Wealth Creators 2014-2024 -Part 4 - The Top-101 to Top-200 presented by
Sher Singh Yadav  and  Pratibha Kamath 31 January 2025
Welcome to the fourth part of our Wealth Creators (WC) series. In case you missed the earlier parts, you may read them here: part-1, part-2 and part-3.  In part-1, we identified the top wealth creators (multi-baggers) and explained them in some detail. In the second part, we analysed the top-10 winning sectors, while analysing market-cap change and returns distribution (in terms of market-capitalisation). We also analysed the revenue and profit trend of top-500 companies over the past decade. In the third part, we analysed the top-100 wealth creators stocks (WC-stocks), their sectoral composition and detailed a few multi-baggers with further steam. We observed that good stocks also enjoy a winning streak for several years. Stocks from previous years’ list of wealth-creators have shown stellar growth, even after rising considerably.
 
Now, we will discuss the next 100 WC-stocks (101-200) of the same period (2014 to 2024). The stocks in this list have recorded CATSR (compounded annualised total shareholder return) of 36% to 30% compared to a range of 32% to 37% in our previous years’ list. The average return of all stocks in this list was 33%. We have explained our methodology and concept of CATSR in part-1. The top-5 sectors (in terms of number of stocks) were: engineering—electronics—electricals (11), chemicals (9), financial services (8), software & IT services (6) and pharma (6). These represent 40% of the stocks in our list.
 
In engineering—electronics—electricals sector, the top-5 stocks were: HLE Glascoat, Yuken India, KPT Industries, Voltamp Transformers and Shakti Pumps (India), with more than 33% compounded annual growth rate (CAGR) returns. In chemicals, the top-5 stocks were: Himadri Speciality Chemical, Linde India, Diamines & Chemicals, DMCC Speciality Chemicals and Fineotex Chemical, which recorded CAGR returns of more than 31% in the past 10 years. In the software & IT services sector, the top-5 stocks were: ASM Technologies, AION-Tech Solutions, Saksoft, Tata Elxsi and Coforge, returning more than 33% CAGR stock price appreciation in the past 10 years.
 
There were 11 sectors with just one stock in each of them: Defence (HBL Engineering), refineries (Chennai Petroleum Corporation), transport & logistics (Aegis Logistics), outsourcing (PDS), telecom equipment (Universal Cables), steel (Steelcast), trading (Sakuma Exports), railways (Titagarh Railsystems), business services (Eco Recycling), cement (Shiva Cement) and packaging (Cosmo First). Some of the interesting companies in this list are discussed below:
 
Radico Khaitan: Radico has been a prominent player in the liquor manufacturing industry since 1943, initially operating under the name Rampur Distillery. In 1998, it ventured into the branded liquor segment with the introduction of '8PM Whisky'. Since then, the company has successfully launched a range of brands, positioning itself as a leading entity in the Indian liquor market.
 
Radico benefits from strong brand recognition, offering a diverse portfolio of products catering to various price segments, including popular, prestige, premium and luxury categories. With a significant market presence, it commands close to 7% market share in the Indian made foreign liquor (IMFL) segment; vodka leads with over 50% market share. The company's portfolio boasts seven millionaire brands, including: 8PM Whisky, Contessa Rum, Old Admiral Brandy, Magic Moments Vodka, 8PM Premium Black Whiskey, Morpheus Premium Brandy, and 1965 Spirit of Victory Premium Rum.
 
Continuously innovating and expanding its offerings, it has introduced several brands over the past decade, such as Rampur Indian Single Malt Trigun Cask Whisky, Rampur Indian Single Malt Jugalbandi, Sangam World Malt Whisky, Magic Moment Vodka Cocktail and After Dark Blue Whisky, in FY22-23.
 
Operating 41 bottling units across the country, including five owned and 28 leased and contract units and eight royalty-based, Radico distributes its products through over 75,000 retail outlets and 8,000 on-premises establishments. The production and sale of alcohol is governed by the respective state governments in India; each state and Union Territory has its own regulations. These regulations, including licensing requirements and restrictions on entry and exit, vary across regions. This decentralised approach to liquor policies poses challenges for new entrants in obtaining licences and provides existing players with a competitive edge due to their familiarity with the regulatory landscape and established networks.
 
 
Radico has a prominent share in the defence market, with its flagship brand 'Contessa' rum being widely recognised. Additionally, two more brands, ‘Rampur Indian Single Malt’ and ‘Jaisalmer Indian Craft Gin’, received approval for supply to the canteen stores department (CSD) of Indian armed forces in FY21-22. The company generates approximately 10%-11% of its IMFL sales revenue from CSD, commanding a substantial market share of around 20%-25% in this segment. Entry into the CSD segment is subject to stringent conditions, posing significant barriers for new entrants. Radico benefits from its established presence and brand reputation in this space.
 
