Multibagger Alert! 5 Stocks that Rallied Over 1,000% in Financial Year 2024

The financial year 2023-24 ended on a bullish note, driven by a positive trend in domestic and global markets.

The benchmark BSE Sensex index gained 24.8%, while the Nifty 50 index soared by 28.5% in FY24, reflecting positive investor sentiment.

Major sectors of the Indian economy registered impressive growth. Domestic mutual fund inflows, return of foreign money, better-than-expected economic growth and healthy corporate earnings were the major driving factors.

No doubt, benchmark indices registered decent gains. But broader market smallcap and midcap indices outperformed benchmarks by a big margin.

What's more, individual stocks from these broader markets registered multi-fold gains with some even surging over 1,000% in a year.

The upcoming US Presidential election and Lok Sabha election could be the most critical driving factors for the next financial year.

So let's look at some of the top-performing stocks of the year gone by and what lies ahead for them.

#1 Insolation Energy

First on this list is Insolation Energy.

Insolation Energy is leading the charge in solar panel technology, manufacturing solar panels and modules of high efficiency. Its 200 MW SPV Module manufacturing unit in Jaipur sprawls a 60,000 sq. ft. area with the latest machinery.

In 2023, the company tripled its manufacturing capacity from 200MW to 700MW. It is recognised as one of the top 10 solar panel brands in India. It has successfully launched its fully automated manufacturing unit, the first of its kind in Rajasthan.

The company is working on improving cost efficiency to make solar power more accessible than ever before. It's leveraging greener practices within its facilities for sustainable manufacturing.

In the financial year 2023-24, the share price of this solar stock has gone up by an impressive 1,264.9%, with gains of 21.4% over the last 30 days.

Insolation Energy is on an expansion journey, venturing into new verticals. The company is planning to grow its manufacturing capacity to 1,200 MW in the next two years from the current total capacity of 750 MW.

To aid this growth, the company is investing Rs 3 bn in a 600 MW capacity solar cell manufacturing line.

By 2024, the company aims to increase its production to 1,000 MW, with 70% being average capacity.

After line upgradation with Glass to Glass (G2G) technology, the company expects PAT of Rs 380 million (m) with revenue projections of Rs 6.3 bn.

Insolation Energy Financial Snapshot (2021-2023)

	FY21	FY22	FY23
Total Revenue (in Rs m)	1,627	2,155	2,801
Operating Profit Margin (in %)	7.8	6.5	5
Net Profit (in Rs m )	69	69	107
Net Profit Margin (in %)	4.2	3.2	3.8

Source: Equitymaster

The recent run-up in the stock price of Insolation Energy indicates investors have already factored in the bright prospects.

Going forward, the solar company's ambitious plans to significantly expand its manufacturing capacity could place it for remarkable growth in the coming financial year.

#2 Waaree Renewable Technologies

Next on the list is Waaree Renewable Technologies.

Waree Renewable Technologies is a leading solar company boasting the nation's largest solar panel manufacturing capacity with its manufacturing plants in Chikhli, Surat, and Umbergaon.

So far, the company has completed 10,000+ projects in pumps, telecom & rooftops. Its long list of clientele includes some of the prestigious names like L&T, Bharat Petroleum, Aditya Birla Group, ArcelorMittal, and Reliance Industries, among others.

The company has a 900+MW O&M portfolio of solar power plant assets. Further, it has a good track record for 99%+ plant availability.

The company achieved a remarkable 117.3% revenue growth and 522.3% PAT growth in FY2023. The company has a burgeoning order book of 856MW, which is expected to grow even more in the upcoming years.

No wonder the share price of Waaree Renewable Technologies surged by over 800% in the past one year!

Waaree Renewables share price in FY24

In FY24, the company has won seven massive orders for ground-mounted and rooftop solar power projects.

It also won a huge contract to set up a 1MW green hydrogen plant integrated with the ecosystem on a BOB basis.

Further, the company has developed 39.98 MWp solar power-generating assets.

Waaree Renewable Technologies Financial Snapshot (2021-2023)

	FY21	FY22	FY23
Total Revenue (in Rs m)	154	1,698	3,525
Operating Profit Margin (in %)	53.8	14.6	23.9
Net Profit (in Rs m )	-24	89	553
Net Profit Margin (in %)	-18.2	5.5	15.8

Source: Equitymaster

The company's strong financials and diverse clientele with a focus on supplying crucial components, present an optimistic outlook.

However, the recent run-up in the stock price indicates that investors may have already factored in the bright outlook, possibly limiting the upside in the stock price in the near term.

Nevertheless, for investors with a long-term perspective, the company could make for an interesting prospect in the thriving renewable energy sector.

#3 Cupid

Next on the list is Cupid.

Cupid's product portfolio expands to pregnancy test kits, COVID-19 antigen test kits, etc.

It exports 68% of its products to 105 countries. The company generates 90% of its revenue from international markets.

Even with a global focus, the company remains a major player in India, with a solid 32% domestic market share.

It is the world's first company to receive WHO/UNFPA prequalification for both male and female condoms. Columbia Petro Chem and Mr. Aditya Kumar Halwasiya have invested Rs 1.6 bn in the company.

Cupid shares surged over 900% in the financial year 2023-24.

The company is gearing up for a massive production boost. With a strategic land acquisition, it is planning to increase male condom production to 1.25 bn units and female condom production to 125 m units in the next two years.

The company is projecting a blockbuster Q4 with a topline revenue of Rs 500 m to 550 m, with female condom sales alone expected to reach Rs 210 m. After expansion, the topline is expected to grow to Rs 4 bn.

The company is setting its sights on strategic expansions beyond India. It also plans to use funds for acquisitions to diversify into In Vitro Diagnostics space.

