Entering its 20th edition, our ‘Wealth Creators’ series’ is, once again, offering insights that aim to engage as well as inform. In line with our long-standing approach, we will examine stocks and sectors that have generated the highest returns over the past decade. Given the scale and depth of this exercise, the findings will unfold gradually over several weeks. Readers may follow this space as we break down the many layers of wealth-creation.
In this opening week, we review how the broader market has performed through the past 10 years, and present the top-10 wealth-creating stocks of the period. We also retrace each calendar year’s market narrative, outlining the key developments that shaped sentiment and steered market direction. The next instalment will broaden the universe to include additional wealth creators and standout sectors, with more analyses to follow thereafter.
As regular readers know, this series is not designed to forecast the next decade’s winners, a task no one can undertake with certainty. Instead, it acts as a scorecard of past success stories, offering a starting point to study the attributes that have allowed certain companies to rise as exceptional performers.
Rounding up the Markets: 2015-2025
The decade opened with optimism following the 2014 regime change, as a Bharatiya Janata Party (BJP)-led government lifted confidence and pushed the Sensex beyond the 25,000 mark. That enthusiasm, however, was tested in 2015, when earnings failed to justify elevated valuations. Sub-normal monsoons, policy delays, falling crude prices and a surprise rate cut weighed on sentiment and the Sensex closed the year down 5%. The year 2016 offered a recovery from March onwards, though the rally petered out soon, following local and international events. In November, India was hit with demonetisation but, in the calendar year (CY), indices were up in the positive zone.
In 2017, anticipation of goods and services tax (GST) drove strong flows, particularly into logistics and real estate. GST was implemented on 1 July 2017 and BSE Realty more than doubled, supported by initiatives such as ‘Housing for All’. That year also produced standout benchmark gains: the Sensex rose 27.9% and the NIFTY 28.6%, fuelled by strong mutual fund inflows. The tide turned in 2018 with the re-introduction of LTCG (long term capital gains) tax, triggering criticism and sharp reversals in overheated mid- and small-cap segments, which fell 16%–18%. Additional surveillance measures (ASM) added pressure, while scandals involving PNB (Punjab National Bank) and IL&FS (Infrastructure Leasing & Finance Corporation) hurt financials. Despite this, the Sensex and the NIFTY still managed modest 5%–7% returns. In 2019, BJP returned with a larger mandate, but sluggish growth persisted. A landmark corporate tax cut in September from 30% to 22%, costing ₹1,50,000 crore, handed significant liquidity back to corporates.
In 2020, the world was faced with unprecedented crisis as the COVID-19 pandemic triggered strict national lockdowns, halting mobility and economic activity. Markets plunged to their lows on 23rd March and yet a recovery began within a month, igniting a 18-month bull phase powered by a surge in new demat accounts. This momentum peaked in 2021, when the Sensex crossed 50,000 and 60,000, hitting new highs 51 times. Individual investors became central to market turnover, infusing ₹137,000 crore between 2020 and the first nine months of 2021 and accounting for over 43% of cash-segment activity.
Headwinds returned in 2022, as Russia–Ukraine tensions, inflation, US Federal Reserve (the Fed) tightening and Europe’s energy crisis spurred heavy foreign outflows and forced liquidity toward safe-haven assets. By contrast, 2023 delivered positive surprises: India’s GDP (gross domestic product) expanded strongly across the first three quarters (6.06%, 7.82%, 7.6%), retail inflation eased and the Rserve Bank of India (RBI) maintained the repo rate at 6.5%. Earnings growth, retail participation and ₹1.65 lakh crore of foreign portfolio investment (FPI) inflows helped the NIFTY and the Sensex gain 18%–20%.
