Multibagger Penny Stocks For 2023, 2025, 2030

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  • Post last modified:22/02/2023

What Are Multibagger Stocks?

Multibagger stocks describe the characteristic feature of the shares and do not refer to a separate category of shares. These shares have a significantly high potential to grow and earn profits for the firm compared to other shares. Most often, these stocks are undervalued and flourish in emerging markets like India. There is a set of criteria that determines what stocks have the potential to become multibagger and what stocks do not.

Keep in mind that multibagger stocks take a considerably long time to show high values. Therefore, the investor needs to be patient. Firms competing in emerging markets can harness their unique indigenous advantages to enhance the growth of the shares.

How To Recognise Multibagger Stocks 

Below mentioned are 5 indicators that will help you identify multibagger stocks in the market.

1. History of performances – All professionals analyze the past performance of a company to predict its future trends. It gives us reliable information on how the firm may or may not perform in the current and future market. Track the business’s revenue multiples each quarter. If the revenues are less, but the firm is performing relatively well in the market, then it suggests that the firm has tremendous growth potential.

2. Debt to equity ratio – Every company has debts. There is no benchmark to determine what should be the appropriate debt level because the conditions vary from company to company and industry to industry. The approximate measure is that the debt to equity ratio should not be more than 30%. It means that the amount of debt should be less than 30% of the equity value. 

3. Company policies – They are the backbone of every firm. Company policies dictate how it will carry out mundane operations, the functioning of management, and so on. Research the company’s business model and policies to learn more about the staff, management, etc. It is vital because any primary changes in policies, the management, or the business model will alter quarterly results and annual financial reports. Thus, it will ultimately impact the stock value and growth. 

4. PE – To derive PE, you need to calculate the EPS of the last 12 months and revenue. Along with PE, it will also give you the sales ratio. If the PE level is rapidly growing compared to the stock price, then the probability of it being a multibagger stock in the future is significantly high.

5. Sources of revenue – Checking the revenue numbers isn’t enough. You should also do a background check to confirm where the revenue is being generated. The sources of earnings answer two crucial questions. They are-

  • Will the primary revenue sector grow at the macro level?
  • Are the operations of the firm scalable?

If your answer to both the questions is yes, then the stock has a fair chance of becoming a multibagger stock.

What Are Penny Stocks?

Penny stocks in India are the stocks that are traded at a low price and volume. The minimum price of penny stocks in India is Rs. 0.01. Penny stocks in India are traded on the NSE and the BSE.

Penny stocks, because of their low price, are used to get trading experience for new traders. These stocks are very low priced, and it is almost risk-free to try your luck with penny stock trading.

Penny stocks are quite popular with small investors because of their potential for huge gains. The gains may be in the range of 300% to 500% or even higher. Even if you have a small investment of Rs 100/-, you can still gain up to Rs 500/- profit.

In India, these can be defined as shares of companies whose market capitalization value is less than Rs. 10 Crore. These stocks have a huge potential for investors if they have access to the correct information and support, but there are several risks involved.

What are Multibagger Penny Stocks

Multibagger Penny Stocks are identical to penny stocks; the only difference is that their price rises every once in a while from the time you invest. If an investor invests in a stock priced at Rs. 10 and the price rises to Rs. 20, the stock is known as a two-bagger.

Similarly, if the price exceeds Rs. 30, it is referred to as a three-bagger, and so on. When the price reaches Rs. 20, it is a 100% profit, and when it reaches Rs. 30, it is a 200% profit and continues to rise. This is known as Multibagger Penny Stocks. There is no standard definition for multibagger stocks, however, a stock is said to be a multibagger when it can provide 100% or more returns in a short period of time, i.e. when it becomes 2X or 3X its original value.

Multibagger Penny Stocks For 2025

Below are the top 25 multibagger penny stocks for 2025.

1. IDFC First Bank

In 1997, IDFC limited was started for project financing of private-sector infrastructure development. Initially, after starting IDFC limited the main focus was only on project financing for infrastructure development. In the year 2005, Rajiv Lall joined the company who is the present chairman of the company.

After joining the company Rajiv Lall started diversifying the company into multiple businesses like IDFC mutual fund, IDFC capital market and played a major role in the growth of IDFC Limited.

In the year 2013, when RBI started accepting fresh banking licenses, IDFC Limited has applied for a banking license and on 24 June 2015, RBI has granted the banking license for IDFC limited.

IDFC limited started banking operations on 1 October 2015, at that time IDFC bank was a part of IDFC Limited. On 6 November, they demerged IDFC bank from IDFC limited and listed it in the stock market.

The main reason why you need to invest in IDFC first bank is because of the CEO & MD of the company V.Vaidyanathan.

Not only you, but almost every person who is investing in IDFC first bank in the hope that it will become HDFC bank is only because of V.Vaidyanathan.

