Chennai Super Kings (CSK) and Life Insurance Corporation (LIC) made headlines together as the IPL commences with full throttle this year. But this is not for a brand endorsement or something similar. This time it is for the jaw-dropping news of how this insurance company has said to hit a jackpot of 529%, making a fortune as CSK’s unlisted shares soared from ₹31 to ₹195 by 2024.
How is a company able to churn 6x return? Let’s understand…
From ₹31 to ₹195: The Unlisted Jackpot
In 2015, CSK was demerged from Indian Cements as the IPL Governing Council mandated that all franchises operate as independent entities. During this time, the early stakeholders like LIC acquired the unlisted shares at around ₹31 apiece.
Soon, CSK transformed into one of the most valuable cricket teams in the world, and by the year 2024, this leading IPL team’s unlisted shares were being traded in the range of ₹190–₹195, delivering a mind-blowing 529% return.
And so, it was a rare moment for a company like LIC, which is typically associated with traditional long-term holdings in blue-chip companies.
Masterstroke or Mahi Wave?
As this insurance company bags the 6x return, it is scrutinized by the stock market pundits: Was this a strategic investment masterstroke, a passive windfall as LIC is well-known for its conservative investing style, or did it just get lucky riding the Mahi wave?
The Masterstroke Bit
- Central pool income up 150% YoY to ₹479 crore (FY24)
- Based on its stake and current valuation, LIC’s unrealized profit is nearing ₹1,000 crore
- Moves LIC’s investment portfolio beyond traditional holdings
- PAT surged 1,365% to ₹201 crore, up from ₹14 crore (FY23)
- LIC receives massive exposure and recall via CSK’s popularity
- New IPL broadcasting rights sold at 3x the previous cycle, hence massive cash inflow
- CSK’s consistent on-field success and strong financials make this a high-performing, long-horizon asset
The Dhoni Factor
Let’s be honest — MS Dhoni is not just a cricketer; he’s an economy. His leadership, cool-headed brand, and loyal fan following have made CSK not just a team but a cultural icon. The value CSK commands today is inseparable from Dhoni’s legacy.
- Ticket sales? Boosted when Dhoni plays
- Brand deals? Easier to close when Mahi is in yellow
- Shareholder confidence? Unshakable as long as Captain Cool is on the roster
So…was it just a gamble or a smart business move? You decide.
CSK’s 529% return for a traditional insurance company like LIC is a case study in the power of brand, performance, and emotional equity. Whether you chalk it up to LIC’s strategic insight or Dhoni’s magic touch, it’s clear: this was more than luck. This was a legacy.
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