In the global context, 2024 was a year of strong developed-market gains; equities returned 19.2%, while emerging markets grew 8.1%. The S&P 500 led with 25%; Japanese equities rose 20.5%; and Chinese markets rallied 19.8% on late-year stimulus optimism. Gold surged 27.1% on fiscal concerns, while global bonds fell –1.7%, amid rising yields. Back home, Indian equities marked their ninth consecutive year of gains, though with softer full-year returns of 8.5%. Markets touched record highs on 27 September 2024 (up nearly 21%) before slipping 10% in a correction triggered by weak earnings and record foreign selling. Foreign institutional investors (FIIs) were net sellers for eight months, recording ₹1.14 lakh crore outflows in October alone and ₹2.96 lakh crore for the year, the highest ever. Resilient retail participation stabilised markets: systematic investment plan (SIP) flows breached ₹20,000 crore in April and ₹25,000 crore in October and November, totalling ₹2.42 lakh crore between January–November. Small- and mid-caps significantly outperformed. The Nifty Smallcap 250 rose 25% and the Midcap 150 climbed 23% while 300-plus initial public offers (IPOs) raised ₹1.8 lakh crore, surpassing the previous 2021 record.
In 2025, India’s equity market closed at a record 10th consecutive year of gains, with the Nifty 50 returning 10.5%, driven by a 6% surge in the final quarter. However, the year was far from smooth. Investors contended with the failure to secure a US–India trade deal; 50% tariff rates imposed by the US on India the highest in Asia; a severe fall in the rupee; and a massive sell-off by FPIs, amid lofty valuations and an earnings slowdown. These pressures led the Nifty 50 to deliver its worst annual performance against Asian peers in almost three decades, with 2025 marking its biggest annual regional under-performance since 1998.
Beyond markets, several major domestic and geopolitical developments defined India’s year. Following a terror attack in Pahalgam in Kashmir that killed 26 people, India launched missile strikes on militant-group infrastructure in Pakistan on 7th May, prompting border skirmishes until 10th May, when a ceasefire was announced. This escalation was described as the first major one in a couple of decades and it contributed to a further souring of India-Pakistan relations.
A key development highlighted was the shifting diplomatic posture of US. In the wake of the ceasefire, the US president publicly taunted India, while displaying growing friendship with Pakistan’s army chief. He also attempted to take credit for the truce, despite India’s denials. In response, India re-calibrated its foreign policy, demonstrated by prime minister (PM) Modi’s first visit to China in seven years, where he met President Xi Jinping and both sides reaffirmed cooperation based on mutual respect, interest and sensitivity. In December, President Vladimir Putin visited New Delhi, signalling India’s continued engagement with multiple power blocs. Entering 2026, India will have to balance relations simultaneously with US, China and Russia, while managing escalating troubles in Bangladesh which are expected to influence the region.
On policy and trade, hopes for a US–India deal faded. What began with enthusiasm early in the year including PM Modi’s February visit to Washington shifted as expected signing deadlines in May, June and July passed. In August, reciprocal tariffs from the US took effect and, by the end of the month, an additional 25% tariff was announced to punish India for buying Russian oil. India, however, has stated it remains positively engaged and that the terms are finalised and awaiting the US president’s signature. A possible finalisation in 2026 could mitigate some export-sector uncertainties.
As the likelihood of a trade agreement dimmed, the government shifted its focus to domestic growth, with several reforms launched since August. The most significant was simplification of India’s GST, where four tax rates were rationalised to two and anomalies, such as the ‘popcorn tax’, which taxed different popcorn varieties differently, were removed. Timed ahead of peak festival-season consumption (September to November), early impact has been mixed: sectors, such as automobiles show healthy upticks, while many others are yet to see significant surges. Other reforms, including in banking and new labour codes, aim to deepen markets and make borrowing and project funding less cumbersome. However, commentary from the text notes that there is much more to be done, especially to improve the ease of doing business and warns that India must continue this direction in 2026, rather than resort to knee-jerk responses.
The rupee weakened sharply, losing 6% in 2025 and hitting an all-time low of 91.14 per US$. Measures by the central bank were described as arbitrary and ineffective. Expectations mentioned in the text include the possibility of breaching ₹100 per US$ in 2026, with only limited positive cues supporting the currency. Exporters may benefit, but export-oriented sectors are not India’s largest contributors and risks remain if oil prices rise which could create a double blow.
