4 Top Stocks With Price-to-Book of 3-6 and ROE Above 20 to Watch for Future Multibagger Potential: Infosys, Lupin, Waaree Energies and Force Motors
- October 22, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
Infosys Rs 1,168. Lupin Rs 1,964. Waaree Energies Rs 2,455. Force Motors Rs 16,885. Market caps from Rs 23,126 crore to Rs 4.42 lakh crore. Data as of 21 Oct 2026.
Quick Answer
Infosys, Lupin, Waaree Energies and Force Motors are the 4 picks in this stocks with price-to-book of 3-6 and ROE above 20 watchlist, with market caps between Rs 23,126 crore and Rs 4.42 lakh crore. Infosys stands out for the highest return on equity at 33.24%, while Lupin offers 26.76% revenue growth in FY26. PE ratios run from 14.57 to 18.47, so compare each one with its industry PE before investing. All figures are as of 21 October 2026.
Stocks with price-to-book of 3-6 and ROE above 20 to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Infosys, Lupin, Waaree Energies and Force Motors meet that test, with market caps from Rs 23,126 crore to Rs 4.42 lakh crore and Infosys offering the highest return on equity at 33.24%. Each of these companies has a price-to-book ratio between 3 and 6 and a return on equity above 20 per cent, and net profit rose in FY26 and in the latest quarter.
This list covers companies with a price-to-book ratio between 3 and 6 and a return on equity above 20 per cent, 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 of 3-6 and ROE above 20 usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 21 October 2026 and are drawn from NSE and BSE data and company filings.
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What Are Stocks With Price-to-Book of 3-6 and ROE Above 20 and Why Do They Attract Multibagger Interest?
Stocks with price-to-book of 3-6 and ROE above 20 are shares where investors pay a mid-range multiple of book value for high returns. The four here cover IT services, pharmaceuticals, solar manufacturing and commercial vehicles.
High returns are what justify a higher book multiple. For stocks with price-to-book of 3-6 and ROE above 20, rising profit supports the premium. Each of stocks with price-to-book of 3-6 and ROE above 20 also has complete FY26 and latest quarter figures. For stocks with price-to-book of 3-6 and ROE above 20, checking each result against the latest quarter matters more than any single ratio. The next sections explain what stands out in each of stocks with price-to-book of 3-6 and ROE above 20, using FY26 and latest quarter data. Prices move daily, so recheck the figures for stocks with price-to-book of 3-6 and ROE above 20 before you decide.
Stocks With Price-to-Book of 3-6 and ROE Above 20 at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 21 October 2026. Infosys combines the lowest PE of the group, 14.57, with the highest return on equity, 33.24%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Infosys | 1,168 | 4,41,906 | 14.57 | 18.27 | 33.24% | 0.10 | 980.40 to 1,728.00 |
| Lupin | 1,964 | 89,592 | 16.14 | 36.42 | 23.76% | 0.29 | 1,900.00 to 2,529.50 |
| Waaree Energies | 2,455 | 71,640 | 17.90 | 45.89 | 25.71% | 0.22 | 2,281.80 to 3,718.80 |
| Force Motors | 16,885 | 23,126 | 18.47 | 23.62 | 25.19% | 0.00 | 15,982.00 to 26,450.00 |
Infosys: Return on Equity of 33.24%
Infosys is a large IT services and consulting company that has built an AI-first offering around its Topaz platform. It reported FY26 revenue of Rs 1,82,972 crore, up 9.83% year on year, and net profit of Rs 29,474 crore, up 10.18%. Net profit has compounded at 7.41% a year since FY22, while revenue has grown 10.23% a year. Operating margin was 25.36% in FY26. The debt-to-equity ratio is 0.10, which keeps interest costs low.
In the June 2026 quarter, revenue rose 13.56% to Rs 49,195 crore and net profit grew 12.29% to Rs 7,775 crore. Domestic institutions raised their holding from 39.60% in June 2025 to 42.96% in June 2026. The stock trades at a PE of 14.57 against an industry PE of 18.27, below the sector average, with a return on equity of 33.24%. The dividend yield is 4.40%.
