Market Recap 2025: Force Motors, Ather Energy, and L&T Finance Lead Top Performers

As 2025 draws to a close, the NIFTY50 and SENSEX are experiencing significant volatility, struggling to break through resistance levels and reach new all-time highs. While the NIFTY50 has gained nearly 10% year-to-date, mid- and small-cap indices have shown varied results during the same period.

The NIFTY Midcap 100 and NIFTY 500 indices are up approximately 5% in 2025, offering some encouragement to investors. That said, the reality is a bit more complicated. the NIFTY Smallcap index significantly underperformed, delivering close to -7% returns in 2025.

Despite the mixed performance across the broader market, several stocks defied the trend and delivered substantial returns. Here's a look at five of the top-performing stocks from the NIFTY500 universe in 2025:

**Top Performers of 2025**

• Force Motors (YTD return: 163%)**
• L&T Finance (YTD return 124%)**
• Ather Energy (YTD return 116%)**
• Muthoot Finance (YTD return 84%)**

**Force Motors:** Leading commercial vehicle manufacturer, Force Motors, stands out as the top-performing stock within the NIFTY500, providing investors with returns exceeding 160% so far this year. Despite a correction of over 20% from its record high in August 2025, the company has maintained its leading position. The stock surged almost 230% in 2025, reaching a record high of ₹21,990. The company's latest quarterly results revealed a 7% year-over-year (YoY) increase in sales, reaching ₹2,081 crore, alongside a 28.3% YoY jump in EBITDA. Positive tax adjustments and write-backs contributed to a significant rise in net profit, reaching ₹351 crore compared to ₹135 crore in the same period last year. Throughout the past four quarters, Foreign Institutional Investors (FIIs), who were generally net sellers in Indian equities, gradually increased their stake in Force Motors. As of Q2FY26, FIIs hold a 10.2% stake in the company, up from 7.89% in the corresponding period last year. Favorable industry trends, consistent fundamental performance, and increasing FII holdings have been key positive factors.

**L&T Finance:** Within the financial services sector, which has been the best-performing sector in 2025, L&T Finance has emerged as a leading performer, delivering YTD returns of 124%. The company reported its highest-ever profit after tax at ₹735 crore during Q2FY26, a 5% YoY increase. Its retail lending book surpassed the ₹1 lakh crore mark, driven by record disbursements during the September quarter. This strong performance was underpinned by record profits, robust asset quality, and a diversified business model.

**Ather Energy:** The recently listed electric two-wheeler manufacturer, Ather Energy, has captured significant investor attention, with its shares soaring nearly 116% since its listing in May 2025. Ather Energy has demonstrated strong market traction, outpacing competitors such as Ola Electric, Bajaj Auto, and TVS Motors. Sales for Q2 and H1FY26 surged 67% YoY, with 66,000 units sold in Q2 alone, which the company attributes to its successful distribution and product strategy. Furthermore, Ather Energy increased its market share in the electric two-wheeler segment to 17% as of Q2FY26, up from 14% in Q2FY25. Net sales for Q2FY26 jumped 54% YoY to ₹899 crore, while the net loss narrowed to ₹154 crore.

**Muthoot Finance:** Another non-banking financial services company, Muthoot Finance, has also shown strong performance in 2025, with its shares gaining approximately 84% YTD. This robust performance was supported by strong financial growth across the board. The company's consolidated Assets Under Management (AUM) increased by 42% YoY to ₹1.4 lakh crore. Additionally, lower funding costs contributed to strong margins for the company. As a result, the shares have delivered 84% gains in the past year and 250% returns over the past three years.