The Top-10 Wealth Creators
Our readers, who follow this annual study, know that our metric of wealth creation is compounded average annual total shareholder return (CATSR). The methodology of calculating CATSR is provided at the end of this article. Using CATSR, we arrive at 500 stocks that generated the maximum returns and include them in this series.'
Now, let us focus on the top-10 wealth creating stocks. Of these, only two were part of the top-10 list of last year. These include: Refex Industries and Lloyds Metals & Energy. The ones that got excluded from the top-10 list this year are: Sadhana Nitro Chem, Tanfac Industries, Dynacons Systems & Solutions, Tips Music, Olectra Greentech, Danlaw Technologies India, Gujarat Themis Biosyn, PiccadilyAgro Industries. In terms of sectors, chemicals companies outperformed with two reaching the top-10 list; other sectors had one company each including: steel, farm & farm inputs, railways, media, stockbroking, financial services, lifestyle & leisure, software & IT services.
1) Refex Industries
Refex Industries, founded in 2002 in Chennai, has transformed over the past two decades into a leading player in sustainability-focused solutions. From its origins in ash and coal handling, the company has expanded into green mobility and wind energy, aligning its growth with India’s decarbonisation agenda. Over 23+ years, the business has built a pan-India presence supported by a workforce of more than 450 employees. Refex today operates across three major verticals – ash & coal handling, green mobility and wind energy.
Green mobility has emerged as one of Refex’s strongest growth engines. Through Refex green mobility, it provides bundled electric vehicle (EV)-based passenger mobility services – vehicles, trained drivers, a technology platform and on-ground support. Its fleet participation spans corporate clients such as TCS, BNP Paribas, Deutsche Bank, AstraZeneca and RR Donnelley. The business already operates about 1,410 vehicles across Bengaluru, Chennai, Hyderabad, Mumbai and Delhi-NCR, clocking approximately 60mn (millon) electric kilometres (KM) and abating about 3.6mn kilograms (kg) of CO₂ equivalent. The segment, however, currently still sits under a proposed restructuring.
To unlock value and enable independent capital-raising, the company has filed a composite scheme to demerge the mobility segment. First, Refex green mobility will merge into Refex Industries, followed by a demerger into Refex Mobility Limited (RML), with a 1:1 share swap to existing shareholders. The structure is intended to streamline operations, provide focused management and allow investors to selectively participate in either the core operations or high-growth EV mobility segment.
Refex stands out among the decade’s wealth creators with a staggering stock appreciation – from an adjusted price of ₹8.38 in 2016 to ₹2,036.29 in 2025, translating into a 2,027.9x return. Dividends contributed ₹8.1, taking total return to approximately ₹2,036 with dividends forming 0.4% of total gains.
Operationally, Refex continues to scale rapidly. In Q2FY25-26 (stand-alone), revenue stood at ₹423.38 crore, driven primarily by ash and coal handling (₹408.91 crore), while earnings before interest, taxes, depreciation and amortisation (EBITDA) reached ₹73.74 crore and net profit ₹52.03 crore. The company reported FY24-25 return on equity (RoE) of 15.15% and return on capital employed (RoCE) of 14.64%, reflecting steady capital efficiency. Its decade-long CATSR stands at 73.3%, making it the top-performing stock in the period. Its 10-year stock CAGR stands at 66%, while 5-year and 3-year CAGR remain strong at 68%, although the most recent 1-year performance shows a -46% correction, reflecting near-term volatility after years of exceptional gains.
2) Lloyds Metals & Energy
Lloyds Metals & Energy (LMEL) has rapidly emerged as one of India’s most significant integrated iron ore and steel platform developers, underpinned by its captive mine and a long-term strategic resource position. The company operates with an iron ore mine lease valid until 2057, providing access to 157MT (million tonnes) of direct shipping ore (DSO) and 70mt of banded hematite quartzite (BHQ), ensuring raw material security for decades ahead. With a fully debt-free balance sheet, LMEL has internally funded its aggressive capacity expansion pipeline, aimed at 12MT of pellets and 4.2MT of steel-making capacity.
