4 Largecap Stocks With Operating Margin Between 30 and 40 Per Cent to Watch for Future Multibagger Potential: Sun Pharma, Divi’s Labs, Eicher Motors and Lodha Developers
- October 21, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
Sun Pharma Rs 1,743. Divi’s Labs Rs 9,087. Eicher Motors Rs 7,349. Lodha Developers Rs 1,030. Market caps from Rs 1.06 lakh crore to Rs 4.22 lakh crore. Data as of 20 Oct 2026.
Quick Answer
Sun Pharma, Divi’s Labs, Eicher Motors and Lodha Developers are the 4 picks in this stocks with operating margin between 30 and 40 per cent watchlist, with market caps between Rs 1.06 lakh crore and Rs 4.22 lakh crore. Sun Pharma stands out for the fastest profit growth, 35.75% a year since FY22, while Divi’s Labs offers a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.00. PE ratios run from 25.68 to 82.05, so compare each one with its industry PE before investing. All figures are as of 20 October 2026.
Stocks with operating margin between 30 and 40 per cent to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Sun Pharma, Divi’s Labs, Eicher Motors and Lodha Developers meet that test, with market caps from Rs 1.06 lakh crore to Rs 4.22 lakh crore and Sun Pharma offering the fastest profit growth, 35.75% a year since FY22. Each of these companies earned an operating margin between 30 and 40 per cent in FY26, and net profit grew in FY26 and in the latest quarter.
This list covers companies with an FY26 operating margin between 30 and 40 per cent, rising profit in FY26 and the latest quarter, and market capitalisation above Rs 1,00,000 crore. Each company has a market cap above Rs 1 lakh crore. Investors screening stocks with operating margin between 30 and 40 per cent 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.
Click Here – Get Free Investment Predictions
What Are Stocks With Operating Margin Between 30 and 40 Per Cent and Why Do They Attract Multibagger Interest?
Stocks with operating margin between 30 and 40 per cent are shares of companies that keep 30 to 40 paise of operating profit from every rupee of sales. The four here cover pharmaceuticals, pharmaceutical ingredients, motorcycles and real estate.
A margin this high is rare and usually reflects a strong brand, patents or a hard-to-copy process. Investors who follow stocks with operating margin between 30 and 40 per cent watch whether the margin holds as sales grow. Whichever way you read stocks with operating margin between 30 and 40 per cent, the common thread is rising profit backed by complete financial data. Each of the four in stocks with operating margin between 30 and 40 per cent also shows rising profit in the latest quarter. Investors researching stocks with operating margin between 30 and 40 per cent get a fuller picture by reading growth and valuation together. The table below lines up stocks with operating margin between 30 and 40 per cent on size, growth and valuation, using complete FY26 and latest quarter numbers. Past performance does not guarantee future returns, so use stocks with operating margin between 30 and 40 per cent as a starting point for your own research.
Stocks With Operating Margin Between 30 and 40 Per Cent at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 20 October 2026. Lodha Developers has the lowest PE of the group at 25.68, while Eicher Motors posts the highest return on equity at 21.97%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Sun Pharmaceutical Industries | 1,743 | 4,22,427 | 34.86 | 36.42 | 13.74% | 0.06 | 1,583.70 to 2,046.90 |
| Divi’s Laboratories | 9,087 | 2,39,982 | 82.05 | 36.42 | 15.32% | 0.00 | 5,647.50 to 9,740.00 |
| Eicher Motors | 7,349 | 1,94,090 | 33.62 | 23.82 | 21.97% | 0.02 | 6,442.00 to 8,230.00 |
| Lodha Developers | 1,030 | 1,06,038 | 25.68 | 31.94 | 14.72% | 0.42 | 650.80 to 1,344.95 |
Sun Pharma: 35.75% Profit CAGR Since FY22
Sun Pharmaceutical Industries is one of India’s largest drugmakers and sells generic and specialty medicines in India and overseas. It reported FY26 revenue of Rs 61,673.94 crore, up 12.69% year on year, and net profit of Rs 11,564.52 crore, up 5.32%. Net profit has compounded at 35.75% a year since FY22, while revenue has grown 11.62% a year. Operating margin was 31.47% in FY26. The debt-to-equity ratio is 0.06, which keeps interest costs low.
