While the Indian stock market is reeling from rate hikes and geopolitical tensions in 2022, some investors have made fortunes investing in lesser-known low-priced stocks.

The BSE Sensex and Nifty50 indexes are up more than 7% each in 2022. Here are seven penny stocks that have returned more than 1,000% since the beginning of the year. Typically, penny stocks are priced below Rs 10 and are considered the riskiest of all the categories.

The list includes seven companies that have lost money for multiple quarters and, in some cases, even reported zero revenue. Analysts say these stocks uniquely appeal to investors because they are cheap. It’s easy for investors to get sucked into these stocks while trying to make a quick buck, but they usually lose everything. Analysts advise investors to avoid such stocks.

None of these penny stock companies is covered by analysts. Here are the earnings details for these companies:

Kaiser Corporation: This stock is the most extensive long in 2022, surging more than 1,959%. The stock was trading at Rs 2.80 in early 2022 and is currently trading around Rs 57.

The company reported operating and net losses for the second quarter. Revenue fell more than 50% sequentially and more than 75% year-over-year. Its debt rose to Rs 10.43 crore in September from Rs 5.76 crore in March. The company prints labels, packaging materials, magazines and cartons.

Alliance Integrated Metaliks: This company produces metal products used in bridges and towers. The stock, which traded at Rs 2.71 at the start of the year, is now trading at around Rs 45, representing a gain of 1,578%.

The company has lost money for 22 consecutive quarters. Revenue fell for the fourth straight quarter. However, the company posted an operating profit for the seventh consecutive quarter thanks to lower total costs. Its debt rose to Rs 335.82 crore in September from Rs 302.17 crore.

Hemang Resources: This company is a coal supplier and provides infrastructure-related services. The stock surged 1,612% to Rs 53 from Rs 3.09 at the start of the year. This increase was attributed to a substantial revenue increase and a debt reduction over the past few quarters.

The company posted revenue of Rs 86.72 crore for the September quarter, compared to zero a year ago. In the second quarter, it reported revenue of Rs 68.81 crore. It posted a net profit for the fifth consecutive quarter. The company reduced its debt to Rs 3.39 crore in September from Rs 21.59 crore in March 2021.

KBS India: This company provides wealth management services, including stock market investment planning and securities brokerage services. Its shares surged more than 1,378% to Rs 141 from Rs 9.50 at the start of the year. The stock was up nearly 140% in 2021. The company reported a net profit of Rs 39 crore for FY22, compared to Rs 1 lakh a year earlier. Revenue for the period was Rs 1.86 crore compared to zero in the same period last year.

Sonal Adhesives: The stock rose 1,359% to Rs 136 from Rs 9.30. The company produces plastic threads, self-adhesive tapes and acrylic adhesives. It reported revenue of Rs 21.08 crore in the second quarter, compared to Rs 13.07 crore a year earlier. Net profit jumped to Rs 28 lakh from a loss of Rs 1.14 lakh. It has reduced its debt to Rs 3.34 crore by September 2022 from Rs 27.06 crore a year earlier.

Beekay Niryat: The stock jumped 1,000% to Rs 80 from Rs 7 at the start of the year. The company invests in stocks, trades jute and jute products, and provides syndicated loans. It reported revenue of Rs 2.85 crore in the September quarter compared to Rs 19 lakh in the preceding quarter. Earlier, it had reported zero income for multiple quarters. Its total debt stood at around Rs 6 crore as of September, compared to Rs 67 lakh a year earlier.

Ashnisha Industries: The stock rose more than 1,000% to Rs 10 from Rs 0.96. The company started reporting revenue for the past two quarters. It reported revenue of Rs 1.15 crore in the September quarter compared to Rs 53 lakh in the preceding quarter. Net profit was Rs 7 lakh compared to Rs 25 lakh in the prior quarter. The company is a steel producer providing trade and investment services.