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May 09, 2026, 11:49:10 AM IST
Penny stocks are often seen as the riskiest corner of the market, associated with low liquidity, sharp volatility and speculative trading. But over the last five years, a handful of forgotten microcaps have delivered extraordinary wealth creation. Data compiled by ETMarkets shows several stocks that traded below Rs 20 in May 2021 have now become Rs 3,000 crore to Rs 12,000 crore companies, powered by themes such as defence, renewables, railways and infrastructure.
ETMarkets.com
2/11
Diamond Power Infrastructure
In May 2021, Diamond Power Infrastructure was trading at just Rs 0.07. Five years later, the stock trades around Rs 167, a rise of nearly 2,39,000%. During the same period, its market cap jumped from Rs 18.9 crore to Rs 8,819 crore, turning one of Dalal Street’s cheapest stocks into a serious infrastructure play.
3/11
Waaree Renewable Technologies
Waaree Renewable Technologies traded at Rs 13.93 in May 2021. It now trades above Rs 1,000, delivering more than 70 times returns. Its market value expanded from Rs 145 crore to over Rs 10,600 crore, as the company rode India’s solar capex boom.
AP
Shares of KPI Green Energy climbed from Rs 6.72 to Rs 455.85 in five years, translating into gains of nearly 6,700%. Its market capitalisation surged from Rs 109 crore to nearly Rs 9,000 crore, reflecting investor appetite for renewable energy developers.
Agencies
Defence electronics player Apollo Micro Systems moved from Rs 10.68 in 2021 to Rs 308.30 in 2026, generating nearly 29 times returns. Its market cap rose from Rs 222 crore to more than Rs 11,000 crore, supported by strong domestic defence procurement.
ETMarkets.com
Railway equipment maker Jupiter Wagons rose from Rs 16.65 to Rs 296.70 over five years. The stock created nearly 18 times wealth, while its valuation expanded from Rs 149 crore to Rs 12,680 crore, making it one of the biggest beneficiaries of railway capex.
ETMarkets.com
Defence communications company Avantel traded at Rs 6.67 in May 2021 and now trades around Rs 151.35. The stock delivered over 22 times returns, while its market cap grew from Rs 171 crore to more than Rs 4,000 crore.
ETMarkets.com
Punjab-based real estate developer AGI Infra climbed from Rs 7.16 to Rs 367.10 during the period. Its market value expanded from Rs 87 crore to Rs 4,589 crore, as the company benefited from housing demand and project execution.
ETMarkets.com
9/11
Transformers & Rectifiers India
Power equipment maker Transformers and Rectifiers India rose from Rs 10.48 to Rs 322.45 in five years. Its market capitalisation jumped from Rs 278 crore to Rs 9,679 crore, driven by transmission capex and grid expansion.
IANS
10/11
Lloyds Engineering Works
Lloyds Engineering Works traded at just Rs 1.45 in May 2021. Today, the stock changes hands near Rs 59.66, generating over 40 times returns, while its market cap expanded from Rs 154 crore to Rs 8,830 crore.
ETMarkets.com
11/11
Knowledge Marine and Engineering
Marine infrastructure company Knowledge Marine and Engineering Works surged from Rs 18.50 to Rs 2,206.85 over five years. Its market capitalisation grew from Rs 38 crore to Rs 5,394 crore, reflecting strong execution in port and dredging contracts.
ANI
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