Macro uncertainty and trade concerns continue to weigh on markets, but a few high-quality Canadian growth stocks remain well-positioned to deliver massive returns in 2026 and beyond. These Canadian stocks will likely benefit from strong demand and solid execution, enabling them to compound value regardless of near-term volatility. Further, their strong fundamentals and scalable business models make them attractive long-term investments.
Against this background, here are two Canadian growth stocks set up for massive gains in 2026 and beyond.
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Growth stock #1: Enerflex
Enerflex (TSX: EFX) is an attractive growth stock set up for massive gains in 2026 and beyond. It is likely to benefit from rising North American natural gas supply, while its diversified, contract-backed business model provides meaningful downside protection.
Enerflex operates across the energy infrastructure value chain, engineering, fabricating, installing, and servicing equipment used in natural gas compression, processing, cryogenic systems, and produced water treatment. This vertically integrated model enables lifecycle participation, from front-end design through long-term maintenance, strengthening customer relationships and moderating cyclicality.
Momentum in its Energy Infrastructure (EI) segment is expected to be a key earnings driver in 2026 and beyond. This division owns and operates energy assets under long-term contracts, generating stable, predictable cash flows. Existing agreements tied to this business are projected to deliver approximately $1.4 billion in revenue over the coming quarters.
The company’s After-Market Services (AMS) business further enhances earnings durability. By supplying maintenance, parts, and operational support to a large installed base, Enerflex captures high-margin, recurring service revenue that is less exposed to capital spending swings. At the same time, its Engineered Systems (ES) segment holds a backlog of roughly $1.1 billion, reflecting sustained demand for modular gas processing and water treatment solutions.
With the expected increase in North American natural gas and produced water volumes, Enerflex is well-positioned to deliver solid growth. Further, its disciplined capital allocation, focus on expanding margins, improving free cash flow, and strong balance sheet make its risk-reward profile attractive.
Growth stock #2: Hammond Power Solutions
Hammond Power Solutions (TSX: HPS.A) is a compelling growth stock that could deliver solid gains in 2026 and beyond. It manufactures dry-type transformers, power-quality systems, and magnetic components, and is benefiting from rising electricity demand and the expansion of AI infrastructure.
Hammond Power is likely to benefit from robust demand driven by renewable energy, grid modernization, and critical infrastructure, which should support a healthy order pipeline. Its backlog jumped 22.4% year over year in the third quarter (Q3), providing solid revenue visibility for the coming quarters.
Looking ahead, accelerating demand from data centre customers is likely to support its growth. The company secured sizable orders shortly after the end of Q3, with shipments largely scheduled for 2026.
Hammond is leveraging both organic expansion and acquisitions to strengthen its footprint and accelerate growth. It recently announced the acquisition of AEG Power Solutions, which is likely to broaden its exposure to industrial power electronics and strengthen its presence in infrastructure and energy transition markets. The transaction will also expand Hammond’s customer base and geographic reach.
With ongoing electrification, digital infrastructure buildouts, and rising power consumption as structural tailwinds, Hammond Power Solutions appears well-positioned to translate industry growth into solid shareholder returns.
