I Think These 3 TSX Stocks Could Turn $30,000 Into $300,000

These 3 Canadian stocks combine rapid sales growth, expanding margins, and big backlogs. Here is why they could turn $30,000 into $300,000.

Aditya Raghunath

Aditya Raghunath joined the Motley Fool Canada team in 2019 and has close to seven years of experience in covering publicly-listed companies. With a post-graduate degree in finance, Aditya aims to educate and engage Canadians by writing extensively about growth, dividend, and value stocks. If you are considering investing in the stock market, he recommends reading The Intelligent Investor by Benjamin Graham before taking the plunge.

Published August 12, 3:45 pm EDT

Turning $30,000 into $300,000 sounds like something you would only hear from a penny stock promoter. But a tenfold return, a 1,000% gain, is not as far-fetched as it sounds if you give your money enough time and pick the right stocks.

Over 20 years, a portfolio needs to grow at about 12.2% a year to turn $30,000 into $300,000. Over 15 years, that required growth rate climbs to roughly 16.6% a year.

I split a hypothetical $30,000 across three Canadian growth stocks that I believe can deliver double-digit returns over the next decade and beyond.

Here is why I like Aritzia (TSX:ATZ), Electrovaya (TSX:ELVA), and Hammond Power Solutions (TSX:HPS.A) for investors with a long runway and a stomach for volatility.

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Aritzia is a top TSX stock

Aritzia is a Vancouver-based retailer known for its “everyday luxury” clothing, and it just delivered one of the strongest quarters in its history.

In the first quarter of fiscal 2027, net revenue jumped 43% to US$951 million, and comparable sales grew 35%. The adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) margin hit a record 20.1%, up 410 basis points from a year earlier, and adjusted earnings per share nearly doubled.

U.S. revenue grew 55% to $638 million in the quarter, and the company opened 16 highly productive new and repositioned U.S. boutiques over the past year. New stores are paying back their build cost in under one year, beating the company’s own 12- to 18-month target.

With Canada still a smaller, mature market and the United States roughly 10 times its size, I think Aritzia has years of store growth left to fuel its share price.

Electrovaya is part of the clean energy segment

Electrovaya makes lithium-ion battery systems for warehouse forklifts, robots, and energy storage for data centres.

In July, Electrovaya signed an expanded commercial agreement with Amazon, already its largest customer, tied to a warrant structure worth up to $280 million across 100 separate revenue milestones.

Chief executive officer Raj Das Gupta called it a turning point for the business. “I would describe this as a strategic inflection quarter for Electrovaya,” he said on the company’s third-quarter earnings call.

Third-quarter revenue came in at US$17.7 million, only slightly above last year, but gross margin expanded to 34.9% from 30.8%, and adjusted EBITDA margin topped 20% for the first time. Management says the revenue miss was due to delivery timing and expects that revenue to show up in the current fiscal year.

The company is also close to a major milestone at its new Jamestown, New York factory. Equipment testing begins within days, and the plant is expected to start generating revenue in calendar 2027.

Moreover, Electrovaya launched a new energy storage product, ElvaPulse, aimed squarely at the fast-growing data centre power market.

Hammond Power Solutions rides the data centre boom

Hammond Power Solutions makes transformers and power equipment for data centres, utilities, and industrial customers, and its most recent quarter showed just how strong that demand has become.

Second-quarter sales hit a record $324.8 million, up 44.7% from a year earlier.
Gross margin improved to 31.5%, and adjusted EBITDA rose to $53.2 million, or 16.4% of sales.
Backlog was nearly double where it stood a year ago, giving management strong visibility into the rest of 2026.

Data centres now make up more than 30% of Hammond’s business, up from roughly 30% just a year ago, and management expects that share to keep growing as artificial intelligence infrastructure spending accelerates.

Shortly after the quarter ended, Hammond closed its acquisition of AEG Power Solutions, adding power conversion and backup power products that broaden its reach beyond transformers alone.

The bottom line

None of these three Canadian stocks is guaranteed to turn $30,000 into $300,000. Growth stocks are volatile, and a lot has to go right over many years. But Aritzia, Electrovaya, and Hammond Power Solutions each have real, current evidence behind their growth stories rather than just a promising pitch deck.