In the June 2026 quarter, revenue rose 11.93% to Rs 16,023.50 crore and net profit grew 26.41% to Rs 2,910.80 crore. The share price has gained 110.81% over five years. Domestic institutions raised their holding from 20.23% in September 2025 to 22.27% in September 2026. The stock trades at a PE of 34.86 against an industry PE of 36.42, below the sector average, with a return on equity of 13.74%.
Divi’s Labs: Debt-to-Equity of 0.00
Divi’s Laboratories makes active pharmaceutical ingredients and intermediates and runs a large custom synthesis business for global drug companies. It reported FY26 revenue of Rs 11,067 crore, up 13.95% year on year, and net profit of Rs 2,568 crore, up 17.21%. Revenue has compounded at 5.09% a year since FY22. Operating margin was 36.70% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.
The stock trades at a PE of 82.05 against an industry PE of 36.42, with a return on equity of 15.32%. In the June 2026 quarter, revenue rose 24.32% to Rs 3,144 crore and net profit grew 65.50% to Rs 902 crore. The share price has gained 71.04% over five years and 38.43% over the past year. Foreign investors raised their holding from 19.39% in September 2025 to 20.38% in September 2026.
Eicher Motors: 34.67% Profit CAGR Since FY22
Eicher Motors owns the Royal Enfield brand of premium motorcycles and is a partner in the Eicher commercial vehicle business. It reported FY26 revenue of Rs 24,894.09 crore, up 23.39% year on year, and net profit of Rs 5,515.23 crore, up 16.49%. Net profit has compounded at 34.67% a year since FY22, while revenue has grown 23.39% a year. Operating margin was 34.24% in FY26. The debt-to-equity ratio is 0.02, which keeps interest costs low.
In the June 2026 quarter, revenue rose 29.35% to Rs 7,098.73 crore and net profit grew 21.35% to Rs 1,462.51 crore. The share price has gained 174.76% over five years. The stock trades at a PE of 33.62 against an industry PE of 23.82, with a return on equity of 21.97%.
Lodha Developers: 29.80% Profit CAGR Since FY22
Lodha Developers (formerly Macrotech Developers) is a leading residential developer in the Mumbai Metropolitan Region, with projects in Pune and Bengaluru. It reported FY26 revenue of Rs 17,119.50 crore, up 20.82% year on year, and net profit of Rs 3,430.70 crore, up 24.00%. Net profit has compounded at 29.80% a year since FY22, while revenue has grown 15.79% a year. Operating margin was 32.23% in FY26. The debt-to-equity ratio is 0.42.
The stock trades at a PE of 25.68 against an industry PE of 31.94, below the sector average, with a return on equity of 14.72%. In the June 2026 quarter, revenue rose 40.61% to Rs 5,096.70 crore and net profit grew 103.39% to Rs 1,373.10 crore. The share price has gained 78.95% over five years. Domestic institutions raised their holding from 2.20% in June 2025 to 3.57% in June 2026.
Stocks With Operating Margin Between 30 and 40 Per Cent: Financial Comparison on Growth and Margins
The table compares scale and growth across these stocks with operating margin between 30 and 40 per cent. 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) | Revenue Growth (YoY) | 4-Year Revenue CAGR | Latest Quarter Revenue Growth | Operating Margin (Latest Quarter) |
|---|---|---|---|---|---|---|
| Sun Pharma | 61,673.94 | 11,564.52 | 12.69% | 11.62% | 11.93% | 32.52% |
| Divi’s Labs | 11,067 | 2,568 | 13.95% | 5.09% | 24.32% | 42.82% |
| Eicher Motors | 24,894.09 | 5,515.23 | 23.39% | 23.39% | 29.35% | 34.28% |
| Lodha Developers | 17,119.50 | 3,430.70 | 20.82% | 15.79% | 40.61% | 40.51% |
Institutional Holding in Sun Pharma, Divi’s Labs, Eicher Motors and Lodha Developers
Institutional holding shows who is backing these stocks with operating margin between 30 and 40 per cent alongside the promoter. The table uses the latest reported quarter for each. Eicher Motors has the deepest institutional backing, with FII and DII together holding 41.59% as of June 2026. Domestic institutions increased their holding over the past year in Sun Pharma (from 20.23% to 22.27%) and Lodha Developers (from 2.20% to 3.57%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| Sun Pharma | 52.68% | 14.36% | 22.27% | 10.70% | September 2026 |
| Divi’s Labs | 51.88% | 20.38% | 19.17% | 8.58% | September 2026 |
| Eicher Motors | 49.02% | 25.53% | 16.06% | 9.40% | June 2026 |
| Lodha Developers | 70.31% | 23.65% | 3.57% | 2.47% | June 2026 |
Risks to Weigh in Stocks With Operating Margin Between 30 and 40 Per Cent
Being careful with stocks with operating margin between 30 and 40 per cent 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: Divi’s Labs trades at a PE of 82.05 against an industry PE of 36.42, so earnings need to keep growing to support the price.
