Wealth creators of 2024: Top 5 stocks which doubled investors' money

As the year comes to an end, investors always look back at the stocks that performed the best. 2024 has been a year where the market reached new highs and maintained strong momentum until the end of September. Although the market has since corrected, it is noteworthy to examine which stocks delivered the best performance.

Let us look at the Nifty Midcap 100 and Nifty Smallcap 100 universe—the stocks that minted wealth for investors in 2024.

Oracle Financial Services Software (YTD return: 183%)

The company provides financial software, custom application development, IT, and outsourced business processing services to the financial services industry.

As of now, the market capitalisation of the company stands at ₹1,05,623 crore. This stock is one of the mid-caps that doubled this year. Based on the TTM, the ROCE of the company is an impressive 39%.

The sales CAGR over the last 5 years is at 5.1%. Although the growth might not be as impressive as other players on the list, the OPM is an impressive 44% (FY24). Over the same period, with about 5% sales CAGR (5Y), the net profit CAGR is at 9.9%—showcasing the operating leverage of the business.

The stock has delivered an impressive 183% return YTD.

Dixon Technologies (YTD return: 167%)

The company is an EMS player with operations spanning various electronic product verticals. It is one of the largest players in LED TV manufacturing and an ODM player in lighting and multiple other SKUs.

As of now, the market capitalisation of the company stands at ₹1,05,025 crore. This stock is among the mid-cap universe that doubled this year. The company is expected to be a key beneficiary of strong traction from its mobile customers.

The sales CAGR over the last 5 years is at 43%, and during the same period, net profit expanded more than 5 times, boosting the share price significantly. The stock has posted an impressive 167% return YTD.

Blue Star (YTD return: 126%)

The company manufactures air purifiers, air coolers, water purifiers, cold storage, and speciality products. About 94% of its revenue comes from India, but it has a global footprint and exports HVACR products and solutions to 18 countries.

As of now, the market capitalisation of the company stands at ₹43,532 crore. This stock is one of the small caps that doubled this year. A significant portion of the company’s revenue comes from industrial cooling solutions, with strong growth driven by tier 3, 4, and 5 towns, growing at over 20%.

The sales CAGR over the last 5 years is at 13%. During the same period, profit expanded 2.2 times, explaining the stock price movement. The stock has doubled this year, posting an impressive 126% return YTD.

Kaynes Technology India (YTD return: 149%)

The company is a leading end-to-end IoT solutions provider and an integrated electronics manufacturing company with over three decades of experience in the space.

As of now, the market capitalisation of the company stands at ₹41,508 crore. This stock is one of the small caps that doubled this year. The company has strong revenue visibility, with its order book increasing from ₹5,038 crore in June 2024 to ₹5,422 crore by September 2024.

The sales CAGR over the last 5 years is an impressive 29%, with FY24 profit margins at 9.9%. Net profit expanded by 14 times over the last 5 years, showcasing the company’s strong performance.

The stock has doubled this year, delivering an impressive 149% return YTD.

Central Depository Services (India) (YTD return: 110%)

The company is a market infrastructure institution and an integral part of the capital market ecosystem, providing services to all market participants.

As of now, the market capitalisation of the company stands at ₹40,094 crore. This stock is one of the small caps that doubled this year. It is the largest depository in the country by active demat accounts, becoming the first depository to exceed 13.5 crore registered demat accounts as of September 30, 2024.

The sales CAGR over the last 5 years is an impressive 33%, with FY24 profit margins at 51%. Net profit expanded by 3.6 times over the last 5 years, underpinning the stock’s strong performance.

The stock has doubled this year, posting an impressive 110% return YTD.