Turnaround stocks of 2024: Top 5 shares that are potential multibaggers

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Indian listed companies to say the least. The BSE Sensex saw an incredible rise of about 24%, outperforming past performance. In addition, a cohort of companies have been buzzing in the market due to their turnaround stories.

These stocks have reported stellar performance in FY24 and finally turned profitable after a slew of losses. The earnings scorecard of India Inc is much better than expected, and companies have kickstarted the new financial year on a good note. This article will look at FY24’s top 5 turnaround stocks that could do well in the coming quarters.

These companies have turned profitable after one year of loss in FY23 or repeat years of losses. Take a look… Interglobe Aviation Ltd (IndiGo) is India’s largest passenger airline operating as a low-cost carrier. Serving 86 destinations including 24 international destinations, it provides passengers with a simple, unbundled service.

IndiGo is currently the 7th largest airline in the world measured by daily departures and the first Indian airline with a large fleet of 300+ aircrafts. After consecutive losses for four years, IndiGo recorded an annual net profit of around ₹82 billion (bn) in FY24. After five years, the company has been profitable in all the 4 quarters in a financial year.

For the financial year 2024, it reported its highest ever total income of around ₹712 bn which is 27% higher than FY23. Due to favourable macro-economic trends in the country such as the rise in per capita income and favourable demographics, new travel trends are emerging. These are experiential travel, growth in spiritual tourism, and increasing demand for international travel.