{"id":148642,"date":"2026-07-13T12:19:25","date_gmt":"2026-07-13T06:49:25","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=148642"},"modified":"2026-07-13T12:19:26","modified_gmt":"2026-07-13T06:49:26","slug":"psu-stocks-multibagger-2022-re-rating","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/","title":{"rendered":"3 PSU Stocks That Turned Multibagger After the 2022 Re-Rating Cycle"},"content":{"rendered":"<div class=\"meta-block\"><\/div>\n<p style=\"border-left: 4px solid #1F4E79; background: #EBF3FB; padding: 10px 16px; font-style: italic;\"><em>BSE PSU Index up nearly 240% over 5 years. NTPC, BEL and RVNL among the strongest performers since 2022.<\/em><\/p>\n<p>NTPC, Bharat Electronics and RVNL are three PSU stocks that turned multibagger after the 2022 re-rating cycle began, as investors recognised that strategic PSUs in power, defence and railways were becoming primary vehicles for India&#8217;s national development goals.<\/p>\n<p>The BSE PSU Index has risen nearly 240 percent over the last five years, a dramatic shift from the years when PSU stocks traded at persistent, seemingly permanent discounts. PSU stocks that turned multibagger after the 2022 re-rating share common traits: strong order books, government capex priority and improving governance.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&amp;utm_medium=psu-multibagger-2022-rerating-stocks\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<p>This article examines NTPC, BEL and RVNL as PSU stocks that turned multibagger after the 2022 re-rating, along with the drivers behind this transformation and the risks of chasing past performance.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#What_Caused_the_2022_PSU_Re-Rating\" title=\"What Caused the 2022 PSU Re-Rating\">What Caused the 2022 PSU Re-Rating<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#Why_NTPC_BEL_and_RVNL_Led_the_PSU_Multibagger_Wave\" title=\"Why NTPC, BEL and RVNL Led the PSU Multibagger Wave\">Why NTPC, BEL and RVNL Led the PSU Multibagger Wave<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#NTPC_Power_Sector_Re-Rating_Leader\" title=\"NTPC: Power Sector Re-Rating Leader\">NTPC: Power Sector Re-Rating Leader<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#Bharat_Electronics_The_Defence_Indigenisation_Multibagger\" title=\"Bharat Electronics: The Defence Indigenisation Multibagger\">Bharat Electronics: The Defence Indigenisation Multibagger<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#RVNL_Railway_Infrastructures_Volatile_Multibagger\" title=\"RVNL: Railway Infrastructure&#8217;s Volatile Multibagger\">RVNL: Railway Infrastructure&#8217;s Volatile Multibagger<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#Factors_Behind_PSU_Stocks_That_Turned_Multibagger_After_the_2022_Re-Rating\" title=\"Factors Behind PSU Stocks That Turned Multibagger After the 2022 Re-Rating\">Factors Behind PSU Stocks That Turned Multibagger After the 2022 Re-Rating<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#Lessons_From_PSU_Stocks_That_Turned_Multibagger_After_the_2022_Re-Rating\" title=\"Lessons From PSU Stocks That Turned Multibagger After the 2022 Re-Rating\">Lessons From PSU Stocks That Turned Multibagger After the 2022 Re-Rating<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#Risks_of_Chasing_PSU_Stocks_That_Turned_Multibagger_After_the_2022_Re-Rating\" title=\"Risks of Chasing PSU Stocks That Turned Multibagger After the 2022 Re-Rating\">Risks of Chasing PSU Stocks That Turned Multibagger After the 2022 Re-Rating<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#How_to_Approach_PSU_Stocks_That_Turned_Multibagger_After_the_2022_Re-Rating\" title=\"How to Approach PSU Stocks That Turned Multibagger After the 2022 Re-Rating\">How to Approach PSU Stocks That Turned Multibagger After the 2022 Re-Rating<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#How_to_Invest_in_PSU_Stocks_With_Re-Rating_Potential\" title=\"How to Invest in PSU Stocks With Re-Rating Potential\">How to Invest in PSU Stocks With Re-Rating Potential<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#FAQs\" title=\"FAQs\">FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#Which_PSU_stocks_turned_multibagger_after_the_2022_re-rating\" title=\"Which PSU stocks turned multibagger after the 2022 re-rating?\">Which PSU stocks turned multibagger after the 2022 re-rating?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#What_caused_the_2022_PSU_re-rating_cycle\" title=\"What caused the 2022 PSU re-rating cycle?\">What caused the 2022 PSU re-rating cycle?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#How_much_has_the_BSE_PSU_Index_risen_since_the_re-rating_began\" title=\"How much has the BSE PSU Index risen since the re-rating began?\">How much has the BSE PSU Index risen since the re-rating began?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#Why_is_RVNL_considered_a_volatile_multibagger\" title=\"Why is RVNL considered a volatile multibagger?