Stocks linked to the Vellayan Subbiah-led group have delivered substantial gains between 2021 and 2026. CG Power has risen 22 times over the period, while Cholamandalam Investment and Tube Investments have climbed 4.8 times and 3.7 times, respectively.

The three companies are part of the Chennai-headquartered Murugappa Group, a diversified family business with interests across engineering, financial services, abrasives, agri inputs and sugar. Vellayan Subbiah, who leads the group, took charge as executive chairman of Tube Investments of India and later assumed leadership of CG Power after the Murugappa Group acquired control of it in 2020, following a governance crisis at the earlier promoter level.

The combined market capitalisation of the three companies stood at ₹54,800 crore in January 2021, and has since surged to ₹2.98 lakh crore. The rally in CG Power in particular has been underpinned by its turnaround from the accounting irregularities disclosed in 2019, which had triggered regulatory probes and the exit of its previous promoters, and by subsequent order wins in the industrial electricals and railways equipment segments.

For the group's financial services arm, Cholamandalam Investment, the period coincided with steady growth in vehicle finance disbursements, while Tube Investments expanded beyond its traditional bicycles and engineering businesses into areas such as auto components and, through acquisitions, precision metal forming.