2 mid caps whose revenues soared 13x and 123x in 5 years

Summary: Over the past five years, one mid-cap company’s revenues have soared more than a 100-times, while another’s have multiplied over 13-fold—growth spurts that only a few could imagine. Who are these outliers and what has driven their surge? Find out in the story below.

Revenue growth is often a credible sign of healthy business momentum. It reflects the strength of demand and the company’s ability to scale its operations.

In the mid-cap universe, that signal is especially telling. These firms sit at a turning point—past their startup phase, yet still small enough for rapid expansion. When mid caps sustain strong revenue growth, it’s possible that these businesses are on the verge of breaking out.

To find such outliers, we applied two filters on our Value Research Stock Screener:

• Mid caps with a five-year annual revenue growth of over 50 per cent—a demanding pace that translates to at least a seven-fold jump in sales over the period.
• And those with a five-star rating on Value Research Stock Ratings to ensure balance sheet quality and solid operational metrics.

Only 10 mid caps cleared the first bar after excluding BFSI names where net income is a more useful metric. But none had a full-five star rating.

So, we picked the only two stocks with a four-star rating. Interestingly, both fell short of the final star largely because of low valuation scores, suggesting the market has already taken note of their rapid growth.

Still ratings can change. So if valuations cool or fundamentals strengthen further, these names could become more attractive. For now, they deserve a place on your research radar—examples of what high-quality growth looks like in mid caps. 

1) Maharashtra Scooters: A quiet proxy on the Bajaj Empire

For a company that no longer manufactures scooters, Maharashtra Scooters has turned into an interesting case of evolution. Once known for making components for the two-wheeler industry, it has long shifted gears and today it’s purely a holding company.

Over 90 per cent of its assets now sit in investments, primarily stakes in Bajaj Auto, Bajaj Finserv, Bajaj Finance and Bajaj Holdings & Investment, while the rest is parked in high-quality debt instruments. Manufacturing, once a loss-making sliver of operations, has been permanently phased out.

That means its growth story isn’t driven by product sales but by the performance, capital appreciation and dividends of its investee companies. In essence, it gives investors an indirect exposure to the Bajaj Group’s financial and automotive arms—a sort of low-cost holding proxy for the conglomerate’s fortunes.

However, as with most holding companies, this structure creates an accounting quirk: the company’s return on equity looks deceptively low because its large investment base inflates equity without proportionate operating earnings.

But the company’s net investments exceed its current market capitalisation, implying the stock trades at a significant discount to its book value—a classic holding-company gap that could unlock value over time.

2) Waaree Renewable: Riding India’s solar upcycle

Few names capture the rise of India’s renewable energy boom quite like Waaree Renewables Technologies. Incorporated in 1999 and part of the Waaree Group, the company has evolved into one of the country’s leading solar engineering, procurement, and construction (EPC) firms, powering India’s shift toward clean energy.

Before moving on, note that we’ve considered its growth starting from 2021, after the company came under new ownership and took on its current avatar as part of Waaree Energies. Before that, it operated as a completely different entity named Sangam Renewables, and those years have not been included in our analysis.

Today, with India’s largest solar module manufacturing capacity of 12 GW, Waaree Renewable straddles both manufacturing and project execution. The EPC business—its main revenue engine, contributing nearly 98 per cent of total sales—delivers turnkey solar projects for marquee clients such as Adani, Reliance, Larsen & Toubro (L&T), NTPC and Mumbai Metro.

Its order book reflects the momentum: an unexecuted pipeline of over 3,100 MWp as of Q1 FY26, up nearly fourfold in two years. Though EPC margins tend to be slim, Waaree’s scale, execution record and ties to India’s top corporates lend it considerable credibility.

With renewable energy now at the heart of India’s infrastructure build-out, Waaree Renewable sits firmly in the slipstream of the country’s green transition.

Want to go beyond screens and find stocks worth buying today?

Screens don’t hand out stock recommendations—they help investors focus their attention intelligently. By using data to filter out noise, you can zero in on companies worth researching further.

So if you’re looking for carefully curated, analyst-backed stock recommendations built on the same rigorous framework that takes a more granular assessment, explore Value Research Stock Advisor—your guide to long-term, conviction-driven investing.

Try Stock Advisor

Also read: These 3 mid caps pass Buffett's 20%+ ROE and ROCE test