The 10-year CAGR sales growth and profit growth was at 12% and 13%, respectively, while the CATSR stock returns were higher, at 36%. In the past five years, the sales growth CAGR increased to 15%, while profit growth was well below the 10-year period at 6% due to recent underperformance. But the stock price CAGR was at 42%. 
 
KPR Mill: KPR is a leading integrated textiles manufacturer with diversified operations spanning textiles, sugar, ethanol, renewable energy, education and automobiles. Headquartered in the Tirupur-Coimbatore region, KPR has established itself as one of the fastest-growing business conglomerates in India. The company operates 15 manufacturing units, including its subsidiaries, with state-of-the-art facilities and a robust supply chain. With an annual production capacity of 100,000MT (metric tonnes) of cotton yarn, 10,000MT of viscose yarn, 40,000MT of knitted fabrics and 157mn (million) pieces of ready-made garments, KPR is a key player in textiles industry. The company’s textiles division is equipped with advanced processing technology, including a fabric processing capacity of 30,000MTPA (metric tonnes per annum), a sophisticated printing division capable of printing 15,000MT annually and a daily capacity of 100,000 high-fashion garment placements. KPR exports its products to over 60 countries, maintaining a strong global presence, while catering to diverse customer preferences.
 
Beyond textiles, KPR has a significant presence in the sugar and ethanol industries. Its wholly-owned subsidiary, KPRS, operates a sugar mill with a crushing capacity of 10,000TCD (tonnes of cane per day), an ethanol production unit with a capacity of 250KLPD (kilolitres per day), and a 40MW (megawatt) multi-fuel cogeneration power plant in Karnataka. Another subsidiary, KPRSAL, was incorporated in 2020 to expand KPR’s footprint in the sugar and garment industries. KPRSAL has established an integrated sugar mill with 10,000TCD capacity, an ethanol plant producing 250KLPD and a 50MW multi-fuel cogeneration power plant in Karnataka, along with a garmenting facility with a capacity of 52mn pieces per annum, in Tirupur. The company’s automobiles division, JMPL, operates Audi dealerships in Madurai and Coimbatore, adding to KPR’s diversified business portfolio.
 
KPR has made substantial investments in renewable energy, with a windmill capacity of 63MW, solar power capacity of 37MW and cogeneration power capacity of 93MW, contributing to a total of 193MW of renewable energy. These initiatives enable KPR to meet most of its power requirements through green energy, reinforcing its commitment to environmental sustainability. Additionally, the company actively promotes social welfare by empowering women, employing over 30,000 individuals, of whom 90% are women and uplifting communities through various initiatives.
 
 
Despite industry-wide challenges in FY23-24, including fluctuating cotton prices, shrinking yarn margins, weakening demand and an influx of imported fabrics and garments from China and Bangladesh, KPR leveraged its operational strengths to maintain revenue growth and profitability. The company continued its expansion and modernisation efforts, enhancing its processing and printing facilities, establishing an exclusive vortex spinning mill and adding rooftop solar power generation capacity. Its unique 100% organic cotton-based FASO (Fashion and Style Outfit) product line has gained strong traction in south India and is now preparing for a pan-India expansion. Under the leadership of the KPR Brothers, the company remains a key player in the Indian textiles industry, driving economic growth, sustainability and innovation, while redefining industry standards.
 
KPR has recorded a 10-year CAGR growth of 36% in the past 10 years. In the same period, its sales have increased by CAGR of 10% and profits at 19%. In the past three years, sales growth improved to 20% CAGR and profit to 15% CAGR.
 
Himadri Speciality Chemical: Himadri was founded in 1987 as a private company and commenced operations in 1990. Over the years, it has expanded its presence domestically and internationally, establishing itself as a leading integrated manufacturer of carbon-based products. Himadri operates seven manufacturing facilities across India and has also set up a state-of-the-art manufacturing unit in China. It has a diversified product portfolio, including battery materials, coal tar pitch (CTP), carbon black (CB), specialty carbon black, naphthalene, refined naphthalene, sodium naphthalene formaldehyde (SNF), polycarboxylate ether (PCE), specialty oils and anti-corrosion products. These products cater to a wide range of industries, including lithium-ion batteries (LiB), paints, plastics, tyres, aluminium, graphite electrodes, agro-chemicals, defence and construction chemicals.
 
