{"id":66689,"date":"2026-04-02T16:41:18","date_gmt":"2026-04-02T11:11:18","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=66689"},"modified":"2026-04-02T16:56:26","modified_gmt":"2026-04-02T11:26:26","slug":"multibagger-psu-stocks","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/multibagger-psu-stocks\/","title":{"rendered":"Multibagger PSU Stocks 2026 \u2014 Best Public Sector Stocks with 3-10x Return Potential"},"content":{"rendered":"<p>Public Sector Undertakings (PSUs) were long considered the &#8216;boring&#8217; part of India&#8217;s stock market \u2014 stable but slow, dividend-paying but rarely dynamic, government-owned and therefore bureaucratic. That perception changed dramatically between 2022 and 2024, when a wave of PSU stocks delivered multibagger returns: HAL went from Rs.900 to Rs.5,000+ (5.5x), IRFC from Rs.25 to Rs.225+ (9x), RVNL from Rs.30 to Rs.600+ (20x), and Mazagon Dock from Rs.200 to Rs.3,500+ (17.5x).<\/p><p>The multibagger PSU stock phenomenon was driven by a convergence: massive government capital expenditure (Rs.11.1 lakh crore in FY26 Union Budget), defence indigenisation mandates, renewable energy targets, and a re-rating as investors recognised PSUs as genuine growth stories \u2014 not just dividend plays. This article covers the sectors, stocks, and criteria for identifying multibagger PSU stocks in 2026.<\/p><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\/multibagger-psu-stocks\/#What_Are_Multibagger_Stocks_%E2%80%94_Definition\" title=\"What Are Multibagger Stocks? \u2014 Definition\">What Are Multibagger Stocks? \u2014 Definition<\/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\/multibagger-psu-stocks\/#Multibagger_PSU_Stocks_%E2%80%94_Sector_Company_and_Investment_Thesis\" title=\"Multibagger PSU Stocks \u2014 Sector, Company, and Investment Thesis\">Multibagger PSU Stocks \u2014 Sector, Company, and Investment Thesis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-psu-stocks\/#Why_PSU_Stocks_Can_Be_Multibaggers_%E2%80%94_The_Re-Rating_Story\" title=\"Why PSU Stocks Can Be Multibaggers \u2014 The Re-Rating Story\">Why PSU Stocks Can Be Multibaggers \u2014 The Re-Rating Story<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-psu-stocks\/#Defence_PSUs_%E2%80%94_The_Highest-Conviction_Multibagger_PSU_Category\" title=\"Defence PSUs \u2014 The Highest-Conviction Multibagger PSU Category\">Defence PSUs \u2014 The Highest-Conviction Multibagger PSU Category<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-psu-stocks\/#Power_and_Energy_PSUs_%E2%80%94_Dividend_Growth_Double_Play\" title=\"Power and Energy PSUs \u2014 Dividend + Growth Double Play\">Power and Energy PSUs \u2014 Dividend + Growth Double Play<\/a><\/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\/multibagger-psu-stocks\/#Key_Screening_Criteria_for_Multibagger_Stocks\" title=\"Key Screening Criteria for Multibagger Stocks\">Key Screening Criteria for Multibagger Stocks<\/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\/multibagger-psu-stocks\/#Risks_of_Investing_in_Multibagger_Stocks\" title=\"Risks of Investing in Multibagger Stocks\">Risks of Investing in Multibagger Stocks<\/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\/multibagger-psu-stocks\/#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-9\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-psu-stocks\/#Which_PSU_stocks_have_multibagger_potential_for_2026-2030\" title=\"Which PSU stocks have multibagger potential for 2026-2030?\">Which PSU stocks have multibagger potential for 2026-2030?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-psu-stocks\/#Why_did_PSU_stocks_become_multibaggers_in_2022-24\" title=\"Why did PSU stocks become multibaggers in 2022-24?\">Why did PSU stocks become multibaggers in 2022-24?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-psu-stocks\/#Are_PSU_stocks_still_good_investments_after_2024_rally\" title=\"Are PSU stocks still good investments after 2024 rally?\">Are PSU stocks still good investments after 2024 rally?