Systems and methods are provided for production of base stocks with a viscosity index of at least 120 and/or a sulfur content of 300 wppm or less and/or a kinematic viscosity at 100° C. of 3.0 cSt to 8.0 cSt by hydroconversion of a raffinate from aromatic extraction of a feed. The base stocks can further have a reduced content of 3+ ring naphthenes, such as 4.0 wt % or less, or 1.0 wt % or less. The base stocks can be produced by performing an elevated amount of feed conversion relative to 370° C. during hydroconversion of the raffinate, and optionally additional conversion during catalytic dewaxing of the hydroconverted raffinate. The base stocks can optionally be blended with additional base stocks and/or lubricant additives for production of lubricant compositions.