Top 8 stocks which have always given multibagger returns when BJP forms govt in Gujarat

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26 Aug, 2025 12:21

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The Bharatiya Janata Party (BJP) is all set form government in the state of Gujarat for the fifth time in a row but not with the exact euphoria which we saw in the year 2012. The ruling party managed to win 115 seats in the year 2012.

The final tally suggested that the BJP was leading in 99 of the total 182 seats, less than the consensus estimates of triple-digit number while the Congress was ahead in 77 seats.

BJP has always emerged with majority share since 1995 but the only difference is that this time it is not a thumping victory and much lower than 150 targeted by the party in Prime Minister Narendra Modi’s home state.

The positive takeaway for the BJP is that it will form the government for the fifth term in a row despite winning the elections by a small margin. But, there are certain stocks which have always given multibagger returns of up to 4000 percent whenever BJP won in Gujarat.

The Gujarat-based stocks which have always given multibagger returns every time BJP formed a government since 2002 in the State of Gujarat include names like Atul, Cadila Healthcare, Fairchem Speciality, Gruh Finance, Maximaa Systems, Symphony, Torrent Pharma, and Vadilal Industries.

Atul Ltd which is a chemical conglomerate has always given a return over 200 percent since 2003 while Cadila Healthcare rose up to 400 percent since 2003. The real multibagger for investors was Symphony Ltd which is a world leader in evaporative air coolers rose up to 3800 percent in the same period.

Symphony focuses on innovative design to create better and ecofriendly products for domestic and industrial customers in 60 countries across the globe. Amid GST implementation, the company was able to maintain its overall growth rate of 22 percent in September quarter.

The management has opined that the CAGR going ahead will remain in the range of 20-25%. Withdrawal of introductory prices, Lower GST rates, and new product launches are only going to strengthen the company’s market presence going ahead, suggest experts tracking the stock.

From the pharma space, Torrent Pharma did not disappoint investors and rose consistently by over 200 percent every time BJP formed a government in the state of Gujarat.

More reforms eyed from BJP:

The Gujarat legislative assembly elections were held in the Indian state of Gujarat in December in 2002, 2007, 2012 and now in 2017. For the year 2002, polling was recorded on December 12 in one phase while for the rest of the year it was conducted in two phases.

In 2002, 2007 and 2012 Gujarat elections, the Congress got less than 40 percent while the BJP got around over 60 percent vote share each time. But, this time Congress has put up a strong fight and Rahul Gandhi will emerge as a strong competition for PM Modi in the upcoming general elections.

The ruling BJP has always managed to gather a triple-digit number in terms of seats in 2012, 2007, and 2002 but for the year 2017, the number was below the magical 100 market which could be a setback for the ruling party.

Gujarat was one of worst affected states on account of demonetisation and implementation of the goods & services tax (GST). But, going forward, it may not be a smooth ride for the ruling party.

The results suggest that, while some of these fears have materialised which resulted into fewer seats for the BJP, the party has survived the recent wave of anti-incumbency and other headwinds which will give BJP confidence to initiate more growth focused reforms.

"BJP's convincing victory in Gujarat after overcoming 22 long years of so-called 'anti-incumbency' is particularly significant as it was achieved despite a virulently casteist campaign unleashed by the Opposition,” Ajay Bodke, CEO & Chief Portfolio Manager PMS Prabhudas Lilladher told Moneycontrol.

“The demonizing of major structural reforms like the GST and demonetization was squarely rejected by the electorate. This would reinforce government's resolve to roll-on reforms juggernaut benefiting the economy & markets. This would lead to an acceleration in foreign and domestic direct & portfolio investments,” he said.