Solid buy ideas: Midcaps with potential to double in 5 years

After outperforming large caps significantly between March ’15 and August ’18, midcaps have corrected sharply in the last one year. Midcap valuations are now closer to pre-FY14 levels. On PE metric, midcaps' discount to large caps is now at a 7-year high. On priceto-book, midcaps discount to large caps is now at its 10-year mean. Axis Capital has selected 11 midcaps which have the potential to double in 5 years. These stocks were selected based on their size, quality and how their businesses are likely to grow under normalised conditions when growth is likely to pick up in FY20-24.