1. Home
  2. Investing
  3. Best Multibagger Stocks for...

Please enter your details to get in touch

Please provide a valid name Please provide a valid email.
Please provide a valid mobile no.


Don't Lose Money in Stock Market.

Build your Multibagger Portfolio Instead

Share your WhatsApp number to Get a Call 


Don't Lose Money in Stock Market.

Build your Multibagger Portfolio Instead

Share your WhatsApp number to Get a Call 

Best Multibagger Stocks for 2023 (Updated list of 56 stocks)

  1. Home
  2. »
  3. Investing
  4. »
  5. Best Multibagger Stocks for 2023…
Best Multibagger Stocks for 2023 (Updated list of 54 stock)
Share on:


Looking For One Multibagger Today? Here Is a Checklist for Finding The Best Multibagger Stocks for 2023 [Updated list of 56 stocks that turned Multibaggers]

You must know that a stock market is a place that rewards those who remain patient. But you may also want to see that you can get lucky in the short term with a few right stocks in the portfolio. However, the probability of becoming wealthy quickly is very rare.

So, in this article, we will define a checklist to identify the best multibagger stocks for 2023. An interesting fact is you can use this checklist to find great investment opportunities every year for the long term. Before we begin, if you are new to equity investments and don’t know the term multibagger, then now is the time to learn and add it to your stock market vocabulary.

Otherwise, how will you find the best multibaggers for 2023 without knowing the word’s meaning?

What are Multibagger Stocks?

  1. Stock that delivers exponential returns usually several times their costs are called multibaggers.
  2. A stock that grows twice its price is called a two-bagger, and a stock that jumps ten times its cost is called a ten-bagger. And multibaggers are stocks that grow multiple times their initial price. These are primarily undervalued stocks with solid fundamentals and immense potential to grow.

Click below to get your personalized portfolio of 20-25 potential multibagger stocks for 2023.

Three years ago, on March 23, 2020, stock markets plunged to their lowest in over four years. But little did we know that it was the beginning of the Bull Run. The Bull Run not only pushed the benchmark indices to new all-time highs but also gave rise to new multibaggers. However, 2022 did not have as many multibaggers as 2021 had.

Of the 500 stocks listed on the Nifty 500, 56 stocks soared over 100%. Check out the list below.

Multibagger Stocks of CY2022

CompanyIndustry1yr Returns
Mazagon Dock Shipbuilders Ltd.Shipbuilding184.49
The Fertilisers And Chemicals Travancore Ltd.Chemicals183.16
Karur Vysya Bank Ltd.Banking148.63
Bharat Dynamics Ltd.Defense142.36
UCO BankBanking142.31
Raymond Ltd.Textile136.62
RHI Magnesita India Ltd.Metal128.99
Bank Of BarodaBanking126.60
Adani Enterprises Ltd.Diversified125.71
The Great Eastern Shipping Company Ltd.Shipping124.98
Varun Beverages Ltd.FMCG123.33
Adani Total Gas Ltd.Oil & Gas114.48
Shoppers Stop Ltd.Retail114.43
Swan Energy Ltd.Energy109.84
Hindustan Aeronautics Ltd.Defense109.08
Indian BankBanking104.41
JK Paper Ltd.Paper Manufacturing99.46
Rail Vikas Nigam Ltd.Public Sector Utilities96.40
Shree Renuka Sugars Ltd.Sugar93.51
Metro Brands Ltd.Retail92.82
Deepak Fertilisers And Petrochemicals Corporation Ltd.Chemicals92.07
Union Bank Of IndiaBanking85.25
Kalyan Jewellers India Ltd.Retail84.88
Lemon Tree Hotels Ltd.Hospitality83.80
Solar Industries India Ltd.Defense81.06
Rashtriya Chemicals and Fertilizers Ltd.Chemicals76.57
The Indian Hotels Company Ltd.Hospitality76.29
Godfrey Phillips India Ltd.Tobacco75.71
TVS Motor Company Ltd.Automobile73.11
IIFL Finance Ltd.NBFC72.23
Bank Of IndiaBanking71.69
The Federal Bank Ltd.Banking67.53
Canara BankBanking66.69
Chalet Hotels Ltd.Hospitality61.05
KRBL Ltd.Rice Processing60.93
Bank Of MaharashtraBanking59.38
Tube Investments of India Ltd.Cycle Manufacturing58.17
Indian Overseas BankBanking57.74
Mahindra & Mahindra Financial Services Ltd.NBFC57.50
Aegis Logistics Ltd.Logistics57.13
Easy Trip Planners Ltd.Travel56.37
Schaeffler India Ltd.Auto Ancillary56.34
Timken India Ltd.Auto Ancillary56.12
Tata Investment Corporation Ltd.Investments55.68
Fine Organic Industries Ltd.Chemicals54.58
Coal India Ltd.Mining54.09
Jindal Steel & Power Ltd.Metal53.90
CreditAccess Grameen Ltd.NBFC53.10
ITC Ltd.Hospitality and Retail52.05
Punjab National BankBanking51.34
Central Bank Of IndiaBanking51.29
Gujarat Ambuja Exports Ltd.Agro-products51.02
Ratnamani Metals & Tubes Ltd.Metal50.89
Yes, Bank Ltd.Banking50
Mahindra Lifespace Developers Ltd.Realty50
Cochin Shipyard Ltd.Shipbuilding50
Source: Ace Equities Note: We have considered stocks that delivered 50% or more returns in the year 2022 from the index Nifty 500