Also read: IDFC First Bank share price target.

2. Subex

Subex is a pioneer in the space of digital trust. Providing solutions for 75% of the world’s top 50 telcos.

A Snapshot

  • Founded in 1994.
  • 25+ plus years of experience.
  • 1000+ employees.
  • presence in 90+ countries.
  • 200+ customers globally.
  • 35+ industry awards.
  • USD 3 million R&D spend in new areas.
  • USD 40 million order book in FY 2021

Products & Services

  • HyperSense.
  • Business assurance.
  • Fraud management.
  • Network asset management.
  • Capacity management.
  • Partner ecosystem management.
  • Analytics center of trust.
  • Subex secure.
  • IDcentral.

Also read: Subex share price target.


NHPC is the largest organization for hydropower development in India. NHPC also diversifies its business in the segments like solar and wind power. NHPC has an installed capacity of 7,000 MW from 24 power stations across the country.

NHPS is currently constructing 9 projects which have a total capacity of 6,000 MW including 2 hydroelectric projects.

Also read: NHPC share price target.

Key highlights

NHPC has earned its highest net profit of 3,333 crore rupees in the financial year 2021 compared to 3,000 crore rupees in the previous financial year.

NHPC power stations achieved a generation of 24,471 million units during the financial year 2021.

NHPC has signed MoU with JKSPDCL, Bihar state and Indian renewable energy distribution agency limited.

4. Ujjivan Small Finance Bank

Ujjivan small finance bank stock price has fallen due to a key management exit, but the bank is very strong in terms of fundamentals and financials. you can hold it for the long term for stellar returns.

Key highlights

Asset book was grown by 7% year over year. The affordable housing business saw a growth of 35% year-over-year with the total number of customers reaching 24,000 during the financial year 2021. CASA was grown by 85% year-over-year which is 22% of the total deposits book as of March 2021, retails deposits only account for 48% of the deposits book which is valued at 6,242 crore rupees. Financial institution lending books was grown by 18% year-over-year.

Ujjivan small finance bank also partnered with Airtel payments bank.

Ujjivan small finance at a glance

  • 575 banking outlets.
  • 491 ATMs.
  • 59.2 lakh customer base.
  • 16,571 workforce.

Region-wise deposits

Multibagger Penny Stocks For 2025

5. Federal Bank

Federal Bank Limited is a major Indian commercial bank in the private sector having 1250+ branches and 1800+ ATMs/Recyclers spread across different states in India. The Bank is a pioneer among traditional banks in India in the area of using technology to leverage its operations and was among the first banks in India to computerize all its branches.

The Bank offers its customers, a variety of services such as Internet banking, Mobile Banking, Online bill payment, Fee collection, Depository services, Transaction Banking Services, Merchant banking services, Insurance, Mutual fund products, and many more as part of its strategy to position itself as a financial supermarket and to enhance customer convenience.

Also read: Federal Bank share price target.

Net Interest Income

Multibagger Penny Stocks For 2025

Total Assets

Multibagger Penny Stocks For 2025

Net Profit

Multibagger Penny Stocks For 2025

6. Trident

The flagship company of USD 1 billion Trident Group, Trident Limited is one of the world’s leading integrated home textiles manufacturers, and the largest wheat straw-based paper manufacturer. Headquartered in Ludhiana, Punjab. The company is also one of the largest exporters of home textile products.

Trident is the leading manufacturer of yarn, bath linen, bed linen, wheat straw-based paper, and chemicals. In the year 2016, the company also entered into the bed linen space by commissioning a facility in Budni, Madhya Pradesh. Trident has spread its footprint in over 150 countries worldwide.

Also read: Trident share price target.

Trident geography-wise revenue distribution

Multibagger Penny Stocks For 2025

Trident segment-wise revenue distribution

Multibagger Penny Stocks For 2025

Indian textile industry

The textile industry alone accounts for 12% of Indian exports, 7% of the nation’s total industry output, and 2.3% of the GDP. It also makes up 5% of the global trade in textiles and apparel.

After agriculture, the Indian textile industry is the second largest employer in India.

Indian textile industry is one of the oldest industries which is there for several centuries. After China, India is the second-largest producer and exporter of textiles, and the majority of the exports are to US and UK.

After China, Bangladesh, and Vietnam, India is the fourth-largest producer and exporter of apparel. Superior quality makes companies in India export leaders.

