The year 2024 proved to be a game-changer for many investors in the Indian stock market. Several stocks turned into multibaggers, delivering exceptional returns of up to 600% and making investors wealthy. Here’s a look at 10 top multibagger stocks of 2024 that rewarded their shareholders handsomely:
1. Shakti Pumps
Return: 600%
Shakti Pumps has been a consistent performer, delivering stellar returns for two consecutive years. In 2024, the stock soared by over 600%. Its strong fundamentals supported this growth, with the company’s net profit rising by 23% and revenue increasing by 14% CAGR between FY 2022 and FY 2024.
2. Insolation Energy
Return: 330%
This solar energy stock delivered a whopping 330% return in 2024. Listed on the SME platform at just ₹38 in October 2022, it now trades above ₹3,500. The company has rapidly established itself as a leader in renewable energy solutions.
3. Shaily Engineering Plastics
Return: 328%
Shaily Engineering Plastics impressed investors with a 328% return in 2024. On 3rd January 2025, it reached an all-time high of ₹1,564.85, driven by its innovative product offerings and robust growth in profitability.
4. Piccadily Agro Industries
Return: 260%
Piccadily Agro Industries recorded a 260% return in 2024. Over the past five years, the company has delivered multibagger returns in three of those years. In FY 2024, its net profit surged fivefold to ₹110 crore, while revenue grew by 28% to ₹779 crore.
5. Jeena Sikho Lifecare
Return: 260%
Jeena Sikho Lifecare continued its stellar performance, delivering 260% returns in 2024 after providing 352% returns in 2023. The company’s net profit nearly doubled to ₹69 crore in FY 2024, with a 59% jump in revenue to ₹324 crore.
6. Garware Hi-Tech Films
Return: 250%
This manufacturer of plastic products and films rewarded its investors with over 250% returns in 2024. The company has consistently grown its profits by 20% and revenue by 12% in recent years, making it a favorite among long-term investors.
7. Shilchar Technologies
Return: 220%
Shilchar Technologies delivered 220% returns in 2024, rising from ₹500 two years ago to ₹8,429.30 as of 3rd January 2025. Its growth has been driven by its niche technology offerings and increasing market demand.
8. Ganesh Housing Corporation
Return: 200%
Ganesh Housing Corporation achieved a 200% return in 2024, continuing its trend of delivering positive returns every year since 2021. Over the past four years, the stock has gained an astounding 4000%, making it a multibagger powerhouse.
9. Balu Forge Industries
Return: 185%
Balu Forge Industries, a leading manufacturer of crankshafts, delivered a 185% return in 2024 after a 200% gain in 2023. In FY 2024, the company’s net profit surged by 141% to ₹94 crore, while revenue rose 71% to ₹553 crore.
10. Waaree Renewable Technologies
Return: 180%
Waaree Renewable Technologies continued to shine in the renewable energy space, delivering 180% returns in 2024. From being available at less than ₹10 in 2020, the stock now trades at around ₹1,400. Its net profit grew by 167% to ₹148 crore in FY 2024, while revenue touched ₹870 crore.
What Made These Stocks Multibaggers?
- Strong Fundamentals: Companies with consistent revenue and profit growth attracted long-term investors.
- Sectoral Trends: Renewable energy, agro-tech, and specialty plastics emerged as hot sectors.
- Export Potential: Companies with significant global market presence benefited from growing demand in international markets.
- Technological Advancements: Firms adopting innovative solutions gained a competitive edge.
Conclusion
The multibagger stocks of 2024 rewarded patient and forward-thinking investors handsomely. From Shakti Pumps to Waaree Renewable Technologies, these companies demonstrated the power of innovation, market leadership, and financial discipline.
As we enter 2025, investors should focus on identifying high-growth sectors, studying company fundamentals, and staying invested for the long term to uncover the next batch of multibagger stocks.
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