Atlantaa, a small-cap stock with a market capitalization of ₹450 crore, hit another 20% upper circuit on Friday, October 3, climbing to a new 1-year high of ₹55.65 apiece. This marked a three-day winning streak and the second day of 20% upper circuit, resulting in a cumulative gain of 44%.
The rally in this multibagger small-cap was triggered after the company entered into an agreement with IRCON International for a subcontract related to the construction of the Bhandara–Gadchiroli Access Controlled Expressway in Maharashtra.
The project, awarded by the Maharashtra State Road Development Corporation (MSRDC), is on EPC Mode – PACKAGE BG-03, covering 34.786 km from km 34+750 Sarandi Bk, Tq. Lakhandur, Dist. Bhandara to km 69+536 Kinhi, Tq. Bramhapuri, Dist. Chandrapur.
In a regulatory filing on September 30, the company said the subcontract is valued at ₹2,485 crore. The order is over five times of its market capitalization and 36.45 times its FY25 consolidated revenue of ₹68 crore. This sharp contrast explains the strong investor interest and the stock’s recent surge.
Recent rally drives 740% gain in five years
The recent run-up has lifted the stock 99% in just six months, 290% in two years, and an impressive 743% over the past five years. It has also contributed to a 104% recovery from its 52-week low. After a difficult phase between May and August 2025, the stock regained momentum in September, delivering a 29.22% gain, its second-biggest monthly performance so far this year.
In September last year, the stock touched a 52-week high of ₹65.71 apiece. At current levels, it remains down 15.30% from that peak.
Although it has staged a strong rebound from recent lows, the stock is still trading at a steep 81% discount to its all-time high of ₹289.20, recorded in 2007.
Back in 2018, the stock lost more than 80% of its value. However, it recouped part of those losses in the following years, delivering multibagger returns. The year 2021 stood out with a 115.61% gain, while in CY24 the stock closed with another massive surge of 101.40%.
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