Financially, LMEL has delivered strong operating performance. For H1FY25-26, total income stood at ₹4,983.8 crore, while EBITDA reached ₹1,677.8 crore and profit after tax (PAT) ₹1,240.2 crore. In Q2FY25-26, total income rose 75% y-o-y, driven by enhanced EC (Environmental Clearance) limits and slurry pipeline usage, enabling increased ore evacuation, alongside the commencement of pellet sales. EBITDA margins for Q2FY25-26 stood at 33.75%, expanding by 349bps (basis points) year-on-year (y-o-y), supported by higher value-added product-mix. LMEL reported a 55% RoCE and 44% RoE in FY23–24. Capex of ₹2,411.7 crore was deployed during H1FY25-26, marking steady progress across its multi-phased expansion programme.
Operational metrics remain robust across segments. Iron ore production volumes grew 77% y-o-y in Q2FY25-26, while pellet production reached 0.78MT, achieving 100% utilisation within four months of commencement. EBITDA/ tonne for pellets stood at ₹5,039, aided by captive ore and efficient logistics via slurry pipeline. DRI (direct-reduced iron) sales volumes increased 4% y-o-y, though realisations remained muted. Power volumes were flat, though lower costs in Q2 aided better profitability per unit.
The strategic direction of LMEL is anchored in deepening its value-added product mix. Share of value-added output has increased materially from 22% in H1FY24-25 to 30% in H1FY25-26, reflecting forward integration gains. Upcoming projects such as pellet plant 2, DRI expansion, steel plant construction and BHQ (banded hematite quartzite) beneficiation are advancing and the management expects payback within four years on new capacity.
LMEL has also delivered strong market performance, with 5-year stock CAGR of 157%, 3-year CAGR of 74%, and 1-year return of 7%, positioning it among the top wealth creators of the decade.
LMEL has increased its sales by a CAGR of 79% in the past five years which improves drastically to 113% CAGR, if only the past three years are taken into account. Similarly, its profits have witnessed a CAGR of 115% in the past five years and 114% over the past thre years. The CATSR return for past 10 years was at 70.9%.
3) 3B Blackbio Dx
Incorporated in 2011, 3B BlackBio Dx has emerged as a specialised manufacturer and exporter of PCR (Polymerase Chain Reaction) -based molecular diagnostic kits, PCR enzymes, reagents and select agro-chemicals-based products. The company’s diagnostic solutions span oncology and haematology, infectious diseases, anti-microbial resistance, human genetics, extraction systems and rapid antigen kits. Its portfolios are structured across three verticals: molecular biology (infection markers and infectious panels), molecular oncology (individual cancer markers and oncology panels) and human genetics (syndrome-specific markers and genetic panels).
3B operates in a ₹350 crore–₹450 crore molecular diagnostics (MDx) addressable market in India, where it holds a 12%–15% market share, placing it among leading players. While the domestic MDx market is projected to grow 8%–10% CAGR, the company targets 15%–20% growth in FY25–26, driven by portfolio breadth, new panels and wider lab penetration. It sells through a three-tiered model tender-based (5%–7% of sales), contractual reagent-rental arrangements (20%–25%), and direct supplies to hospitals/labs (65%–70%). A liberal credit policy is used to defend market share, though it has elevated debtor levels, which the management expects to normalise gradually.
Global expansion is a key strategic pillar. The company is strengthening international channels, adding partners across Europe, Africa and Asia-Pacific countries (APAC) and completing registrations to enter additional markets. It now serves 70+ countries and 200+ customers, with exports expected to grow 20%–25% this year, despite geopolitical risks and rising competition. Europe currently contributes 45% of exports, followed by the Middle East and APAC (each about 25%) and rest of the world (RoW) ( about 5%).
Over the decade, 3B has delivered 67.2% CATSR, with stock rising from ₹9.03 in 2014 to ₹1,516.98 in 2025. Its 10-year sales CAGR is 18%, while profit CAGR is 70%, underscoring strong scalability, though recent 1-year share performance declined –27%, reflecting sectoral corrections post-COVID.