\">Why is RVNL considered a volatile multibagger?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#Can_investors_expect_similar_returns_from_these_PSU_stocks_going_forward\" title=\"Can investors expect similar returns from these PSU stocks going forward?\">Can investors expect similar returns from these PSU stocks going forward?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/psu-stocks-multibagger-2022-re-rating\/#What_should_investors_focus_on_instead_of_past_multibagger_returns\" title=\"What should investors focus on instead of past multibagger returns?\">What should investors focus on instead of past multibagger returns?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Caused_the_2022_PSU_Re-Rating\"><\/span><strong>What Caused the 2022 PSU Re-Rating<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>PSU stocks that turned multibagger after the 2022 re-rating benefited from a combination of record government capex, improving corporate governance, professionalisation of management, and a market realisation that PSUs in strategic sectors carry order flow certainty that private peers often lack.<\/p>\n<p>Before 2022, many PSU stocks traded at persistent valuation discounts due to perceived government interference and slower decision-making. The re-rating reflected a structural shift in how the market priced government backing, from a risk factor to a competitive advantage in capital-intensive sectors.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_NTPC_BEL_and_RVNL_Led_the_PSU_Multibagger_Wave\"><\/span><strong>Why NTPC, BEL and RVNL Led the PSU Multibagger Wave<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>India&#8217;s listed PSUs are now worth close to Rs 70 lakh crore combined, roughly 15 percent of the entire market, a figure that has multiplied several times over in just a few years. This transformation is why NTPC, BEL and RVNL are consistently cited among PSU stocks that turned multibagger after the 2022 re-rating.<\/p>\n<ul>\n<li><strong>Record government capex:<\/strong> Sustained infrastructure, power and defence spending directly filled order books across PSU stocks that turned multibagger after the 2022 re-rating.<\/li>\n<li><strong>Governance professionalisation:<\/strong> Board level executive autonomy and improved reporting standards boosted investor confidence.<\/li>\n<li><strong>Order flow certainty:<\/strong> Strategic PSUs receive first allocation from government capital budgets, providing revenue visibility private peers cannot match.<\/li>\n<li><strong>Dividend and re-rating combination:<\/strong> Rising dividends alongside price appreciation compounded total returns for early investors in this theme.<\/li>\n<\/ul>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"6\">\n<tbody>\n<tr>\n<th>Company<\/th>\n<th>CMP (Rs)<\/th>\n<th>Market Cap (Rs Cr)<\/th>\n<th>Status<\/th>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/univest.in\/stocks\/ntpc\/ntpc-ltd-share-price-today\">NTPC Ltd<\/a><\/td>\n<td>344.55<\/td>\n<td>3,41,371<\/td>\n<td>Maharatna, re-rated since 2022<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/univest.in\/stocks\/bel\/bharat-electronics-ltd-share-price-today\">Bharat Electronics Ltd<\/a><\/td>\n<td>414.85<\/td>\n<td>3,03,246<\/td>\n<td>Navratna, defence multibagger<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/univest.in\/stocks\/rvnl\/rail-vikas-nigam-ltd-share-price-today\">Rail Vikas Nigam Ltd<\/a><\/td>\n<td>226.15<\/td>\n<td>47,174<\/td>\n<td>Railway EPC multibagger<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"NTPC_Power_Sector_Re-Rating_Leader\"><\/span><strong>NTPC: Power Sector Re-Rating Leader<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>NTPC is among the clearest PSU stocks that turned multibagger after the 2022 re-rating, as its Maharatna status, 100 GW capacity target by FY32, and diversification into renewables and nuclear power drew sustained institutional attention.<\/p>\n<p>The stock&#8217;s steady dividend yield above 2.5 percent, combined with capex-driven earnings growth, gave NTPC a rare income-plus-growth profile that supported its re-rating even as broader market sentiment fluctuated.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Bharat_Electronics_The_Defence_Indigenisation_Multibagger\"><\/span><strong>Bharat Electronics: The Defence Indigenisation Multibagger<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>BEL stands out among PSU stocks that turned multibagger after the 2022 re-rating as the poster child of India&#8217;s defence indigenisation push, with its Rs 74,000 crore order book and margin expansion to 30 percent driving a dramatic market cap increase.<\/p>\n<p>The stock&#8217;s consistent order inflow announcements and Navratna status gave investors the confidence to hold through volatility, a pattern that became typical of PSU stocks that turned multibagger after the 2022 re-rating.