4 Largecap Low PEG Ratio Stocks to Watch for Future Multibagger Potential: NTPC, JSW Steel, Grasim and BHEL
- October 26, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
NTPC Rs 298. JSW Steel Rs 1,185.50. Grasim Rs 2,894. BHEL Rs 387.50. Market caps from Rs 1.47 lakh crore to Rs 3.00 lakh crore. Data as of 23 Oct 2026.
Quick Answer
NTPC, JSW Steel, Grasim and BHEL are the 4 picks in this low PEG ratio stocks watchlist, with market caps between Rs 1.47 lakh crore and Rs 3.00 lakh crore. NTPC stands out for the largest market cap at Rs 2,99,846 crore, while JSW Steel offers the lowest PE of the group at 10.19. PE ratios run from 10.19 to 51.06, so compare each one with its industry PE before investing. All figures are as of 23 October 2026.
Low PEG ratio stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. NTPC, JSW Steel, Grasim and BHEL meet that test, with market caps from Rs 1.47 lakh crore to Rs 3.00 lakh crore and NTPC offering the largest market cap at Rs 2,99,846 crore. Each of these companies has a PEG ratio below 1 and FY26 profit growth of at least 15 per cent, and net profit rose in FY26 and in the latest quarter.
This list covers companies with a PEG ratio below 1 and FY26 profit growth of at least 15 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 low PEG ratio stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 23 October 2026 and are drawn from NSE and BSE data and company filings.
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What Are Low PEG Ratio Stocks and Why Do They Attract Multibagger Interest?
Low PEG ratio stocks are shares of large companies whose PE ratio is lower than their profit growth rate, which means growth is available at a fair price. The four here cover power generation, steel, cement and chemicals, and power equipment.
A PEG ratio below 1 means earnings are growing faster than the valuation implies. For low PEG ratio stocks, both FY26 and the latest quarter showed growth. With low PEG ratio stocks, comparing valuation, growth and balance sheet strength together works better than relying on one number. Every company in the table below passed a rising-profit check, and the figures for low PEG ratio stocks are complete. Read each company’s latest results and exchange filings before acting on low PEG ratio stocks.
Low PEG Ratio Stocks at a Glance: Price, Market Cap, PE, ROE and Price to Book
Prices are closing prices as of 23 October 2026. JSW Steel has the lowest PE of the group at 10.19, while NTPC posts the highest return on equity at 13.31%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Price to Book | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| NTPC | 298 | 2,99,846 | 10.59 | 21.61 | 13.31% | 1.48 | 298.00 to 414.40 |
| JSW Steel | 1,185.50 | 2,85,334 | 10.19 | 22.42 | 7.21% | 2.86 | 1,073.20 to 1,351.00 |
| Grasim Industries | 2,894 | 1,97,536 | 17.54 | 30.91 | 4.80% | 1.90 | 2,502.50 to 3,411.10 |
| Bharat Heavy Electricals | 387.50 | 1,47,039 | 51.06 | 45.89 | 10.76% | 5.50 | 229.54 to 464.00 |
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 10.59 against an industry PE of 21.61, below the sector average, with a return on equity of 13.31%. The dividend yield is 2.91%.
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.
The stock trades at a PE of 10.19 against an industry PE of 22.42, below the sector average. 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.
Grasim: Quarterly Profit Up 38.82%
Grasim Industries is an Aditya Birla Group company with businesses in viscose fibre, chemicals and paints, and a major stake in UltraTech Cement. It reported FY26 revenue of Rs 1,76,610.86 crore, up 17.79% year on year, and net profit of Rs 10,300.29 crore, up 32.80%. Revenue has compounded at 16.30% a year since FY22. Operating margin was 21.29% in FY26.
In the June 2026 quarter, revenue rose 21.16% to Rs 49,021.35 crore and net profit grew 38.82% to Rs 3,846.28 crore. The share price has gained 66.94% over five years. Foreign investors raised their holding from 15.94% in June 2025 to 17.17% in June 2026. The stock trades at a PE of 17.54 against an industry PE of 30.91, below the sector average.
BHEL: 37.73% Profit CAGR Since FY22
Bharat Heavy Electricals is a government-owned maker of power generation, transmission, industrial and transportation equipment. It reported FY26 revenue of Rs 34,589.83 crore, up 20.08% year on year, and net profit of Rs 1,600.26 crore, up 199.73%. Net profit has compounded at 37.73% a year since FY22, while revenue has grown 12.54% a year. Operating margin was 10.18% in FY26. The debt-to-equity ratio is 0.23.
The stock trades at a PE of 51.06 against an industry PE of 45.89. In the September 2026 quarter, revenue rose 24.28% to Rs 9,553.01 crore and net profit grew 118.98% to Rs 820.94 crore. The share price has gained 488.34% over five years and 86.13% over the past year. Domestic institutions raised their holding from 18.62% in September 2025 to 21.88% in September 2026.
