Every investor dreams of finding the next multibagger stock, the kind that can turn a modest investment into extraordinary wealth. But identifying these rare gems is never simple.
It takes countless hours of research, careful study of business models, industry trends, and management vision.
Even then, no expert in the world can say with certainty which company will be the next multibagger.
What investors can do, however, is follow the trail of consistent performance and future-ready strategies.
In this article, we highlight stocks that have already produced returns of more than 100% CAGR over the previous five years.
They are also making progress with ambitious plans and well-defined 2026 roadmaps.
#1 Transformers and Rectifiers
First on the list is Transformers and Rectifiers Limited (TRIL).
The company is in the business of manufacturing power, furnace, and rectifier transformers.
These products serve applications across power transmission and distribution as well as various industrial sectors.
The company has completed more than 16,000 Installations worldwide with a presence in over 25 countries, including ‘Dynamic Short Circuit Test’ on 153 Transformers at Renowned Test Laboratories like KEMA & CPRI.
The company has delivered a stellar rally of over 9,918% in the last five years, translating into a 5-year CAGR of 153.6%.
Transformers and Rectifiers Share Price – 5 Years
This stellar growth can be attributed to the company’s strong expertise in niche transformers, where it has successfully delivered some of the world’s largest and most complex projects.
Transformers & Rectifiers India aims for an FY26 order book of Rs 80 bn while sustaining healthy margins of 17–18%.
With a robust FY26 revenue target of Rs 35 bn, backed by a healthy pipeline of 18,000 MVA in enquiries, the company shows strong revenue visibility and a solid foothold in its sector.
The management’s focus is on becoming net debt-free within 18-24 months enhances financial resilience, while expansion aims to raise capacity utilisation from 65% in FY25 to 85-90% in FY26.
With these initiatives, the company is on track to reach its US$ 1 bn revenue mark within the next three years.
The company is expanding its Moraiya facility with a new 22,000 MVA manufacturing capacity, expected by Q2 FY26.
#2 Waaree Renewable Technologies
Next on the list is Waaree Renewable Technologies.
The company is in renewable power generation and consultancy services.
The company provides solar project development, financing, construction, and operation expertise. Waaree Renewable Technologies operates rooftop, floating, and ground-mounted clean energy systems under both capex and RESCO models.
Operating under Waaree Energies Ltd, WRTL leads the Solar EPC sector and has completed over 10,000 solar projects with a total operational capacity exceeding 2.5 GW.
In just five years, Waaree Renewable Technologies has delivered a 34,071% rally, with a 5-year CAGR of 220.5%.
Waaree Renewable Technology’s Share Price – 5 Years
This stellar growth can be attributed to the company’s rapid expansion in the solar EPC sector.
Going forward, the company is planning to foray into EPC projects in West Asia, with a dedicated team already established in the UAE under the Waaree group.
In addition, it has signed a non-binding letter of intent in Vietnam and anticipates converting this into a firm order within the next two to three quarters.
The company has also reported strong execution momentum, achieving nearly one-third of its previous year’s revenue within the first quarter itself.
The company today has a well-spread portfolio of solar projects across India, ranging from large ground-mounted installations in Rajasthan, Andhra Pradesh, Gujarat, Chhattisgarh, Tamil Nadu, and Karnataka to rooftop projects in Rajasthan.
Looking ahead, the country’s energy storage needs are expected to climb rapidly—rising to 82.37 GWh by FY27 and surging all the way to 2,380 GWh by 2047.
Government pushes like the Rs 750 bn PM Surya Ghar Muft Bijli Yojana and the extended PM Kusum Scheme are driving adoption at the grassroots, while rooftop solar alone is projected to add 27–29 GWh by 2030.
At the same time, the Solar Parks Scheme has already cleared 55 parks with a total capacity of 39.95 GW, ensuring that infrastructure is in place to support the next wave of large-scale solar growth. The company plans to capitalise on this momentum.
It’s also exploring opportunities in hybrid projects, battery energy storage systems, and green hydrogen, which are expected to be key growth drivers in the coming years.
#3 PG Electroplast
Last on the list is PG Electroplast.
The company is one of the leading, diversified Indian electronic manufacturing services providers, providing one-stop and end-to-end solutions to consumer durable brands.
The company serves the automotive components, consumer electronics, air conditioners, washing machines, and air cooler industries.
Its diversified client base includes over 70 leading brands, such as Atomberg, Acer, Carrier, Croma, Daikin, Flipkart, Haier, Honeywell, Hyundai, LG, Kohler, etc.
The company has four business verticals: products, plastic moulding, electronics, and tool manufacturing.
Within the product vertical, it manufactures room air conditioners, washing machines, and air coolers. This vertical is a key revenue driver.
Over the past five years, the company’s shares have surged more than 11,000%, reflecting a remarkable 5-year CAGR of 157.1%.
PG Electroplast Share Price – 5 Years
It’s among the few companies in India specialising in original design manufacturing (ODM), original equipment manufacturing (OEM), and plastic injection moulding for the consumer durables industry.
Going forward, the company has announced a capex plan of Rs 7–7.5 bn for FY26. The investment will back a series of expansions, including a new refrigerator campus in South India, a washing machine unit in Greater Noida, a larger AC manufacturing plant in Supa, and a fresh facility for plastic components and coolers.
The management expects consolidated revenue for FY26 to grow 17–19% to Rs 57–58 bn, while net profit is projected to rise 3–7% YoY to Rs 3–3.1 bn.
In a significant move, PG Electroplast’s step-down subsidiary, Next Generation Manufacturers Pvt Ltd, has signed a Memorandum of Understanding with the Government of Maharashtra to set up a Rs 10 bn greenfield consumer electronics facility in Kamargaon, Ahilyanagar.
Conclusion
Multibagger stocks remain one of the most attractive themes for investors aiming for long-term wealth creation.
These are the companies that transform early bets into substantial returns, but identifying them requires more than just luck.
While no stock can ever guarantee extraordinary outcomes, those with a strong history of performance, robust fundamentals, and a clear vision for the future often stand out.
Investors should evaluate the company’s fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.
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