Bihar Elections 2025: L&T To RailTel — 15 Stocks To Watch As Results Unfold

As the Election Commission of India begins counting votes for the high-stakes Bihar Assembly Election 2025, investors will be looking at companies with meaningful exposure to the state.

Sectors such as retail, infrastructure, media, housing and public services stand to gain from policy continuity and accelerated development initiatives.

According to brokerage InCred Equities, if the Bihar election results diverge from the exit polls — that predicts an National Democratic Alliance win, Dalal Street will price in a 'coalition discount' and brace for a surge in volatility. The Indian stock market could face a short-term correction with a 5-7% drop in the benchmark Nifty 50 index if the NDA loses power in Bihar.

NDA's loss in the eastern state could trigger a realignment at the Centre, warned the brokerage.

Here is a list of stocks that will be in focus as the results are set to be announced on Friday.

The largest electronics retail chain in Bihar continues to be the most direct proxy for the state’s consumer sentiment. Its extensive footprint positions it well for any post-election pickup in discretionary spending.

The company supplies refrigerant gases and has meaningful distribution exposure in Bihar. Growth in cooling products and emerging demand cycles could benefit its regional sales contribution.

With its headquarters in Patna, SIS remains one of the most prominent Bihar-linked companies, providing security, facility management and related services. The firm’s deep operational base in the state gives it strong leverage to any expansion in institutional or government contracts.

The wellness and healthcare provider operates one hospital and ten clinics in Bihar, making it well placed to capture rising demand for affordable medical and lifestyle services.

With a portfolio spanning residential and commercial projects, Ashiana has long maintained exposure in Bihar’s urban centres. Any improvement in state infrastructure and urban planning could support a stronger real estate cycle.

Operating 27 stores across the country, V2 has a substantial presence in Bihar’s value retail segment. Its performance often mirrors rural and semi-urban consumption patterns.

As the publisher of one of Bihar’s leading daily newspapers, the company remains a media bellwether for the region with strong advertising linkages to local economic activity.

• RailTel: The company recently secured a landmark order worth over Rs 7,000 crore from the Bihar Education Department, underscoring the state’s increasing digital and connectivity push.

• Varun Beverages: The bottling major has announced a 33,050 sq. m beverage manufacturing facility in Buxar, expanding its production footprint to cater to growing regional demand.

• Globus Spirits: The firm is developing a 28.9 million litre capacity plant, signalling rising investment interest in Bihar’s manufacturing and agro-linked industries.

There are a total of 49 major infrastructure projects worth Rs 1.36 lakh crore underway in the state. Here is a list of companies that have bet big on Bihar Development.

• GR Infraprojects: The company is executing a Rs 1,248 crore package along the Varanasi–Ranchi–Kolkata Highway, a key corridor that enhances regional connectivity.

• PNC Infratech: With completed projects in Darbhanga, Patna and Muzaffarpur, PNC remains one of the most experienced developers in the state’s road network.

• L&T: The engineering giant is expected to see opportunities from upcoming Bharatmala and Gati Shakti-related projects, both of which have major implications for Bihar’s long-term logistics infrastructure.

• NCC: NCC recently secured a Rs 2,090 crore contract from Bihar’s Water Resources Department, reinforcing its presence in state-led civil and irrigation works.

• Ashoka Buildcon: The company is involved in an EPC project worth Rs 520 crore in Bihar, furthering its portfolio of national highway and state-level infrastructure assignments.