Yes. You can import 5000 or more (say 10000 or 20000) StockItems from Excel to Tally using the udi-Magic licensed version.
PS:
1. The DEMO version of udi-Magic will import 5 StockItems only.
2. There is no such restriction in udi-Magic licensed version and you can import "n" number of StockItems (depending upon the system memory)