Quality & Compounders
100 Baggers (Christopher Mayer) is a Quality & Compounders screen. It checks every NSE-listed stock against 4 conditions computed from nightly data, after excluding heavily pledged promoters and very small market caps. This page explains the rule, each figure and its source. It lists no stocks and is not advice.
Christopher Mayer studied stocks that returned 100× or more over their lifetime and documented his findings in '100 Baggers: Stocks That Return 100-to-1 and How To Find Them.' His research found that the common thread was not a specific sector or business type but four structural characteristics: (1) low debt — companies with high leverage can be wiped out before the long-term compounding story plays out; (2) high promoter ownership — the founder-owner must have enough personal stake to be deeply aligned with long-term value creation; (3) zero pledging — a promoter who has pledged shares is financially vulnerable, which creates risks during corrections; and (4) small enough size — you cannot achieve 100× if you start from a very large base. This is a framework for identifying the next potential compounder, not a confirmed one.
A stock must satisfy every condition below. Conditions are grouped under the pillar they test.
Founder Alignment
Financial Safety
Size Optionality
General conditions
Hard excludes
Ranked by EPS CAGR (5Y), highest first.
Debt-to-Equity Ratio
Total debt divided by total equity. Mayer's framework requires D/E below 0.65.
Companies with heavy debt can compound to zero before they compound to 100×. Mayer found that virtually every 100-bagger had conservative debt throughout its journey.
Low is better
Promoter Holding (%)
Total promoter holding. Mayer's framework requires above 40% — the founder must have substantial skin in the game.
High is better
Pledged Shares (% of Total Equity)
Percentage of total equity pledged by promoters. Mayer's framework requires this to be zero — no pledging at all.
Any pledge means the promoter has borrowed money using the company's stock as collateral. If the stock falls, they may be forced to sell — the opposite of the patient long-term holding Mayer found in all 100-baggers.
Low is better
Market Capitalisation (₹ Cr)
Current market capitalisation. Mayer's framework applied in India targets below ₹5,500 Cr — small enough that 100× growth is mathematically plausible.
A 100× return from a ₹500 Cr market cap company makes it a ₹50,000 Cr company — achievable. A 100× return from a ₹50,000 Cr company would make it India's largest company by a wide margin — much harder.
Low is better
Type hypothetical values to see which conditions they satisfy. These are not real stocks and nothing here is stored.
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How many stocks pass if this threshold were set differently. Counts only; no stocks are named.
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We have not measured this screen yet, so there is no record to explain.
Not yet testable — 5 of 6 points needed to chart a rolling information coefficient.
This is a historical, statistical measurement produced by FINOME TECHNOLOGIES PVT LTD's research harness on past data. It is not a prediction, and past results do not indicate future results. The universe is today's Nifty 500 constituents, so the sample is affected by survivorship bias. It describes how a screen's selections behaved in the past and does not constitute investment advice or a recommendation.
Rule version 1.0.0