Indian government support to the textile industry

  • Lowered the GST slab to 5 percent.
  • Both national and international players are showing interest to invest in the textile industry. In the Indian textile industry, up to 100%, of foreign direct investment is allowed through the direct route.
  • Between April 2020 and December 2020, foreign direct investment and equity inflows were stood at USD 3.7 billion.
  • The Indian government also introduced schemes to boost textile exports and set a target of USD 100 billion worth of exports in the next five years.
  • The schemes are the Technology degradation fund scheme and the scheme for integrated textile parks to attract investment in the textile industry.
  • Cabinet also approved a production-linked incentive scheme worth rupees 10,683 crores for the textile sector with an aim to boost domestic manufacturing and exports.
  • In budget 2021-22, the government of India also proposed a scheme for setting up mega-investment textile parks in the country to enable India’s textile industry to become globally competitive and to attract large investments.
  • National investment promotion and facilitation agency for information in India said that by 2024-25, India’s market share in Textile and apparel will reach 15% from 5%, which is three times, and exports by both textile and the apparel industry are expected to reach USD 300 billion.

Textile industry growth drivers

  • Adoption of modern technologies.
  • Superior capacity building.
  • Availability of low-cost skilled labor.
  • Growth of the online fashion industry.
  • increasing penetration of organized retail.
  • Growing youth population and urbanization.
  • Support from the government with several schemes.

7. FCS Software – Multibagger Penny Stocks For 2025

FCS Software Solutions is a leading provider of IT services. In the past one decade of its existence, FCS has carved out a niche for itself in core IT areas like e-learning, digital content services, IT consultancy, and product engineering services.

They have a huge offshore center in India that caters to a global clientele. Their development center prides itself in state-of-the-art facilities and a competent workforce consisting of programmers, IDs, visualizers, e-learning experts, writers, and editors who have worked extensively in the areas of e-learning, product training, sales training, support services, performance and collaboration for several Fortune 500 companies.

Technology Features

  • Fully Internet-enabled development center, using T1 data link, with backup supports of 256 K and 64 K links. 
  • 384 K Internet Private Leased circuit from Noida, India to California that can act as a virtual extension of any team in the USA. 
  • 24-hour Voice/data (call to check voice quality) connectivity. 
  • Toll-free US number for Indian teams. 
  • Video conferencing facility to discuss crucial project issues. 
  • Offshore development, maintenance, and technical support capability 24 hours a day, 7 days a week, 365 days a year


RVNL functions as an extended arm of the Ministry of Railways working for & on behalf of MoR. It is empowered to act as an Umbrella SPV to undertake project development, resource mobilization, etc. directly or by creating project-specific SPVs or by any other financing structure found suitable. RVNL’s mandate includes mobilization of extra-budgetary resources through a mix of equity, and debt from banks, financial institutions, multilateral agencies like the Asian Development Bank, and bilateral agencies for project execution through PPP by the formation of project-specific SPVs for Port and Hinterland connectivity. RVNL can enter into and carry on business relating to the creation and augmentation of the capacity of rail infrastructure on the fast track.

Rail Vikas Nigam is in the business of executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable-stayed bridges, institution buildings, etc. It generally works on a turnkey basis and undertakes the full cycle of project development from conceptualization to commissioning including stages of design, preparation of estimates, calling and award of contracts, project and contract management, etc., and all stages of project execution up to the stage of commissioning of the new railway lines.

Also read: RVNL share price target.

Share Holding Pattern

RVNL Share holding pattern

Net Sales

RVNL net sales

Net Profit

RVNL net profit

9. 3i Infotech

Headquartered in Mumbai, India, since its inception in 1993, 3i Infotech has been committed to driving business value across multiple industry verticals. 3i Infotech, today, has emerged as a leading name in propelling the current wave of digital transformation initiatives, with deep domain expertise across BFSI, Healthcare, Manufacturing, Retail, and Government sectors to drive digital transformation, driven by a number of emerging technologies, be it Artificial Intelligence (AI), Blockchain, Robotic Process Automation (RPA), Low-code Development, Internet of Things (IoT), Cloud Computing or Machine Learning (ML).

The Company has over 4000 employees in 30 offices across 15 countries and over 1000+ clients in more than 50 countries across 4 continents. With a wide range of IT services, 3i Infotech has successfully transformed the business operations of customers globally. The Company has a very strong foothold and client base in geographies like North America, India, Asia Pacific, Middle East and Africa, the Kingdom of Saudi Arabia, and South Asia.

Also read: 3i Infotech share price target.

Services offered by 3i Infotech

  • Consulting services.
  • Cloud transformation.
  • Infrastructure transformation & management services.
  • Data & analytics services.
  • Quality assurance services.
  • Business process & professional services.
  • Blockchain services.


Multibagger Penny Stocks For 2025

Share Holding Pattern

Multibagger Penny Stocks For 2025

10. Urja Global

Urja Global Limited (UGL) was incorporated in 1992 and its registered office is located at 3, Gagan Vihar, Delhi. It is one of India’s leading energy developers and operators. Its team comprises of seasoned professionals with a proven track record in building and managing various power projects across the globe.