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-psu-stocks\/#Do_PSU_stocks_pay_dividends\" title=\"Do PSU stocks pay dividends?\">Do PSU stocks pay dividends?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-psu-stocks\/#Is_NTPC_a_multibagger_stock\" title=\"Is NTPC a multibagger stock?\">Is NTPC a multibagger stock?<\/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\/multibagger-psu-stocks\/#What_is_CPSE_index\" title=\"What is CPSE index?\">What is CPSE index?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-psu-stocks\/#Recent_Articles\" title=\"Recent Articles:&nbsp;\">Recent Articles:&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_Multibagger_Stocks_%E2%80%94_Definition\"><\/span><strong>What Are Multibagger Stocks? \u2014 Definition<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><a href=\"https:\/\/univest.in\/user\/log-in\"><strong>Click Here \u2013 Get Free Investment Predictions<\/strong><\/a><\/p><p>A PSU (Public Sector Undertaking) is a company where the Government of India or a state government holds more than 51% equity. There are approximately 300+ listed PSUs on NSE\/BSE \u2014 ranging from banking (SBI, PNB) to energy (NTPC, ONGC, BPCL) to defence (HAL, BEL, Mazagon Dock) to railways (RVNL, IRFC) to mining (Coal India, NMDC).<\/p><p>Multibagger PSU stocks are those PSUs where government capex, policy support, or strategic importance creates earnings growth significantly above the market&#8217;s expectations \u2014 causing a simultaneous rise in earnings AND P\/E multiple. The best multibagger PSU stocks are typically in sectors where the government has made multi-decade, non-reversible commitments: defence, power generation, railways, and clean energy.<\/p><p>Screen for multibagger candidates using SEBI-compliant tools \u2014 <a href=\"https:\/\/univest.in\/screeners\">Univest Screener<\/a> \u2014 filter by ROCE, revenue growth, promoter holding, and more.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Multibagger_PSU_Stocks_%E2%80%94_Sector_Company_and_Investment_Thesis\"><\/span><strong>Multibagger PSU Stocks \u2014 Sector, Company, and Investment Thesis<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><a href=\"https:\/\/univest.in\/user\/log-in\"><strong>Tap to Access Best Research Pieces on High-Growth Stocks<\/strong><\/a><\/p><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>PSU Company<\/strong><\/td><td><strong>Ticker<\/strong><\/td><td><strong>Sector<\/strong><\/td><td><strong>Key Catalyst<\/strong><\/td><td><strong>Dividend Yield<\/strong><\/td><td><strong>Multibagger Thesis<\/strong><\/td><\/tr><tr><td>Hindustan Aeronautics Ltd<\/td><td>HAL<\/td><td>Defence Aerospace<\/td><td>Rs.94,000 Cr+ order book<\/td><td>1.0%<\/td><td>LCA Tejas, military heli + MRO \u2014 decades of visibility<\/td><\/tr><tr><td>Bharat Electronics Ltd<\/td><td>BEL<\/td><td>Defence Electronics<\/td><td>Rs.75,000 Cr+ order book<\/td><td>0.8%<\/td><td>EW systems, radars \u2014 20%+ revenue CAGR target<\/td><\/tr><tr><td>NTPC Limited<\/td><td>NTPC<\/td><td>Power Generation<\/td><td>60 GW renewable target by 2032<\/td><td>2.2%<\/td><td>Thermal + renewable = diversified power giant<\/td><\/tr><tr><td>Power Grid Corporation<\/td><td>POWERGRID<\/td><td>Power Transmission<\/td><td>Rs.1.2L Cr capex FY26-31<\/td><td>4.5%<\/td><td>Regulated return + renewable integration tailwind<\/td><\/tr><tr><td>Coal India<\/td><td>COALINDIA<\/td><td>Mining<\/td><td>5 GW solar target + capacity<\/td><td>4.5%<\/td><td>Diversification into renewables + consistent FCF<\/td><\/tr><tr><td>ONGC<\/td><td>ONGC<\/td><td>Oil &amp; Gas<\/td><td>New field development + HPCL<\/td><td>3.5%<\/td><td>Deep-water exploration + subsidiary value<\/td><\/tr><tr><td>NMDC<\/td><td>NMDC<\/td><td>Iron Ore Mining<\/td><td>Rs.3,000 Cr steel plant<\/td><td>4.0%<\/td><td>Iron ore demand + new Nagarnar steel plant<\/td><\/tr><tr><td>Mazagon Dock Shipbuilders<\/td><td>MAZDOCK<\/td><td>Naval Shipbuilding<\/td><td>Rs.20,000 Cr+ order book<\/td><td>1.5%<\/td><td>P75I submarines + frigates \u2014 10+ year order pipeline<\/td><\/tr><\/tbody><\/table><\/figure><p>Dividend yields and market cap approximate as of April 2026. Order books from latest company disclosures. Source: NSE India, Company filings, Univest Research. Not investment recommendations.