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/sebi-registered-investment-advisor-india\"><strong>Get SEBI-Registered Research on PSU Re-Rating Stocks<\/strong><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"RVNL_Railway_Infrastructures_Volatile_Multibagger\"><\/span><strong>RVNL: Railway Infrastructure&#8217;s Volatile Multibagger<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Rail Vikas Nigam is one of the more volatile PSU stocks that turned multibagger after the 2022 re-rating, having traded near Rs 11 during the 2020 crash before delivering outsized returns as India&#8217;s record railway capex filled its order book.<\/p>\n<p>A sharp correction hit the stock in 2025 before merger talks with IRCON in March 2026 sparked a fresh rally, illustrating how Budget-season sentiment can move RVNL&#8217;s price almost as much as actual order book execution.<\/p>\n<p style=\"margin-top: 24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track NTPC, BEL and RVNL live prices.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Factors_Behind_PSU_Stocks_That_Turned_Multibagger_After_the_2022_Re-Rating\"><\/span><strong>Factors Behind PSU Stocks That Turned Multibagger After the 2022 Re-Rating<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Government capex priority:<\/strong> Sustained Budget allocations to power, defence and railways directly filled order books across this theme.<\/li>\n<li><strong>Governance improvements:<\/strong> Professionalisation of PSU management and board independence improved investor confidence in PSU stocks that turned multibagger after the 2022 re-rating.<\/li>\n<li><strong>Sector tailwinds:<\/strong> Structural demand growth in power, defence and infrastructure supported multi-year earnings visibility.<\/li>\n<li><strong>Valuation re-rating:<\/strong> Multiples expanded as investors recognised reduced government interference risk relative to historical assumptions.<\/li>\n<li><strong>Dividend compounding:<\/strong> Rising dividends alongside price appreciation compounded total shareholder returns.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Lessons_From_PSU_Stocks_That_Turned_Multibagger_After_the_2022_Re-Rating\"><\/span><strong>Lessons From PSU Stocks That Turned Multibagger After the 2022 Re-Rating<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Order book as a leading indicator:<\/strong> Strong, disclosed order books were a common thread across PSU stocks that turned multibagger after the 2022 re-rating, offering early clues to future performance.<\/li>\n<li><strong>Governance quality matters:<\/strong> Improved transparency and board independence preceded much of the re-rating in these names.<\/li>\n<li><strong>Sector alignment with national priorities:<\/strong> Power, defence and railways align directly with government strategic goals, supporting sustained capex.<\/li>\n<li><strong>Patience through volatility:<\/strong> Multibagger returns typically required holding through multiple periods of sharp correction.<\/li>\n<li><strong>Dividend income as a cushion:<\/strong> Steady dividends helped investors stay invested through volatile periods on the way to outsized returns.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Risks_of_Chasing_PSU_Stocks_That_Turned_Multibagger_After_the_2022_Re-Rating\"><\/span><strong>Risks of Chasing PSU Stocks That Turned Multibagger After the 2022 Re-Rating<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Past performance is not predictive:<\/strong> Historical multibagger returns for these PSU stocks do not guarantee similar future performance.<\/li>\n<li><strong>Valuation risk after sharp rallies:<\/strong> Stocks that have already re-rated significantly may have less room for further multiple expansion.<\/li>\n<li><strong>Budget-season volatility:<\/strong> Prices for names like RVNL can swing sharply on policy headlines independent of actual fundamentals.<\/li>\n<li><strong>Execution risk:<\/strong> Sustained order book growth requires continued execution, which is not guaranteed to repeat indefinitely.<\/li>\n<li><strong>Cyclical capex risk:<\/strong> A slowdown in government capex priorities could stall the re-rating trend that drove these returns.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Approach_PSU_Stocks_That_Turned_Multibagger_After_the_2022_Re-Rating\"><\/span><strong>How to Approach PSU Stocks That Turned Multibagger After the 2022 Re-Rating<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Focus on current fundamentals and order book visibility rather than chasing historical returns alone.<\/li>\n<li>Assess whether valuation has already priced in future growth expectations.<\/li>\n<li>Track continued government capex commitment to the specific sector before assuming the trend continues.<\/li>\n<li>Diversify across multiple PSU sectors rather than concentrating in names that have already re-rated sharply.