Top 5 Multibagger Smallcap Stocks of 2024

The Indian stock market has a reputation for nurturing high-growth companies, commonly called multibagger stocks.

Multibagger stocks have the potential to appreciate, multiplying investors' investments several times.

Smallcaps, in particular, have been fertile ground for such opportunities. This is primarily because their relatively low market capitalisation offers more significant potential for growth than their larger counterparts.

Moreover, due to their small size, they are able to capitalise on emerging trends and expand rapidly.

However, it is important to keep in mind that smallcap stocks come with inherent risks, such as high volatility and the potential for business failures.

Hence, it is important that you select these stocks with caution.

Today, we bring you a list of smallcap multibagger stocks of 2024 that we have carefully picked after doing proper research.

Take a look...

#1 Waaree Renewable Tech

First on the list is Waaree Renewable Tech.

The company's shares zoomed over 450% in the last year.

Waaree Renewable Tech is India's largest vertically integrated new energy company with the largest solar panel manufacturing capacity of 12 gigawatts.

The company primarily is engaged in the business providing end-to-end EPC solutions, financing, constructing, owning, and operating solar projects.

At the end of the June quarter of the financial year 2025, the company completed over 10,000 projects in the pumps and telecom sectors. It also completed over 400 rooftops of 50+ megawatts in India and abroad.

Some of the company's key clients include Adani, Aditya Birla Group, NTPC, Mumbai Metro, and Reliance.

In terms of its financials, its revenue has grown at a compound annual growth rate (CAGR) of 119% in the last five years. A strong customer base and growing demand for renewable energy have helped in stellar revenue growth.

The operating profit and net profit multiplied over 20 times during the same period indicating the company's strong execution skills.

The net margin turned positive after the company reported continuous losses for three years.

As of June 2024, the company had an unexecuted order book of 2,191 megawatts, indicating strong revenue visibility.

Going forward, it aims to evaluate opportunities in India and abroad and secure more EPC contracts. It is also evaluating third-party operating and maintenance (O&M) through organic and inorganic methods.

To know more, check out Waaree Renewable Tech's financial factsheet and latest quarterly results.

#2 Aditya Vision

Second on the list is Aditya Vision.

In the last year, the shares of the company soared by over 100%.

Established in 1999, the company is engaged in the trading of electronic items of various top brands including LG, Panasonic, Samsung, and Phillips.

It has around 50% market share in organised electronic retail in Bihar, and is among the largest electronic retailer in Jharkhand.

The company has around 140 stores in India and has a record of not closing any store since its inception.

Coming to its financials, the revenue more than doubled in the last five years and grew at a CAGR of 16.9% on account of higher volumes.

The operating and net profit also grew at a CAGR of 38.3% and 40.6%, respectively, on account of operational efficiency.

The company is planning to expand its operations beyond Bihar, UP and Jharkhand to adjoining states in the 'Hindi Heartland' over the next three to five years.

It also aims to grow its revenue at a CAGR of 20-25% from the current 17% in the next three to five years.

To learn more, check out Aditya Vision's financial factsheet and latest quarterly results.

#3 Lloyds Engineering Works

Third on the list is Lloyds Engineering Works.

In the last one year, the company's shares zoomed over 81.08%.

Established in 1974, the company is engaged in the design, manufacturing, and commissioning of heavy equipment, machinery, and systems for various sectors, including hydrocarbon, oil and gas, steel, power plants, and nuclear plant boilers.

Some of the products the company manufactures are pressure vessels, heat exchangers, rolling mills, steel melting shops, fin stabilisers, and electro-hydraulic steering gear.

It has five manufacturing facilities in Maharashtra that are close to each other, bringing significant cost savings.

The company's clientele includes reputed names such as Cochin Shipyard, Bharat Petroleum, Indian Oil, HP, and Finolex.

Coming to the company's financials, the revenue grew by a CAGR of 40.4% on account strong orders.

The operating and net profit also grew at a whopping 82.3% and 100.1%, respectively, during the same period.

Lloyds Engineering Works is currently investing in expanding its capacity to cater to the growing demand for its products.

It is also adding new channel dealers, adding new branches, offices, and sales workshops to improve its sales.

The company is also open to any organic and inorganic growth opportunities that come its way.

To know more, checkout Lloyds Engineering's financial factsheet and latest quarterly results.

#4 Tips Industries

Next on the list is Tips Industries.

The shares of the company soared over 130% in the last year.

Incorporated in 1996, the company is engaged in the production and distribution of motion pictures.

It is also involved in the acquisition of music rights and has a large music library of over 30,000 songs across various genres and languages.

In the last 20 years, it has produced over 40 hindi films and sells theatrical and satellite rights to distributors and broadcasters.

The company has an extensive social media presence and a dedicated team of distributors that help in serving over 400,000 retailers.

Over the last five years, the company's revenue has grown at a CAGR of 21.6% on account of high licensing fees.

The operating and net profit also grew at a CAGR of 61.3% and 62.2% during the same period on account of high operational efficiency.

To reach its goal of being one of the top 3 music companies in India, it is trying to deliver top-quality music to its audience.

To know more, checkout Tips Industries' financial factsheet and latest quarterly results.

#5 Piccadily Agro

Last on the list is Piccadily Agro.

The company's shares have grown by over 670% in the last five years.

Piccadily Agro started its operations in 1997 as a sugar processing company and later set up a distillery plant and manufactured sugar and distillery products.

The company has a capacity to manufacture 5,000 tonnes per day of crushed sugar.

It also has a 150 kilolitre per day (KLPD) capacity of distillery unit that produces alcohol from grain and molasses. It produces malt, country liquor, and ethanol.

Coming to its financials, the company's revenue has grown at a CAGR of 9.4% on account of high volumes. The operating and net profit also grew by a CAGR of 11.6% and 34.2%, respectively, on account of operational efficiency.

It has several ongoing and future projects through which the company is aiming at revenue and profit expansion.

It is setting up a new feed distillery of 210 KLPD under the government's ethanol blending program.

The company is also branding its liquor and selling it abroad to grow its revenue.

Going forward, with the high demand for sugar and its byproducts, the company is set to grow in the medium term.

To know more, checkout Piccadily Agro's financial factsheet and latest quarterly results.

Investing in small-cap Stocks is Rewarding, but...

Though small-cap stocks can fetch good returns, they are very risky. They can give both huge profits and losses in a short span of time.

If proper due diligence isn't carried out while selecting these stocks, there is a high chance of loosing your investment.

Hence, it is essential to check the fundamentals of such companies before considering them for investment.

Fundamentally strong small-cap stocks have a track record of good sales and profit growth. They also have low or no debt, and a high promoter holding.

Such companies have a high potential to become future multibaggers.

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...