4) Frontier Springs
Incorporated in 1981, Frontier Springs Ltd is a specialised manufacturer supplying critical suspension and forged components to the Indian Railways ecosystem. The company is primarily engaged in the production of LHB (Linke Hofmann Busch) springs, hot-coiled compression springs, and forged items used across wagons, locomotives and carriages including deployment in India’s fastest train, the Vande Bharat Express. This long operating history and sector-specific expertise have positioned Frontier Springs as a dependable rail-industry supplier for more than four decades.
Frontier Springs’ business is organised across three divisions. The springs division manufactures hot-coiled coil springs ranging from 10mm (millimetres) to 65mm in thickness and up to 1,000mm in height, using chrome moly and chrome silicon steel finished with epoxy coating. The forging division produces components such as anti-roll bar assemblies, screw couplings, draft gear assemblies and BSS (Bogie Spring Suspension) hangers. Forging output ranges from as light as 100gm (grams) to 80kg (kilograms), supported by 1T, 3T and a newly-commercialised 6T hammer added in FY24-25. The air spring division, supported through a technical collaboration with Contitech, Germany, supplies air-spring suspension systems for LHB (Linke-Hofmann-Busch) coaches. Production began in FY21-22 and scaled significantly in FY24-25, with ongoing capacity expansion to meet rising demand.
The company operates two plants Kanpur (Uttar Pradesh) and Poanta Sahib (Himachal Pradesh) with an installed capacity of 8,000TPA (tonnes per annum), alongside a forging unit in Kanpur with 1,200TPA capacity.
Financially, the decade marks exceptional shareholder value creation. Frontier Springs’ adjusted stock price rose from ₹26.58 in 2014 to ₹4,290.65 in 2025, translating into a 66.3% CATSR, with dividends contributing marginally (0.2%). Compounded sales growth stands at 21% over 10 years, 18% over five years and 59% on a TTM (trailing twelve months) basis. Profit expansion is even stronger 58% CAGR over 10 years, 66% over three years and 126% TTM, reflecting a sharp uptick in operational leverage and demand for air-spring systems and forged components. Shareholder returns remain robust with 10-year stock CAGR at 63%, 5-year at 66%, 3-year at 108% and 1-year return at 91%.
5) Tanfac Industries
Tanfac Industries, incorporated in 1972 by the Tamil Nadu Industrial Development Corporation (TIDCO), has evolved through multiple promoter transitions. Initially a joint-sector enterprise with L Narayanan Chettiar, the Aditya Birla group became co-promoter in 1980 after acquiring the Chettiar stake. A major turning point came in March 2022, when Anupam Rasayan India Ltd (ARIL) acquired Birla Group Holdings’ stake, becoming co-promoter alongside TIDCO and marking a new phase of strategic direction and capital investment.
Tanfac is engaged in manufacturing inorganic fluorine-based chemicals, including anhydrous and dilute hydrofluoric acid, sulphuric acid, oleum, aluminium fluoride, potassium fluoride, potassium bifluoride, boron trifluoride complexes, gypsum, iso-butyl acetophenone, acetic acid, peracetic acid and poly-aluminium chloride. The company’s key revenue drivers are: hydrofluoric acid (HF) and its derivatives (70% contribution) and HF-based chemicals (20%).
Recent years have been defined by capacity expansion and vertical integration. In October 2024, Tanfac commissioned a new HF production unit at its Cuddalore site, doubling capacity from 14,850TPA to 29,700TPA, supported by a ₹100-crore brownfield expansion. Further investment in June 2025 added a 10,000TPA solar-grade dilute HF facility, strengthening the company’s value-chain integration and improving in-house availability of raw material for derivative production. These expansions position Tanfac among India’s largest HF manufacturers, with stronger supply security and ability to serve high-growth sectors such as agro-chemicals, electronics and energy storage.
Financial performance in FY24-25 underscores this growth momentum revenue from operations rose 47%, while PAT increased 68%. Compounded fundamentals also reflect acceleration: 10-year sales CAGR is 17%, 5-year 28%, and TTM growth 75%, while profit CAGR stands at 33% over 10 years and 76% TTM.