Himadri is an integrated manufacturer, starting its production process with coal tar distillation. It operates a 500,000MTPA coal tar distillation unit, the largest of its kind in India. The various distillates obtained from this process are used to manufacture CTP, different types of carbon black, SNF and other advanced carbon-based materials. Himadri holds a strong market position in the domestic CTP and CB segments. The company has a CB production capacity of 120,000MTPA and specialty CB capacity of 60,000MTPA. Additionally, through a joint acquisition with Dalmia Bharat Refractories Limited (DBRL), Himadri acquired BTL in October 2023 via the national company law tribunal (NCLT) proceedings under the corporate insolvency resolution process of the insolvency and bankruptcy code (IBC).
 
 
The company is undertaking a significant brownfield expansion to enhance its specialty CB production capacity. With an estimated capital expenditure (capex) of Rs220 crore, Himadri is adding a new specialty CB line with a capacity of 70,000MTPA. This expansion will increase the total specialty CB capacity to 130,000MTPA, making it the world's largest specialty CB production facility at a single site. The project is expected to be completed within 18 months, more than doubling the company's specialty CB output. Through continuous investments in capacity expansion and technology, Himadri remains committed to strengthening its leadership position in the carbon-based materials industry, while catering to the evolving demands of global markets.
 
Himadri has given a return of 35% CAGR over the past 10 years. It has increased its sales by a CAGR of 12% and 25%, respectively, over the same period. Its performance has improved considerably in the past three years with sales growth CAGR touching 36% and profit growth an exponential 106% CAGR. Its stock price has appreciated by a CAGR of 104% in the past three years.
 
Garware Technical Fibres: GTFL is one of India’s leading players in the technical textiles sector. Established in 1976, the company has evolved into a multi-divisional, multi-geographical enterprise, offering world-class innovative solutions across various industries. GTFL specialises in high-performance aquaculture cage nets, fishing nets, sports nets, safety nets, agricultural nets, coated fabrics, polymer ropes, and geo-synthetics. Over the years, the company has expanded its global footprint, with six overseas offices and customers in over 75 countries. International business has been a key growth driver, contributing significantly to GTFL’s revenue.
 
The company is a pioneer in the Indian technical textiles industry and has developed patented technologies such as V2 Technology, which has built-in anti-fouling properties crucial for the aquaculture industry. Additionally, GTFL is a leader in high-density polyethylene (HDPE)-based netting solutions, revolutionising the aquaculture sector. The V5 patented shade nets developed by the company have demonstrated yield increases of up to 15% in protected cultivation. GTFL is recognised among the top-50 companies in India and ranks within the top-25 technical textiles manufacturers, highlighting its strong market position.
 
GTFL operates through two primary business segments. The synthetic cordage segment includes ropes, twines and nettings, contributing 82% of revenue, while the fibre and industrial products &projects segment, comprising synthetic fabric, yarn, woven and non-woven textiles, secugrids, coated steel gabions, machinery, and turnkey projects, accounts for 18% of revenue. GTFL's products find applications across fisheries, aquaculture, shipping, sports, agriculture, industrial material handling, safety, defence, government projects, and geo-synthetics.
 
GTFL has two state-of-the-art manufacturing facilities in Pune and Wai (Maharashtra). The Wai plant, spread across 40 acres, is the largest technical textiles manufacturing unit in India, with a production capacity of 80MT of technical fabrics per day. The company’s international presence spans over 75 countries, with North America and Europe contributing a significant portion of export revenues. Exports account for approximately 60% of the company's total revenue, underscoring its strong global positioning.
 
 
A key focus for GTFL is increasing the share of value-added products in its portfolio. Initially a supplier of cordage products to domestic fishing and shipping industries, the company has expanded into sectors such as sports and aquaculture. Value-added products—including ultra-high-molecular-weight polyethylene (UHMWPE), fabricated slings and high-strength polyolefin—now contribute 70%-75% of total revenue, compared to 50% in FY18-19 and FY19-20.
 
It maintains a strong emphasis on research & development (R&D). As of FY23-24, the company has filed over 90 patent applications; 28 patents have been granted. Recent innovations include: Sapphire CFR, a next-generation predator net; X18, a stiff predator net; Garflow fishing nets; and X12, a non-pharmacological shield that prevents sea lice from entering salmon aquaculture cages. Through continuous technological advancements and market-driven innovations, GTFL remains committed to sustaining its leadership in the global technical textiles industry.
 
GTFL has increased its sales at a mediocre CAGR of just 7%, though the profit growth CAGR was good at 23% over the past 10 years. This led to overall returns of 35% CAGR in the past 10 years.
 
