Bhartiya Janta Party (BJP) has won the 2026 Assembly Elections in West Bengal, and JM Financial believes the victory has shifted stock market focus to the possibility of an industrial and infrastructure revival in the state. BJP won more than two-thirds of the 294 Assembly seats, ending the Trinamool Congress’s 15-year rule and forming the government in West Bengal for the first time.

The brokerage said the scale of the mandate improves visibility on policy execution and could raise expectations of faster industrial approvals, infrastructure rollout and private investment. With Suvendu Adhikari set to become the new Chief Minister, the new administration is expected to focus on industrial revival, infrastructure creation and governance reforms.

According to JM Financial, BJP’s ‘Bhoroshar Shopoth’ manifesto places strong emphasis on industrialisation, manufacturing revival and investment-led growth. The proposals include industrial parks in Singur, four major industrial zones, modern steel plants, defence manufacturing, logistics expansion, revival of stalled metro and railway projects, and modernisation of ports and fisheries infrastructure.

JM Financial said Bengal-linked companies could benefit if this industrial push gathers pace. It said CESC could gain from higher industrial activity, while logistics expansion and urban infrastructure development could support incremental commercial and industrial power demand. Improved ease of doing business may also accelerate project execution and investments across West Bengal.

ITC Ltd could benefit from stronger agricultural connectivity, better logistics and higher regional consumption. JM Financial said rural income-support measures, direct financial assistance to women and employment generation initiatives could boost mass-market consumption and discretionary spending, benefiting ITC’s FMCG portfolio.

Berger Paints may see support from housing, industrial construction and infrastructure spending. According to the brokerage, industrial expansion and urban development initiatives could drive demand for decorative and industrial coatings, while higher household support and economic activity may aid housing-led paint consumption growth.

JM Financial said Texmaco Rail could benefit from railway modernisation and the revival of stalled rail projects. Bridge construction and logistics infrastructure expansion could support order inflows for rail and engineering products, while manufacturing-led investments may strengthen overall industrial capex demand.

Shyam Metalics could benefit from proposed steel plant development, industrial corridor expansion and large infrastructure projects. According to the brokerage, these initiatives could increase steel demand across construction, railways and manufacturing, while improved logistics connectivity may support distribution and export competitiveness.

JM Financial noted that Emami Ltd may benefit from direct cash-support measures, rural income initiatives and employment generation, which could boost discretionary consumption across mass FMCG categories. Healthcare expansion may also support demand for Emami’s healthcare and personal care portfolio.

The brokerage also drew parallels with Andhra Pradesh after N. Chandrababu Naidu’s return to power. JM Financial noted that Andhra-linked companies and infrastructure beneficiaries were re-rated by investors on expectations of faster project execution, stronger infrastructure spending and improved governance visibility. It cited Heritage Foods, Amara Raja Energy & Mobility and KNR Constructions as examples of stocks that attracted strong investor interest even before earnings reflected the change.

For West Bengal, JM Financial said a similar re-rating framework could emerge if the new government is able to accelerate industrial approvals, infrastructure execution and investment activity over the coming years. According to the brokerage, the election result has shifted market attention from politics to whether the promised industrial and infrastructure agenda can translate into stronger growth visibility for state-linked companies.