From Midcap to Multibagger: 4 Stocks that Gave 30x in 5 Years

#2 Piramal Finance

Second on the list is Piramal Finance.

Shares of the company were trading at Rs 16, five years ago.

Today, the shares trade at Rs 1,738. This translates into gains of 110x over 5 years.

Founded by Ajay Piramal, Piramal Finance is an upper layer NBFC (non-banking financial company). It had the housing finance company (HFC) licence earlier.

In April 2025, Piramal Finance received certificate of registration to commence the business of NBFC-ICC without accepting public deposits. Piramal Finance thereafter continued to operate as an NBFC.

In the financial services business, the company focuses on providing retail loan products such as home loans, loans against property, used car loans, personal loans and small business loans.

It also provides wholesale loans with focus on both real estate and non-real estate sectors.

Coming to its financials, in FY25, it posted a 23% growth in sales while its net loss came down to almost nil.

For the first half of fiscal 2026, the company reported net profit of Rs 6 billion (bn) on total income of Rs 56.3 bn.

The company has a strong and established presence in the real estate financing space. It has focused on accelerated recoveries and run-down of the legacy wholesale AUM and has also scaled up its fresh disbursement towards newly originated, lower ticket-size, wholesale AUM.

Going forward, the company is expected to benefit from the collections in the retail purchases or originated credit impaired book of erstwhile Dewan Housing Finance, and deferred tax-related benefits.

It will also be supported by deferred consideration it is expected to receive as a part of the divestment of stepdown subsidiary (Piramal Imaging SA).

For more details, check out Piramal Finance' factsheet.

#3 Authum Investment

Third on the list is Authum Investment.

Shares of Authum were trading at Rs 6, five years ago.

Today, they trade at Rs 441. This translates into gains of 70x over 5 years.

Authum is a registered NBFC carrying on the business of investment in shares and securities and also financing activities.

It was acquired by the current promoters in 2019 and is listed on Bombay Stock Exchange and National Stock Exchange of India.

It is currently promoted by Alpana Dangi and Sanjay Dangi, who collectively hold 68.8% (65.3% directly and 3.5% through their company - Mentor Capital) in Authum.

Currently, it offers financial services, including equity investments and structured credit solutions. Authum operates through two primary, complementary, business verticals designed to balance market-driven returns with predictable cash flows.

The investments business vertical focuses on long-term equity investments in both listed and unlisted companies. It invests in large-cap and mid-cap segments, targeting market leaders with stable revenue streams and robust governance.

Coming to Authum's financials, over past 5 years, its sales have grown at a phenomenal CAGR of 195%.

Profit during the same time has also skyrocketed from Rs 1.3 bn to Rs 42.4 bn. The company's 5-year average ROE and ROCE stand at 47% and 46%, respectively.

Looking ahead, the company is planning to advance the platformisation of its credit business, positioning it as a comprehensive and integrated lending platform.

To this end, in June 2025, Authum completed the acquisition of an 88.37% stake in Asset Reconstruction (India SME ARC) for about Rs 3.1 bn.

This subsidiary allows Authum to acquire non-performing assets from banks and resolve them using in-house turnaround expertise.

The company is evaluating the feasibility of asset management to launch credit-focused alternative investment funds targeting private credit and special situations.

Authum will expand its third-party servicing business, with AUM of Rs 19 bn, to generate consistent fee-based income. It provides collection services for financial institutions.

For more details, check out its financial factsheet.

#4 GE Vernova T&D India

Last on the list is GE Vernova.

Shares of the company were trading at Rs 120, five years ago.

Today, the shares trade at Rs 3,727. This translates into gains of 30x over 5 years.

GE Vernova T&D is engaged in the manufacturing of transmission equipment such as transformers, switchgears (both air insulated, and gas insulated), control panels/relays, line traps, etc. It provides transmission systems, comprising substations ranging from 66 kV to 1,200 kV.

However, the company primarily operates in the high voltage space (440 kV and 765 kV), which is marked by the presence of a few established players like Siemens, Hitachi, etc.

It's essentially a transmission equipment manufacturer, and its products cater to power generation companies, power transmission companies and industrial end-users such as players in infrastructure, oil and gas and other industries.

The company is present in all stages of the power supply chain and offers a wide range of products and related services.

Coming to its financials, over 5 years, its sales have compounded at a CAGR of 6%. During the same period, profits shot up by 10x, from Rs 603 million to Rs 6,083 million as of FY25.

Its ROE and ROCE over 5 years have averaged 11% and 19% respectively.

Going forward, the company plans to focus on supporting the nuclear sector's transition by enabling plant life extensions, MW capacity increases, and performance-enhancing upgrades.

For more details, check out its financial factsheet.

Conclusion

Top performing midcaps don't announce themselves and they were not lucky accidents.

They were businesses that had quietly done the hard work of building something real, sitting in that middle ground where institutions hadn't fully discovered them yet and retail investors hadn't gotten excited enough to bid them up.

Midcap investing rewards patience and conviction in equal measure. You have to be willing to sit with something when it's doing nothing and trust your thesis when the market disagrees with you.

All being said, 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.

Happy investing.

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