The company is engaged in power generation businesses in India. It offers solutions to deliver solar energy to utility, government, and commercial customers. The company also engages in various activities like manufacturing and trading of crystalline photovoltaic (PV) modules, developing and investing in PV based solar power plants, delivering generation services in the field of hydro and thermal power, promoting the use of solar energy and its products, and provides solar energy products and after-sale services. The company focuses on developing two hydropower projects in the North Eastern States of India; a coal-based power plant near Jamtara district of Jharkhand; and solar plants in Haryana, Gujarat, Rajasthan, and Andhra Pradesh.

With more than two decades of experience, they have established as one of the country’s leading industrial companies and a strong well-diversified conglomerate that is active in Renewable Energy, IT&ITES, Tours & Travel, and Education & Training having a presence across the globe.

Urja Global assures customer satisfaction in terms of product quality and service. Urja offers outstanding quality varied Solar Products that make use of green and clean energy simple viz. Solar Home Lighting Systems.

Also read: Urja global share price target.

Share Holding Pattern

Urja Global Share holding pattern

Net Sales

Multibagger Penny Stocks For 2025

Net Profit

Urja Global net profit

11. Syncom Formulations

The company is engaged in the business of pharmaceutical formulations. It manufactures a range of products in various dosage forms and markets them in various countries. In addition to pharmaceutical formulations in the form of tablets, capsules, liquids, and dry powders, the company also manufactures Injectibles, inhalers, and ear/eye drops.

Today, SFL stands as one of the fastest-growing pharmaceutical companies operating in more than 35 countries worldwide and has more than 150 products in various dosage forms which include tablets, capsules, dry syrups, ointments/creams, dry powder Injections and ampoules, and a wide range of herbal products.

Syncom was keeping pace with the changing pharmaceutical scenario that ventured into the International market a decade ago. The International operations are managed by its International division located in Mumbai, the commercial capital of India. Syncom today promotes all its generic, herbal, and OTC range of products in the markets where it operates. Syncom”s presence is felt in Asia, Africa, CIS, Russia, and Latin American countries. Mumbai Office also houses the Regulatory Affairs Department, which is well equipped with a modern library, reference documents, and all other facilities to provide world-class registration dossiers.

Syncom”s vision to globalize its herbal range of products has been vindicated by the excellent acceptance of these products by customers the world over. Syncom has taken efforts to bring to mankind the goodness of AYURVEDA, the traditional Indian medicinal science through its unique range of herbal products used for various therapeutic and prophylactic purposes. Millions of healthy patients worldwide, stand testimony to the alleviation of various disorders and improvement in their quality of life with products. The company presently exports goods to Guinea, Ghana, Kenya, Uganda, Sudan, Russia, Maldova, Tanzania, Africa, Azberjan, Nepal, and Srilanka.

The company has been approved as a supplier to reputed hospitals and regulatory agencies including Central Medical Stores Organization of Gujarat Govt, Directorate of health services of Delhi Govt. and Central Govt. and supply to and registration of defense services is in its final stages. This results in generating substantial sales volume. Keeping in view the shifting consumer preferences for the use of herbal products, the company is aggressively manufacturing and marketing its herbal products like Colo Vaporex, Colo Inhaler, Edicare, Attom Megacaps, Ecziguard, and Yas antacid salt.

Share Holding Pattern

Multibagger Penny Stocks For 2025

12. Auro Laboratories

Auro Laboratories incorporated in 1989 is engaged in the business of manufacturing active pharmaceutical ingredients (API”s), intermediates, and generic formulations. The company is promoted by Shri Sharat Deorah and Shri Satish Deorah.

Company’s manufacturing facility is located at Tarapur in the state of Maharashtra. This facility is well supported by a quality control laboratory and a common effluent treatment plant (CETP). The Company started commercial production of this facility on 14th July, 1992. The manufacturing facility has an installed capacity in excess of 500 tonnes per annum.

The company is primarily focused on manufacturing anti-diabetic drugs. Presently company caters its products in therapeutic segments such as antihistamine, anti-fungal, anti-ulcer, anti-malaria, anti-inflammatory, antacids, and others. The company exports its products in countries like Egypt, Germany, Malaysia, Singapore, South Africa, Brazil, Spain, and United Kingdom. Auro Laboratories received ISO 9001:2000 and WHO – cGMP certifications for its quality management.


APIs- Under this company manufactures drugs like Chlorpheniramine Maleate, Chlorzoxazone, Metformin HCl, Potassium Iodate, Magnesium Hydroxide, and many more.

Under specialty chemicals company manufactures Guanidine Nitrate, Dimethyl Amine HCl, 2-Ethoxy Benzoic Acid, and 3,4,5, Trimethoxy Benzoic Acid.

