4 Top Stocks With Price-to-Book Between 1 and 2 to Watch for Future Multibagger Potential: NTPC, Indian Bank, NMDC and Great Eastern Shipping
- October 21, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
NTPC Rs 309. Indian Bank Rs 856.85. NMDC Rs 70.50. Great Eastern Shipping Rs 1,519.30. Market caps from Rs 21,175 crore to Rs 3.04 lakh crore. Data as of 20 Oct 2026.
Quick Answer
NTPC, Indian Bank, NMDC and Great Eastern Shipping are the 4 picks in this stocks with price-to-book between 1 and 2 watchlist, with market caps between Rs 21,175 crore and Rs 3.04 lakh crore. NTPC stands out for the largest market cap at Rs 3,04,475 crore, while Indian Bank offers the biggest five-year price gain at 396.82%. PE ratios run from 5.65 to 10.75, so compare each one with its industry PE before investing. All figures are as of 20 October 2026.
Stocks with price-to-book between 1 and 2 to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. NTPC, Indian Bank, NMDC and Great Eastern Shipping meet that test, with market caps from Rs 21,175 crore to Rs 3.04 lakh crore and NTPC offering the largest market cap at Rs 3,04,475 crore. Each of these companies trades at a price-to-book ratio between 1 and 2, and net profit grew in FY26 and in the latest quarter.
This list covers companies with a price-to-book ratio between 1 and 2, rising profit in FY26 and the latest quarter, and complete, verifiable financials, ranked by market capitalisation. The companies here range from midcaps to largecaps in size. Investors screening stocks with price-to-book between 1 and 2 usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 20 October 2026 and are drawn from NSE and BSE data and company filings.
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What Are Stocks With Price-to-Book Between 1 and 2 and Why Do They Attract Multibagger Interest?
Stocks with price-to-book between 1 and 2 are shares priced close to the net worth on the balance sheet. The four here cover power generation, banking, iron ore and shipping.
A low price-to-book ratio with rising profit is a classic value signal. Investors who screen for stocks with price-to-book between 1 and 2 want the balance sheet to support the share price. Investors researching stocks with price-to-book between 1 and 2 get a fuller picture by reading growth and valuation together. The table below lines up stocks with price-to-book between 1 and 2 on size, growth and valuation, using complete FY26 and latest quarter numbers. Past performance does not guarantee future returns, so use stocks with price-to-book between 1 and 2 as a starting point for your own research.
Stocks With Price-to-Book Between 1 and 2 at a Glance: Price, Market Cap, PE, ROE and Price to Book
Prices are closing prices as of 20 October 2026. Great Eastern Shipping has the lowest PE of the group at 5.65, while NMDC posts the highest return on equity at 21.87%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Price to Book | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| NTPC | 309 | 3,04,475 | 10.75 | 21.61 | 13.31% | 1.50 | 305.70 to 414.40 |
| Indian Bank | 856.85 | 1,12,680 | 8.52 | 12.02 | 16.02% | 1.41 | 756.50 to 1,000.90 |
| NMDC | 70.50 | 62,352 | 8.36 | 10.06 | 21.87% | 1.83 | 70.10 to 97.49 |
| The Great Eastern Shipping Company | 1,519.30 | 21,175 | 5.65 | 8.87 | 17.35% | 1.25 | 1,002.55 to 1,798.00 |
NTPC: Five-Year Gain of 110.40%
NTPC is India’s largest power generation company and is growing its renewable energy portfolio. It reported FY26 revenue of Rs 1,89,798.56 crore and net profit of Rs 30,009.98 crore, up 48.19%. Net profit has compounded at 18.01% a year since FY22, while revenue has grown 8.89% a year. Operating margin was 32.45% in FY26.
In the June 2026 quarter, revenue rose 6.94% to Rs 51,141.51 crore and net profit grew 12.90% to Rs 6,896.44 crore. The share price has gained 110.40% over five years. Domestic institutions raised their holding from 28.92% in June 2025 to 29.44% in June 2026. The stock trades at a PE of 10.75 against an industry PE of 21.61, below the sector average, with a return on equity of 13.31%. The dividend yield is 2.87%.
Indian Bank: 32.28% Profit CAGR Since FY22
Indian Bank is a government-owned bank with a strong presence in South India and a growing national network. It reported FY26 total income of Rs 78,332.70 crore, up 8.72% year on year, and net profit of Rs 12,226.99 crore, up 11.21%. Net profit has compounded at 32.28% a year since FY22, while total income has grown 14.07% a year.
