Over the past two years, the Indian stock market has shown steady growth, with the BSE 500 rising 33% and the Sensex gaining 28%. This broad growth across large-, mid- and small-cap stocks set the stage for a few top-performing stocks to deliver multibagger returns. Data available from ACE Equity shows that select companies in the BSE 500 have strongly outperformed the market and gave up to 350% returns to investors in the last two years.
Hitachi Energy India leads the list with a robust 350% return over two years. The company from the electric equipment industry, now has a market cap of Rs 96,941 crore, and its stock traded at Rs 21,749 per share as on 25 November 2025. Strong demand for power infrastructure and grid modernisation has supported its rise.
In second place is Godfrey Phillips India, a major cigarettes and tobacco player. The stock has jumped 324%, taking its market value to Rs 44,821 crore with a share price of Rs 2,874. It is followed by Wockhardt, from the pharmaceuticals and drugs segment, delivering a solid 276% return. With a latest market cap of Rs 20,658 crore and a stock price of Rs 1,271.
Two investment-focused firms follow closely. Authum Investment & Infrastructure has gained 268%, reaching a market cap of Rs 44,634 crore. JSW Holdings is just behind with 267% returns and a market value of Rs 20,516 crore, supported by strong performance of the JSW Group.
Among companies from stock broking sector, Multi Commodity Exchange (MCX) and Motilal Oswal Financial Services have posted impressive gains of 237% and 236% respectively. MCX now stands at Rs 9,872, while Motilal Oswal trades at Rs 945, reflecting increased investor’s interest in financial markets.
In pharmaceuticals, Neuland Laboratories has also shone with 232% returns. Its market cap is Rs 21,640 crore, and the stock trades at Rs 16,867.
Shipbuilding has been another standout sector. Garden Reach Shipbuilders & Engineers gained 225%, while Cochin Shipyard delivered 200% returns. Rising defence orders and expansion plans have boosted both companies.
PTC Industries from the automobile & ancillaries sector posted a 220% surge and is at a current market value of Rs 26,777 crore.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.