RCB, RR value zoom upto 51x in 18 yrs; 107 multibagger stocks outperformed these IPL teams

As the Indian Premier League (IPL) gears up for its 19th edition on Saturday, March 28, the recent surge in valuations of franchises such as Royal Challengers Bengaluru (RCB) and Rajasthan Royals (RR) highlights the staggering returns generated by the league. Yet, more than 100 stocks on Dalal Street have delivered even bigger gains over the same period.

To recall, Bengaluru-based franchise Royal Challengers Bengaluru was sold at Rs 450 crore and Jaipur-based Rajasthan Royals was auctioned for nearly Rs 300 crore, with their respective selling price of Rs 16,600 crore and Rs 15,300 crore, yielding a return of nearly 37 times and 51 times, respectively.

Interestingly, the data from ACE Equity suggest that at least 107 equity shares have outperformed their returns since March 31, 2008. One should note that the report includes only those companies which were listed on the exchanges back then and debutants from April 1, 2008 are not included. Also, only top 1,000 companies have been considered for the article.

Leading the multibaggers, Caplin Point Laboratories Ltd tops the ladder board with up to 1,06,280 per cent, or 1,064 times return. The stock zoomed to Rs 1,595.70 on March 25, 2026 compared to close at Rs 9.76 on March 31, 2008. An investment of Rs 10,000 would have become nearly Rs 1.64 crore today.

It was followed by Jyoti Resins & Adhesives, Avanti Feeds, Cupid Ltd, Stylam Industries and Ajanta Pharma Ltd which have jumped 790 times, 641 times, 538 times, 413 times and 404 times, respectively, turning an investment of Rs 10,000 into Rs 40 lakh to Rs 79 lakh, as per their returns.

Other stocks likes Gujarat Themis Biosyn, Piccadily Agro Industries, Eicher Motors Ltd, Bajaj Finance Ltd, JBM Auto, Arman Financial Services, Privi Speciality Chemicals, Choice International, Kalind, Algoquant Fintech, Frontier Springs and  Poly Medicure have soared 25,000-30,000 per cent during the last 18 years period, since the IPL commenced.

Astral, UNO Minda, ASM Technologies, Pondy Oxides & Chemicals and TVS Motor Company are other stocks which have zoomed more than 20,000 per cent, or 200 times during the last 18 years, dwarfing the result of IPL teams' returns.

TechNVision Ventures, Amal, Vinati Organics, Tasty Bite, Lumax Auto, Solar Industries, Force Motors, APL Apollo, Navin Fluorine, Vidhi Specialty, Avantel, Relaxo, Vadilal Enterprises, SRF, Torrent Pharma, Deepak Nitrite, Carysil, Omega Interactive, Titan Bio-Tech, Kovai Medical Center,  Atul, Indo Count, Sika Interplant, Bharat Rasayan, Shilchar Tech , Gabriel India, Dr Agarwal's Eye Hospital are other top stocks which surged more than 10,000 per cent during the period under review.

But stocks that outperform usually have a very different engine underneath them. They operate in sectors with a long growth runway, keep gaining market share, and convert that growth into free cash flow rather than just excitement. The first filters should be consistent sales and earnings compounding, high return on capital, low debt, and management integrity, said Harshal Dasani, Business Head at INVasset PMS.

"Investors should look for businesses where the addressable market is expanding faster than the broader economy, where promoters have execution credibility, and where pricing power protects margins through cycles. It is also important to avoid stories driven only by leverage, dilution or a temporary commodity tailwind," he adds