6 | TARILTransformers And Rectifiers (India) Ltd. | Capital Goods | +314.9% | ₹41,494 |
| 7 | HBLENGINEHBL Engineering Ltd. | Capital Goods | +313.6% | ₹41,358 |
| 8 | BSEBSE Ltd. | Financial Services | +313.6% | ₹41,356 |
| 9 | JINDALSAWJindal Saw Ltd. | Metals & Mining | +303.0% | ₹40,301 |
| 10 | RECLTDREC Ltd. | Financial Services | +283.2% | ₹38,320 |
| 11 | ANANDRATHIAnand Rathi Wealth Ltd. | Financial Services | +273.8% | ₹37,376 |
| 12 | SUZLONSuzlon Energy Ltd. | Power | +260.4% | ₹36,038 |
| 13 | CHENNPETROChennai Petroleum Corporation Ltd. | Oil & Gas | +260.1% | ₹36,007 |
| 14 | PFCPower Finance Corporation Ltd. | Financial Services | +260.1% | ₹36,006 |
| 15 | JWLJupiter Wagons Ltd. | Capital Goods | +247.9% | ₹34,791 |
| 16 | KAYNESKaynes Technology India Ltd. | Capital Goods | +247.6% | ₹34,763 |
| 17 | APARINDSApar Industries Ltd. | Capital Goods | +241.3% | ₹34,133 |
| 18 | NEULANDLABNeuland Laboratories Ltd. | Pharmaceuticals | +218.5% | ₹31,853 |
| 19 | IRFCIndian Railway Finance Corporation Ltd. | Financial Services | +211.2% | ₹31,121 |
| 20 | HSCLHimadri Speciality Chemical Ltd. | Chemicals | +207.6% | ₹30,763 |
| 21 | NLCINDIANLC India Ltd. | Power | +204.6% | ₹30,461 |
| 22 | IRCONIRCON International Ltd. | Construction | +199.1% | ₹29,911 |
| 23 | ITIITI Ltd. | Telecommunications | +194.0% | ₹29,397 |
| 24 | MAZDOCKMazagoan Dock Shipbuilders Ltd. | Capital Goods | +190.7% | ₹29,074 |
| 25 | ZENSARTECHZensar Technolgies Ltd. | Information Technology | +190.7% | ₹29,073 |
A year of this size usually reflects a recovery from a low base or a re-rating rather than a repeatable rate of growth — which is why last year's leaders so rarely lead the next one.
The Losers
Worst performing stocks of 2023
The same universe, from the bottom. Ranked by total return over the calendar year.
| # | Stock | Sector | Return | ₹10,000 became |
|---|---|---|---|---|
| 1 | ATGLAdani Total Gas Ltd. | Oil & Gas | -73.2% | ₹2,676 |
| 2 | ADANIENSOLAdani Energy Solutions Ltd. | Power | -59.6% | ₹4,039 |
| 3 | AWLAWL Agri Business Ltd. | Food Products | -42.5% | ₹5,746 |
| 4 | ADANIENTAdani Enterprises Ltd. | Diversified | -26.1% | ₹7,387 |
| 5 | ABFRLAditya Birla Fashion and Retail Ltd. | Retail | -22.2% | ₹7,781 |
| 6 | ADANIGREENAdani Green Energy Ltd. | Power | -17.3% | ₹8,267 |
| 7 | AAVASAavas Financiers Ltd. | Financial Services | -17.0% | ₹8,301 |
| 8 | SUMICHEMSumitomo Chemical India Ltd. | Chemicals | -17.0% | ₹8,301 |
| 9 | CUBCity Union Bank Ltd. | Banking | -16.8% | ₹8,322 |
| 10 | UPLUPL Ltd. | Chemicals | -16.7% | ₹8,329 |
| 11 | ATULAtul Ltd. | Chemicals | -13.0% | ₹8,697 |
| 12 | HONAUTHoneywell Automation India Ltd. | Capital Goods | -11.4% | ₹8,855 |
| 13 | PAGEINDPage Industries Ltd. | Textiles | -9.5% | ₹9,053 |
| 14 | ACCACC Ltd. | Cement | -9.0% | ₹9,103 |
| 15 | WHIRLPOOLWhirlpool of India Ltd. | Consumer Durables | -8.4% | ₹9,159 |
| 16 | CROMPTONCrompton Greaves Consumer Electricals Ltd. | Consumer Durables | -6.6% | ₹9,337 |
| 17 | STARHEALTHStar Health and Allied Insurance Company Ltd. | Insurance | -5.6% | ₹9,443 |
| 18 | NAVINFLUORNavin Fluorine International Ltd. | Chemicals | -5.0% | ₹9,505 |
