Mumbai | 02-Oct-2025, 11:00 IST — Filed via NSE/BSE price data
While large-cap defence and renewable names stole headlines, a handful of smaller, under-the-radar stocks quietly turned into 10x+ compounders between 2021 and 2025. Unlike PSU shipyards or power majors, these counters operated in niche segments and were often ignored by analysts. Yet, their combination of balance sheet repair, sectoral tailwinds, and aggressive execution led to outsized returns.
Two names that stand out are PG Electroplast, a contract electronics manufacturer, and Authum Investment & Infrastructure, a little-known NBFC that reinvented itself after acquiring Reliance Home Finance. Both stocks multiplied more than 10x, rewarding early believers.
Quiet Multibaggers
- PG Electroplast (PGEL): From ~₹50 in Oct 2021 to above ₹510 in Sep 2025, PGEL rode the contract manufacturing wave. With India’s PLI schemes for electronics, the company expanded into white goods, plastics, and component exports. Capacity additions and client diversification fuelled a 10x rally.
- Authum Investment: Once an obscure NBFC, Authum gained prominence by acquiring Reliance Home Finance and working on debt resolution. Its financial turnaround, steady AUM growth, and new lending verticals helped the stock jump from ~₹158 to ₹3086+, a 19x return.
- Other stealth winners:
- TTK Prestige benefitted from premiumisation in consumer durables, doubling margins and scaling exports.
- Cupid Ltd tapped into global demand for medical devices and contraceptives.
- KPI Green Energy, though now in the spotlight, spent years as a microcap solar player before delivering a 25x return.
Why They Worked
- Policy Tailwinds: PLI schemes and NBFC reforms provided a supportive environment.
- Turnarounds: Debt reduction, governance clean-ups, and acquisitions changed perceptions.
- Niche Focus: Many operated in under-served or overlooked categories, giving them pricing power.
- Retail + HNI Flows: Smaller float and low institutional coverage meant early accumulation had outsized price impact.
Market Reaction
These counters now command premium valuations. PG Electroplast trades at ~45x earnings, Authum at ~30x book, and KPI Green at ~50x trailing earnings. Analysts caution that institutional coverage is still limited, making them volatile but high-beta plays.
Risks Ahead
- Liquidity Risk: Thinly traded counters may face sharp corrections.
- Governance: NBFCs and micro-caps are exposed to regulatory and disclosure risks.
- Over-optimism: Current multiples assume flawless execution and continued tailwinds.
Outlook
Under-the-radar stocks have shown that outsized returns are not limited to PSUs or big names. For investors, the lesson is that structural changes in small companies can create large wealth. While past 10x+ rallies may not repeat, selective mid-cap and micro-cap hunting remains an important part of India’s equity growth story.
| Company | Price (₹) | Change | Prev. Close | Day Range |
|---|---|---|---|---|
| PG Electroplast | 512.25 | +9.95 (1.98%) | 502.30 | 502.20 – 512.60 |
| Authum Investment | 3,099.00 | +16.80 (0.55%) | 3,082.20 | 3,063.80 – 3,131.70 |
| KPI Green Energy | 448.85 | +10.40 (2.37%) | 438.45 | 436.85 – 448.85 |
| Cupid Ltd | 217.50 | +2.54 (1.18%) | 214.96 | 213.50 – 220.40 |