Domestically, the company is planning to grow its retail distribution with product bundling.

Cupid Limited Financial Snapshot (2021-2023)

	FY21	FY22	FY23
Total Revenue (in Rs m)	1,487	1,367	1,639
Operating Profit Margin (in %)	25.1	17.4	26
Net Profit (in Rs m )	290	173	316
Net Profit Margin (in %)	20.2	13.1	19.8

Source: Equitymaster

#4 Garg Furnace

Next on the list is Garg Furnace.

Garg Furnace has been a cornerstone of the Indian steel industry for 50+ years. It specialises in a wide range of essential iron and steel products, including non-alloy steel rounds, billets, and ingots.

The company operates primarily in the steel industry, supplying the agricultural, auto, nut, bolt, and cycle parts markets in India.

In financial year 2023-24, the company's share price has increased by 771.2%.

Garg Furnace is taking a giant leap towards sustainable steel production and becoming a leader in eco-friendly steel manufacturing. The company prioritises the use of 100% high-grade scrap as raw material to reduce pollution and energy consumption.

Also, the company has made strides in reducing furnace oil usage. The company remarkably eliminated coal usage in 2023 compared to 283 tonnes usage in the last financial year. It has also invested in a power-saving furnace to minimise its environmental footprint, which has already reduced power consumption by 5%.

With plans to set up a 5MW solar power project in phases over the next decade, the company is taking control of its energy costs and reliance on fossil fuels. It has set a target of growing its production by three times in the next three years.

Garg Furnace Financial Snapshot (2021-2023)

	FY21	FY22	FY23
Total Revenue (in Rs m)	1,196	1,790	2,384
Operating Profit Margin (in %)
Net Profit (in Rs m )	-47	63	59
Net Profit Margin (in %)	-3.9	3.5	2.5

Source: Equitymaster

#5 Rajoo Engineers

Last on this list is Rajoo Engineers.

Rajoo Engineers, headquartered in Gujarat, is a critical player in India's plastic extrusion machinery sector. It offers customised solutions and tailors machinery to each client's specific needs.

It is the first company in all of Asia to establish a dedicated R&D centre specifically for its customers.

The company has strategic partnerships with industry leaders like Bausano & Figli (Italy), MEAF Machines BV (Netherlands), and Wonderpack (India).

Rajoo Engineers boasts that 60% of their annual business comes from repeat orders, and their client list includes industry giants like Reliance Industries, Uflex, and Indian Oil (IOC).

Rajoo Engineers has recently acquired three strategically located industrial plots adjacent to their existing factory in Rajkot. By handling everyone in one centralised location, the company hopes to optimise its production processes, leading to faster turnaround times and lower costs.

The share price of the company has shot up by 690.7% in the last 1 year.

Rajoo Engineers is expanding its geographical footprint. It is taking on established European and American suppliers.

The e-commerce boom is also driving demand for its plastic packaging solutions with advanced machinery. The rise of organised retail is another tailwind propelling the company forward.

After launching India's first mono & multilayer EVA/POE sheet line - Lamina E, the company received three high-value orders amounting to Rs 2.7 bn.

Rajoo Engineers Financial Snapshot (2021-2023)

	FY21	FY22	FY23
Total Revenue (in Rs m)	1,703	1,923	1,815
Operating Profit Margin (in %)
Net Profit (in Rs m )	121	151	115
Net Profit Margin (in %)	7.10%	7.90%	6.40%

Source: Equitymaster

The company has remained debt free for the past few years. And it's hoping to maintain the net debt-free status going forward as well, despite the estimated capex outlay of around Rs 150 million for land and building cost.

Which Other Stocks Rallied the Most in Financial Year 2024?

So these were the top 5 stocks that fared best when compared on their YoY share price performance.

However, there are several other stocks that posted impressive gains in the year gone by. Here are a few of them -

Top Performing Stocks of Financial Year 2024

Company	Current Price	Price 1 year back	Returns in FY24
Jai Balaji Industries Ltd.	925.3	45.5	1932%
GE T&D India Ltd.	850.6	118.7	617%
Aurionpro Solutions Ltd.	2,192.10	308	612%
Transformers & Rectifiers (India) Ltd.	395.8	57.4	590%
Force Motors Ltd.	7,243.80	1,166.50	521%
Inox Wind Ltd.	521.5	93.4	458%
Electrosteel Castings Ltd.	178.4	32.1	455%
KPI Green Energy Ltd.	1,522.20	279	446%
IRFC	142.4	26.6	435%
Inox Wind Energy Ltd.	5,804.00	1,100.00	428%
Suzlon Energy Ltd.	40.5	7.9	412%
HBL Power Systems Ltd.	454.5	95.2	377%
Schneider Electric Infra.	736.9	155.6	374%
Anand Rathi Wealth Ltd.	3,691.50	807.4	357%
HUDCO	187.3	43.3	332%
MRPL	218.7	52.6	316%
TARC Ltd.	139.9	34.2	310%
Kalyan Jewellers India Ltd.	428	105.4	306%
Jupiter Wagons Ltd.	373.4	92.1	305%
IFCI Ltd.	39.7	9.8	304%

Source: Equitymaster

In Conclusion

India's GDP is expected to grow between 6.5% and 7% in the financial year 2024-25. So, the overall market sentiment is expected to be bullish.

However, multiple challenges could impact market stability. Global inflation, geopolitical tensions, and the upcoming 2024 general elections could cause volatility.

The optimism is primarily based on India's potential to be one of the world's fastest-growing economies with ambitious growth plans.

While these top performing stocks are a good starting point for your investment journey, maintain a diversified portfolio and focus on high-quality companies with solid fundamentals to reap benefits.

Happy investing!

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...