| 19 | SBICARDSBI Cards and Payment Services Ltd. | Financial Services | -4.2% | ₹9,583 |
| 20 | BIOCONBiocon Ltd. | Healthcare | -4.1% | ₹9,590 |
| 21 | BLUEDARTBlue Dart Express Ltd. | Logistics | -4.1% | ₹9,593 |
| 22 | RHIMRHI MAGNESITA INDIA LTD. | Capital Goods | -3.8% | ₹9,623 |
| 23 | PVRINOXPVR INOX Ltd. | Media & Entertainment | -3.5% | ₹9,645 |
| 24 | DEEPAKFERTDeepak Fertilisers & Petrochemicals Corp. Ltd. | Chemicals | -3.4% | ₹9,665 |
| 25 | PFIZERPfizer Ltd. | Pharmaceuticals | -2.7% | ₹9,729 |
Two caveats matter more here than on the board above. Our data source does not credit demergers, so a company that spun off a subsidiary can show a fall that was a restructuring rather than a loss. And businesses that collapsed or delisted are not on this site at all — the genuinely worst performers of a bad year may be missing entirely.
The Market
What the indices did in 2023
The benchmark a stock has to beat to have been worth picking individually. Measured on the same December-to-December, dividends-reinvested basis as every row above, which puts these a little above the price change usually quoted in the press.
- Nifty 50
- +20.0%
- ₹10,000 became ₹12,003
- Nifty 500
- +25.8%
- ₹10,000 became ₹12,576
By Sector
Best performing sectors of 2023
Ranked by the median company in each sector, not the average. Where the two diverge sharply, the sector rose on a few names rather than broadly — which is worth knowing before reading a headline average as a description of the whole industry.
| Sector | Median | Average | Stocks | Best in sector |
|---|---|---|---|---|
| Construction | +112.4% | +115.8% | 7 | IRCON+199.1% |
| Capital Goods | +90.7% | +116.7% | 44 | TITAGARH+367.0% |
| Power | +82.9% | +104.8% | 18 | INOXWIND+360.4% |
| Realty | +79.9% | +92.9% | 10 | ANANTRAJ+164.0% |
| Metals & Mining | +75.1% | +90.9% | 25 | JINDALSAW+303.0% |
| Diversified | +68.8% | +47.2% | 6 | BBTC+73.7% |
| Healthcare | +54.9% | +47.2% | 13 | MEDANTA+104.6% |
| Services | +52.3% | +62.2% | 3 | BLS+94.0% |
| Oil & Gas | +50.7% | +61.6% | 14 | CHENNPETRO+260.1% |
| Information Technology | +47.4% | +78.3% | 27 | NEWGEN+337.1% |
| Automobile | +46.6% | +63.8% | 27 | JBMA+184.0% |
| Pharmaceuticals | +46.2% | +56.3% | 27 | NEULANDLAB+218.5% |
| Financial Services | +46.1% | +72.0% | 51 | BSE+313.6% |
| Telecommunications | +40.8% | +67.5% | 9 | ITI+194.0% |
| Hospitality | +40.7% | +54.9% | 4 | CHALET+100.4% |
| FMCG | +30.4% | +31.6% | 18 | VBL+87.5% |
| Banking | +29.6% | +32.8% | 26 | J&KBANK+118.3% |
| Consumer Durables | +24.0% | +33.7% | 12 | PGEL+110.8% |
| Cement | +22.6% | +20.9% | 9 | ULTRACEMCO+51.6% |
| Textiles | +18.0% | +32.8% | 5 | WELSPUNLIV+87.6% |
| Logistics | +17.9% | +19.0% | 7 | GESHIP+53.1% |
| Insurance | +17.6% | +28.7% | 8 | GICRE+77.9% |
| Chemicals | +16.5% | +29.0% | 31 | HSCL+207.6% |
| Food Products | +13.8% | +14.5% | 6 | LTFOODS+76.9% |
| Retail | +11.6% | +53.0% | 8 | KALYANKJIL+180.6% |
| Media & Entertainment | +7.2% | +15.5% | 4 | SUNTV+51.2% |
Sectors with fewer than three listed companies are omitted — an average over two stocks describes those two stocks, not an industry.
