30x returns: Top 3 mid-cap multibaggers of last 5 years

Summary: Rs 10,000 invested in these three mid-cap stocks five years ago would today be worth Rs 3.4–3.6 lakh. These three have been the top wealth creators of the past five years in the category. Find their strengths and weaknesses below. 

Mid caps often sit in the sweet spot—large enough to have a proven business model, but small enough to grow at high speed. That balance has played out across three companies that have topped the category with the highest returns over the last five years. Our screen for five-year winners threw up these names that managed to scale rapidly and earn investor trust and turned into outsized multibaggers. We take a look at them below:

The big three

1) HBL Engineering

HBL Engineering, serving defence, railways, and telecom with battery and power solutions, delivered a 5-year annual return of 102.9 per cent. This means Rs 10,000 would have become Rs 3.44 lakh today. Strong order flow and market presence have aided solid profit after tax growth of over 60 per cent per annum from FY20-25.

2) Gravita India

A specialist in metal recycling and non-ferrous metals, Gravita has leveraged global commodity cycles while steadily expanding operations. A Rs 10,000 investment in the stock five years ago would now be worth about Rs 3.45 lakh. It touts a solid Growth Score of 8. Profit after tax has grown at a strong 54 per cent per annum over the last five years. Though scope exists to strengthen fundamentals—EBIT margins remain modest at 7–8 per cent and cash conversion is weak, with CFO-to-EBITDA averaging 39 per cent over FY20–24.

3) PG Electroplast

PG Electroplast designs and makes components and finished products for leading consumer-electronics and home-appliance brands. It derives nearly 60 per cent revenue from room air-conditioners. The strong demand for ACs worked as a solid tailwind for the company whose stock has leapt 36 times over five years, turning a Rs 10,000 investment into Rs 3.64 lakh today. But fundamentals are shaky: all its Value Research scores are low, and in its Q1 FY26 update, it slashed revenue growth guidance to 17–18 per cent from 30 per cent. This has raised credibility doubts around management execution.

Suggested read: PG Electroplast: A 175x multibagger faces a credibility test

Want to go beyond screens?

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Also read: 2 mid caps that doubled every 4 years and still remain cheap