Lupin: Revenue Up 26.76% in FY26
Lupin is a global pharmaceutical company with a large presence in the United States, India and other markets across generics, branded drugs and respiratory products. It reported FY26 revenue of Rs 29,038.95 crore, up 26.76% year on year, and net profit of Rs 5,355.47 crore, up 61.98%. Revenue has compounded at 14.98% a year since FY22. Operating margin was 31.06% in FY26. The debt-to-equity ratio is 0.29.
The stock trades at a PE of 16.14 against an industry PE of 36.42, below the sector average, with a return on equity of 23.76%. In the June 2026 quarter, revenue rose 32.45% to Rs 8,407.21 crore and net profit grew 16.01% to Rs 1,416.98 crore. The share price has gained 111.00% over five years. Foreign investors raised their holding from 21.25% in June 2025 to 22.42% in June 2026.
Waaree Energies: Revenue Up 83.52% in FY26
Waaree Energies is one of India’s largest solar module makers by capacity and manufactures solar cells and modules. It reported FY26 revenue of Rs 27,244.92 crore, up 83.52% year on year, and net profit of Rs 3,884.15 crore, up 101.45%. Revenue has compounded at 74.31% a year since FY22. Operating margin was 23.82% in FY26. The debt-to-equity ratio is 0.22.
In the June 2026 quarter, revenue rose 76.25% to Rs 8,102.60 crore and net profit grew 15.39% to Rs 891.87 crore. Domestic institutions raised their holding from 2.82% in September 2025 to 4.09% in September 2026. The stock trades at a PE of 17.90 against an industry PE of 45.89, below the sector average, with a return on equity of 25.71%.
Force Motors: Return on Equity of 25.19%
Force Motors makes commercial vehicles such as the Traveller and Gurkha and supplies engines and axles to other automakers. It reported FY26 revenue of Rs 9,167.51 crore, up 12.79% year on year, and net profit of Rs 1,211.75 crore, up 51.31%. Revenue has compounded at 29.18% a year since FY22. Operating margin was 17.59% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.
The stock trades at a PE of 18.47 against an industry PE of 23.62, below the sector average, with a return on equity of 25.19%. In the June 2026 quarter, revenue rose 6.71% to Rs 2,478.11 crore and net profit grew 22.81% to Rs 216.59 crore. The share price has gained 1046.45% over five years. Promoters hold 61.63%, which keeps ownership stable.
Stocks With Price-to-Book of 3-6 and ROE Above 20: Financial Comparison on Growth and Margins
The table compares scale and growth across these stocks with price-to-book of 3-6 and ROE above 20. 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) |
|---|---|---|---|---|---|---|
| Infosys | 1,82,972 | 29,474 | 9.83% | 10.23% | 13.56% | 25.71% |
| Lupin | 29,038.95 | 5,355.47 | 26.76% | 14.98% | 32.45% | 31.40% |
| Waaree Energies | 27,244.92 | 3,884.15 | 83.52% | 74.31% | 76.25% | 20.31% |
| Force Motors | 9,167.51 | 1,211.75 | 12.79% | 29.18% | 6.71% | 15.19% |
Check the Univest Screener for live data on these stocks with price-to-book of 3-6 and ROE above 20
Institutional Holding in Infosys, Lupin, Waaree Energies and Force Motors
Institutional holding shows who is backing these stocks with price-to-book of 3-6 and ROE above 20 alongside the promoter. The table uses the latest reported quarter for each. Infosys has the deepest institutional backing, with FII and DII together holding 70.05% as of June 2026. Domestic institutions increased their holding over the past year in Infosys (from 39.60% to 42.96%) and Waaree Energies (from 2.82% to 4.09%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| Infosys | 13.82% | 27.09% | 42.96% | 16.13% | June 2026 |
| Lupin | 46.85% | 22.42% | 24.65% | 6.08% | June 2026 |
| Waaree Energies | 64.12% | 8.57% | 4.09% | 23.22% | September 2026 |
| Force Motors | 61.63% | 9.52% | 1.46% | 27.39% | June 2026 |
Risks to Weigh in Stocks With Price-to-Book of 3-6 and ROE Above 20
Being careful with stocks with price-to-book of 3-6 and ROE above 20 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 of 3-6 and ROE Above 20
Picking from stocks with price-to-book of 3-6 and ROE above 20 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 (18.27 to 45.89) 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.
