Top 10 Fastest Wealth Multibaggers in India: BSE, Adani Enterprises, and More

Motilal Oswal's latest wealth creation study highlights how a narrow set of companies delivered the fastest shareholder returns between 2020 and 2025, a period marked by the Covid-19 pandemic, a sharp earnings rebound, and a structural re-rating of select sectors. The study tracks total shareholder returns, profit growth, and market capitalization expansion to identify the fastest wealth creators over five years.

BSE emerged as the fastest wealth creator over the five-year period, delivering a 56x total return with profit growth of 124% CAGR. This remarkable performance was driven by increased trading volumes and a surge in new investors entering the market.

Rail Vikas Nigam posted a 28x return as government-led infrastructure spending translated into a near tenfold expansion in market value. The company benefited from the government's push for modernizing and expanding the rail network, which has been a key focus area for infrastructure development.

Jindal Stainless delivered a 25x return, supported by a 90% CAGR in profits. Market cap rose sharply as the company benefited from strong domestic demand, import substitution, and better pricing power. The steel industry, particularly the stainless steel segment, has seen significant growth due to increased infrastructure and manufacturing activities.

GE Vernova T&D turned profitable over the period and generated a 21x return as India’s power transmission and renewable integration accelerated. The company's focus on renewable energy solutions and grid modernization has been a key driver of its success.

Persistent Systems produced a 20x return, driven by 83% CAGR profit growth and consistent execution in digital engineering services. The company has been a leader in providing digital transformation solutions to various industries, capitalizing on the growing demand for technology and innovation.

FACT (Fertiliser Corporation of India) delivered a 20x return as profits compounded at 82% CAGR. Improved capacity utilization, favorable policy support, and better cost management helped transform the company’s earnings profile, resulting in a dramatic expansion in market cap despite the traditionally cyclical nature of the fertilizer sector.

Dixon Technologies posted an 18x return, reflecting India’s push for electronics manufacturing. With profits growing at 79% CAGR, Dixon benefited from the Production-Linked Incentive (PLI) schemes, global client additions, and strong demand for consumer electronics, justifying a sustained premium valuation.

Adani Power generated an 18x return as it moved from losses to profits, aided by improved power demand and balance sheet deleveraging. Adani Enterprises delivered a 17x return with steady profit growth and aggressive expansion across airports, green energy, and infrastructure, though valuations remained sensitive to leverage and execution risks.

Hitachi Energy rounded off the top ten with a 17x return. Profit growth of 76% CAGR and rising market capitalization reflected strong demand for high-voltage equipment and grid solutions as India accelerated renewable energy adoption and transmission upgrades.

These companies have not only delivered impressive returns to shareholders but have also played a significant role in driving India's economic growth and development. The combination of strategic investments, operational efficiency, and favorable market conditions has been instrumental in their success.