Monopolies usually get a bad rap. When a single company holds too much power, it can hike prices, slow down innovation, cut corners on quality, and leave consumers with very few choices.
That’s why monopolies often attract regulatory scrutiny and spark ethical debates. After all, less competition can sometimes mean less motivation to do better.
But the story isn’t always that simple. Some companies don’t become dominant by playing unfairly. Instead, they earn their position through years of innovation, smart execution, massive scale, and strong technological advantages that are extremely hard to replicate.
These businesses build such deep and durable moats that competitors struggle to even come close. Over time, they become essential to how their industries function. These firms command virtual monopolies in their niches.
In this editorial, we will look at 5 monopoly stocks in India.
#1 Ajax Engineering
First on the list is Ajax Engineering.
Ajax Engineering Limited was listed on the stock exchanges in February 2025. The company offers a comprehensive range of concrete equipment, services, and solutions across the concrete application value chain and holds a dominant position in the self-loading concrete mixer (SLCM) segment.
With over three decades of technological leadership, its product portfolio spans concrete production, transportation, and placement solutions, positioning the company as a one-stop partner for infrastructure development projects.
Beyond India, Ajax Engineering’s products are exported to markets such as Nepal, Bhutan, several African countries, the Middle East, and Russia. As per the FY25 annual report, the company commands around 75% market share in the SLCM segment in India.
According to the Q2 earnings call, the company’s market share stood in the high-60% range in Q1, as management consciously avoided certain pricing-related practices.
However, the trend improved meaningfully in Q2, with market share rising to around 80% in the last two months of the quarter, to get to the 71% on a full-year basis.
On the financial front, over the past five years the company’s revenue has seen a growth of 22.4%, meanwhile, net profit grew at a CAGR of 21.1%.
The company’s five-year average ROE and ROCE stand at 19.4% and 26.1%.
Ajax Engineering Financial Snapshot (FY21-25)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue (Rs in m) | 7,417 | 7,633 | 11,511 | 17,414 | 20,739 |
| Revenue Growth (%) | -1.7 | 2.9 | 50.8 | 51.3 | 19.1 |
| Net Profit (Rs in m) | 974 | 662 | 1,359 | 2,251 | 2,601 |
| Net profit margin (%) | 13.1 | 8.7 | 11.8 | 12.9 | 12.5 |
| Return on equity (%) | 19 | 11.4 | 19 | 24.6 | 22.6 |
| Return on capital employed (%) | 25.4 | 15.7 | 25.7 | 33.2 | 30.5 |
Source: Equitymaster
Ajax Engineering is actively focussed on expanding its presence in international markets, recognising the significant growth potential in the global concrete equipment industry.
#2 CE Info Systems
Next on the list is CE Info Systems.
The company operates across three core service models—Maps as a Service (MaaS), Software as a Service (SaaS), and Platform as a Service (PaaS). Under MaaS, it offers India’s leading 2D, 3D, and HD map database, covering terrain, buildings, real-time (4D) updates, and 360° ground imagery and more.
Its SaaS offerings include IoT-enabled solutions for mobility and logistics, enterprises, government traffic and transport management, and consumer applications.
Meanwhile, the PaaS platform provides over 120 developer APIs and SDKs across 238 countries, enabling real-time integration, live map updates, navigation, search, and analytics.
According to the FY25 annual report, the company holds an estimated 80–85% market share in embedded navigation among major OEMs in India. Its solutions are built on fully indigenous intellectual property and are compliant with the latest ADAS regulations.
On the financial front, over the past five years the company’s revenue has seen a growth of 25.5%, meanwhile, net profit grew at a CAGR of 44.8%.
The company’s five-year average ROE and ROCE stand at 19.6% and 26.6%.
CE Info Systems Financial Snapshot (FY21-25)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue (Rs in m) | 1,525 | 2,004 | 2,815 | 3,794 | 4,633 |
| Revenue Growth (%) | 2.6 | 31.5 | 40.4 | 34.8 | 22.1 |
| Net Profit (Rs in m) | 598 | 871 | 1,075 | 1,344 | 1,476 |
| Net profit margin (%) | 39.2 | 43.4 | 38.2 | 35.4 | 31.9 |
| Return on equity (%) | 17.5 | 20.2 | 20.5 | 20.9 | 19.0 |
| Return on capital employed (%) | 23.8 | 27.7 | 27.0 | 27.7 | 26.9 |
Source: Equitymaster
Going forward, the company plans to expand its reach.
#3 Computer Age Management Services
Next on the list is Computer Age Management Services (CAMS).
Established in 1988, CAMS has emerged as a key pillar of India’s financial services and capital markets ecosystem, backed by decades of innovation, technological leadership, and process excellence.
The company is India’s largest registrar and transfer agent (RTA) for mutual funds and the fastest-growing Qualified Registrar and Transfer Agent (QRTA), serving 10 of the 15 largest mutual funds in the country based on AAUM.
According to the FY25 annual report, CAMS commands an aggregate market share of around 68% in the mutual fund RTA space, servicing Rs 45.1 trillion (tn) of assets under management, which reinforces its dominant industry position.
The company offers end-to-end, technology-enabled infrastructure to mutual funds, supporting the entire investor lifecycle—from account creation and transaction processing to redemptions.
