In a month marked by a sharp sell-off triggered by heightened tensions in the Middle East, some small-cap stocks have managed to withstand the selling pressure, with Spice Lounge Food Works being one of them.
The stock, which has a market capitalisation of less than ₹2,500 crore, was locked in a 5% upper circuit in Friday's trade on September 11, settling at ₹33 apiece. It has been experiencing a similar run since the start of September, closing each trading session at the upper circuit limit.
It has been locked under the 5% upper circuit in each of the last nine trading sessions. This massive surge in buying interest has pushed its monthly returns to 55.5%, outperforming the Nifty Smallcap 100 index by a wide margin, with the index remaining largely flat over the same period.
Meanwhile, the one-way rally came after the stock remained largely volatile throughout 2026, coming under significant selling pressure after it hit an all-time high in November 2025. Since then, it has attempted several recoveries but surrendered all those gains in the following months, dragging the stock to levels of around ₹16 in May.
Considering those lows, the stock is now trading 106% higher, showing its latest ability from sustained losses.