<\/li>\n<li>Review dividend yield as a partial cushion for continued holding through volatility.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Invest_in_PSU_Stocks_With_Re-Rating_Potential\"><\/span><strong>How to Invest in PSU Stocks With Re-Rating Potential<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Use the Univest platform to track order books, capex announcements and valuation trends for PSU stocks.<\/li>\n<li>Open a demat and trading account with Univest for zero-brokerage execution.<\/li>\n<li>Track quarterly results for NTPC, BEL and RVNL through the Univest app.<\/li>\n<li>Consult a SEBI-registered advisor before allocating capital based on historical multibagger performance.<\/li>\n<li>Review positions periodically as government capex priorities and sector fundamentals evolve.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>NTPC, Bharat Electronics and RVNL remain among the clearest examples of PSU stocks that turned multibagger after the 2022 re-rating, delivering outsized returns as the BSE PSU Index rose nearly 240 percent over five years. Historically, strong order books, government capex priority and improving governance drove this transformation, though past performance offers no guarantee of future returns. Consult a SEBI-registered advisor before making investment decisions.<\/p>\n<div style=\"background: #CC0000; border-radius: 8px; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"color: #ffffff; font-size: 13px; line-height: 1.7; margin: 0;\"><strong style=\"color: #ffffff;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_PSU_stocks_turned_multibagger_after_the_2022_re-rating\"><\/span><strong>Which PSU stocks turned multibagger after the 2022 re-rating?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> NTPC, Bharat Electronics and RVNL are among the clearest PSU stocks that turned multibagger after the 2022 re-rating, delivering outsized returns as the BSE PSU Index rose nearly 240 percent over five years.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_caused_the_2022_PSU_re-rating_cycle\"><\/span><strong>What caused the 2022 PSU re-rating cycle?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> PSU stocks that turned multibagger after the 2022 re-rating benefited from record government capex, improving corporate governance, and market recognition of order flow certainty in strategic sectors.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_much_has_the_BSE_PSU_Index_risen_since_the_re-rating_began\"><\/span><strong>How much has the BSE PSU Index risen since the re-rating began?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The BSE PSU Index has risen nearly 240 percent over the last five years, reflecting the scale of the transformation among PSU stocks that turned multibagger after the 2022 re-rating.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_is_RVNL_considered_a_volatile_multibagger\"><\/span><strong>Why is RVNL considered a volatile multibagger?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> RVNL, among PSU stocks that turned multibagger after the 2022 re-rating, traded near Rs 11 during the 2020 crash before delivering outsized returns, though it saw a sharp correction in 2025 before recovering in 2026.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_investors_expect_similar_returns_from_these_PSU_stocks_going_forward\"><\/span><strong>Can investors expect similar returns from these PSU stocks going forward?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Past performance for PSU stocks that turned multibagger after the 2022 re-rating does not guarantee future returns, since valuation, execution risk and continued government capex priority all remain uncertain variables.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_should_investors_focus_on_instead_of_past_multibagger_returns\"><\/span><strong>What should investors focus on instead of past multibagger returns?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Investors should focus on current order book visibility, valuation levels and continued government capex commitment rather than chasing past performance of PSU stocks that turned multibagger after the 2022 re-rating.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PSU stocks that turned multibagger after the 2022 re-rating, NTPC, BEL and RVNL, delivered outsized returns as the BSE PSU Index rallied 240%.<\/p>\n","protected":false},"author":28,"featured_media":148670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[5042],"class_list":["post-148642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market","tag-3-psu-stocks"],"metadata":{"rank_math_internal_links_processed":["1"],"_edit_lock":["1783925369:28"],"_last_editor_used_jetpack":["block-editor"],"rank_math_primary_category":["24"],"rank_math_seo_score":["82"],"rank_math_title":["PSU Stocks That Turned Multibagger After 2022 Re-Rating"],"rank_math_description":["PSU stocks that turned 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