Over the last three months, fifteen Indian penny stocks have delivered significant returns, ranging from 20% to 80%. These stocks were selected based on criteria including a market capitalization below Rs 1,000 crore, share prices under Rs 20, and average daily trading volumes exceeding 5 lakh shares. This performance underscores the potential for notable gains within the micro-cap segment of the Indian stock market. Despite these gains, investors should exercise caution as penny stocks typically involve higher price volatility and liquidity risks compared to larger-cap stocks. Understanding these risks is essential for informed investment decisions in this segment. Fifteen penny stocks have delivered returns of 20% to 80% over the past three months.