The Five-Year Surge: How 20 Covid Stocks Expanded 50x

It has been five years, and yet 2020 remains as fresh a memory as yesterday. The lockdown caused businesses and the stock market to go into a slumber. However, the market post-COVID has recorded a strong rebound over the last five years, such that in 2025, twenty stocks that were seen as risky investments in 2020 recorded a return of nearly 50 times this year. What caused the surge? Let’s decode.

List of COVID Stocks That Grew 50x:

Company Name	Previous Close (Rs.)	Price Change in 5 years (%)	1-year Return %	Net Profit (FY2024) (Rs. Cr.
PG Electroplast	936.9	331.29	361.12	137.01
Transformers & Rectifiers (India)	514.75	181.19	120.46	47.01
CG Power and Industrial Solutions	615.95	117.66	12.15	1004.36
Zen Technologies	1,453.60	57.78	40	129.5
BSE	5,620.85	57.33	90.87	699.84
Gravita India	1,781.60	54.13	57.38	242.28
BLS International Services	404.25	54.11	10.09	325.62
HBL Engineering	528.5	47.13	1.8	262.66
Sarda Energy & Minerals	528.9	46.65	123.12	508.63
Jupiter Wagons	376.45	45.8	-5.3	333.74
Elecon Engineering Company	455.1	45.45	-11.71	349.7
Neuland Laboratories	12,052.55	41.92	76.12	300.08
Action Construction Equipment	1,298.70	38.8	-18.73	328.2
Godawari Power And Ispat	206.2	36.73	35.6	922.18
Inox Wind	158.56	33.77	14.91	-50.78
Reliance Power	43.16	32.55	24.02	-2242.18
Tata Teleservices (Maharashtra)	59.94	31.86	-29.32	-1228.44
Suzlon Energy	57.49	31.27	29.03	660.35
Titagarh Rail Systems	825.7	30.11	-17.16	291.04
NAVA Limited	524.95	28.79	94.56	1255.32

Overview of The Top COVID Stocks That Gave 50x Returns in 5 Years

1. PG Electroplast Limited:

PG Electroplast Limited (PGEL), the flagship company of PG Group, was incorporated in 2003 and has grown into a leading provider of Electronics Manufacturing Services (EMS) in India. The company specializes in Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM), and plastic injection molding, catering to over 45 Indian and global brands across consumer durables, consumer electronics, bathroom fittings, and automotive industries.

With over 3,800 employees, PGEL has expanded its capabilities through capacity enhancements, diversification, and backward integration. The company reported a turnover of Rs.2,148 crores in FY2023 and has grown over 10 times in the last eight years, reaching Rs.2,760 crores in FY2024 at a CAGR of 34%. Sustainability initiatives include solar energy adoption and waste management programs, with nearly 50% of energy needs met through renewable sources. Source: Annual Report

2. Transformers & Rectifiers (India) Limited:

Transformers & Rectifiers (India) Limited (TRIL) manufactures power, furnace, and rectifier transformers, catering to power generation, transmission, distribution, and industrial sectors. Established in 1981 and headquartered in Ahmedabad, TRIL operates on a B2B model and has expanded its presence to over 25 countries, with more than 16,000 installations worldwide. 

The company offers diverse transformers, including power transformers up to 500MVA & 1200kV class, specialty transformers, series & shunt reactors, and mobile substations. TRIL has completed dynamic short circuit tests on over 135 transformers at recognized laboratories such as KEMA and CPRI. As of FY2024, the company reported its highest-ever order inflow of Rs.2,049 crores and a standalone revenue of Rs.1,273.31 crores. Source: Annual Report

3. CG Power and Industrial Solutions:

CG Power and Industrial Solutions Limited is a global enterprise providing end-to-end solutions for utilities, industries, and consumers in electrical energy management. Headquartered in Mumbai, the company has a legacy of over 86 years and operates in two key segments: Industrial Systems and Power Systems. It manufactures various products, including motors, drives, traction motors, propulsion systems, transformers, switchgear, and signaling relays, catering to industrial, power, and railway sectors. 

In recent years, CG has expanded into consumer appliances, including fans, pumps, and water heaters. The company operates manufacturing facilities across nine locations in India and one in Sweden. Now a part of the Murugappa Group, CG has focused on capacity expansion, investing Rs.220 crores in production. In FY24, it reported consolidated revenue of Rs.8,046 crores, reflecting a 15% YoY growth. The company also distributed an interim dividend of Rs.199 crores and received a credit rating upgrade to ‘IND AA+’/Stable. Source: Annual Report

4. Zen Technologies Limited:

Zen Technologies Limited is a defense technology company specializing in combat training and counter-drone solutions. Established in 1993 and headquartered in Hyderabad, India, the company designs develops and manufactures advanced simulation and security systems for the Indian armed forces, paramilitary forces, and state police. Its product portfolio includes training simulation equipment, anti-drone systems with a detection range of up to 4 km, and annual maintenance contracts. 

Zen dominates tank simulators, with a market share exceeding 95%. The company has expanded into international markets, particularly in the Middle East, Africa, and CIS countries. In FY24, it reported revenue of Rs.430.28 crores, marking a 167% increase from the previous year, with an order book valued at approximately Rs.1,402 crores as of March 31, 2024. Over the last five years, Zen has invested Rs.85+ crores in R&D and has applied for more than 155 patents. Source: Annual Report

5. BSE Limited:

BSE Limited, formerly the Bombay Stock Exchange, is India’s first stock exchange, established in 1875 on Dalal Street, Mumbai. It was also Asia’s first stock exchange and the first in India to receive permanent recognition under the Securities Contract Regulation Act of 1956. BSE provides a trading platform for equities, debt instruments, derivatives, mutual funds, and commodities. It is recognized for its trading speed of 6 microseconds, making it the fastest stock exchange in the world. 

The exchange introduced the S&P BSE SENSEX in 1986 as a benchmark for market performance and became India’s first listed stock exchange in 2017. In FY 2023-24, BSE reported a total income of Rs.1,617.90 crores, marking a 70% year-on-year increase, while its net profit grew by 97% to Rs.404.14 crores. The company also created a Capital Redemption Reserve of Rs.1,730.64 crores due to share buybacks. Source: Annual Report and Company Website

NIFTY50 During 2020-2025:

Between 2020 and 2025, the NIFTY 50 demonstrated positive growth, marked by periods of volatility and recovery. In 2020, the index rebounded strongly from the COVID-19-induced market crash, delivering a return of approximately 16.1%. This momentum continued in 2021 with a peak annual return of 24.6%, supported by strong corporate earnings and economic recovery. However, in 2022, market returns moderated to 4.3%, reflecting global uncertainties and inflation concerns. The index regained strength in 2023, posting a return of around 19.8%, driven by domestic inflows and economic resilience.

In 2024, the NIFTY 50 reached an all-time high of 26,277.35 in September before experiencing a correction, ultimately closing the year with a 9.4% gain. Despite some fluctuations, the positive trend extended into early 2025, with the index rebounding in March after earlier declines. Finally, as of 4th April 2025, NIFTY50 generated a return of 183.34%.

Bottomline:

The Indian stock market between 2020 and 2025 demonstrated a notable recovery and overall growth. The 50 times return by 20 stocks likely represents a confluence of a recovering market, specific sectoral booms fueled by government policies and global events, and company-level performance, potentially amplified by market enthusiasm surrounding the “COVID stock” narrative. 

Identifying such high-growth opportunities requires understanding macroeconomic trends, sector-specific dynamics, and a thorough analysis of individual company fundamentals. So the next time the market inclines towards one sentiment, analyze every factor and decide to invest accordingly. 

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