ADF Foods: ADF Foods Ltd traces its origins back to 1932 when its founders began selling specialty dried fruits at the American Dry Fruits Store in Mumbai. Over the decades, the company evolved into a global food processing enterprise with sophisticated manufacturing units and an extensive distribution network. ADF operates with an annual food processing capacity of approximately 28,000MTacross its plants in Nadiad (Gujarat) and Nasik (Maharashtra). The Nadiad facility, spanning 26,000sqmtr (square metres), manufactures frozen foods, meal accompaniments, ready-to-eat curries and canned vegetables, while the Nasik plant, covering 12,200sqmtr, houses a fully automated spice processing unit alongside ready-to-eat curries and meal accompaniments. To further strengthen its frozen food segment, the company is commissioning a greenfield unit in Surat (Gujarat) with an investment of Rs75 crore in phase-1. Additionally, ADF has a corporate office in Mumbai and two distribution warehouses in the United States—one in New Jersey (66,000sqft—square feet) with a 7,000sqft cold storage facility and another in Atlanta (34,000sqft), ensuring seamless supply chain operations.
 
With a diverse portfolio of over 400SKUs (stock-keeping units), ADF offers frozen snacks, Indian breads, ready-to-eat foods, meal accompaniments (such as pickles, chutneys and sauces), condiment pastes, cooking sauces and spices. The company enjoys a strong global footprint, with products available across North America, Europe, Australia, the Middle East and the Asia-Pacific region. Notably, 95% of its revenue in FY23-24 was derived from exports across 55+ countries. ADF's growth in FY23-24 was driven by strategic initiatives, including its unwavering focus on ethnic Indian foods, strong brand investments, an expanded distribution network in USA and robust financial position. These initiatives have strengthened its market presence, consumer loyalty and overall business resilience.
 
A key contributor to ADF’s success is its flagship brand, Ashoka, which surpassed Rs250 crore in revenue in FY23-24, increasing at a CAGR of 29% over the past three years. Ashoka's success stems from its authentic Indian cuisine offerings, diverse product portfolio and strong retail presence. The brand has expanded into new geographic markets, while deepening penetration in existing territories. Investments in marketing, digital platforms, television advertising and in-store promotions have enhanced consumer engagement, driving growth further. To support its expansion in the US, ADF has strategically built a 100,000sqft warehouse infrastructure, including a large freezer facility in New Jersey, enabling faster fulfilment of its frozen product range.
 
 
ADF is optimistic about its growth prospects, driven by several factors. The rising global recognition of Indian culture and cuisine is fuelling demand, among the South Asian diaspora as well as non-ethnic consumers. The company’s strategic distribution expansion ensures its products remain easily accessible, leading to increased shelf space and higher product turnover. Additionally, changing consumer lifestyles, with growing preference for convenient ready-to-eat meals, further support demand for ADF’s offerings. ADF leverages its scale advantages, timely investments and R&D capabilities to adapt to consumer preferences. It hopes to achieve Rs1,000 crore in revenue, from Rs520 crore in FY23-24. This seems too ambitious.
 
ADF has increased its sales by a moderate CAGR of 10%, while profit growth was terrific, with 32% CAGR over the past 10 years. This resulted in stock returns of 35% CAGR over the same period. In a shorter time frame of past five years, ADF’s sales growth CAGR was higher at 18% but profit growth CAGR reduced to 22% signalling reduction in margins. This did not stop the stock returns which increased to 36% CAGR in the past five years.
 
Market-cap Analysis
Analysing the top-101 to top-200 stocks in terms of market–cap, we get some interesting insights. Out of these 100 companies, 46 (or 46%) were micro-cap stocks in 2014. Of them, 26 have moved up one step up to small-cap, 19 jumped to mid-cap segment in 2024, while one stock leaped to become large-cap (Welspun Enterprises). Moving to small-caps, 39 (or 39%) companies were small-cap 10 years back, of which 17 have now moved to mid-cap and 22 jumped to become large-cap. Of the 12 (or 12% of the list) mid-caps, two moved up to become large-caps, whereas 10 jumped to mega-cap territory. There were just two companies (Bajaj Finance and Adani Power) in our list (101 to 200) which were large-cap 10 years back. Both of them have now moved up the ladder to become mega-caps. There was one mega-cap company (Adani Enterprises) in this list which remained mega-cap delivering 33% CAGR returns in 10-year period.
 
Once again, small- and micro-caps have a greater chance of being multi-baggers than large-caps. Moving on, we will now discuss a few stocks from the top-101 to top-200 list that made huge returns and also understand their underlying business performance. The list of stocks ranked 101 to 200 are listed below with their CATSR.
 
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