The stock trades at a PE of 8.52 against an industry PE of 12.02, below the sector average, with a return on equity of 16.02%. The dividend yield is 2.18%. In the September 2026 quarter, total income rose 21.09% to Rs 23,335.98 crore and net profit grew 13.36% to Rs 3,446.86 crore. The share price has gained 396.82% over five years and 10.47% over the past year. Foreign investors raised their holding from 4.68% in September 2025 to 6.86% in September 2026.
NMDC: Revenue Up 31.61% in FY26
NMDC is a government-owned miner and India’s largest iron ore producer. It reported FY26 revenue of Rs 33,559.27 crore, up 31.61% year on year, and net profit of Rs 7,415.37 crore, up 13.39%. Revenue has compounded at 5.90% a year since FY22. Operating margin was 33.51% in FY26. The debt-to-equity ratio is 0.19.
In the June 2026 quarter, revenue rose 1.47% to Rs 7,142.54 crore and net profit grew 1.94% to Rs 2,005.71 crore. Foreign investors raised their holding from 12.21% in June 2025 to 13.59% in June 2026. The stock trades at a PE of 8.36 against an industry PE of 10.06, below the sector average, with a return on equity of 21.87%. The dividend yield is 4.94%.
Great Eastern Shipping: 47.03% Profit CAGR Since FY22
The Great Eastern Shipping Company owns and operates crude tankers, product tankers and dry bulk carriers and also has an offshore business. It reported FY26 revenue of Rs 6,312.42 crore, up 2.53% year on year, and net profit of Rs 2,942.52 crore, up 25.52%. Net profit has compounded at 47.03% a year since FY22, while revenue has grown 14.53% a year. Operating margin was 66.75% in FY26. The debt-to-equity ratio is 0.06, which keeps interest costs low.
The stock trades at a PE of 5.65 against an industry PE of 8.87, below the sector average, with a return on equity of 17.35%. The dividend yield is 2.37%. In the June 2026 quarter, revenue rose 71.01% to Rs 2,286.21 crore and net profit grew 159.43% to Rs 1,308.84 crore. The share price has gained 330.69% over five years and 42.23% over the past year. Foreign investors raised their holding from 24.88% in September 2025 to 29.52% in September 2026.
Stocks With Price-to-Book Between 1 and 2: Financial Comparison on Growth and Margins
The table compares scale and growth across these stocks with price-to-book between 1 and 2. Latest quarter means the most recent reported quarter for each company, and only metrics that are positive for every company are shown.
| Stock | Revenue (Rs Cr) | Net Profit (Rs Cr) | 4-Year Revenue CAGR | Latest Quarter Revenue Growth | Net Profit Growth (YoY) |
|---|---|---|---|---|---|
| NTPC | 1,89,798.56 | 30,009.98 | 8.89% | 6.94% | 48.19% |
| Indian Bank | 78,332.70 | 12,226.99 | 14.07% | 21.09% | 11.21% |
| NMDC | 33,559.27 | 7,415.37 | 5.90% | 1.47% | 13.39% |
| Great Eastern Shipping | 6,312.42 | 2,942.52 | 14.53% | 71.01% | 25.52% |
Check the Univest Screener for live data on these stocks with price-to-book between 1 and 2
Institutional Holding in NTPC, Indian Bank, NMDC and Great Eastern Shipping
Institutional holding shows who is backing these stocks with price-to-book between 1 and 2 alongside the promoter. The table uses the latest reported quarter for each. NTPC has the deepest institutional backing, with FII and DII together holding 45.74% as of June 2026. Domestic institutions increased their holding over the past year in NTPC (from 28.92% to 29.44%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| NTPC | 51.10% | 16.30% | 29.44% | 3.15% | June 2026 |
| Indian Bank | 73.84% | 6.86% | 16.77% | 2.53% | September 2026 |
| NMDC | 60.79% | 13.59% | 13.81% | 11.80% | June 2026 |
| Great Eastern Shipping | 30.07% | 29.52% | 11.62% | 28.79% | September 2026 |
Risks to Weigh in Stocks With Price-to-Book Between 1 and 2
Being careful with stocks with price-to-book between 1 and 2 means looking at what can slow the story as well as what can speed it up. Four points matter most:
- Past growth may not repeat.
- Share prices can move sharply in either direction.
- Valuation: A low PE can also reflect slower growth, so compare each PE with the growth rate instead of reading it alone.
- Concentration: Holding all 4 names puts the allocation in one sector, so size each position to match your risk appetite.