Intermediate- Company manufactures products such as Glibenclamde Sulphonamide, Cis-bramo benzoate, Cls-Tosylate, Cis-bramo benzoate, 3, 4, 5 – Trimethoxy Benzoic Acid, 2-Ethoxy Benzoic Acid and  5-Bromo Phthalide

13. Ashapuri Gold Ornament

The company is engaged in the business of wholesale trading of jewelry. The jewelry is manufactured on a job work basis at Ahmedabad and Rajkot. It is well known and trusted wholesaler of gold jewelry suppliers, having a showroom of 2945sq. feet on prime location of C.G. Road, Ahmedabad, the newly developed main market for buying Gold and Diamond Jewellery. The design of products is done either in-house or by third parties and also gets the Jewellery manufactured on a job work basis. Since the system of hallmarking is legally introduced, Company deals only in jewelry certified by Hallmark. It deals in antique Jewellery too.

In addition to the above, it is also in the Trading of Gold Jewellery. During the year 2018-19, the company had entered in to partnership with Kiranben Dinesh Soni and Alka Jitendra Soni, partners of Blue-Onyx Lifestyle, carrying on the business of Branded Readymade Garments having exclusive showrooms at Ahmedabad, Surendranagar, Mehsana, and Godhara. The company is a major partner in this venture. Its promoters have a plan to open multiple chains of showrooms of Branded Readymade Garments over a period of time.

14. NACL Industries

NACL has one of the largest dealer networks spread across India, with marketing and sales offices in addition to extensive warehousing & logistics infrastructure to handle operations in 20 Indian states. NACL has tie-ups with large Indian agrochemical majors and MNCs for the domestic and export markets.

It operates one of the most modern and comprehensive Technical Agrochemical manufacturing plants, situated in the Srikakulam district of Andhra Pradesh, India.

NACL formulates its formulations in a modern formulation plant situated in the East Godavari District of Andhra Pradesh. This location is situated in the scenic rice-growing area on India”s east coast. This unit is one of the few to have in a single location, integrated multi-line facilities capable of producing a variety of pesticide formulations such as liquids, wettable powders, and granules simultaneously. This unit has the formulation technology to produce dry flowable and water-based emulsions.

NACL has an impressive range of branded formulations in the categories of insecticides, fungicides, and herbicides. In addition to catering to the entire Indian subcontinent, it exports both technical and formulation-grade pesticides to some countries in Europe, Asia including the Middle East, Japan, USA, Australia, and Africa.

Share Holding Pattern

Multibagger Penny Stocks For 2025

15. BHEL – Multibagger Penny Stocks For 2025

BHEL is India’s largest engineering & manufacturing enterprise and the second largest employer in the Indian capital goods industry, the largest contributor to the country’s total installed conventional generation capacity with a 53% share.

BHEL has 16 manufacturing units and 8 service centers across India. The company has a total order book of 1,02,000 crore rupees, 193 GW power generating capacity installed in India and abroad, and more than 700 crore rupees invested in R & D and innovation, the company filed 526 patents & copyrights filed, and the company has a total of 5,052 intellectual capital. BHEL has its presence in over 86 countries.

Also read: BHEL share price target.

Installed power capacity

bhel installed power capacity


  • Power-thermal, hydro gas, nuclear, and solar PV.
  • Transportation.
  • Transmission.
  • Defense & Aerospace.
  • Oil & gas.
  • Energy storage.
  • Water.


  • Ac machines.
  • Heat exchangers.
  • Cryogenic air separation plants.
  • Pumps.
  • Boilers.
  • Gas turbine-based cp-generation and combined cycle plants.
  • Pressure vessels, reactors.
  • Diesel engine-based power plants.
  • Steam turbine-based power plants.

16. HFCL – Multibagger Penny Stocks For 2025

HFCL manufactures telecommunication equipment, optical fiber cables, and intelligent power systems. HFCL has implemented over 25,000 2G/3G cell sites and rolled out over 1,00,000 kilometers of optical fiber cable networks for telecommunication companies, railways, gas & oil industry, and high-security applications as required by the defense and internal security establishments.

HFCL is focused on serving new growth opportunities like railways, smart homes, smart cities, and defense.

Also read: HFCL share price target.

Products & Services


  • Optical fiber cables.
  • Telecom equipment.
  • Electronics.


  • Telecom networks.
  • Railways telecom networks.
  • Safe & smart cities.

HFCL offers its products and services in four major sectors, which are telecom, defence, railway, and security & surveillance.

Offerings in telecom sector

  • Optical fiber.
  • Optical fiber cables.
  • WI-FI products.
  • High-capacity radio relay.
  • Switches.
  • Passive connectivity solutions.
  • Routers.
  • Passive optical network.
  • 5G small cell & 5G macro radio unit.

