Top 3 Stocks That Turned Multibaggers After a Change in Ownership 

Synopsis: A change in ownership can unlock significant value by improving governance, operations, and execution. These three companies witnessed remarkable turnarounds under new promoters, rewarding investors with multibagger returns over the years.

A change in ownership can often mark the beginning of a company’s turnaround. New promoters typically bring fresh capital, stronger corporate governance, better management practices, and a renewed focus on growth across sectors such as engineering, healthcare, and infrastructure.

Several Indian companies have undergone such ownership transitions and subsequently delivered exceptional returns to shareholders. Here are three stocks from the engineering, healthcare, and infrastructure sectors that turned into multibaggers following a change in ownership.

CG Power & Industrial Solutions Ltd

CG Power & Industrial Solutions Ltd is a leading engineering company engaged in the manufacturing of power and industrial equipment. Its product portfolio includes transformers, switchgear, motors, drives, and railway products, serving sectors such as power transmission, industrial manufacturing, and transportation. 

The Chennai-based Murugappa Group, through Tube Investments of India Ltd (TII), acquired CG Power & Industrial Solutions in November 2020 through the insolvency resolution process. The takeover marked a major turnaround for the company, with improved operations and profitability. Since then the stock rose by over 2,800%. 

Fortis Healthcare Ltd

Fortis Healthcare Ltd is one of India’s largest integrated healthcare service providers, operating a network of multi-specialty hospitals, diagnostic centers, and day-care facilities. The company offers advanced medical services across specialties such as cardiology, oncology, neurology, orthopedics, and critical care. 

Malaysia’s IHH Healthcare Bhd officially completed the deal and became the controlling shareholder of Fortis Healthcare Ltd on November 13, 2018, when the Fortis board approved the preferential allotment of shares.

Northern TK Venture Pte Ltd serves as the investment vehicle for this transaction. It is a wholly owned indirect subsidiary of IHH Healthcare through which the primary capital of approximately Rs. 4,000 crore was infused, giving the Malaysian firm an initial 31.1% stake in the expanded capital. Since then the stock rose by over 565%. 

Cemindia Projects Ltd

Cemindia Projects Ltd is engaged in providing engineering, procurement, construction (EPC), and project management services, primarily catering to the cement and infrastructure sectors. The company undertakes turnkey projects involving plant design, installation, modernization, and engineering consultancy.

Cemindia Projects Ltd, formerly known as ITD Cementation, was acquired by the Adani Group entity Renew Exim through a successful open offer that concluded in April 2025. During this open offer, 20.83% of the company’s shares were tendered and fully paid for. Once the remaining promoter stake formalities are finalized under the October 2024 share purchase agreement, Renew Exim will hold a total 67.46% stake in the firm. 

This acquisition marks a major operational milestone, significantly boosting the project execution capabilities of Adani portfolio companies within India’s fast-growing infrastructure sector. The buyout was financially backed by a group of international investors, including BlackRock, who participated in a new bond issuance for the transaction. Since then the stock rose by over 200%.  

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