How to Choose Between Stocks With Price-to-Book Between 1 and 2
Picking from stocks with price-to-book between 1 and 2 comes down to four checks, applied in order.
- Check balance sheet strength first, and prefer a debt-to-equity ratio below 1 for non-financial companies.
- Compare each PE with the industry PE (8.87 to 21.61) and ask whether the growth rate justifies any gap.
- Track net profit growth, the operating margin and the return on equity in every quarterly result.
- Stagger entries across quarters and review institutional holding every reporting season.
Download the Univest iOS App or Univest Android App to track NTPC, Indian Bank, NMDC and Great Eastern Shipping live prices.
Conclusion
Among stocks with price-to-book between 1 and 2, NTPC stands out for the largest market cap at Rs 3,04,475 crore, Indian Bank for the biggest five-year price gain at 396.82%, NMDC for the highest return on equity at 21.87% and Great Eastern Shipping for the fastest profit growth, 47.03% a year since FY22. Which one suits a portfolio depends on how much valuation risk it can carry, so staggering entries and reviewing each quarterly result is a sound habit. Investors comparing stocks with price-to-book between 1 and 2 should rank them on growth, financial strength and the price paid, and anyone who wants personalised guidance can consult a SEBI-registered advisor before acting.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions on Stocks With Price-to-Book Between 1 and 2 to Watch
Which are the best stocks with price-to-book between 1 and 2 to watch for multibagger potential?
Ans. NTPC, Indian Bank, NMDC and Great Eastern Shipping are the 4 names this list highlights, with market caps of Rs 3,04,475 crore, Rs 1,12,680 crore, Rs 62,352 crore and Rs 21,175 crore respectively. NTPC is notable for the largest market cap at Rs 3,04,475 crore. Indian Bank stands out for the biggest five-year price gain at 396.82%. NMDC offers the highest return on equity at 21.87%. Great Eastern Shipping brings the fastest profit growth, 47.03% a year since FY22. These are watchlist names for stocks with price-to-book between 1 and 2, not recommendations, so match each one to your own risk profile and time horizon.
Is NMDC a good stock for long-term investors?
Ans. NMDC has a return on equity of 21.87%, a PE of 8.36 against an industry PE of 10.06 and a market cap of Rs 62,352 crore. FY26 revenue rose 31.61%, and June 2026 quarter net profit grew 1.94%. Long-term returns in stocks with price-to-book between 1 and 2 depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can Great Eastern Shipping become a multibagger from here?
Ans. Great Eastern Shipping has already gained 330.69% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in stocks with price-to-book between 1 and 2 requires earnings to keep growing faster than the market for several years. Net profit has compounded at 47.03% a year since FY22, and FY26 revenue rose 2.53%. At a PE of 5.65 against an industry PE of 8.87, valuation should be checked against that growth before investing.
What is the market cap of NTPC, Indian Bank, NMDC and Great Eastern Shipping?
Ans. As of 20 October 2026, NTPC has a market cap of Rs 3,04,475 crore, Indian Bank has a market cap of Rs 1,12,680 crore, NMDC has a market cap of Rs 62,352 crore and Great Eastern Shipping has a market cap of Rs 21,175 crore. NTPC is the largest of the group. Market cap changes daily with the share price, so check the latest figure on the Univest Screener or on NSE before taking a decision on stocks with price-to-book between 1 and 2.
What are the risks of investing in stocks with price-to-book between 1 and 2?
Ans. The main risks are market swings, slower growth than expected and valuations that already reflect good news. Companies with strong balance sheets and steady earnings handle these better. Comparing each PE with growth gives a fuller picture than the PE alone.
Is Great Eastern Shipping trading below its industry PE?
Ans. Great Eastern Shipping trades at a PE of 5.65 against an industry PE of 8.87. A lower PE means investors pay less for each rupee of earnings, but it should be read with growth (net profit has compounded at 47.03% a year since FY22 and FY26 revenue rose 2.53%) and balance sheet strength before drawing a conclusion.
How much do institutions hold in NTPC, Indian Bank, NMDC and Great Eastern Shipping?
Ans. As of the latest reported quarter, FII and DII together hold 45.74% of NTPC (16.30% and 29.44%), 23.63% of Indian Bank (6.86% and 16.77%), 27.40% of NMDC (13.59% and 13.81%) and 41.14% of Great Eastern Shipping (29.52% and 11.62%). Rising institutional holding is a useful signal in stocks with price-to-book between 1 and 2, though it should be read with earnings trends rather than on its own.