Offerings in defence sector

  • Night vision devices, electronic fuses.
  • OFC and optical transport network.
  • Fiber monitoring and management systems.
  • Routing network.
  • Microwave radio backhaul solutions.
  • Ground surveillance radar.
  • Uncooled engine core.
  • Software-defined radio.

Offerings in railway sector

  • Passenger information display system.
  • Fiber optic transmission system.
  • CCTV video surveillance system.

Offerings in security & surveillance sector

  • Video management system.
  • Video analytics.
  • Automatic number plate recognition.
  • Red light violation detection system.

Customers of HFCL

  • JIO.
  • Tata .
  • Airtel.
  • Vodafone IDEA.
  • Nokia.
  • BSNL.
  • Raitel.
  • L & T.
  • Indian oil.
  • HP petroleum.
  • Bharat electonics.
  • ITI limited.
  • Bharat petroleum.
  • Gail.
  • Powergrid.

HFCL’s customer base is very strong, almost every customer of HFCL is a big company.

The reason why HFCL is the best stock below rs 50 in India is HFCL plays a major role in optical fibers, due to the adoption of the new 5G technology HFCL will benefit a lot from it.

17. International Conveyors

International Conveyors Limited is engaged in manufacturing and marketing of solid woven fabric reinforced PVC impregnated and PVC covered fire retardant, anti-static conveyor belting. It enjoys around 45% share of the Indian PVC mine conveyor belt market. Purchases in India are made through global and domestic tenders and ICL has demonstrated time and again its global competitiveness.

Besides producing for Indian market, ICL also produces and exports a large volumes of PVC Belts to USA, Canada, South Africa, and Australia.

ICL has developed PVC conveyor belting, tailor-made to meet USMSHA (Mine Safety and Health Administration), CAN CSA (Canadian Standards Association), Test Safe Australia (Australian Standard), and SABS (South African Bureau of Standards) requirements, besides DGMS (Directorate General of Mines Safety), India.

ICL has one of the best conveyor belting test facilities. A fully equipped test laboratory conducts tests of incoming raw material & all finished products, including tests for flame, static conductivity, drum-friction, limited oxygen index, etc. Besides, physical tests like tensile strength, elongation, tear, adhesion, fastener holding, through ability, finished belt and cover thickness etc., are also done as routine tests.

18. NBCC – Multibagger Penny Stocks For 2025

National Buildings Construction Corporation (NBCC) was incorporated in November 1960 as a wholly-owned Government of India undertaking under the erstwhile Ministry of Works, Housing & Supply, which is now known as the Ministry of Urban Development (MoUD).

NBCC (India) with its headquarters in Delhi, today, holds the status of Navratna CPSE and has emerged as the undisputed leader in the Construction Sector on the back of its capabilities, innovative approach, adherence to the highest standard of quality, timely delivery, and a dedicated workforce. 

NBCC’s areas of operation encompass three Primary Segments namely:

  • Project Management Consultancy (PMC): Executing landmark projects in diversified sectors as also Redevelopment Projects for Government.
  • Engineering Procurement & Construction (EPC): Working in a niche market and constructing Chimneys, Cooling Towers for Power Sector.
  • Real Estate Development: Developing Residential and Commercial inventories for Governments and the Public at large.

Also read: NBCC share price target.

Share Holding Pattern

NBCC share holding pattern

Revenue From Operations

Multibagger Penny Stocks For 2025

Profit Before Tax

Multibagger Penny Stocks For 2025

19. Engineers India

Today, EIL is a ‘Total Solutions’ engineering consultancy company providing design, engineering, procurement, construction, and integrated project management services from ‘Concept to Commissioning’ with the highest quality and safety standards. It also provides specialist services such as heat and mass transfer equipment design, environmental engineering, specialist materials, and maintenance and plant operations and safety services.

With a corporate office in New Delhi, EIL also operates from its office in Gurugram, branch office in Mumbai, three regional engineering offices in Kolkata, Chennai & Vadodara and has inspection offices at all major manufacturing locations of the country. The company’s overseas presence is marked by an engineering office in Abu Dhabi, which caters to the business needs in UAE/Middle-East region. Additionally, there are offices in London, Milan and Shanghai to coordinate the activities of international procurement and marketing.

The company is engaged in the construction and maintenance of industrial facilities such as refineries, chemical plants, etc. The company also engaged in architectural and engineering activities and related technical consultancy. The company also helps its clients with management consultancy activities. Additionally, the company is also in research and experimental development on natural sciences and engineering.

20. Winsome Textile Industries 

All their spinning units are equipped with the latest machinery from Reiter, Lakshmi, Schlafhorst, and Murata. Special stress has been given to minimize contamination, both at pre-spinning and post-spinning stages by adding machines like Vision Shield in Blow Room and Schlafhorst-338 with LOEPFE – 9001 (SIRO CLEANER) Contamination Control Channel at the winding stage.