<\/p><figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"776\" height=\"405\" src=\"https:\/\/univest-blog.storage.googleapis.com\/blogs\/wp-content\/uploads\/2026\/04\/02162945\/image-135.jpeg\" alt=\"Multibagger PSU stocks 2026 \u2014 defence PSUs (HAL, BEL, Mazagon), power PSUs (NTPC, Power Grid), dividend yield 3-5%. Government capex Rs.11.1L Cr FY26.\" class=\"wp-image-66691\" srcset=\"https:\/\/univest-blog.storage.googleapis.com\/blogs\/wp-content\/uploads\/2026\/04\/02162945\/image-135.jpeg 776w, https:\/\/univest-blog.storage.googleapis.com\/blogs\/wp-content\/uploads\/2026\/04\/02162945\/image-135-300x157.jpeg 300w, https:\/\/univest-blog.storage.googleapis.com\/blogs\/wp-content\/uploads\/2026\/04\/02162945\/image-135-768x401.jpeg 768w, https:\/\/univest-blog.storage.googleapis.com\/blogs\/wp-content\/uploads\/2026\/04\/02162945\/image-135-600x313.jpeg 600w, https:\/\/univest-blog.storage.googleapis.com\/blogs\/wp-content\/uploads\/2026\/04\/02162945\/image-135-150x78.jpeg 150w\" sizes=\"(max-width: 776px) 100vw, 776px\" \/><\/figure><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_PSU_Stocks_Can_Be_Multibaggers_%E2%80%94_The_Re-Rating_Story\"><\/span><strong>Why PSU Stocks Can Be Multibaggers \u2014 The Re-Rating Story<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>The PSU multibagger story of 2022-24 was driven by three forces: (1) Massive government capex that flowed directly to PSU revenues (railways, defence, power); (2) Profitability improvement as PSUs improved operational efficiency under government pressure for shareholder value; (3) Valuation re-rating from &#8216;PSU discount&#8217; (typically 30-50% below private sector peers) to &#8216;PSU premium&#8217; as earnings growth became consistent.<\/p><p><strong>The key question for 2026:<\/strong> has the re-rating already happened, or is there more to go? For large PSUs like HAL, BEL, and Mazagon Dock \u2014 the re-rating is substantially complete and current valuations are high. For second-tier PSUs in railways, water, and power transmission \u2014 the re-rating may still be in early stages.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Defence_PSUs_%E2%80%94_The_Highest-Conviction_Multibagger_PSU_Category\"><\/span><strong>Defence PSUs \u2014 The Highest-Conviction Multibagger PSU Category<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Among all PSU categories, defence PSUs have the most compelling multibagger credentials for the next 5\u201310 years:<strong> (1) <\/strong>Order books of 3\u201310x annual revenue provide extraordinary earnings visibility, <strong>(2)<\/strong> Government&#8217;s Positive Indigenisation List creates captive demand, <strong>(3)<\/strong> Export ambitions (Rs.50,000 crore by 2029) add an incremental revenue vector, and <strong>(4)<\/strong> Technology moats (certifications, indigenous R&amp;D) create competitive barriers.<\/p><p>BEL&#8217;s Rs.75,000+ crore order book at approximately 5x its annual revenue provides visibility through FY30. HAL&#8217;s Rs.94,000+ crore order book stretches visibility through FY32-35. These extraordinary order book coverages \u2014 completely unusual for any sector in Indian equities \u2014 justify sustained premium valuations.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Power_and_Energy_PSUs_%E2%80%94_Dividend_Growth_Double_Play\"><\/span><strong>Power and Energy PSUs \u2014 Dividend + Growth Double Play<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Power sector PSUs (NTPC, Power Grid, NHPC, SJVN) offer an unusual combination: consistent 3\u20135% dividend yields (attractive in their own right) AND capital appreciation potential from renewable energy expansion. NTPC&#8217;s 60 GW renewable target by 2032 (from approximately 7.5 GW today) means the company is adding more than its entire current renewable capacity each year for 7 years \u2014 an extraordinary growth capex programme.