A handful of stocks on Dalal Street have scripted such remarkable journeys over the past five years that they’ve transformed ordinary portfolios into staggering fortunes. In this post, we explore the story behind three such multibaggers—PG Electroplast, Transformers and Rectifiers, and SG Finserv—whose shares rose by as much as 200x. The key to this explosive growth? Industry tailwinds, business reinvention, and a pinch of daring patience.
🔌 PG Electroplast Ltd: Riding the EMS Supercycle
📊 A 20,000% Return
PG Electroplast’s share price soared from just ₹4 in July 2020 to ₹802 in July 2025, clocking a jaw-dropping 20,000% return. An investment of ₹1 lakh would now be worth ₹2 crore.
🏭 Business Transformation
In 2020, PG was primarily focused on plastic mouldings, generating nearly 69% of revenue from it. Fast forward to 2025, and the picture has changed completely:
- Product segment revenue (ACs, washing machines, coolers): ₹3,526 crore in FY25, up from ₹150 crore in FY20.
- The segment now contributes 71% of total revenue, which grew 8x to ₹4,870 crore.
| Segment | FY20 | FY25 |
|---|---|---|
| Products | ₹150 Cr | ₹3,526 Cr |
| Plastic | ₹441 Cr | ₹985 Cr |
| Electronics | ₹43 Cr | ₹349 Cr |
| Moulds | ₹6 Cr | ₹10 Cr |
💰 Profits and Capital Efficiency
- Net profit surged 100x to ₹288 crore in FY25.
- Return on Capital Employed (RoCE) doubled to 27%, while Return on Equity (RoE) hit 15-19%.
- Fixed assets grew 4x to ₹1,139 crore, reflecting manufacturing scale-up.
🚀 What’s Next?
- FY26 revenue target: ₹6,345 crore (75% from product business).
- Expected net profit: ₹405 crore.
- Capacity expansions include:
- Washing machine facility in Greater Noida.
- Refrigerator plant in the South.
- AC plant in Supa, Maharashtra.
- Valuation concerns: Trades at P/E 80, above its median but below peer Dixon Technologies (123x).
🔌 Transformers and Rectifiers (India) Ltd: Powering the Infrastructure Surge
📊 A 10,000% Return
The company’s stock price rocketed from ₹5 to ₹510 over five years. A ₹1 lakh investment in 2020 would now be worth ₹1 crore.
🔧 Core Strengths
A veteran in the transformer manufacturing business, T&R supplies to giants like NTPC, Siemens Energy, and JSW. It also services emerging sectors like solar and green hydrogen.
📈 Financial Performance
| Metric | FY21 | FY25 |
|---|---|---|
| Revenue | ₹727 Cr | ₹1,986 Cr |
| EBITDA Margin | 10% | 16% |
| Net Profit | ₹7 Cr | ₹187 Cr |
| RoCE | 12% | 23% |
- Operating leverage led to a 27x rise in net profit.
- Order book stands at ₹5,132 crore with ₹22,000 crore worth of inquiries under negotiation.
🎯 Ambitious Growth Plan
- Targeting ₹8,600 crore revenue by FY28 (CAGR of 64%).
- Capacity expansion from 40,000 MVA to 75,000 MVA, including entry into HVDC transformers.
- Backward integration: Acquired CRGO unit to secure raw material costs.
- Trading at P/E 72, close to its five-year median of 64.
💸 SG Finserv: The Shadow Lender’s Quiet Ascent
📊 An 18,348% Return
SG Finserv’s stock zoomed from ₹2.2 in July 2020 to ₹404 in July 2025—turning ₹1 lakh into ₹1.83 crore.
🏢 From Vendor Finance to SME Champion
Initially formed to finance APL Apollo’s dealer network, the company now caters to a wide array of SMEs and corporates. Major partnerships include:
- Tata Group
- Vedanta
- Adani Group
- Ashok Leyland
💼 Financial Leap
| Metric | FY22 | FY25 |
|---|---|---|
| AUM | ₹736 Cr | ₹2,326 Cr |
| Revenue | ₹2 Cr | ₹171 Cr |
| Net Profit | ₹1 Cr | ₹81 Cr |
| GNPA | 0% | 0% |
- Over 80% of the book is secured through receivables and inventory.
- Expansion targets:
- ₹4,000 crore AUM by FY26
- ₹6,000 crore AUM by FY27
- Backed by MoUs worth ₹5,500 crore.
- P/B ratio: 2.6, lower than its five-year median of 3X.
- Market veteran Madhusudan Kela owns a 1.7% stake.
🧠 The Real Drivers Behind 100X+ Growth
Across all three stories, a few common themes emerge:
| 🔍 Factor | Impact |
|---|---|
| Industry Tailwinds | EMS boom, Power infra, SME lending |
| Government Push | PLI schemes, Infra Capex, Make-in-India |
| Capacity Expansion | Plants, capital investments |
| Margin Expansion | Operating leverage and efficiency |
| Financial Discipline | Strong balance sheets, zero NPAs |
| Strategic Moves | Acquisitions, backward integration |
⚠️ What Should Investors Watch Now?
While the rearview shows riches, the windshield demands caution:
- Valuations are running high: P/Es of 72–80 leave little room for mistakes.
- Execution risk looms large: Capacity ramp-ups must meet rising demand.
- Margin pressure could build: Especially if macro tailwinds fade or costs rise.
Yet, if these companies deliver on their stated roadmaps, further upside may still be on the table.
Conclusion
Multibagger returns are rare, but not impossible. PG Electroplast, Transformers and Rectifiers, and SG Finserv demonstrate how a mix of industry momentum, operational execution, and strategic vision can turn small-caps into giants. For investors, the next challenge is not just finding the next 100x stock—but holding it through the ride.
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Disclaimer
This article should not be interpreted as investment advice. For any investment decisions, consult a reputable financial advisor. The author and publisher are not responsible for any losses incurred by investors or traders based on the information provided.