As many as 66 entities have delivered more than 10x returns in the last decade, between 2010 and 2019. Sectors that have large weights in frontline indices Nifty and Sensex have marginal representation in the list. For instance, only two banks — City Union and IndusInd Bank — have delivered over 10x returns. In the financial services industry, five companies came in as ten-baggers during this period. Bajaj Finance and Bajaj Finserv led the financial services pack, with gains of 132x and 27x, respectively.
Only two FMCG companies — KRBL (13x returns) and Britannia (18x returns) — feature in the list. Experts say the lesser discovered businesses provide a higher possibility of multi-bagger returns, given it is more likely that the market has not discovered the true value of their underlying business. In the BSE500 universe, the biggest multi-bagger has been the acquaculture company Avanti Feeds, which has given staggering returns of 352x. Dinner sets maker La Opala has delivered 44x returns.