The dye house is a fully imported plant with a precision winder from SSM, dyeing vessels from Cubotex, hydro extractor from Galvanin & R/F dryer from Stalam.

The product range of the company includes:

The Company’s principal activity is to manufacture yarn. It manufactures cotton yarn containing 85% or more cotton, containing less than 85% cotton, and synthetic staple fiber yarn containing 85% or more of acrylic.

  • 100% Cotton   
  • 100% Acrylic 

Cotton Blends with : 

  • Viscose  
  • Polyester 
  • Modal   
  • Silk    
  • Wool   
  • Acrylic  
  • Flax/Linen

Share Holding Pattern

Multibagger Penny Stocks For 2025

21. Visa Steel

VISA Steel is a leading player in the Indian Special Steel and Ferro Chrome. It has its Registered office in Bhubaneswar; Corporate office in Kolkata and Branch offices across India.
The company has a presence in countries like India, China, Australia, Indonesia, Switzerland, UK and Hong Kong.

In 2013 VISA Steel Limited and SunCoke Energy, Inc. formed their coke-making joint venture in India. 

Manufacturing facilities

The company’s manufacturing facility, located at Kalinganagar, has a production capacity of 225,000 tonne per annum (TPA) of pig iron, 4,00,000, 50,000 TPA ferrochrome, and TPA of coke oven.

VSL’s Golagaon manufacturing facility has a chrome ore beneficiation plant and a chrome ore grinding plant with an installed capacity of 1,00,000 TPA each.

22. Bliss GVS Pharma

It is among the world leaders in Suppositories and Pessaries dosage forms with one of the largest portfolios in this segment. Over the last decade, it has acquired definitive know-how in other dosage forms & therapeutic segments, which is exemplified by its ever-expanding product offering across more than sixty countries. With significant expansion in R & D, Manufacturing & Marketing capabilities, the company is poised for an accelerated rate of growth which makes for very exciting times at Bliss GVS.

Business area of the company

It is a fast-growing Pharmaceutical Company with a proven track record of developing, manufacturing, and marketing high-quality pharmaceutical formulations at affordable prices for the global market. The company’s most unique product is ‘Today Vaginal Contraceptive’, a safe female contraceptive aimed at furthering Planned Parenthood and is also an established method for preventing conception.

Bliss also manufactures to US specification vaginal pessaries of Clotrimazole & Povidone Iodine in addition to Anal Suppositories for treatment of piles. The company also manufactures a wide range of Pessary Formulations, Suppository Formulations, Calcium Preparation, Protein Powders, Iron Preparation, Antibiotics, Analgesic & Antipyretics, Respiratory, Anti-inflammatory, Dermatological Preparations, and Anti-Diarrhoeal products.

23. Zee Learn

Zee Learn is one of the leading companies in Education in India with the fastest growing chain of K-12 schools and India’s No 1 chain of pre-schools in its portfolio.

Zee Learn acts as a consultant to local entrepreneurs who wish to set up K-12 schools, under its brand name Mount Litera Zee Schools and provides end-to-end Education management and Advisory services.  Mount Litera Zee Schools is now the second-largest chain of schools in the private-unaided category with 65 schools in 48 cities. Launched in December 2008, 50 schools signed up in one year making Mount Litera Zee School the fastest growing school chain in India.

Zee Learn also runs India”s No. 1 chain of pre-schools, Kidzee with more than 700 pre-schools in more than 300 cities. Kidzee is a pioneer in organized and standardized pre-schooling in the country. Kidzee has touched the lives of more than 150,000 children since its inception in 2003. During the current FY 2010-11 Kidzee has seen enrolment of more than 36,000 students.

Enabled by its extensive experience in understanding of education and learning, Zee Learn is extending its services to other schools. Zee Learn School Innovations works with existing schools to improve their student outcomes and efficiency through a School Audit that identifies improvement areas.

Zee Learn has also tied up with Gakken Education Co. with an aim to bring the best of Japanese education in the field of science to schools in India. The Zee Learn Gakken Science Academy intends to improve conceptual understanding and develop scientific temper amongst students by providing hands-on experiment tools.

In the wake of the recent increase in disposable incomes in the country and rising awareness of global standards of education amongst parents, there is a demand for international standard pre-schools. To meet this requirement, Zee Learn plans to launch a chain of Premium preschools called Mount Litera World Preschools. These pre-schools would be company owned or joint ventures with progressive individuals or entities.  

24. Balaji Telefilms

Balaji Telefilms, a media company, was incorporated in 1994. It has 32 state-of-the-art studios. It is a leading content provider in the television segment. It started operations in 1995-96 with serials like Mano Ya Na Mano and Hum Paanch. The company occupies a dominant space in the television content creation space, with the No.1 show on Indian television to its credit and all of its shows among the Top 50 on television. Currently its producers of several leading serials on major channels like Star Plus, 9X, Sony TV, Zee TV, and SUN TV network.