In addition to mutual funds, CAMS has been expanding its presence in other segments, with a market share of around 9% in eNPS and approximately 6.5% in the retail non-government sector during the reporting period.
On the financial front, over the past five years the company’s revenue has seen a growth of 15.3%, meanwhile, net profit grew at a CAGR of 22%.
The company’s five-year average ROE and ROCE stand at 42.1% and 57.2%.
CAMS’ Financial Snapshot (FY21-25)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue (Rs in m) | 7,055 | 9,097 | 9,718 | 11,365 | 14,225 |
| Revenue Growth (%) | 0.8 | 28.9 | 6.8 | 16.9 | 25.2 |
| Net Profit (Rs in m) | 2,053 | 2,869 | 2,846 | 3,510 | 4,647 |
| Net profit margin (%) | 29.1 | 31.5 | 29.3 | 30.9 | 32.7 |
| Return on equity (%) | 40.7 | 46.5 | 39.0 | 40.8 | 43.4 |
| Return on capital employed (%) | 56.0 | 63.2 | 53.2 | 55.2 | 58.5 |
Source: Equitymaster
The company plans to continue investing in technological advancements, optimising business processes, and expanding its product portfolio to address evolving consumer demand and a dynamic business environment.
#4 Coal India
Next on the list is Coal India.
Established in November 1975, the state-owned coal mining major has grown from a modest production of 79 million tonnes at inception to become the world’s largest coal producer today.
It operates across eight Indian states through 85 mining areas and manages 310 working mines, including 129 underground, 168 opencast, and 13 mixed mines.
In addition to mining operations, it also runs supporting infrastructure such as workshops, hospitals, and other facilities.
Coal India plays a critical role in India’s energy security, contributing around 80% of the country’s domestic coal production and about 75% of coal-based power generation.
Overall, it supports nearly 55% of total power generation and meets close to 40% of India’s primary commercial energy needs.
The company also operates Asia’s largest opencast coal mine at Gevra under SECL and remains a key enabler of initiatives such as “Make in India,” helping strengthen India’s global competitiveness.
On the financial front, over the past five years the company’s revenue has seen a growth of 9.4%, meanwhile, net profit grew at a CAGR of 16.2%.
The company’s five-year average ROE and ROCE stand at 41.6% and 53.7%.
Coal India’s Financial Snapshot (FY21-25)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue (Rs in m) | 459,362 | 576,389 | 783,668 | 807,672 | 791,904 |
| Revenue Growth (%) | -9 | 25.5 | 36.0 | 3.1 | -2 |
| Net Profit (Rs in m) | 127,022 | 173,784 | 317,230 | 373,691 | 353,021 |
| Net profit margin (%) | 27.7 | 30.2 | 40.5 | 46.3 | 44.6 |
| Return on equity (%) | 34.8 | 40.3 | 52.1 | 45.2 | 35.6 |
| Return on capital employed (%) | 47.6 | 52.0 | 67.7 | 56.2 | 44.9 |
Source: Equitymaster
Going forward, Coal India plans to expand renewable energy deployment beyond 3 GW to accelerate the net-zero roadmap.
#5 Multi-Commodity Exchange (MCX)
Last on the list is MCX
Established in 2003, MCX is a state-of-the-art commodity derivatives exchange operating under the regulatory framework of the Securities and Exchange Board of India (SEBI).
It is India’s largest exchange in the commodity derivatives segment and was the first in the country to introduce futures and options across bullion, base metals, and energy indices.
This leadership has translated into strong momentum in recent years. Options turnover more than doubled, institutional participation deepened with increased involvement from FPIs and mutual funds, and MCX further strengthened its dominance with a market share of over 98% in commodity futures in FY25.
Today, MCX has evolved beyond a price discovery platform and plays a pivotal role in supporting India’s push towards deeper, more efficient, and inclusive commodity markets.
On the financial front, over the past five years the company’s revenue has seen a growth of 22.8%, meanwhile, net profit grew at a CAGR of 18.8%.
The company’s five-year average ROE and ROCE stand at 10.1% and 12.5%.
MCX’s Financial Snapshot (FY21-25)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue (Rs in m) | 3,906 | 3,668 | 5,135 | 6,836 | 11,127 |
| Revenue Growth (%) | -1.8 | -6.1 | 40.0 | 33.1 | 62.8 |
| Net Profit (Rs in m) | 2,252 | 1,435 | 1,490 | 831 | 5,600 |
| Net profit margin (%) | 57.7 | 39.1 | 29.0 | 12.2 | 50.3 |
| Return on equity (%) | 11.9 | 7.4 | 7.2 | 3.8 | 19.9 |
| Return on capital employed (%) | 14.1 | 9.5 | 9.2 | 4.7 | 24.9 |
Source: Equitymaster
Going forward, MCX plans to capitalise on emerging opportunities through product expansion, higher market participation, and the development of strategic partnerships.
Should You Invest in Monopoly Stocks?
Investing in monopoly stocks can be a powerful strategy for long-term wealth creation, thanks to their strong competitive moats, pricing power, and consistent cash flows.
These companies often dominate their industries, making them more resilient during economic downturns and better positioned to deliver steady returns over time.
However, no investment is risk-free, high valuations, regulatory scrutiny, or slowing growth can impact performance.
Investors should evaluate the company’s fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.
Happy investing.
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