Note: The stocks mentioned in this article are for information purposes only. He/she should not consider this a buy/sell/hold from Research & Ranking. The company shall not be liable for any losses that occur.

Mazagon Dock Shipbuilders Ltd. topped the list with 184.29% returns during 2022.  

The Fertilisers And Chemicals Travancore Ltd. came second thanks to the stellar rise of 183.16%. As a result, the scrip moved from Rs. 130.70 on January 1, 2022, to Rs. 373.35 on December 30, 2022. 

Karur Vysya Bank Ltd., Bharat Dynamics Ltd., UCO Bank, Raymond Ltd., RHI Magnesita India Ltd. Bank Of Baroda, Adani Enterprises Ltd., and The Great Eastern Shipping Company Ltd. were among the other top multibaggers in the last year.

You may now feel the stock market is a place to make quick money. But it is not. Despite a stellar Bull Run after the March 2020 crash and swift recovery across sectors, some counters have not been able to recover from the pandemic crash. They delivered weak returns.

While there are stories of these multibaggers, there were a few wealth destructors last year. Some stocks tumbled over 75% last year, eroding investors’ wealth. Dhani services ltd. topped the list of destructors with a -75.10% decline. The stock plunged to Rs. 41.40 on December 30, 2022, from Rs. 161.05 on January 3, 2022.

Brightcom Group Ltd, Tanla Platforms Ltd., Metropolis Healthcare Ltd., and One97 Communications Ltd. were some stocks down over 60% from their level on January 3, 2022.

In addition, the recently listed startups Zomato Ltd., FSN E-Commerce Ventures Ltd., and PB Fintech nosedived more than 50% last year. 

Poor fundamentals, high debt, sub-standard corporate governance practices, and poor consumer demand are the reasons behind the weak performance of these stocks.

Moral of the story

A stock market is a place of winners and losers. It rewards the companies with solid fundamentals, and those with poor fundamentals find they are at the bottom of the ladder after the initial euphoria wanes. Of course, we don’t mean people do not gain in the short term. We just mean the gains are volatile and not substantial enough to create wealth for investors.

The only way to create wealth is to invest long-term in well-researched companies that show promise. So how do you identify the best multibagger stocks for 2023? Here is a checklist you can keep handy.

Checklist to identify the Best Multibagger Stocks for 2023:

Check if the company has an excellent historical performance

Although the past revenue and profit trends do not guarantee a company’s good performance year after year, it is considered a strong indicator of what you can expect from the company in the future. A company with a consistent record of earnings growth over a long-term period, such as five years or more, will likely become multibagger stock in the future.

Look at the stock of HDFC, for instance. The stock of HDFC grew at a compounded annual growth rate (CAGR) of 22.01% between July 1, 2002, and August 1, 2022.

Check the companies’ Debt to Equity Ratio.

Heavy debt can be a severe burden for any company, as a significant portion of the profits will be used for servicing its debt. This implies that the company cannot use its excess fund to expand capacity. On the contrary, a company with zero or low debt can use its surplus funds to grow the business or further diversify, resulting in new revenue streams.

The table below is a list of Nifty companies with their debt-to-equity (DE) ratio as of Dec 2022

