Ten Shares That "Achieved Victory" During Ramadan, Soaring Hundreds of Percent
The domestic capital market is currently under significant pressure, triggered by the escalation of war and global geopolitical uncertainty. This challenging macroeconomic environment has prompted widespread selling on the stock exchange.
The Composite Stock Price Index (IHSG) has recorded a substantial correction of 14.48%, plummeting from its level at the start of Ramadan at 8,310.23 to reach 7,106.84 at the close of trading on Tuesday (17 March 2026).
However, amid these troubled market dynamics, a notable phenomenon has occurred that coincides with the momentum of Ramadan. Whilst the majority of investor portfolios have been eroded by the downward trend of the index, ten shares have instead performed in the green zone.
The performance of these shares is considered highly impressive, as they have delivered fantastic returns at a time when the overall market is bleeding heavily.
Four Shares Post Multibagger Returns
From the list of ten shares with the best performance over the past month or during the course of Ramadan, the most striking feature is the presence of four listed companies that have achieved multibagger status.
Posting gains of more than one hundred per cent in a market heavily pressed by war sentiment is clearly both an anomaly and an extraordinary achievement.
The top position is led by PT Estee Gold Feet Tbk. (EURO), which has recorded the highest price appreciation at 172.48%, with a market capitalisation of Rp5.17 trillion.
This achievement is followed by PT Ifishdeco Tbk. (IFSH), whose share price surged 115.23%. Next, PT Lancartama Sejati Tbk. (TAMA) has also posted impressive performance with a gain of 105.45%.
Completing this elite list of multibaggers, PT Widodo Makmur Perkasa Tbk. (WMPP) gained exactly 100.00%. These four shares have demonstrated their resilience and delivered maximum appreciation in value.
Sectoral Distribution of the Top Ten Shares
Looking in more detail at the other six shares below the one hundred per cent level, their performance also merits attention. PT PP Property Tbk. (PPRO) recorded a gain of 66.67%, followed by PT Indah Prakasa Sentosa Tbk. (INPS) at 61.92%.
PT Samator Indo Gas Tbk. (AGII), which is the emitter with the largest market capitalisation on this list at Rp10.45 trillion, grew 57.41%.
The next position is held by PT Tirta Mahakam Resources Tbk. (TIRT) with a gain of 48.33%, followed by PT Graha Andrasentra Propertindo Tbk. (JGLE) at 45.00%, and completed by PT Alakasa Industrindo Tbk. (ALKA) with an appreciation of 44.55%.
Sectorally, these ten shares originate from a very diverse range of industries. EURO represents the consumer goods sector, IFSH operates in the mining sector, whilst TAMA is in the construction and services field.
WMPP operates in the non-essential consumer sector, whilst PPRO and JGLE are representatives of the property sector. Beyond that, there is INPS in the energy and distribution sector, AGII in the industrial gas sector, TIRT in manufacturing, and ALKA, which operates in the pure aluminium industry.
With these gains, we can see that the increases are correlated with commodities that are distributed through the Strait of Hormuz, which have been disrupted due to the escalating geopolitical tensions currently intensifying during Ramadan.
The fact that various sectors have representatives capable of posting rocketing performance confirms an important narrative on the stock exchange—that although war is affecting the domestic capital market, despite limited market capitalisation in the context of the current issues occurring in Ramadan.