How This Is Calculated
Reading these figures properly
Complete years only
December close to December close. A company that listed partway through 2023 has no figure for it, and the current year never appears until it has ended — a fragment of a year reported as a year is a quietly wrong number.
Total return
Prices are adjusted for dividends and stock splits, so dividends count as reinvested. That puts these figures a little above the price changes quoted elsewhere. Demergers are not credited, and brokerage and taxes are not modelled.
Survivors only
This is today's Nifty 500 universe. Companies that delisted or collapsed since 2023 are absent, which matters most on the losing end of the table.
Full definitions are on our methodology page.
HELP CENTER
2023 stock returns — common questions
Everything you need to know about this page and the data presented.
Which stock performed best in 2023?+
Titagarh Rail Systems Ltd. (TITAGARH) returned +367.0% over 2023, turning ₹10,000 into ₹46,698. That is a record of what happened in one calendar year, not a recommendation, and a year of that size is almost never repeated by the same company.
Was 2023 a good year for Indian stocks?+
396 of the 426 companies with a complete 2023 finished higher, and the median stock returned +46.6%. The Nifty 50 returned +20.0%. The median is the more useful figure than the average of +64.8%: averages are pulled around by a handful of extreme performers, while the median describes what the typical stock actually did.
What was the Nifty return in 2023?+
The Nifty 50 returned +20.0% over 2023. The broader Nifty 500 returned +25.8%. Both are measured December close to December close on the adjusted index level, so dividends are treated as reinvested — which makes them a little higher than the price change usually quoted in the press.
Which stock performed worst in 2023?+
Among the companies still in today's Nifty 500, Adani Total Gas Ltd. (ATGL) fell -73.2%, taking ₹10,000 down to ₹2,676. Read this list with two caveats. Our data source does not credit demergers, so a company that spun off a subsidiary can show a fall that was a restructuring rather than a loss. And businesses that collapsed or delisted are not on this site at all, so the genuinely worst performers of a bad year may be missing entirely.
Which sector performed best in 2023?+
Construction, with a median return of +112.4% across 7 companies and IRCON its strongest name at +199.1%. Sectors are ranked by their median company rather than their average, because one outsized winner can lift an average without most of the sector having moved.
How are 2023 returns calculated?+
December close to December close, on prices adjusted for dividends and stock splits — so these are total returns with dividends treated as reinvested, not price changes. Only complete years appear: a company that listed partway through 2023 has no figure for it, and the current year is never shown until it has ended. Brokerage and taxes are not modelled, and demergers are not credited.
Should I buy the best performing stocks of 2023?+
This page does not answer that, and we do not make recommendations. A year of exceptional returns often reflects a recovery from a low base, a favourable cycle, or a re-rating that cannot repeat — which is why last year's leaders so rarely lead the next one. ReturnScreener is an educational research platform and is not a SEBI-registered investment adviser. Treat this as a record of what happened, and a starting point for asking why.
Another year
Every complete year we hold, newest first. The contrast between them is the point: a stock that led one year is rarely near the top of the next.
Continue Your Research
Beyond a single year
One calendar year is the shortest useful window there is. These read the same record over longer ones.
ReturnScreener is an educational research platform and is not a SEBI-registered investment adviser. Everything on this page is a record of what historical prices did, not a projection and not a recommendation. Past performance does not guarantee future returns. See our methodology and disclaimer.