<\/p><p>Power Grid&#8217;s Rs.1.2 lakh crore five-year capex plan for transmission infrastructure is similarly extraordinary. Each commissioned project adds to the regulated asset base and earns 15.5% regulated RoE \u2014 highly predictable earnings that compound the book value year after year.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Screening_Criteria_for_Multibagger_Stocks\"><\/span><strong>Key Screening Criteria for Multibagger Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><ul class=\"wp-block-list\"><li>Order book coverage > 3x annual revenue \u2014 critical for defence and capital goods PSUs<\/li>\n\n<li>Revenue CAGR above 15% over last 3 years \u2014 PSU growth confirming the government capex narrative<\/li>\n\n<li>Dividend yield above 2% \u2014 PSU income acts as floor while capital appreciation materialises<\/li>\n\n<li>Market cap \/ order book ratio below 3x \u2014 entry below 3x order book implies reasonable valuation<\/li>\n\n<li>ROCE above 15% for PSUs (lower threshold than private sector due to regulated business models)<\/li>\n\n<li>Clear government capex or policy commitment backing the earnings trajectory<\/li>\n\n<li>Institutional holding (especially mutual funds) still below 30% \u2014 re-rating headroom remains<\/li><\/ul><p>Apply all these filters instantly \u2014 <a href=\"https:\/\/univest.in\/screeners\">Check Univest Screener<\/a> for research-backed multibagger picks.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Risks_of_Investing_in_Multibagger_Stocks\"><\/span><strong>Risks of Investing in Multibagger Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><ul class=\"wp-block-list\"><li>Disinvestment risk: government selling stake can depress stock price even when business performs well<\/li>\n\n<li>Bureaucratic inefficiency can limit operational improvements needed to sustain earnings growth<\/li>\n\n<li>Subsidy and government-directed pricing can compress margins in regulated sectors<\/li>\n\n<li>Political change can reverse specific sector priorities (defence, energy, railways)<\/li>\n\n<li>Valuation risk: many PSUs re-rated significantly in 2022-24 \u2014 some may be fully priced<\/li><\/ul><p>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> for SEBI-registered stock research, daily picks, and multibagger screeners.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Which_PSU_stocks_have_multibagger_potential_for_2026-2030\"><\/span><strong>Which PSU stocks have multibagger potential for 2026-2030?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Based on order book, earnings visibility, and structural tailwinds, defence PSUs (BEL, HAL, Mazagon Dock) and power PSUs (NTPC, Power Grid) have the most credible multibagger credentials. Second-tier opportunities exist in railway PSUs (RVNL, IRCON) and water\/infrastructure PSUs that are still in early re-rating phases.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_did_PSU_stocks_become_multibaggers_in_2022-24\"><\/span><strong>Why did PSU stocks become multibaggers in 2022-24?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>The PSU multibagger rally of 2022-24 was driven by: (1) record government capital expenditure (Union Budget FY24 at Rs.10 lakh crore), (2) defence indigenisation mandate creating captive demand for HAL, BEL, Mazagon Dock, (3) railway expansion (Vande Bharat, freight corridor), and (4) P\/E re-rating from PSU discount (5-8x) to fair value (15-25x) as earnings growth became consistent.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Are_PSU_stocks_still_good_investments_after_2024_rally\"><\/span><strong>Are PSU stocks still good investments after 2024 rally?