Companies with 20%+ growth guidance for next few years


I am starting this thread to list companies which has provided 20%+ growth guidance for next few years. Please feel free to add to the list. We can try to keep it updating after every quarterly concall or any growth guidance update from the management.

RK Forging - 20% rev growth for next 3 years

VST Tillers - growth of 25-30%. FY 23 - Target 1000 cr revenue, FY 26 - Target 3000 cr revenue

Gravita India - growth guidance of 25% for next 2-3 years

Permanent Magnet - 20-25% growth guidance

Focus Lighting - 30-40% growth for next 3-4 years

Jyoti Resin - 25% growth for next 3-4 years

Gensol engineering - Triple revenue from 400 cr to 1300 cr by FY24 and 5000 cr by FY25

Elecon Engineering - 30% growth guidance(FY 23 rev - 1530 cr, FY 24 guidance 2000 cr)

Spandana Sporty - FY23 rev 8511 cr, FY24 11500 cr, FY25 15000 cr

ACE - 25-30% growth guidance

Salzer electronics - 20-25% growth guidance FY24

Syrma SJS - 30-35% growth for FY24

Map my India - 30% revenue growth till FY26. Target to have 1000 cr rev by fy 27-28 from current 280 cr rev

Onward Technologies - Revenue to be up by 70% by FY26

RACL Geartech - Revenue to double by FY26

Pricol - Revenue to double by FY26

Avalon - Revenue to double by FY26

Menon bearings - Revenue to double by FY26

MapMyIndia - 35-40% CAGR for next 5 years; Revenue target of 1000cr by FY27/FY28

Shivalik Bimetal - 20% for next 5 years, Revenue target of 4X in 6-7 years

UGRO Capital - 60-70% growth expectations in next 2-3 years


Thank you for collating this. A quick clarification, this is Gravita India, right?


ADF Foods - 20% topline growth in FY24 and topline double by FY26


Isn’t this the same as SBCL, that you have included above?

kilburn engineering targetting 450-500 crore revenue by fy 25 end

angel one ( along with many other brokers)

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@kumars1672 what is the source of these company claims.? A link under each company would be a value addition and highly appreciated. Thanks.


yes i have the same question as Gravity india has been delivering mediocre results and very low promoter holding

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This can be useful thread if source of guidance is properly mentioned or screenshot attached.

Isn’t Broking a cyclical business? Incursion of a bear market can make the tyre flat


IMHO, a far more wide reaching action would be to somehow add guidance related information to or similar websites. Collating such information on a sequential thread such as this isnt much efficient. As the guidance can keep changing based on management commentary, I am not sure this can be easily tracked here.



The thing is to have some starting point and then one could track the company on a continuous basis.

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MAS finance also guiding 20-25 % CAGR in medium to longterm

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Hi All,

Thanks for your feedback and responses. I was not expecting such overwhelming responses. I have made correction in spelling of Gravita India and removed duplicate entry of SBCL. Also thanks for providing feedback about adding source of the guidance. I am proposing a template at the bottom of this post. Please let me know if anything else needs to be added to the template. I will try to populate it for most of the companies listed above in next 3-4 days. Again, I would have to look at management interview/con call notes etc to find the source. But it will be helpful for everyone in long run.

I personally think it is good to keep track of such companies. We can update it after every quarterly result or whenever management revise the guidance. I would request other members to add to the list since it will be hard for one/few persons to keep track of all companies. But together we can keep track of most of the companies.

Template for documenting growth guidance with one example -

Company name FY 23 Revenue Target revenue Time frame Growth guidance
(in %)
Source of growth guidance Growth Triggers(as per company) Comments Reference url
VST Tillers Tractors Ltd 1000cr 3000cr 3 yrs 25-30% Q1 FY 24 concall
Interview on CNBC TV-18(
1. Export of VST-Zetor tractor(launched in Sep)
2. Supply to electric tractor companies in US
3. Launch of large utility and hp tractors(expect 10-15% rev) from it
4. Inorganic growth(potentially)

Adding a few more companies:
Manorama Industries (25%+ sales CAGR over coming 2-3 year)
Aurionpro (30% CAGR in sales over 4 years)
Sanjivani Paranteral (30% CAGR over 3 years)
IZMO, Home First, Frog Cellsat, Kilburn, Hindustan Foods are few more names

Many smaller NBFCs promising strong growths


True, but few will survive when tide turns. Once we have seen a collection cycle during a downturn then only we can know. Else giving away money is simple, you can grow at whatever rate you want.


Look at Praveg Ltd
It is in hospitality business.
Praveg establishes luxury tent resorts in popular location on Govt. leased land.

The company currently has 1 permanent resort in Statue of Unity area. 2 in Kutch and Varanasi. Recently they are establishing new resorts in Daman, Deu, Ayodhya, Maharashtra… Total 17 resorts are coming till 2024 and Praveg aims to make 50+ resorts till FY26.

Very high RoCE (40%+) business. Plus the tourism sector is a very high growth sector.
Must read and listen to the last concall.

Disclosure: I am invested.

9 Likes is source, please check quarterly and annual performance and read concalls.

Yea agreed, it’s an awesome new age company and not much on radar… planning to invest…not invested yet

I think collection cycle is the problem for NBFC, I think Poonawala fincorp will do well in this guided for 35+ % guidance, with tech enabled platform at core. I think this company is at inflection point disclaimer: I am invested

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