India’s under-the-radar SME IPO market is producing spectacular winners, but the broader picture is far less exciting. While 21 of the 126 issues tracked in 2026 have delivered multibagger returns, only 65 are trading above their offer prices. The median return is just 3.9%, sharply below the 24.4% average.
That gap is the clearest warning that the headline gains are being driven by a narrow group of outliers rather than a broad-based rally.
