Tejas, Vedant Fashion: Will laggards of Samvat 2081 recover in Samvat 2082?

Among the Nifty 500 constituents, Tejas Networks (down 56 per cent), Praj Industries (down 54 per cent), and Vedant Fashions (down 52 per cent) were among the worst hit

The outgoing Samvat 2081 has brought muted gains for Indian equities as the markets faced global and domestic headwinds.

 

US President Donald Trump imposed 25 per cent reciprocal tariffs on India, effective August 7, 2025. This was doubled to 50 per cent on August 27, 2025, as US President Donald Trump chose to penalise New Delhi for its purchases of Russian oil and weapons.

 

With repeated delays in striking a trade deal between the US and India, uncertainty over trade relations prevailed for most part of the year.

 

That apart, persistent inflation pressures, stretched valuations, and episodic foreign institutional investor (FII) outflows dampened the sentiment. FIIs sold Indian equities worth around ₹3,88,586.43 crore in Samvat 2081.

 

So far in the Samvat year, between October 31, 2024, and October 16, 2025, the BSE Sensex and the Nifty 50 have risen around 5 per cent each.

 

The trend in the broader markets was mixed with the Nifty Midcap 100 up 5 per cent, while the Nifty Smallcap 100 slipped 3 per cent.  ALSO READ | IPO Market in Samvat 2081: Record fund raise, but mixed gains for investors

Samvat 2081: Top laggards of the year

These tailwinds punished a swathe of quality companies despite solid fundamentals. Among the Nifty 500 constituents, Tejas Networks (down 56 per cent), Praj Industries (down 54 per cent), Vedant Fashions (down 52 per cent), Akums Drugs and Pharmaceuticals (down 45 per cent), and Brainbees Solutions and Natco Pharma (down 42 per cent each) were among the worst hit.

 

Further, Whirlpool of India fell 41 per cent; Sonata Software, Ramkrishna Forgings, and Jyothy Labs dropped 40 per cent each; Aditya Birla Real Estate declined 39 per cent; and Birlasoft, Finolex Industries, Jindal Saw, and Jupiter Wagons were down 37 per cent apiece.

 

Kranthi Bathini, director – equity strategy, WealthMills Securities, attributes the massive sell0off in these counters to stretched valuations, particularly in the railway sector.

 

“Before Samvat 2081, railway stocks such as Tejas Networks and Jupiter Wagons, were in a strong upward momentum. Their sharp rally over the past 18-24 months took valuations to astronomical level. So, this Samvat, they moved into consolidation,” he said.

 

Brainbees Solutions, and Vedant Fashions were also punished due to elevated valuations amid a consumption slowdown, he said.

 

Pharmaceutical and information technology (IT) counters, meanwhile, were hit by US tariff measures.

 

“IT stocks were dragged mainly due to tariff concerns, earnings growth, and H-1B visa issues,” said Ankit Soni, associate vice-president – fundamental research, Mirae Asset Sharekhan.  ALSO READ | ₹1.75 trillion raised in Samvat 2081: Meet the top wealth-multiplier IPOs

Samvat 2082 outlook: Will these counters bounce back?

Though Tejas Networks, Praj Industries, Vedant Fashions, Akums Drugs and Pharmaceuticals, Brainbees Solutions, and Natco Pharma have sound fundamentals, Bathini thinks a turnaround in Samvat 2082 seems unlikely for the stocks.

 

As a strategy, though, he suggests investors may accumulate these stocks on dips from a long-term perspective, focusing beyond Samvat gains.

 

Ankit Soni of Mirae Asset Sharekhan, meanwhile, said pharma stock Jyothy Labs may not log a steep fall in Samvat 2082, but may continue to consolidate.

 

“A muted performance is expected for Jyothy Labs over the next few months due to soft demand. Though we may not see such a sharp decline going forward, the stock could consolidate and deliver flat to modestly positive returns over a one-year horizon,” Soni said.

 

Technically, Aditya Birla Real Estate and Sonata Software are showing signs of a turnaround, according to Drumil Vithlani, technical research analyst, Bonanza.

 

For Aditya Birla Real Estate, Vithlani recommends buying near ₹1,600–₹1,650 with one-year targets of ₹1,880 and ₹2,180, following a healthy correction from ₹3,157. He also suggests buying Sonata Software at ₹360–₹375 for one-year targets of ₹435, ₹495, and ₹570.