These 33 stocks have given over 100x returns in 20 years (2024)

Over the years, investors in some quality names have made money with both hands as the stock prices have given over 100 times returns while going through thick and thin market cycles.

According to a recent report by ICICI Securities, 33 stocks have given 100 per cent returns in the last 20 years, and these belong to traditional manufacturing: commodities (chemicals, cement, etc.), building materials, home appliances, capital goods, engineering, discretionary consumption, staples, and the pharma sector.

The report further stated that these stocks have given a minimum 25 per cent compounding over the past 20 years and can be termed 'through-the-cycle' (TTC) compounders 100-baggers.

A 100-bagger is a stock that gives you 100 times returns on your initial investment.

PI Industries, KPI Industries, and Bajaj Finance are some of the names that could be categorised under 100-bagger stocks considering their growth in the past 20 years.

How did the stocks survive the changes in market cycles?

According to the report, the companies' stocks had a focused business model, which means none of the stocks had a diversified business approach while there was a sharp focus on core business. This factor also speaks volumes about the quality of the management and the keen attention they bring to the business strategy.

Secondly, the companies paid utmost attention to value creation. "The earnings growth and return on equity were higher than the cost of equity. This is again a virtue of management quality and indicates prudent capital allocation decisions while the tailwinds of economic cycles propelled earnings growth," the report read.

Lastly, these businesses generated more cash than they consumed. "Cumulative ‘operating cash flow’ (OCF) exceeded cumulative capex over the past two decades for most of the stocks (excluding one-off acquisitions) and speaks about the quality of the business," ICICI Securities said.

Here is a list of 100-bagger stocks given by ICICI Securities:

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