9 Midcap Stocks That Delivered Multibagger Returns in Two Years: Laurus Labs Leads With 296% Gain

The Indian stock market may not have delivered spectacular gains at the headline-index level over the past two years, but several midcap companies have produced remarkable returns for shareholders. A select group of stocks managed to multiply investor wealth even as the broader market remained relatively subdued.

According to data cited by ETMarkets from ACE Equity, 21 midcap stocks gained more than 50% during the two-year period, while nine stocks qualified as multibaggers after delivering returns of more than 100%. The strongest performer among them posted a gain of nearly 300%.

The performance highlights how significantly returns can differ between individual companies and the broader market indices.

Laurus Labs tops the list

Pharmaceutical company Laurus Labs emerged as the biggest winner among the nine midcap multibaggers tracked in the report.

Its stock climbed about 296% over two years, moving from approximately Rs 470 to Rs 1,862. The gain puts the company at the top of the list and represents the strongest appreciation among the stocks featured.

Such a move means an investment made at the earlier price would have grown substantially over the two-year period, before accounting for costs and taxes.

BSE shares gain 243%

BSE, the operator of India's oldest stock exchange, was the second-best performer in the group.

The company's shares rose around 243%, increasing from Rs 944 to Rs 3,242 over the two years. The rally placed BSE comfortably in multibagger territory and made it one of the strongest wealth creators among midcap stocks during the period.

The performance also demonstrates that significant gains were not limited to traditional manufacturing or commodity businesses.

MCX delivers more than three times the return

Multi Commodity Exchange of India (MCX) was another standout performer.

Its shares advanced approximately 219%, rising from Rs 1,037 to Rs 3,303. The stock therefore more than tripled over the two-year period, making it the third company in the list to deliver gains exceeding 200%.

MCX's performance was followed by another stock that produced a major three-digit return.

Hitachi Energy India gains 170%

Hitachi Energy India recorded a gain of about 170% over two years.

The company's share price increased from Rs 12,095 to Rs 32,640. While the percentage gain was lower than those of Laurus Labs, BSE and MCX, it still represented a substantial increase in market value for investors who held the stock throughout the period.

One97 Communications rises 163%

Fintech company One97 Communications, which operates the Paytm brand, was another major performer.

Its shares advanced approximately 163%, moving from Rs 622 to Rs 1,634 over two years. The stock joined the growing list of midcaps that more than doubled during the period.

The company's inclusion is notable because its stock had experienced considerable volatility in the past, making the subsequent two-year appreciation particularly significant.

GE Vernova T&D India up 152%

GE Vernova T&D India also delivered a multibagger return, with its shares gaining around 152% over the two-year period.

The stock moved from approximately Rs 1,714 to Rs 4,324. This placed it among the six stocks in the list that generated returns of more than 150%.

The company was followed by three other midcaps that also more than doubled investors' money.

Lloyds Metals & Energy gains 131%

Lloyds Metals & Energy recorded a two-year gain of approximately 131%.

Its share price increased from Rs 774 to Rs 1,790. The performance comfortably crossed the 100% threshold used to describe a multibagger return.

Radico Khaitan rises 130%

Beverage company Radico Khaitan delivered a similar performance.

Its shares gained around 130%, moving from Rs 1,942 to Rs 4,474 during the two-year period. Although its return was slightly below that of Lloyds Metals & Energy, the stock still more than doubled in value.

National Aluminium Company completes the list

National Aluminium Company (NALCO) rounded out the nine-stock list.

Its shares climbed approximately 104%, rising from Rs 183 to Rs 372 over two years. NALCO was therefore the ninth stock in the group to cross the 100% return mark.

What the numbers indicate

The performance of these stocks offers an important reminder that index movements do not always capture the opportunities available across the broader equity market. During the period examined, the Nifty 50 declined by nearly 5%, while the Nifty Midcap 150 gained around 6%. Yet individual midcap stocks delivered gains many times higher than the broader midcap index.

The nine companies came from different parts of the economy, including pharmaceuticals, financial-market infrastructure, power transmission, fintech, metals and consumer businesses. Their varied backgrounds also demonstrate that strong stock-market performance was not concentrated in a single industry.

However, past returns should not automatically be interpreted as an indication of future performance. Stocks that have already experienced sharp rallies can also face volatility, valuation concerns and periods of correction.

For investors, the bigger takeaway is the difference between index-level performance and individual stock performance. While the headline market may appear relatively quiet, significant wealth creation can occur within specific companies.

The nine midcap stocks highlighted in the data were Laurus Labs, BSE, MCX, Hitachi Energy India, One97 Communications, GE Vernova T&D India, Lloyds Metals & Energy, Radico Khaitan and National Aluminium Company. Together, their performances illustrate how dramatically individual stocks can outperform the broader market over a relatively short period.

Note: Past stock-market performance does not guarantee future returns. Investors should independently evaluate a company's financials, valuation, business outlook and risk profile before making investment decisions.