SME Multibagger Stocks: Apsis Aerocom Share Price Up 420%, Grover Jewells Up 409% Since SME IPO; What Is Driving the Surge?
- September 30, 2026
- Posted by: Lakshit Sharma
- Category: News
Apsis Aerocom Rs 571.80, up about 420% from SME IPO price of Rs 110. Grover Jewells Rs 447.85, up about 409% from Rs 88. Both listed on NSE Emerge in Feb-Mar 2026. Close, 30 Sep.
Quick Answer
SME multibagger stocks Apsis Aerocom and Grover Jewells have gained more than 400% from their SME IPO prices in about seven to eight months. Apsis Aerocom share price closed at Rs 571.80 on 30 September 2026, up about 420% from its Rs 110 issue price, helped by defence, aerospace and healthcare orders. Grover Jewells share price closed at its 5% upper circuit of Rs 447.85, up about 409% from Rs 88, amid thin trading volumes. Valuations now look stretched, and SME stocks carry high liquidity risk.
SME multibagger stocks are in the spotlight again. Two SME IPO listings from early 2026, precision engineering firm Apsis Aerocom and jewellery maker Grover Jewells, have each delivered returns of over 400% in about eight months, even as the benchmark Nifty 50 has fallen sharply.
Apsis Aerocom share price closed at Rs 571.80 on the NSE on Wednesday, 30 September 2026, compared with its issue price of Rs 110. Grover Jewells share price hit its 5% upper circuit at Rs 447.85, compared with its issue price of Rs 88. These SME multibagger stocks have moved very differently in how they got there, which matters for investors.
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SME Multibagger Stocks at a Glance
Here is how the two SME multibagger stocks compare on key details, based on offer documents and closing prices on 30 September 2026.
| Detail | Apsis Aerocom | Grover Jewells |
|---|---|---|
| Business | Precision engineering (aerospace, defence, healthcare) | Wholesale gold jewellery |
| SME IPO price | Rs 110 | Rs 88 |
| IPO size | Rs 35.77 crore | Rs 33.83 crore |
| Listing date (NSE Emerge) | 18 March 2026 | 11 February 2026 |
| Listing price | Rs 153 (+39%) | Rs 96 (+9%) |
| Close on 30 Sep 2026 | Rs 571.80 (-4.7%) | Rs 447.85 (+5%, upper circuit) |
| Gain from IPO price | About 420% | About 409% |
| Approx. market capitalisation | About Rs 690 crore | About Rs 650 crore |
Why Is Apsis Aerocom Share Price Rising?
Among SME multibagger stocks, Apsis Aerocom share price has been driven by business momentum. The Bengaluru-based company makes precision-machined components and assemblies for aerospace, defence and healthcare customers, a space that has benefited from India’s push for defence indigenisation.
The company has announced a steady flow of orders since listing: an order of about Rs 5 crore in April, a Rs 7.24 crore domestic defence supply order in May, an aerospace and defence order of about Rs 1.54 crore later that month, and a Rs 4.29 crore healthcare supply order in September 2026. Its FY26 revenue rose to about Rs 30.65 crore from Rs 20.49 crore in FY25, with defence contributing about Rs 20 crore, and its open order book stood at about Rs 40.50 crore.
Apsis is also expanding capacity, with a second manufacturing unit at the Defence and Aerospace Park in Bengaluru involving capex of about Rs 27 crore, and a third unit planned in Devanahalli. Its SME IPO drew strong demand, with the issue subscribed more than 100 times, and delivered listing gains of about 39%.
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Why Is Grover Jewells Share Price Rising?
Grover Jewells, the second of these SME multibagger stocks, has risen on strong momentum rather than major announcements. The Delhi-based company, founded in 2010, makes machine-made gold chains and cast jewellery in 22, 20 and 18 karat gold, selling mainly through wholesale channels and showrooms in Delhi.
