Top 10 Multibagger Stocks to Watch in 2025 — Introduction
Top 10 Multibagger Stocks to Watch in 2025 is one of the most searched investment topics today as retail and institutional investors prepare for another year of market volatility and sector rotation. With India entering a high-growth stage supported by strong GDP numbers, capex push, digitization, manufacturing expansion, and a favourable demographic profile, 2025 is expected to create major opportunities for long-term returns.
Investors are not just looking for stable blue chips — they want future multibaggers that could deliver 2x, 5x, or even 10x returns over the next few years. This blog explores the top 10 potential multibagger stocks for 2025, the reasons behind their growth potential, sector outlook, and strategies to invest smartly.
Top 10 Multibagger Stocks to Watch in 2025
1️⃣ Tata Elxsi – Digital Engineering & AI Leader
Tata Elxsi continues to be a strong contender due to its dominance in AI, automotive software, autonomous driving, OTT, cloud, and med-tech.
The company’s consistent growth in EPS, new EV partnerships, and global engineering demand make it a solid 2025 multibagger candidate.
2️⃣ TVS Motor Company – EV Expansion + Export Growth
TVS is aggressively expanding its EV lineup and strengthening global exports. The success of iQube and multiple EV innovations positions TVS for strong multi-year growth.
With rising margins and global footprint expansion, analysts expect strong upside.
3️⃣ Mazagon Dock Shipbuilders – Defence Manufacturing Boom
India’s defence budget growth is accelerating. Mazagon Dock’s order book, submarine projects, and naval expansion put it at the centre of the defence boom.
Government localization push further boosts its multibagger potential.
4️⃣ IRFC – Rail Capex + PSU Re-rating Story
IRFC has been one of India’s top performers, and with a strong railways capex pipeline, its growth story is far from over.
Low NPA risk, sovereign backing, stable earnings, and increasing investor interest make it a 2025 watchlist stock.
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5️⃣ Bharat Dynamics Limited (BDL) – Missile Manufacturing Giant
BDL is benefiting from India’s push for defence indigenization with projects like Akash, Astra, and ATGMs.
New export orders and strong visibility make it a potential multibagger as geopolitical tensions drive global demand.
6️⃣ Apar Industries – Power Cable + Transformer Oil Leader
Apar Industries is riding on power sector expansion, EV infrastructure, renewable energy installations, and global demand for conductor cables.
Its revenue and profit trajectory signal long-term strength.
7️⃣ Jio Financial Services – Digital Finance Disruptor
Jio Financial is entering lending, insurance, asset management, and digital payments.
With unmatched distribution strength, technology backing, and cross-selling ability, analysts see massive compounding potential.
8️⃣ Rolta India – IT + Defence Tech Revival Story
After restructuring and major client acquisitions, Rolta India is gaining traction in geospatial analytics, AI-based defence solutions, and cybersecurity.
If the turnaround continues, it could be a high-risk but powerful multibagger.
9️⃣ Suzlon Energy – Renewable Super Cycle
India’s renewable energy mission (500 GW target by 2030) directly benefits Suzlon.
With debt reduction, new turbine launches, and green power demand skyrocketing, Suzlon remains a top solar-wind hybrid play.
🔟 KEI Industries – Wiring + EPC Growth
KEI Industries continues to dominate in cables, wires, EPC contracts, and retail expansion.
Housing demand, smart city projects, and industrial growth make it a strong pick for steady compounding.
Sector Trends That Support These Multibaggers
- Defence Indigenization
India’s defence manufacturing budget and export licence approvals are at all-time highs.
- Railways & Infra Boom
Massive capex, modernization, and new projects are boosting PSU lenders and engineering companies.
- Renewable Energy
Solar-wind hybrid systems, green hydrogen, and energy storage projects fuel the renewable boom.
- EV & Battery Technology
India’s EV adoption is increasing faster than expected, benefiting EV manufacturers and component suppliers.
- Digital Transformation
AI, cloud, automation, and digital finance continue to push IT and fintech companies toward new highs.
Investment Strategy for 2025 Multibaggers
✔ Invest in high-growth sectors
Focus on defence, renewable energy, digital finance, EV ecosystem, and power infra.
✔ Choose companies with clean balance sheets
Low debt = higher long-term stability.
✔ Look for earnings visibility
Consistent revenue growth is a strong signal for potential multibaggers.
✔ Accumulate during dips
Markets will be volatile in 2025 — dips create opportunities.
✔ Diversify
Don’t put all capital into one sector.
Top 10 Multibagger Stocks – with Price, Buy & Target Zones
| Company / Stock | Recent Price* (approx) | Suggested Buy Zone† | Target Price (medium-term)‡ |
|---|---|---|---|
| Tata Elxsi | ₹ 5,123 The Economic Times+1 | ₹ 4,500 – ₹ 5,100 | ₹ 5,800 – ₹ 6,200 (upside ~ 15-20%) The Economic Times+1 |
| TVS Motor Company | ₹ 3,518 (as per recent report) The Economic Times | ₹ 3,200 – ₹ 3,400 | ₹ 4,100 – ₹ 4,200 (analyst target ₹ 4,159) The Economic Times |
| Mazagon Dock Shipbuilders | – | ₹ (you may consider buying during dips) | Growth story — target depends on contracts & defence orders |
| IRFC | – | Buy when valuations reasonable (after infra order wins / rate cuts) | Riding rail capex — long-term upside expected |
| Bharat Dynamics Limited (BDL) | – | Accumulate on weakness (after order book clarity) | High return potential with new missile/defence orders |
| Apar Industries | – | Buy during sectors’ up-cycle in power / infra / cables | Good long-term upside if infrastructure & EV demand grows |
| Jio Financial Services | – | Entry after stable quarterly results and clarity on portfolio mix | High growth potential in digital finance — target depends on adoption |
| Rolta India | – | High-risk buy in turnaround phase — buy on major correction | High-risk high-reward — only as small allocation |
| Suzlon Energy | – | Buy when renewable sector news strong / firm debt-reduction signs | Medium- to long-term rebound potential if green energy boom continues |
| KEI Industries | – | Good entry during infra/construction uptick or dip in metal/cable stocks | Solid long-term play if housing & industrial growth sustains |
Notes:
For some stocks — especially in sectors like defence (Mazagon Dock, BDL), infra/cables (Apar, KEI), energy/renewables (Suzlon) — exact short-term price data or analyst targets may not be easily available; the potential is more structural and long-term.
Always track quarterly results, order-book announcements, interest-rate environment, regulatory developments — they impact the upside significantly.
📌 Investment Disclaimer
The information provided in this article/video/post is for educational and informational purposes only and should not be considered as financial advice, investment advice, or a recommendation to buy or sell any securities. Stock market investments are subject to market risks. The prices, targets, and projections mentioned are illustrative and may change depending on market conditions, company performance, and global events.
Please do your own research (DYOR) or consult a SEBI-registered financial advisor before making any investment decisions. The author and publisher are not responsible for any losses incurred based on the information provided. Past performance is not indicative of future returns.
frequently asked questions
The curated list includes Tata Elxsi, TVS Motor, Mazagon Dock, IRFC, BDL, Apar, Jio Financial, Rolta India, Suzlon Energy, and KEI Industries.
A multibagger is a stock that grows multiple times above its purchase value, driven by earnings growth, sector expansion, and investor demand.
Yes, PSUs like IRFC, BDL, and Mazagon Dock are benefiting from government capex and strong financials.
Defence, renewable energy, EV, fintech, digital transformation, and manufacturing are expected to lead.
Yes. High-return opportunities come with volatility. Diversification and long-term holding reduce risk.