According to reports from Equitymaster, four midcap stocks have delivered exceptional returns of up to 100x over the past five years. Lloyds Metals leads with gains of 119x, followed by Piramal Finance at 110x, Authum Investment at 70x, and GE Vernova T&D India at 30x. These companies, ranked 101-250 by market capitalisation, demonstrate the significant wealth-creation potential of India's midcap segment despite being often overlooked by investors.
As reported by Equitymaster, Lloyds Metals has transformed from a stock trading at ₹12.37 five years ago to ₹1,485 today. The company operates as a major player in sponge iron manufacturing, power generation, and mining, holding a mining lease for over 350 hectares of iron ore at Surjagarh in Maharashtra, valid until 2057. The company has expanded globally through Lloyds Global Resources FZCO, acquiring a 50% stake in Nexus Holdco FZCO for mining and metals assets in the Democratic Republic of Congo. Financially, the company has achieved strong growth with revenue and net profit rising at a CAGR of 78% and 115% respectively over five years, while maintaining healthy return ratios of 19% ROE and 20% ROCE.
According to Equitymaster, Piramal Finance has delivered gains of 110x from its ₹16 trading price five years ago to ₹1,738 today. Founded by Ajay Piramal, the company operates as an upper-layer NBFC offering retail lending products including home loans, personal loans, and small business loans. In April 2025, it received registration to operate as an NBFC-ICC without accepting public deposits. The company reported strong financial performance with ₹6 billion net profit on ₹56.3 billion total income in the first half of FY26, and revenue growth of 23% in FY25. Its real estate financing franchise remains a key strength, with the company focusing on cleaning up legacy wholesale assets while scaling granular lending.
As reported by Equitymaster, Authum Investment has delivered 70x returns from its ₹6 trading price five years ago to ₹441 today. The registered NBFC operates two key verticals: investment business focusing on long-term positions in listed and unlisted companies, and structured credit business. The company has demonstrated explosive financial growth with sales growing at a CAGR of 195% over five years, while profits surged from ₹1.3 billion to ₹42.4 billion. Return ratios have been exceptionally strong with 47% ROE and 46% ROCE. In June 2025, the company acquired an 88.37% stake in Asset Reconstruction (India SME ARC) for ₹3.1 billion and is evaluating entry into asset management via credit-focused alternative investment funds.
According to Equitymaster, GE Vernova T&D India has delivered 30x returns from its ₹120 trading price five years ago to ₹3,727 today. The company manufactures transmission equipment including transformers, switchgear, and delivers transmission systems spanning substations from 66 kV to 1,200 kV. Its core strength lies in the high-voltage segment (440 kV and 765 kV), serving power generation firms, transmission utilities, and industrial customers. Financially, the company has achieved modest but consistent growth with revenue growing at a CAGR of 6% over five years, while profits increased tenfold from ₹603 million to ₹6,083 million in FY25. Return ratios have averaged 11% ROE and 19% ROCE over the same period.