The stock has frequently hit upper circuits on very thin volumes. On Wednesday, only about 4,800 shares traded on the NSE as it locked at the 5% limit. Thin trading means even small buy orders can move the price sharply, and it can also make it difficult to sell when sentiment turns.
On fundamentals, Grover Jewells reported revenue of about Rs 460 crore and profit of about Rs 7.6 crore for FY25, a low-margin business typical of jewellery wholesaling. At about Rs 650 crore market value, the stock trades at more than 80 times those earnings.
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What Is Driving SME Multibagger Stocks?
Several factors are behind the rise of SME multibagger stocks this year. Small issue sizes and limited free float mean that modest buying can push prices up quickly. Themes such as defence and precision engineering attract strong investor interest. And while large caps have suffered from foreign selling, domestic investors have kept chasing smaller, high-growth stories.
But SME multibagger stocks also carry unique risks. Minimum lot sizes are large, often Rs 1 lakh to Rs 3 lakh, trading can be thin, disclosures are lighter than for mainboard companies, and regulators have repeatedly cautioned investors about price manipulation in the SME segment.
Key Risks
- Stretched valuations: Apsis trades at over 20 times FY26 sales and Grover at over 80 times FY25 earnings.
- Liquidity: Thin volumes in SME multibagger stocks can make it hard to exit, especially when stocks hit lower circuits.
- Small order sizes: Individual orders of Rs 1.5 crore to Rs 7 crore are small relative to current market values.
- Regulatory scrutiny: Sharp rallies in SME stocks can attract surveillance measures from exchanges.
Bottom Line on SME Multibagger Stocks
Apsis Aerocom and Grover Jewells have become SME multibagger stocks with gains of over 400% since their SME IPO listings, driven by defence orders in one case and thin-volume momentum in the other. After such runs, valuations look stretched and liquidity risk is high, so investors should be cautious about chasing these moves. Consult a SEBI-registered advisor before investing in SME stocks.
Disclaimer: Data and figures in this article are sourced from publicly available information and reflect intraday levels at the time of writing. These may or may not be accurate. Please verify all data independently before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions on SME Multibagger Stocks
How much have Apsis Aerocom and Grover Jewells gained since listing?
Ans. Apsis Aerocom closed at Rs 571.80 on 30 September 2026, about 420% above its SME IPO price of Rs 110. Grover Jewells closed at Rs 447.85, about 409% above its issue price of Rs 88.
Why is Apsis Aerocom share price rising?
Ans. Apsis Aerocom share price has been supported by a string of orders in defence, aerospace and healthcare, including a Rs 7.24 crore defence order in May and a Rs 4.29 crore healthcare order in September 2026, along with FY26 revenue growth of about 50%.
Why is Grover Jewells share price rising?
Ans. Grover Jewells has seen strong momentum, often hitting upper circuits on very thin volumes. On 30 September 2026, the stock rose 5% to its upper circuit of Rs 447.85, with only about 4,800 shares traded on the NSE.
What does Apsis Aerocom do?
Ans. Apsis Aerocom is a Bengaluru-based precision engineering company that makes machined components and assemblies for aerospace, defence and healthcare customers. Defence contributed the largest share of its FY26 revenue.
What does Grover Jewells do?
Ans. Grover Jewells is a Delhi-based wholesale gold jewellery maker, founded in 2010, that manufactures machine-made chains and cast jewellery in 22, 20 and 18 karat gold.
Are SME multibagger stocks risky?
Ans. Yes. SME stocks often have low liquidity, large minimum lot sizes, limited disclosures and sharp price swings. Thin volumes can make it hard to exit, and valuations can run far ahead of fundamentals.
What were the SME IPO details of Apsis Aerocom and Grover Jewells?
Ans. Apsis Aerocom raised Rs 35.77 crore at Rs 110 per share and listed on NSE Emerge on 18 March 2026. Grover Jewells raised Rs 33.83 crore at Rs 88 per share and listed on NSE Emerge on 11 February 2026.