- 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 Operating Margin Between 30 and 40 Per Cent
Picking from stocks with operating margin between 30 and 40 per cent 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 (23.82 to 36.42) 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 Sun Pharma, Divi’s Labs, Eicher Motors and Lodha Developers live prices.
Conclusion
Among stocks with operating margin between 30 and 40 per cent, Sun Pharma stands out for the fastest profit growth, 35.75% a year since FY22, Divi’s Labs for a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.00, Eicher Motors for the highest return on equity at 21.97% and Lodha Developers for the strongest latest-quarter profit growth at 103.39%. 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 operating margin between 30 and 40 per cent 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 Operating Margin Between 30 and 40 Per Cent to Watch
Which are the best stocks with operating margin between 30 and 40 per cent to watch for multibagger potential?
Ans. Sun Pharma, Divi’s Labs, Eicher Motors and Lodha Developers are the 4 names this list highlights, with market caps of Rs 4,22,427 crore, Rs 2,39,982 crore, Rs 1,94,090 crore and Rs 1,06,038 crore respectively. Sun Pharma is notable for the fastest profit growth, 35.75% a year since FY22. Divi’s Labs stands out for a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.00. Eicher Motors offers the highest return on equity at 21.97%. Lodha Developers brings the strongest latest-quarter profit growth at 103.39%. These are watchlist names for stocks with operating margin between 30 and 40 per cent, not recommendations, so match each one to your own risk profile and time horizon.
Is Eicher Motors a good stock for long-term investors?
Ans. Eicher Motors has a return on equity of 21.97%, a PE of 33.62 against an industry PE of 23.82 and a market cap of Rs 1,94,090 crore. Net profit has compounded at 34.67% a year since FY22, and FY26 revenue rose 23.39% while June 2026 quarter net profit grew 21.35%. Long-term returns in stocks with operating margin between 30 and 40 per cent depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can Sun Pharma become a multibagger from here?
Ans. Sun Pharma has already gained 110.81% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in stocks with operating margin between 30 and 40 per cent requires earnings to keep growing faster than the market for several years. Net profit has compounded at 35.75% a year since FY22, and FY26 revenue rose 12.69%. At a PE of 34.86 against an industry PE of 36.42, valuation should be checked against that growth before investing.
What is the market cap of Sun Pharma, Divi’s Labs, Eicher Motors and Lodha Developers?
Ans. As of 20 October 2026, Sun Pharma has a market cap of Rs 4,22,427 crore, Divi’s Labs has a market cap of Rs 2,39,982 crore, Eicher Motors has a market cap of Rs 1,94,090 crore and Lodha Developers has a market cap of Rs 1,06,038 crore. All of them qualify as largecaps. 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 operating margin between 30 and 40 per cent.
What are the risks of investing in stocks with operating margin between 30 and 40 per cent?
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. Divi’s Labs trades at a PE of 82.05 against an industry PE of 36.42, so earnings growth needs to hold up.
Why is Divi’s Labs trading at a PE of 82.05?
Ans. Divi’s Labs’ PE of 82.05 compares with an industry PE of 36.42. The market is paying a premium for a return on equity of 15.32% and latest-quarter profit growth of 65.50%, which also means the stock is more sensitive if growth slows. Investors in stocks with operating margin between 30 and 40 per cent who are comfortable with higher valuation risk may prefer to stagger purchases instead of investing in one go.
How much do institutions hold in Sun Pharma, Divi’s Labs, Eicher Motors and Lodha Developers?
Ans. As of the latest reported quarter, FII and DII together hold 36.63% of Sun Pharma (14.36% and 22.27%), 39.55% of Divi’s Labs (20.38% and 19.17%), 41.59% of Eicher Motors (25.53% and 16.06%) and 27.22% of Lodha Developers (23.65% and 3.57%). Rising institutional holding is a useful signal in stocks with operating margin between 30 and 40 per cent, though it should be read with earnings trends rather than on its own.
