4 Largecap Growth Stocks to Watch for Future Multibagger Potential: Titan, M&M, JSW Steel and Bajaj Auto
- October 23, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
Titan Rs 4,350. M&M Rs 2,864.10. JSW Steel Rs 1,220. Bajaj Auto Rs 10,155. Market caps from Rs 2.81 lakh crore to Rs 3.95 lakh crore. Data as of 22 Oct 2026.
Quick Answer
Titan, M&M, JSW Steel and Bajaj Auto are the 4 picks in this growth stocks watchlist, with market caps between Rs 2.81 lakh crore and Rs 3.95 lakh crore. Titan stands out for the highest return on equity at 32.31%, while M&M offers the fastest profit growth, 26.58% a year since FY22. PE ratios run from 10.49 to 68.51, so compare each one with its industry PE before investing. All figures are as of 22 October 2026.
Growth stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Titan, M&M, JSW Steel and Bajaj Auto meet that test, with market caps from Rs 2.81 lakh crore to Rs 3.95 lakh crore and Titan offering the highest return on equity at 32.31%. Each of these companies has FY26 and latest quarter profit growth of at least 25 per cent, and net profit rose in FY26 and in the latest quarter.
This list covers companies with FY26 and latest quarter profit growth of at least 25 per cent, rising profit in FY26 and the latest quarter, market capitalisation above Rs 1,00,000 crore, and complete, verifiable financials, ranked by market capitalisation. Each company has a market cap above Rs 1 lakh crore. Investors screening growth stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 22 October 2026 and are drawn from NSE and BSE data and company filings.
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What Are Growth Stocks and Why Do They Attract Multibagger Interest?
Growth stocks are shares of large companies that are growing profit at a fast pace. The four here cover jewellery, automobiles, steel and two-wheelers.
Large companies rarely grow profit this quickly, which is why this group stands out. For growth stocks, the pace held in both FY26 and the latest quarter. For growth stocks, checking each result against the latest quarter matters more than any single ratio. The next sections explain what stands out in each of growth stocks, using FY26 and latest quarter data. Prices move daily, so recheck the figures for growth stocks before you decide.
Growth Stocks at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 22 October 2026. JSW Steel has the lowest PE of the group at 10.49, while Titan posts the highest return on equity at 32.31%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Titan Company | 4,350 | 3,94,621 | 68.51 | 46.75 | 32.31% | 0.93 | 3,506.50 to 5,186.70 |
| Mahindra & Mahindra | 2,864.10 | 3,48,064 | 17.19 | 23.82 | 18.37% | 1.44 | 2,744.30 to 3,839.90 |
| JSW Steel | 1,220 | 2,93,638 | 10.49 | 22.42 | 7.21% | 0.99 | 1,073.20 to 1,351.00 |
| Bajaj Auto | 10,155 | 2,81,374 | 24.36 | 23.82 | 27.67% | 0.58 | 8,605.00 to 12,470.00 |
Titan: 23.26% Profit CAGR Since FY22
Titan Company runs the jewellery (Tanishq), watches (Titan), eyewear and fragrances businesses. It reported FY26 revenue of Rs 88,136 crore, up 44.62% year on year, and net profit of Rs 5,073 crore, up 52.02%. Net profit has compounded at 23.26% a year since FY22, while revenue has grown 32.00% a year. Operating margin was 10.06% in FY26.
In the June 2026 quarter, revenue rose 29.31% to Rs 21,502 crore and net profit grew 62.88% to Rs 1,777 crore. The share price has gained 72.39% over five years and 22.47% over the past year. Domestic institutions raised their holding from 12.78% in June 2025 to 15.34% in June 2026. The stock trades at a PE of 68.51 against an industry PE of 46.75, with a return on equity of 32.31%.
M&M: 26.58% Profit CAGR Since FY22
Mahindra & Mahindra is one of the largest SUV makers in India and the country’s largest tractor maker, with financial services and electric vehicles in its portfolio. It reported FY26 revenue of Rs 2,02,084.34 crore, up 25.21% year on year, and net profit of Rs 18,621.71 crore, up 32.32%. Net profit has compounded at 26.58% a year since FY22, while revenue has grown 22.04% a year. Operating margin was 21.19% in FY26.
The stock trades at a PE of 17.19 against an industry PE of 23.82, below the sector average, with a return on equity of 18.37%. In the June 2026 quarter, revenue rose 27.47% to Rs 59,203.60 crore and net profit grew 37.04% to Rs 5,997.56 crore. The share price has gained 220.52% over five years. Domestic institutions raised their holding from 29.59% in June 2025 to 32.65% in June 2026.
JSW Steel: Quarterly Profit Up 112.58%
JSW Steel is one of India’s largest steel producers, with integrated plants across the country. It reported FY26 revenue of Rs 1,86,718 crore, up 10.15% year on year, and net profit of Rs 25,508 crore, up 630.68%. Net profit has compounded at 5.06% a year since FY22, while revenue has grown 6.00% a year. Operating margin was 16.56% in FY26.
In the June 2026 quarter, revenue rose 10.55% to Rs 48,088 crore and net profit grew 112.58% to Rs 4,696 crore. The share price has gained 68.48% over five years. Domestic institutions raised their holding from 10.92% in June 2025 to 11.49% in June 2026. The stock trades at a PE of 10.49 against an industry PE of 22.42, below the sector average.
Bajaj Auto: Revenue Up 24.05% in FY26
Bajaj Auto makes motorcycles, three-wheelers and electric two-wheelers, and has a large export business. It reported FY26 revenue of Rs 65,087.22 crore, up 24.05% year on year, and net profit of Rs 10,574.50 crore, up 44.37%. Net profit has compounded at 14.44% a year since FY22, while revenue has grown 17.26% a year. Operating margin was 25.06% in FY26.
