High Return Stocks in India over the Last Decade

Summary 

Over the past ten years, the Indian stock market has created extraordinary wealth. While the indices have given decent returns, a few individual stocks have delivered much better returns. Bajaj Finance, Reliance, TCS, HDFC Bank, and others are among the high return stocks.

Introduction

The Indian stock market has seen tremendous growth in the last ten years, with many companies delivering huge returns to patient investors. Market fluctuations are a reality, but some fundamentally sound companies have delivered impressive returns. Investing in such high-return shares demands patience, diligence, and a long-term perspective. 

Here, we’ll see some of the most profitable stocks in India.

Key Highlights

• The last decade has witnessed exponential returns by large-cap and blue-chip Indian companies.
• Financials and IT led the market, with telecom seeing strong consolidation-driven gains. 
• Sustainable growth, capable management, and good governance practices are the key characteristics of successful growth.
• Fundamental analysis is essential to building long-term wealth and avoiding losses.

Top Large-Cap Stocks That Give the Highest Returns in the Last 10 Years

Note: The above figures are as of April 2026 and are subject to change. Prices are adjusted for major corporate actions where applicable; minor variations may exist. 

1. Bajaj Finance 

Bajaj Finance started as a two-wheeler finance company and became India’s most respected NBFC and one of the best return stocks of the decade. Its tech-led lending model, cross-selling, and risk management enabled it to grow AUM at double-digit rates. 

The stock saw a sharp decline during COVID-19 but recovered quickly due to strong fundamentals. Its pioneering investments in digital lending have yielded rich dividends, making it a good place for patient investors to hold through short-term regulatory and interest rate uncertainty.

2. ICICI Bank 

ICICI Bank’s revival is a classic Indian banking success story, and a stock with good returns over any timeframe. 10 years ago, the bank had high NPAs and investor concerns. A new management team prioritized retail loans, cleared the corporate ledger, and developed iMobile Pay, one of the largest banking apps in India. Quarterly earnings moved from negative to double-digit growth, and Return on Assets (ROA) and Return on Equity (ROE) improved steadily as net interest margins expanded in the Indian economy following demonetization.

3. Reliance Industries 

Reliance Industries is one of the highest-return stocks in India‘s large-cap segment. It transformed itself twice in the past decade – first with Jio, a telecom disruptor with 450 million users, and then with Reliance Retail, which is now the country’s biggest retailer. It’s now making a big bet on green energy and solar panel manufacturing. It is the most valuable company in the country, with a market capitalization of over ₹18 lakh crore, and a proxy for India’s consumption, digital, and energy transitions.

4. SBI

India’s largest public sector bank overcame a massive bad-loan problem, a government capital infusion support, and digital disruption. SBI’s extensive branch network, low-cost deposit base, and improving asset quality ensured steady profit recovery. Its digital side, YONO, gained millions of users every year. With 10 years of cumulative growth and improving ROCE, SBI demonstrated the power of scale, franchise, and long-term capital allocation around even the most challenged public sector banks.

5. Bharti Airtel

Airtel’s rebound after the Jio onslaught is a great comeback story of corporate India. It culled unviable customers, targeted high-value customers, reduced debt, and invested heavily in corporate and home broadband services. With a ROCE (approx., recent years) of 13.48% and market capitalization of ₹11.1 lakh crore, it is a leaner, meaner, smarter, and more profitable machine. Airtel’s foray into Africa also added diversity and growth, making it a well-rounded choice for high-return stocks in India.

6.Larsen & Toubro (L&T)

L&T had a strong decade of growth thanks to India’s infrastructure boom. The company benefited from government infrastructure spending on roads, railways, ports, and defense, which increased its order book to record highs. L&T also provided technology and financial services. Its 10-year growth demonstrates its ability to deliver mega-projects. L&T’s strong balance sheet and engineering expertise position it as the default beneficiary whenever India scales up its capital expenditure programs.

7. HDFC Bank

HDFC Bank is India’s most disciplined private sector bank – safe, consistent, and seldom disappointing. Year after year, decade after decade, consistent loan growth, low NPAs, and superior return ratios built a formidable franchise. 

Since its merger with HDFC Ltd., it has been in a consolidation phase that has slowed growth. Yet, its 10-year capital growth of ₹ 5.5 lakh Cr is the best amongst private lenders, establishing its credentials as one of the most consistent long-term stocks of the Indian stock market.

8. Hindustan Unilever (HUL)

HUL is the quintessential compounder – trusted brands across all income segments, from rural sachets to urban luxury. More than 50 brands across food, home care, and personal care deliver incredible pricing and distribution strength. A ROCE of 27.85% and 10-year wealth creation of ₹ 4 lakh Cr demonstrate its multi-sector business power.

9. TCS 

TCS is one of India’s most profitable IT stocks, benefiting from a global trend of digitalization and cloud computing. With an excellent ROCE of 63.03% (the highest on this list), TCS generates substantial free cash flow and regularly returns it to shareholders through buybacks and dividends. With its dollar-based revenues providing a natural hedge against rupee depreciation, it is a reliable wealth compounder for both growth and income investors across market cycles. 

10. Infosys 

Infosys led a remarkable turnaround in the Indian IT sector and is now one of the best-performing stocks in India. Following high attrition and a lack of focus, a new CEO team took over in 2017, concentrating on mega-deals globally in cloud, artificial intelligence, and cybersecurity. Infosys restored trust with global Fortune 500 clients. Its 40.31% return on capital employed (ROCE), robust free cash flow, and steady dividend yield made it a staple in the portfolios of long-term equity investors.

Top High Return Stocks for 2016-2026 in India (MidCap & Small Cap Segment)

Here is a list of top mid-cap & small-cap stocks that offer the highest returns in the last 10 years.

Note: The above figures are as of April 2026 and are subject to change. Prices are adjusted for major corporate actions where applicable; minor variations may exist. 

How to Find a High Return Stock to Invest in? 

To select a high-return stock, you need to combine strong fundamentals with a favorable valuation. 

Here’s what to look for:

• Healthy Sales & Profit Growth – Check 5-year sales and profit growth of more than 15%, and increasing Earnings Per Share (EPS)
• Return on Equity (ROE) – ROE between 10-20% indicates the company is generating strong returns on its shareholders’ capital.

• Low Debt – Maintain a debt-to-equity ratio under 0.6 for financial stability
• Fair Valuation – Compare P/E and P/B with industry averages rather than fixed thresholds. 
• Moat – Look for a company with a strong brand, IP, or switching costs that ensure market share
• Management Quality – A growth in promoter buying indicates that the business outlook is improving.
• Positive Cash Flow – Profitability and strong free cash flows indicate quality profits. 

Note that these metrics are a starting point for research, not the end of it. Supplement this data with a deep dive into the company’s annual reports, management commentary, and industry-specific risks. Remember that stock prices are also heavily influenced by broader market movements and external economic factors, so always conduct your own research before investing.

Conclusion

India’s top wealth-creating companies over the past 10 years have one thing in common: they addressed large-scale problems. Whether it was Bajaj Finance making credit accessible to the masses, Jio bringing millions online, TCS helping global corporations digitize, or HUL bringing consumer brands to the masses – these businesses thrived as India grew.

The most important lesson for investors is that the next set of most profitable companies in India will come from similar trends. Identifying them early, holding through the ups and downs, and focusing on the fundamentals of business is crucial.