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>After the 2022-24 re-rating, large-cap PSUs (HAL, BEL) are no longer cheap \u2014 they trade at premium P\/E multiples. However, second-tier PSUs in power transmission, railways, and water infrastructure may still be in early re-rating phases. Focus on mid-cap PSUs with order books &gt; 3x revenue, ROCE &gt; 15%, and institutional holding still below 30%.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Do_PSU_stocks_pay_dividends\"><\/span><strong>Do PSU stocks pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Yes \u2014 PSU stocks are known for consistent dividend payouts. The government mandates PSUs to pay a minimum dividend to support the fiscal position. Power Grid&#8217;s dividend yield is approximately 4.5%, Coal India approximately 4.5%, ONGC approximately 3.5%, and NTPC approximately 2.2% at current prices. This provides an income floor while capital appreciation materialises.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Is_NTPC_a_multibagger_stock\"><\/span><strong>Is NTPC a multibagger stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>NTPC has a credible multibagger thesis: the transition from a pure thermal utility to an integrated power company with 60 GW of renewable capacity by 2032 is a structural transformation that could significantly re-rate the stock over 5-7 years. After the 2024-25 correction, NTPC at Rs.330 (versus Rs.448 52-week high) offers a more attractive entry point. However, it has already rallied 120%+ in FY24-25.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_CPSE_index\"><\/span><strong>What is CPSE index?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>CPSE (Central Public Sector Enterprises) Index is a Nifty index comprising the 12 largest and most liquid PSU stocks \u2014 including NTPC, ONGC, Coal India, Power Grid, BEL, and BHEL. The Nifty CPSE Index ETF (managed by Nippon India) allows investors to take diversified PSU exposure through a single instrument. The index has delivered exceptional returns during the PSU rally of 2022-24.<\/p><p>Disclaimer: Investments in securities are subject to market risks. This article is for educational purposes only and does not constitute investment advice or stock recommendations. The stocks mentioned are for illustrative\/research purposes only. Past performance is not indicative of future returns. Please consult a SEBI-registered investment advisor before making any investment decisions.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recent_Articles\"><\/span><strong>Recent Articles:&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><a href=\"https:\/\/univest.in\/blogs\/why-is-the-mega-corporation-share-price-falling\"><strong>Why is the Mega Corporation Share Price Falling?<\/strong><\/a><strong>&nbsp;<\/strong><\/p><p><a href=\"https:\/\/univest.in\/blogs\/why-is-adani-green-energy-share-price-falling\"><strong>Why is Adani Green Energy Share Price Falling?&nbsp;<\/strong><\/a><\/p><p>&nbsp;<a href=\"https:\/\/univest.in\/blogs\/why-is-jp-power-share-price-falling\"><strong>Why is JP Power Share Price Falling?&nbsp;<\/strong><\/a><\/p><p>&nbsp;<a href=\"https:\/\/univest.in\/blogs\/why-is-the-mrf-share-price-falling\"><strong>Why is the MRF Share Price Falling?&nbsp;<\/strong><\/a><\/p><p><strong>&nbsp;<\/strong><a href=\"https:\/\/univest.in\/blogs\/zomato-share-price-falling\"><strong>Why is Zomato\u2019s Share Price Falling?<\/strong><\/a><strong>&nbsp;&nbsp;&nbsp;&nbsp;<\/strong><\/p><p><strong>&nbsp;<\/strong><a href=\"https:\/\/univest.in\/blogs\/why-ease-my-trips-share-price-falling\"><strong>Why is Ease My Trip\u2019s Share Price Falling?<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Public Sector Undertakings (PSUs) were long considered the &#8216;boring&#8217; part of India&#8217;s stock market \u2014 stable but slow, dividend-paying but rarely dynamic, government-owned and therefore bureaucratic. That perception changed dramatically between 2022 and 2024, when a wave of PSU stocks delivered multibagger returns: HAL went from Rs.900 to Rs.5,000+ (5.5x), IRFC from Rs.25 to 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