Historical multi-baggers: Lupin, Eicher Motors, Westlife Foodworld, MMTC, Divi's Labs, Bharat Forge, Welspun India, Bosch, and ICICI Bank are among the 269 stocks from the existing NSE500 universe that have given over 10 times total returns within 5-year rolling periods over the past 20 years, a recent report by Goldman Sachs shows.

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Rolling returns, also known as "rolling period returns" or "rolling time periods," are annualised average returns for a period, ending with the listed year. Rolling returns are useful for examining the behaviour of returns for holding periods, similar to those actually experienced by investors, Investopedia explains. 

Some of the other names include Cyient, AstraZeneca Pharma India, Tata Elxsi, KEC International, and IndusInd Bank. ITI, Shree Renuka Sugars, Tata Chemicals, and Engineers India are also on the list. 

As regards IndusInd Bank, ICICI Securities, in their Q4 review note, mentioned that higher than industry credit growth, selective lending with emphasis on high yield segments, and moderation in credit cost will aid improvement in return on assets (ROA) to nearly 1.9 per cent overFY24–25E. The brokerage has a "buy" call on the stock with a 12-month target of Rs 1,450.

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On Eicher Motors, JM Financial has a "buy" call with a target price of Rs 4,050. They wrote, "With the recent softening in RM inflation, margin pressure is expected to be largely behind. With the improvement in underlying demand sentiment (especially in the premium segment) and product interventions, we believe the company is back on its growth trajectory. Cost control initiatives and positive operating leverage are expected to support margin performance."

Here's the full list:

 

Source: Goldman Sachs report