For shareholders, Tanfac has delivered one of the strongest returns in the chemicals sector. Its adjusted share price increased from ₹33.72 in 2016 to ₹4,010.65 in 2025, translating into a 2,976.9x gain, with dividends contributing 0.8%, and a 61.4% CATSR. Stock returns over five years CAGR are 88%, 3-year 68%, and 1-year 41%, reflecting sustained value creation backed by structural capacity upgrades.
6) Tips Music
Founded in 1988, Tips Music has grown into one of India’s most recognised media and entertainment companies, with content targeted across the Indian subcontinent and global diaspora. The company owns a deep and diverse music catalogue spanning 25+ languages, available across multiple digital platforms worldwide. With a lean organisational structure of 105 employees (Q2FY25-26) and a debt-free balance sheet backed by ₹275 crore of cash and investments, Tips Music demonstrates a capital-light business model built around content ownership, IP (intellectual property) monetisation and recurring digital revenue.
The company stands out as the only listed player that expenses 100% of content cost in the quarter of release, allowing for faster profit & loss (P&L) visibility but also creating period-specific volatility. Digital revenue remains a core strength 71% of revenue in Q2FY25-26 was generated from digital platforms supported by a distribution base of 134mn YouTube subscribers and partnerships with 25+ media and platform companies.
Growth visibility is underpinned by multiple industry tailwinds. Subscription revenue in the music space is growing at 40–50% CAGR, with paid subscribers in India estimated to nearly double from 11mn to 25mn+ in the next three years. Shorts consumption exceeds all other digital formats and monetisation is expected to improve as fixed-price agreements migrate toward advertising-revenue-sharing models. Further upside could emerge from public-performance rights enforcement and royalty monetisation from artificial intelligence (AI), as global players Warner Music Group and Universal Music Group move towards licensing agreements with AI companies.
On financials, Tips Music has delivered exceptional long-term wealth creation. Its adjusted share price rose from ₹62.79 in 2016 to ₹6,286.99 in 2025, resulting in a ₹6,370 total return including ₹146 in dividends, translating into 58.9% CATSR, where dividends accounted for 2.3% of value creation. Sales CAGR stands at 12% over 10 years, accelerating to 28% over five years and 32% over three years. Profit growth has been stronger 51% CAGR over 10 years and 70% over five years though TTM growth moderated to 14%. Stock-price CAGR remains notable at 75% over five years and 46% over three years, though a recent –26% 1-year return reflects volatility following multi-year gains.
7) Indo Thai Securities
Indo Thai Securities, founded in 1995, began as a traditional stockbroking business with a vision to build a high-quality financial-services platform aligned with India’s changing capital-market landscape. Over nearly 30 years, the company has navigated multiple market phases, expanding across central India and becoming recognised for dependability, trust and client-centricity principles it defines as its behavioural compass.
The business today spans multiple segments, reflecting diversification across asset and trading classes. In FY24–25, annual turnover in the F&O (futures & options) segment stood at ₹11,078.85 crore, while the commodity segment recorded ₹7,122.30 crore. The company maintains a depository participant (DP) licence with CDSL (Central Depository Services Limited), offering dematerialisation, rematerialisation and settlement services, generating ₹34.40 lakh in depository income in FY24–25. Mutual fund distribution continues to scale, with ₹182.51 crore in assets under management (AUM) as of 31 March 2025. Currency derivatives turnover, however, declined to ₹111.55 crore in FY24–25, compared to ₹214.75 crore in the prior year.
Indo Thai sees substantial opportunity ahead as India transitions from saving to investing. Key drivers include financial inclusion initiatives, formal job growth, increasing disposable income among middle-class investors, and rising insurance and investment penetration in rural India. The company plans to leverage technology-led customer expansion, especially through mobile-based trading platforms and AI- and machine learning (ML)-driven employee training. The management expects growing participation in equity brokerage, wealth management and mutual fund distribution as younger demographics strive toward wealth creation.