The stock trades at a PE of 24.36 against an industry PE of 23.82, with a return on equity of 27.67%. In the June 2026 quarter, revenue rose 64.02% to Rs 22,376.69 crore and net profit grew 44.26% to Rs 3,188.75 crore. The share price has gained 165.89% over five years and 13.76% over the past year. Domestic institutions raised their holding from 12.09% in June 2025 to 13.54% in June 2026.
Growth Stocks: Financial Comparison on Growth and Margins
The table compares scale and growth across these growth stocks. 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 | 4-Year Net Profit CAGR | Operating Margin (Latest Quarter) |
|---|---|---|---|---|---|---|
| Titan | 88,136 | 5,073 | 44.62% | 32.00% | 23.26% | 14.61% |
| M&M | 2,02,084.34 | 18,621.71 | 25.21% | 22.04% | 26.58% | 20.77% |
| JSW Steel | 1,86,718 | 25,508 | 10.15% | 6.00% | 5.06% | 21.45% |
| Bajaj Auto | 65,087.22 | 10,574.50 | 24.05% | 17.26% | 14.44% | 24.99% |
Check the Univest Screener for live data on these growth stocks
Institutional Holding in Titan, M&M, JSW Steel and Bajaj Auto
Institutional holding shows who is backing these growth stocks alongside the promoter. The table uses the latest reported quarter for each. M&M has the deepest institutional backing, with FII and DII together holding 67.54% as of June 2026. Domestic institutions increased their holding over the past year in Titan (from 12.78% to 15.34%), M&M (from 29.59% to 32.65%), JSW Steel (from 10.92% to 11.49%) and Bajaj Auto (from 12.09% to 13.54%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| Titan | 52.90% | 15.38% | 15.34% | 16.38% | June 2026 |
| M&M | 18.45% | 34.89% | 32.65% | 14.01% | June 2026 |
| JSW Steel | 44.29% | 25.92% | 11.49% | 18.30% | June 2026 |
| Bajaj Auto | 55.01% | 9.01% | 13.54% | 22.44% | June 2026 |
Risks to Weigh in Growth Stocks
Being careful with growth stocks 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: Titan trades at a PE of 68.51 against an industry PE of 46.75, 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 Growth Stocks
Picking from growth stocks 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 (22.42 to 46.75) 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 Titan, M&M, JSW Steel and Bajaj Auto live prices.
Conclusion
Among growth stocks, Titan stands out for the highest return on equity at 32.31%, M&M for the fastest profit growth, 26.58% a year since FY22, JSW Steel for the strongest latest-quarter profit growth at 112.58% and Bajaj Auto for 24.05% revenue growth in FY26. 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 growth stocks 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 Growth Stocks to Watch
Which are the best growth stocks to watch for multibagger potential?
Ans. Titan, M&M, JSW Steel and Bajaj Auto are the 4 names this list highlights, with market caps of Rs 3,94,621 crore, Rs 3,48,064 crore, Rs 2,93,638 crore and Rs 2,81,374 crore respectively. Titan is notable for the highest return on equity at 32.31%. M&M stands out for the fastest profit growth, 26.58% a year since FY22. JSW Steel offers the strongest latest-quarter profit growth at 112.58%. Bajaj Auto brings 24.05% revenue growth in FY26. These are watchlist names for growth stocks, not recommendations, so match each one to your own risk profile and time horizon.
Is Titan a good stock for long-term investors?
Ans. Titan has a return on equity of 32.31%, a PE of 68.51 against an industry PE of 46.75 and a market cap of Rs 3,94,621 crore. Net profit has compounded at 23.26% a year since FY22, and FY26 revenue rose 44.62% while June 2026 quarter net profit grew 62.88%. Long-term returns in growth stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can M&M become a multibagger from here?
Ans. M&M has already gained 220.52% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in growth stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 26.58% a year since FY22, and FY26 revenue rose 25.21%. At a PE of 17.19 against an industry PE of 23.82, valuation should be checked against that growth before investing.
What is the market cap of Titan, M&M, JSW Steel and Bajaj Auto?
Ans. As of 22 October 2026, Titan has a market cap of Rs 3,94,621 crore, M&M has a market cap of Rs 3,48,064 crore, JSW Steel has a market cap of Rs 2,93,638 crore and Bajaj Auto has a market cap of Rs 2,81,374 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 growth stocks.
What are the risks of investing in growth stocks?
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. Titan trades at a PE of 68.51 against an industry PE of 46.75, so earnings growth needs to hold up.
Why is Titan trading at a PE of 68.51?
Ans. Titan’s PE of 68.51 compares with an industry PE of 46.75. The market is paying a premium for a return on equity of 32.31%, profit growth of 23.26% a year since FY22 and latest-quarter profit growth of 62.88%, which also means the stock is more sensitive if growth slows. Investors in growth stocks who are comfortable with higher valuation risk may prefer to stagger purchases instead of investing in one go.
How much do institutions hold in Titan, M&M, JSW Steel and Bajaj Auto?
Ans. As of the latest reported quarter, FII and DII together hold 30.72% of Titan (15.38% and 15.34%), 67.54% of M&M (34.89% and 32.65%), 37.41% of JSW Steel (25.92% and 11.49%) and 22.55% of Bajaj Auto (9.01% and 13.54%). Rising institutional holding is a useful signal in growth stocks, though it should be read with earnings trends rather than on its own.