Balaji has produced over 15,000 hours of television content since its inception, including content in Hindi, Tamil, Telegu, Kannada and Malayalam.

The company owns 33 modern studios and 32 editing suites, more than any Indian company in the field of entertainment.

It has a subsidiary named  Balaji Motion Pictures, which is engaged in production of films and Balaji Telefilms FZE, engaged in providing content to leading channels in Sharajah.

Balaji Telefilms has produced top-rated serials like Hum Paanch, Kyunki Saas Bhi Kabhi Bahu Thi, Kahaani Ghar Ghar Ki and Kasamh Se, amongst others. Balaji has also diversified itself into all the 4 screens by bringing in new teams for the motion pictures, internet and mobile space. The company has also evolved with the times and significantly corporatized itself, bringing in a Group CEO and experienced professional team for driving the future strategic direction of the company.

It has also produced and distributed movies like Kya Kool Hain Hum, Shoot out at Lokhandwala, Sarkar Raj, Bhool Bhulaiya, KKompany and Mission Istanbul.

Hoonur is its recently-launched online portal for media professionals and entertainment consumers. The brand is used in the online and mobile space both for the entertainment portal and for user-generated content.

25. Ashoka Buildcon

Ashoka Buildcon Ltd. is engaged in Engineering, Procurement and Construction, Operations and Maintenance of Roads & Highways. The Company is the Flagship Company of the Group, which comprises the Subsidiaries, step down subsidiaries, and an intermediate holding company. The Company has formed various Special Purpose Vehicle(s) for the implementation of Projects awarded to it by various Government Agencies and National Highway Authority of India (NHAI).

Ashoka has worked in many states across the country, and completed prestigious projects for Central as well as State Governments. Overseas it is constructing road network for Housing Development Corporation in the Republic of Maldives. The company is one of the first Indian infrastructure companies to be certified for Integrated Management Systems, which encompasses ISO certification for Quality, Occupational Health and Safety and Environment.

The company is strengthened with a strong talent pool of technical as well as support staff. It’s strong financials give it the ability to bid and execute large-scale projects.

Multibagger Penny Stocks For 2022, 2023, 2025, 2030

NameMarket Cap
IDFC First Bank₹21,328
Ujjivan Small Finance Bank₹2,773
Federal Bank₹17,889
FCS Software₹512
3i Infotech
Urja Global₹685
Syncom Formulations₹730
Auro Laboratories₹57
Ashapuri Gold Ornament₹151
NACL Industries₹1,423
International Conveyors₹387
Engineers India₹3,304
Winsome Textile Industries₹165
Visa Steel₹187
Bliss GVS Pharma₹789
Zee Learn₹218
Balaji Telefilms₹554
Ashoka Buildcon₹1,995

Multibagger Penny Stocks For 2022, 2023, 2025, 2030 List

  • IDFC First Bank.
  • Subex.
  • NHPC.
  • Ujjivan Small Finance Bank.
  • Federal Bank.
  • Trident.
  • FCS Software.
  • RVNL.
  • 3i Infotech.
  • Urja Global.
  • Syncom Formulations.
  • Auro Laboratories.
  • Ashapuri Gold Ornament.
  • NACL Industries.
  • BHEL.
  • HFCL.
  • International Conveyors.
  • NBCC.
  • Engineers India.
  • Winsome Textile Industries.
  • Visa Steel.
  • Bliss GVS Pharma.
  • Zee Learn.
  • Balaji Telefilms.
  • Ashoka Buildcon.


Which Penny stock can become multibagger?

The below-mentioned 25 stocks can become multibaggers in the long run.
IDFC First Bank.
Ujjivan Small Finance Bank.
Federal Bank.
FCS Software.
3i Infotech.
Urja Global.
Syncom Formulations.
Auro Laboratories.
Ashapuri Gold Ornament.
NACL Industries.

What are Multibagger Stocks?

Multibagger stocks describe the characteristic feature of the shares and do not refer to a separate category of shares. These shares have a significantly high potential to grow and earn profits for the firm compared to other shares. Most often, these stocks are undervalued and flourish in emerging markets like India. There is a set of criteria that determines what stocks have the potential to become multibagger and what stocks do not.

What are Multibagger Penny stocks?

Multibagger Penny Stocks are identical to penny stocks; the only difference is that their price rises every once in a while from the time you invest. If an investor invests in a stock priced at Rs. 10 and the price rises to Rs. 20, the stock is known as a two-bagger. Similarly, if the price exceeds Rs. 30, it is referred to as a three-bagger, and so on. When the price reaches Rs. 20, it is a 100% profit, and when it reaches Rs. 30, it is a 200% profit and continues to rise. This is known as Multibagger Penny Stocks.