Despite a near 10 percent rise in benchmark indices, most Kerala-based listed companies ended calendar year 2025 in the red, highlighting a sharp divergence between headline market gains and stock-level performance in the state.
An analysis of share price movements between December 31, 2024 and December 19, 2025 shows that Kerala-based stocks delivered a mixed and largely subdued performance, with strong gains limited to a small group of companies.
During the period, the Nifty 50 rose from 23,644.80 to 25,966.10, gaining 2,321.60 points or 9.82 percent, while the BSE Sensex advanced 6,790.35 points (8.69 percent) to close at 84,929.36. In contrast, the majority of Kerala-origin companies failed to keep pace with the broader market rally.
A total of 48 Kerala-based companies were analysed, of which 28 were listed on both the NSE and BSE, while 20 were listed only on the BSE. The public sector presence was limited to Fertilizers & Chemicals Travancore (FACT) and Cochin Shipyard Ltd (CSL).
Only 13 companies delivered positive returns, while 35 stocks ended the year with losses, underscoring the uneven nature of performance.
Safa Systems & Technologies Ltd (SME segment) emerged as the top performer, delivering a robust 126.54 percent return. Other strong gainers included:
Abate AS Industries Ltd: +90.10 percent
Muthoot Finance Ltd: +77.01 percent
South Indian Bank Ltd: +59.95 percent
Manappuram Finance Ltd: +55.29 percent
In addition, eight companies recorded modest gains ranging from 0.62 percent to 34.37 percent.
On the downside, several stocks witnessed steep corrections. Popees Care Ltd topped the list of losers with a fall of 90.45 percent, followed by:
Kitex Garments Ltd: -71.47 percent
Apollo Tyres Ltd: -55.05 percent
Harrisons Malayalam Ltd: -50.14 percent
The remaining 31 companies registered declines ranging between 4.06 percent and 46.04 percent, highlighting persistent pressure across multiple sectors despite favourable market conditions overall.
Muthoot Finance Ltd continues to dominate as Kerala’s largest listed company, with a market capitalisation of ₹1,51,803 crore, supported by a strong 77.01 percent gain during the year.
It is followed by Federal Bank Ltd, with a market cap of ₹65,941 crore, after rising 33.91 percent.
The third spot is held by FACT, with a market capitalisation of ₹55,846 crore, despite a 12.01 percent decline. Kalyan Jewellers India Ltd ranks fourth at ₹50,069 crore, after falling 36.72 percent, while Cochin Shipyard Ltd occupies the fifth position with a marginal gain of 0.62 percent.
Performance varied sharply across sectors. In banking, South Indian Bank, Federal Bank and CSB Bank posted positive returns, while two other banking stocks ended the year in negative territory.
Within financial services, four out of eight stocks closed higher. Muthoot Finance, Manappuram Finance, STEL Holdings and Muthoot Microfin led gains, while the rest of the sector faced declines.
In the trading segment, Safa Systems & Technologies and TCM Ltd ended in the green. However, the tyre sector struggled, with Apollo Tyres and Tolins Tyres posting moderate losses. The textile segment remained under severe pressure, with Kitex Garments emerging as one of the biggest laggards.
Despite a positive year for Indian equities, Kerala-based stocks largely underperformed, with gains concentrated in a limited set of companies—mainly financials and select SME names.
The dominance of Muthoot Finance and Federal Bank in market capitalisation terms reinforces the continued strength of financial services within Kerala’s corporate ecosystem. At the same time, weak performances across textiles, tyres and consumer-oriented segments reflect sector-specific challenges rather than broader market weakness.
Overall, the data underlines that stock-specific fundamentals and sector dynamics mattered far more than index-level trends, reinforcing the importance of a selective, research-driven approach for investors focusing on Kerala-based equities.
(Jose Mathew is the founder of MyEquityLab)
Prepared by: Research Desk, MyEquityLab.com
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