CompanyD/E Ratio
Bajaj Finserv Ltd.3.99
Bajaj Finance Ltd.3.78
Tata Motors Ltd.3.13
Housing Development Finance Corporation Ltd.2.82
Bharti Airtel Ltd.2
Adani Enterprises Ltd.1.9
Power Grid Corporation of India Ltd.1.77
Adani Ports & SEZ Ltd.1.68
Mahindra and Mahindra Ltd.1.58
NTPC Ltd.1.55
Larsen & Toubro Ltd.1.5
UPL Ltd.1.19
Bharat Petroleum Corporation Ltd.1.08
JSW Steel Ltd.1.04
Britannia Industries Ltd.0.96
Grasim Industries Ltd.0.96
Hindalco Industries Ltd.0.81
Tata Steel Ltd.0.6
Apollo Hospitals Enterprises Ltd.0.47
Oil and Natural Gas Corporation Ltd.0.42
Reliance Industries Ltd.00.34
Wipro Ltd.0.23
UltraTech Cement Ltd.0.2
Dr. Reddys Laboratories Ltd.0.16
Coal India Ltd.0.08
TATA Consumer Products Ltd.0.07
Asian Paints Ltd.0.06
HCL Technologies Ltd.0.06
Tech Mahindra Ltd.0.06
Titan Company Ltd.0.06
Cipla Ltd.0.04
HDFC Life Insurance Company Ltd.0.04
Hero Motocorp Ltd.0.02
Nestle India Ltd.0.02
Sun Pharmaceutical Industries Ltd.0.02
Maruti Suzuki India Ltd.0.01
Bajaj Auto Ltd.0
Divis Laboratories Ltd.0
Eicher Motors Ltd.0
Hindustan Unilever Ltd.0
Infosys Ltd.0
ITC Ltd.0
SBI Life Insurance Company Ltd.0
Tata Consultancy Services Ltd.0

Check if the company is well-managed professionally

Companies with a history of good corporate governance and well-managed professionally often become market leaders in their segment. Well-managed companies like TCS, HDFC Bank, and Maruti Suzuki have created massive wealth for their shareholders over the years.

Check if the company offers a unique product or service 

A company that provides a unique product or service enjoys a considerable advantage without significant competition. With time this advantage will also reflect in the company’s financials positively. Keeping a close eye on this parameter will help you find the best multibagger stocks for 2023.

Companies like HUL, Britannia, Asian Paints, and Eicher Motors have generated stellar returns for their investors. An important reason for this can be attributed to the massive demand for the products and services offered by these companies.

For example, Eicher Motors was the only company in India offering classic motorcycles until 2018. Despite the entry of new products recently in this segment by competitors, Eicher Motors has managed to hold its position as the market leader thanks to loyal customers and its brand recall value.

Check if the stock is available for investment at the proper valuation

It is essential to invest in multibagger stocks at the correct valuation. It makes no sense if you invest in the right stock at the wrong price, as the potential upside may be limited. As mentioned at the beginning of this article, merely looking at 52-week highs and 52-week lows before investing will not help you invest in multibagger in 2023.

You may ask, “how do you find a company with the right valuation?” Well, that’s where a SEBI-registered equity investment advisor can help you. Explore our best product 5 in 5 Wealth Creation Strategy.

Some sectors where one can find the best multibagger stocks for 2023


India shares its long borders with hostile neighbors such as China and Pakistan. The recent standdown with China in Ladakh has only worsened the situation, and the threat of a two-front war can never be entirely ruled out in the future. However, with Atmanirbhar Bharat and the Make in India initiative gaining momentum, select stocks in the defense sector in India can emerge as the best multibagger stocks for 2023.

Pharma and healthcare

India’s pharma and healthcare sector has not only managed to tide over the disruption caused by Covid-19 but also emerged as winners. Moreover, this success story will likely continue in the post-pandemic era extending to a few years ahead.

EV Sector

The EV market in India is expected to reach $47 billion by 2026, reducing our reliance on fossil fuels significantly over time. Government initiatives and eco-consciousness among buyers have opened doors to boundless opportunities for India’s emerging electric vehicles hub.

India has the fifth-largest automotive industry in the world and plans to move up to the third position. However, India is also the largest fossil fuel user, accounting for 33% of our crude oil consumption, and the second-largest source of CO2 emissions, accounting for ~11% of total CO2 emissions from fuel combustion.

Catalyzing India’s EV potential to increase energy security and mitigate the negative environmental impacts of ICE (Internal Combustion Engine) vehicles will help. Moreover, focusing on the EV sector can open new opportunities in EV battery and charging infrastructure while relieving the pressure on oil imports.


A well-developed infrastructure is the backbone of a developed country. In the latest Union Budget, Finance Minister Nirmala Sitharaman announced a massive investment allocation for infrastructure development over the next few years. It is why the infrastructure sector in India, which includes power, airports, railways, ports, bridges, dams, roads, and urban infrastructure development, will give rise to many unique business opportunities.

The pointers above can help investors to identify the best multibagger stocks for 2023. However, if you do not have the time or the expertise to analyze stocks, it is highly advisable to seek professional advice. Click here to invest in a portfolio of 20-25 potential multibagger stocks for 2023 chosen after detailed research by our team of experts.

Read more: About Research and Ranking.

How useful was this post?

Click on a star to rate it!

Average rating 4.3 / 5. Vote count: 30

No votes so far! Be the first to rate this post.

Share on:

Want A Personalized Portfolio of 20-25 Potential Multibagger Stocks?

*T&C Apply