The founding Prime Minister of Singapore, Lee Kuan Yew, once said that he wanted “Singapore to become like Calcutta.”

That quote is getting some attention after the Bharatiya Janata Party’s (BJP) sweeping victory in West Bengal’s 2026 Assembly elections. The comment was a stark reminder of the lost glory of West Bengal and its capital city, reopening both old wounds and conversations around whether West Bengal can regain its industrial relevance.

Markets had risen in early April ahead of the state’s election results, with Bengal-linked stocks surging. Bandhan Bank and CESC both hit new 52-week highs on the day the election results were announced, before seeing some profit booking.

JM Financial Institutional Securities said the scale of the BJP’s victory had “improved confidence around policy implementation.”The BJP’s campaign focused heavily on ports, metro expansion, inland waterways, power infrastructure, and industrial projects that have been stalled for years. In this edition of Chart of the Week, we look at the companies now at the centre of Bengal’s industrial push.

Tajpur, railways, and inland waterways in the spotlight

The Tajpur deep sea port has spent years moving between announcements, bidding rounds, and legal disputes.

The Rs 25,000 crore project was supposed to strengthen freight movement along the eastern coast while reducing pressure on existing ports. In September 2022, Adani Ports emerged as the selected developer after receiving the state government’s letter of intent for the project. But the project later stalled, reopening the bidding round and pulling JSW Infrastructure back into the discussion as another major contender.

The BJP has promised modern deep-sea ports at Tajpur and Kulpi as part of its push to boost Bengal’s maritime trade and exports. The party has also proposed an industrial park in Singur, reviving talks around manufacturing-linked land development and freight infrastructure in Bengal.

Adani Ports rose nearly 25% on expectations that the Tajpur port process could regain momentum under a BJP-led state government. The company has aggressively expanded its logistics and cargo infrastructure network. It handled 500 million metric tonnes of cargo in FY26 while logistics revenue jumped 55% during the year.

JSW Infrastructure also gained close to 10% as the company continued expanding rail-linked logistics, inland freight stations, and container infrastructure across India.

The industrial push has also brought Bengal’s transport manufacturing companies back into the spotlight.

Titagarh Rail Systems rose nearly 38% in the weeks leading up to the election results, on expectations of faster execution of stalled urban transport and connectivity projects across the state. The company is expanding passenger coach production around Uttarpara near the old Hindustan Motors facility.

The Indian Railways allocated a record Rs 2.9 lakh crore for capital expenditure in the 2026-27 Union Budget. Bengal received a Rs 14,205 crore allocation. The BJP has promised to complete stalled Kolkata Metro projects and clear land-related hurdles delaying infrastructure projects across Bengal. 

Texmaco Rail & Engineering gained more than 28% as investor attention returned to companies tied to wagon manufacturing, freight movement, and transport infrastructure. The company has expanded beyond wagons into engineering and infrastructure execution. It also recently formed a joint venture with Rail Vikas Nigam to strengthen its transport project business.

West Bengal handles nearly 78% of India’s inland waterway passenger traffic, with ferry transport remaining critical across the Hooghly river system. Garden Reach Shipbuilders & Engineers (GRSE) rallied more than 23% as inland waterways and shipbuilding regained investor attention.

The company is building hybrid-electric ferries for the West Bengal government.

The BJP has repeatedly pushed Haldia port expansion, inland waterways, and blue economy infrastructure as part of its industrial strategy for the state. A larger shift toward organised ferry systems, river cargo movement, and maritime infrastructure could expand commercial opportunities for GRSE beyond its traditional defence business.

Rural recovery to reshape Bengal’s lending story

Bandhan Bank climbed nearly 40% in the weeks leading up to the election results and touched a 52-week high of Rs 212.7 on the results day.Nearly one-fourth of its loan book comes from West Bengal, while around 35% of loans come from its microfinance-focused Emerging Entrepreneurs Business segment. Repayment stress across parts of Bengal’s rural economy has remained a concern as borrowers increasingly relied on multiple small-ticket loans.

Collection agents travel across villages collecting weekly installments from borrowers already struggling with low incomes. That burden has become increasingly visible in rural Bengal, where borrowers like 25-year-old Shibani borrowed Rs 25,000 to repair her house but now has to repay nearly Rs 38,400 through installments spread across 96 weeks.

The BJP has offered financial assistance of up to Rs 1 lakh for borrowers struggling to repay microfinance loans. It also proposed higher support prices for farmers, cold storage expansion, and rural infrastructure spending aimed at improving agricultural incomes.

Better farm incomes and lower repayment pressure would further support lenders such as Bandhan Bank, which has significant exposure to Bengal’s rural economy.

Coal and power companies gain from tighter controls

Coal movement and power demand sit at the centre of Bengal’s industrial economy. That has brought companies like Coal India and CESC back into focus after the election results.

Coal India shares rose more than 5% as the BJP promised a crackdown on syndicate operations, illegal sand and coal mining, and stone trade networks operating across parts of Bengal. Earlier this year, authorities froze assets worth Rs 159.5 crore linked to an alleged illegal coal mining and transportation network operating across eastern India.

Tighter monitoring of illegal extraction and transport could improve formal coal dispatches linked to organised producers like Coal India, whose Eastern Coalfields operations remain closely tied to industrial activity across the state.

Thermal power remains India’s largest source of electricity generation even as the country accelerates renewable energy adoption. The Centre has repeatedly pushed states to expand renewable capacity, strengthen transmission infrastructure, and modernise power networks.

CESC rose around 22% ahead of the election results and touched a fresh 52-week high of Rs 204.5 on the results day.

More than half of CESC’s revenue comes from its Kolkata distribution business, which serves over 3.7 million consumers across Kolkata and nearby districts. The company is also building a large renewable energy pipeline through Purvah Green, targeting 3.2 gigawatts (GW) of capacity by FY29 and 10 GW by FY32.

A broader industrial push across Bengal could drive higher commercial and industrial power demand in Bengal. Faster coordination between the Centre and the state on renewable projects, transmission upgrades, and industrial infrastructure could also help CESC scale long-term power investments more efficiently.

The rally across Bengal-linked stocks reflects the shift in expectations. After years of stalled projects and slow execution, the market is hoping that a change in government will revive Bengal’s industrial story.