Financial performance reflects cyclicality and long-term compounding. Over 10 years, sales CAGR is –3% and profit CAGR 11%, but momentum has strengthened recently TTM sales growth is 42%, and TTM profit growth is 23%. Wealth-creation has been exceptional: adjusted share price increased from ₹23.41 in 2016 to ₹2,194.65 in 2025, a cumulative return of ₹2,178 including dividends, translating into 57.5% CATSR. Stock-price CAGR stands at 152% over five years, 103% over three years, and 110% in the most recent year, positioning Indo Thai among the top decade wealth creators in stockbroking.
8) Choice International
Choice International has developed into one of India’s leading diversified financial conglomerates, offering a broad portfolio of tech-enabled services under one platform. With 59 branch offices, 208 project offices, and four in-house technology experts, Choice services a sizeable client base of 0.4mn retail clients and 1.4mn+ users through a mix of digital platforms and on-ground advisory. Team strength stands at 17,000 choice business associates supported by 5,000+ employees, showcasing a hybrid distribution plus technology execution model.
The company’s offerings span stock broking, wealth products, insurance distribution, micro, medium and small enterprise (MSME) lending, priority sector lending, investment banking and government advisory, positioned as a fin-tech ecosystem with a ‘human touch’. Broking and distribution represent the core, contributing 60% of revenue comprising stock broking, wealth and insurance. The company manages 1.15mn demat accounts (+29% y-o-y), ₹47,800 crore in broking client assets (+16% y-o-y), 241,000+ active broking accounts, and ₹4,768.7 crore AUM in wealth products (+443% y-o-y). In insurance, ₹76.3 crore premiums (+62%) were collected with 39,182 policies sold (+46%) in Q1FY25-26.
The advisory business contributes 24% of revenue, covering government infrastructure consulting and investment banking. Choice operates across 10 states, holding a ₹58,600 crore order-book, and currently has 24 IPO mandates with tentative fund-raising of ₹6,600 crore. The non-banking finance company (NBFC) vertical contributing 16% of revenue grew materially, with a ₹745 crore loan book (+64% y-o-y), ₹596 crore retail loan book (+108% y-o-y), 48.90% provision coverage, 2.25% NNPA (Net Non-Performing Assets), and 53.37% CRAR (Capital to Risk (Weighted) Assets Ratio).
Financially, Choice has delivered strong long-term compounding, with 10-year sales CAGR at 31%, 5-year at 47%, and 3-year at 48%. Profit CAGR remains similarly robust at 41% over 10 years, 67% over five years, and 45% over three years. Stock-price CAGR is 61% over 10 years, 100% over five years, and 87% over three years, with a 51% 1-year return. Over the broader decade, Choice delivered a 57.5% CATSR, with its adjusted share price rising from ₹31.92 in 2016 to ₹2,996.06 in 2025.
9) Piccadily Agro Industries
PiccadilyAgro Industries Ltd was incorporated in 1994 and began commercial operations in 1997 as a sugar processor. Its business model evolved meaningfully in 2007, when the company established its distillery unit, laying the foundation for entry into value-added alcoholic beverages. Today, Piccadily operates a fully integrated sugar and distillery platform out of Haryana, with a strategic long-term goal of shifting from bulk commodity revenues toward premium branded consumption.
Over the past four years, the company has steadily transitioned its portfolio-mix. Revenue share has progressively moved from bulk sugar toward branded and premium Indian-made foreign liquor (IMFL), supported by distillery products such as ethanol, ENA (Extra Neutral Alcohol) and B2B (business to business) malt. Segment data illustrates this shift: in FY23-24–FY24-25, sugar accounted for 46.1% → 41.8%, IMFL expanded from 33.9% → 33.2%, and other distillery products increased materially from 28.1% → 42.9%, demonstrating a clear pivot from raw materials to finished premium offerings.
Scaling capacity has been a major pillar of transformation. Expansion at its Haryana plant increased distillery capacity from 78KLPD (kilolitres per day) to 220KLPD of ENA and 12KLPD to 30KLPD of malt, with excise approval anticipated in Q3FY25-26. Barrel ageing capacity has crossed 77,500+ barrels as of September 2025, with a target to reach 100,000 barrels by March 2027. A new 210KLPD distillery in Mahasamund (Chhattisgarh) is scheduled for commissioning in H2FY25-26, while a facility in Portavadie (Scotland) is under evaluation, offering exposure to the global single-malt ecosystem.