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Conclusion
Among stocks with price-to-book of 3-6 and ROE above 20, Infosys stands out for the highest return on equity at 33.24%, Lupin for 26.76% revenue growth in FY26, Waaree Energies for 83.52% revenue growth in FY26 and Force Motors for the biggest five-year price gain at 1046.45%. 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 of 3-6 and ROE above 20 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 of 3-6 and ROE Above 20 to Watch
Which are the best stocks with price-to-book of 3-6 and ROE above 20 to watch for multibagger potential?
Ans. Infosys, Lupin, Waaree Energies and Force Motors are the 4 names this list highlights, with market caps of Rs 4,41,906 crore, Rs 89,592 crore, Rs 71,640 crore and Rs 23,126 crore respectively. Infosys is notable for the highest return on equity at 33.24%. Lupin stands out for 26.76% revenue growth in FY26. Waaree Energies offers 83.52% revenue growth in FY26. Force Motors brings the biggest five-year price gain at 1046.45%. These are watchlist names for stocks with price-to-book of 3-6 and ROE above 20, not recommendations, so match each one to your own risk profile and time horizon.
Is Infosys a good stock for long-term investors?
Ans. Infosys has a return on equity of 33.24%, a PE of 14.57 against an industry PE of 18.27 and a market cap of Rs 4,41,906 crore. Net profit has compounded at 7.41% a year since FY22, and FY26 revenue rose 9.83% while June 2026 quarter net profit grew 12.29%. Long-term returns in stocks with price-to-book of 3-6 and ROE above 20 depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can Force Motors become a multibagger from here?
Ans. Force Motors has already gained 1046.45% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in stocks with price-to-book of 3-6 and ROE above 20 requires earnings to keep growing faster than the market for several years. FY26 revenue rose 12.79%, and June 2026 quarter net profit grew 22.81%. At a PE of 18.47 against an industry PE of 23.62, valuation should be checked against that growth before investing.
What is the market cap of Infosys, Lupin, Waaree Energies and Force Motors?
Ans. As of 21 October 2026, Infosys has a market cap of Rs 4,41,906 crore, Lupin has a market cap of Rs 89,592 crore, Waaree Energies has a market cap of Rs 71,640 crore and Force Motors has a market cap of Rs 23,126 crore. Infosys 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 of 3-6 and ROE above 20.
What are the risks of investing in stocks with price-to-book of 3-6 and ROE above 20?
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 Infosys trading below its industry PE?
Ans. Infosys trades at a PE of 14.57 against an industry PE of 18.27. A lower PE means investors pay less for each rupee of earnings, but it should be read with growth (net profit has compounded at 7.41% a year since FY22 and FY26 revenue rose 9.83%) and balance sheet strength before drawing a conclusion.
How much do institutions hold in Infosys, Lupin, Waaree Energies and Force Motors?
Ans. As of the latest reported quarter, FII and DII together hold 70.05% of Infosys (27.09% and 42.96%), 47.07% of Lupin (22.42% and 24.65%), 12.66% of Waaree Energies (8.57% and 4.09%) and 10.98% of Force Motors (9.52% and 1.46%). Rising institutional holding is a useful signal in stocks with price-to-book of 3-6 and ROE above 20, though it should be read with earnings trends rather than on its own.
