Multibagger stock: Electrosteel Castings zoomed over 380% in a year; is there more upside left?
Electrosteel Castings (ELSC). A year ago, shares of Electrosteel Castings were priced at ₹33.85 each. Today, they are trading at ₹163.25, marking an impressive gain of 382%.
What's particularly notable is the stock's consistent positive performance, with 8 out of the last 11 months ending with gains, including a substantial 57% increase in January. Also Read: Elara Securities sets record target prices on multibagger PSU stocks PFC and RECL Taking a broader view, the stock has soared by 2062% from its low of ₹7.55 in 2020. Looking at its annual performance, it yielded returns of 91% in CY20, followed by 57% and 6.22% in the subsequent two years.
In CY23, the stock saw an outstanding return of 190%, and so far this year, it has surged by 47%. Electrosteel Castings is the market leader in India, with a 20% market share in the domestic DI pipe industry (in volume terms). It was the first company to introduce DI pipe products to the domestic market in 1994.
Ever since, the company has always remained the market leader in this space due to regular expansions in its core-focused product – DI Pipes and Fittings, based on the needs of the industry. The company commands 60% of the nation’s exports and is the sole Indian company to have global accreditations from major global rating agencies, said B&K Securities. Also Read: This Adani Group stock soared 295% in a year, gained over 5700% in 5 years Its diverse market presence, focus on high-value DI fittings, esteemed product quality, and vertically integrated operations guarantee competitive production costs, establishing a clear distinction from competitors.
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