Five legendary comebacks in Indian markets

Remember the 90s Bollywood classic Karan Arjun? Two rightful heirs, once wronged and pushed aside, make a dramatic return to reclaim their legacy from a flashy usurper. It’s a story of resilience, patience, and the ultimate triumph of consistency over hype.

The Indian stock market has seen its own “Karan Arjun” moments. Industry leaders have been dethroned by ambitious challengers promising rapid change. For a while, it looks like the newcomer will rewrite the rules. But over time, the incumbents who focus on fundamentals – quality, trust, scale, and execution, reclaim their position.

These comeback stories prove that the so-called “first-mover advantage” is rarely permanent. In the long run, sustainable leadership is built on discipline and delivery. Here are five classic examples from India’s listed companies.

1. Bharti Airtel vs. Reliance Jio – the telecom throwdown

In 2016, Reliance Jio turned the telecom market on its head with free data, rock-bottom tariffs, and a blitzkrieg rollout of 4G towers. Within months, millions of subscribers switched to Jio, leaving incumbents scrambling. Airtel’s profits nosedived, posting a staggering net loss of over Rs 23,000 crore in FY21. Market share slipped, and many questioned if it could survive the onslaught.

But Airtel chose a long game. It invested heavily in network quality, built a premium brand positioning, and focused on retaining high-value customers. As the era of freebies ended and tariffs rose, these investments paid off. By FY25, Airtel’s ARPU touched Rs 245 – the highest in the industry – and it recorded 14 consecutive quarters of profit. Its revenue market share now hovers around 40 per cent, neck-and-neck with Jio. The message is clear: pricing can win you a crowd; quality keeps it.

2. Dabur vs. Patanjali – the ayurvedic showdown

Dabur had been the face of Ayurveda in India for decades, dominating segments like Chyawanprash and honey. Then in 2015-16, Patanjali arrived like a storm. Its low prices, nationalistic marketing, and aggressive distribution cut into Dabur’s share quickly – Chyawanprash fell from 70 per cent to under 60 per cent, while Patanjali grabbed double-digit share in honey.

Dabur fought back with a three-pronged approach: innovating new products (sugar-free Chyawanprash, premium honey), reinforcing quality credentials, and using its deep distribution to reach every corner of India. As Patanjali’s growth slowed amid quality concerns and operational overreach, Dabur regained ground. By late 2024, Chyawanprash share was back to 61.6 per cent, and in 2025 it won a legal battle stopping Patanjali from making misleading claims. Dabur proved that deep roots and brand trust can withstand even the fiercest storms.

3. Royal Enfield (Eicher Motors) vs. Japanese bike makers – rebirth of a legend

By the late 1990s, Royal Enfield was a relic. Sales had dropped to just 2,000 bikes a month, plagued by oil leaks, outdated technology, and an aging customer base. Japanese makers like Hero-Honda, Yamaha, and Bajaj’s Pulsar line offered lighter, faster, and more reliable bikes, pushing Enfield to the brink of closure.

Then came Siddhartha Lal, who convinced the board to give the brand one last chance. He modernised engines, eliminated chronic mechanical flaws, and introduced models like the Thunderbird and later the game-changing Classic 350. The retro charm stayed, but the experience became reliable.

By 2023, Royal Enfield was selling over 9,00,000 bikes annually and commanding over 90 per cent of the mid-size motorcycle segment. The turnaround was so complete that waiting periods – once a thing of shame for poor capacity – became a badge of honour due to overwhelming demand.

4. Colgate-Palmolive vs. the naturals trend – brushing off the herbal threat

For decades, Colgate was the undisputed king of Indian toothpaste, holding more than half the market. Then, in 2016, the herbal/naturals trend erupted. Patanjali’s Dant Kanti and Dabur’s Red Paste surged in popularity, grabbing share from Colgate. In just three years, naturals grew their market share by nine percentage points.

Colgate adapted swiftly. It launched its own Ayurvedic line, Vedshakti, and rolled out herbal variants across its portfolio. More importantly, it reminded consumers of the science-backed protection that had kept it at the top for so long.

By 2023, the herbal toothpaste wave had plateaued, and Colgate’s share began climbing again. Today, it still holds close to 50 per cent of the market. The fad faded, but the trusted brand endured.

5. Trent (Westside & Zudio) vs. e-commerce – brick-and-mortar strikes back

In the late 2010s, global fast-fashion brands and e-commerce giants were reshaping how Indians shopped for clothes. Westside, Trent’s flagship retail chain, faced slowing growth as online discounts and international labels drew away customers.

Trent’s answer? Launch Zudio – a chain of trendy, ultra-affordable fashion stores that could scale rapidly. It combined the speed of fast fashion with the trust and footprint of Tata retail. Westside refined its positioning while Zudio took the mass market by storm.

By FY25, Trent’s revenues hit Rs 17,135 crore, with Zudio alone crossing $1 billion in sales. Over 1,000 stores now cater to 100+ million customers annually. By staying nimble and understanding the Indian consumer, Trent turned a perceived disadvantage into market leadership.

The common thread

Across industries, the disruptors grabbed headlines, but the comebacks built lasting wealth. Whether it was telecom, Ayurveda, motorbikes, toothpaste, or fashion retail – the winners stuck to fundamentals, adapted smartly, and leveraged brand trust to outlast their challengers.

And in our own Stock Advisor universe, we have two such remarkable comeback stories playing out right now. Two companies that were written off in an emerging segment after being dethroned by a flashy newcomer, yet are now methodically reclaiming their ground.

Just like the rightful heirs in Karan Arjun, these businesses are proving that patience, quality, and discipline can triumph over short-lived hype.

You can unlock the names of these two companies – along with the full investment case – today as part of our Value Research Stock Advisor recommendations.

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