Financially, Piccadily reflects the cyclical nature of commodities and the early-stage-mix change toward premium products. Over the past decade, sales CAGR stands at 9%, rising to 15% over five years and 12% over three years, while profit CAGR is 28% over 10 years and 52% over 3 years. Stock performance has been notable, rising from ₹15.15 in 2016 to ₹1,276.54 in 2025, delivering a 55.8% CATSR. Returns accelerated in recent years (5-year CAGR 116%, 3-year CAGR 139%) before moderating with a –37% 1-year return.
10) Magellanic Cloud
Magellanic Cloud Limited, originally incorporated in 1981 as South India Projects Limited, has undergone a dramatic evolution into a global technology enterprise specializing in digital transformation, AI/ML, cloud services, e-surveillance and drone technologies. Headquartered in Hyderabad, the company today operates across US, Europe and Asia, serving 100+ clients through its portfolio of subsidiaries: Motivity Labs, Scandron, IVIS, Finoux and JNIT Technologies.
The company’s offerings span software development, consulting and human resource solutions, including recruitment and placement services: forming a hybrid IT + HR digital ecosystem. Its services are built around core pillars: human capital services, consulting, devops, quality assurance and drone-based technology solutions. With 1,600+ professionals, Magellanic Cloud positions itself as a scale player in enterprise digitisation, security and automation.
Recent performance highlights reflect operational momentum. In Q2FY25-26, the e-surveillance vertical (Provigil Surveillance Limited and IVIS International Pvt Ltd) secured over ₹118 crore in new orders. Key contracts include an ₹85 crore mandate from Indian Railways to deploy AI-driven surveillance infrastructure across 484 stations, and a ₹32 crore order from IHMCL (Indian Highways Management Company Limited) (NHAI initiative) for AI-powered audit cameras across toll plazas in eight states. Additional work included a ₹45 lakh deployment for institutions. Provigil also achieved Maturity Level 3, reinforcing disciplined delivery standards. On the IT-side, Motivity Labs announced a strategic partnership with BrowserStack; meanwhile, the group renewed ISO 9001:2015 and ISO/IEC 27001:2022 certifications, and the parent company itself earned CMMI Level 3 appraisal.
Financially, Magellanic Cloud’s long-term wealth creation has been significant: its adjusted stock price rose from ₹95.43 in 2016 to ₹7,706.05 in 2025, delivering 55.2% CATSR, with dividends contributing 0.3%. However, momentum has moderated recently: 5-year stock CAGR is 50%, 3-year 4% and 1-year –65%, while sales CAGR stands at 28% over five years and 33% over three years, but TTM profit growth is –5%.
Methodology
The formula for calculating wealth creation is simple. It is what a shareholder gets from remaining invested in a company over a certain period. That essentially means three things:
- The difference in the market price between two periods (adjusted for splits, rights and bonuses).
- Shares obtained out of spin-offs and restructuring.
- Dividends earned over this period.
The combination of the three is called ‘total shareholder returns’ (TSR).
Unfortunately, one cannot apply this formula to all the listed stocks because hundreds of junk and illiquid companies are listed. So, we have applied this formula to a database of select stocks listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). We started with all companies listed on the BSE and the NSE on 1 November 2015. From among these, we considered only those that have traded for a minimum 90% of the days in the past 10 years. For price appreciation, we considered the average adjusted closing price for the first six months and the last six months of the 10-year period starting 1 November 2015 and ending 31 October 2025.
This yielded a list of 1,603 companies. From this, again, we eliminated a handful of companies that have a suspiciously low level of sales and profits after many years of existence and whose share price seems unreasonably inflated. To calculate the TSR, we added capital gains, dividends earned over the 10-year period and restructuring benefits, after adjusting the holdings for bonus and rights issues. The TSR figure was then converted to compounded annual growth and companies were ranked accordingly.