Low PEG Ratio Stocks: Financial Comparison on Growth and Margins
The table compares scale and growth across these low PEG ratio 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) | 4-Year Revenue CAGR | Latest Quarter Revenue Growth | Net Profit Growth (YoY) | Operating Margin (Latest Quarter) |
|---|---|---|---|---|---|---|
| NTPC | 1,89,798.56 | 30,009.98 | 8.89% | 6.94% | 48.19% | 35.04% |
| JSW Steel | 1,86,718 | 25,508 | 6.00% | 10.55% | 630.68% | 21.45% |
| Grasim | 1,76,610.86 | 10,300.29 | 16.30% | 21.16% | 32.80% | 23.54% |
| BHEL | 34,589.83 | 1,600.26 | 12.54% | 24.28% | 199.73% | 13.94% |
Check the Univest Screener for live data on these low PEG ratio stocks
Institutional Holding in NTPC, JSW Steel, Grasim and BHEL
Institutional holding shows who is backing these low PEG ratio stocks 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%), JSW Steel (from 10.92% to 11.49%) and BHEL (from 18.62% to 21.88%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| NTPC | 51.10% | 16.30% | 29.44% | 3.15% | June 2026 |
| JSW Steel | 44.29% | 25.92% | 11.49% | 18.30% | June 2026 |
| Grasim | 43.74% | 17.17% | 16.13% | 22.97% | June 2026 |
| BHEL | 58.17% | 9.94% | 21.88% | 10.02% | September 2026 |
Risks to Weigh in Low PEG Ratio Stocks
Being careful with low PEG ratio 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: BHEL trades at a PE of 51.06 against an industry PE of 45.89, 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 Low PEG Ratio Stocks
Picking from low PEG ratio 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 (21.61 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 low PEG ratio stocks, NTPC stands out for the largest market cap at Rs 2,99,846 crore, JSW Steel for the lowest PE of the group at 10.19, Grasim for 17.79% revenue growth in FY26 and BHEL for the fastest profit growth, 37.73% 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 low PEG ratio 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 Low PEG Ratio Stocks to Watch
Which are the best low PEG ratio stocks to watch for multibagger potential?
Ans. NTPC, JSW Steel, Grasim and BHEL are the 4 names this list highlights, with market caps of Rs 2,99,846 crore, Rs 2,85,334 crore, Rs 1,97,536 crore and Rs 1,47,039 crore respectively. NTPC is notable for the largest market cap at Rs 2,99,846 crore. JSW Steel stands out for the lowest PE of the group at 10.19. Grasim offers 17.79% revenue growth in FY26. BHEL brings the fastest profit growth, 37.73% a year since FY22. These are watchlist names for low PEG ratio stocks, not recommendations, so match each one to your own risk profile and time horizon.
Is NTPC a good stock for long-term investors?
Ans. NTPC has a return on equity of 13.31%, a PE of 10.59 against an industry PE of 21.61 and a market cap of Rs 2,99,846 crore. Net profit has compounded at 18.01% a year since FY22, and June 2026 quarter net profit grew 12.90%. Long-term returns in low PEG ratio stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can BHEL become a multibagger from here?
Ans. BHEL has already gained 488.34% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in low PEG ratio stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 37.73% a year since FY22, and FY26 revenue rose 20.08%. At a PE of 51.06 against an industry PE of 45.89, valuation should be checked against that growth before investing.
What is the market cap of NTPC, JSW Steel, Grasim and BHEL?
Ans. As of 23 October 2026, NTPC has a market cap of Rs 2,99,846 crore, JSW Steel has a market cap of Rs 2,85,334 crore, Grasim has a market cap of Rs 1,97,536 crore and BHEL has a market cap of Rs 1,47,039 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 low PEG ratio stocks.
What are the risks of investing in low PEG ratio 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. BHEL trades at a PE of 51.06 against an industry PE of 45.89, so earnings growth needs to hold up.
Is JSW Steel trading below its industry PE?
Ans. JSW Steel trades at a PE of 10.19 against an industry PE of 22.42. A lower PE means investors pay less for each rupee of earnings, but it should be read with growth (net profit has compounded at 5.06% a year since FY22 and FY26 revenue rose 10.15%) and balance sheet strength before drawing a conclusion.
How much do institutions hold in NTPC, JSW Steel, Grasim and BHEL?
Ans. As of the latest reported quarter, FII and DII together hold 45.74% of NTPC (16.30% and 29.44%), 37.41% of JSW Steel (25.92% and 11.49%), 33.30% of Grasim (17.17% and 16.13%) and 31.82% of BHEL (9.94% and 21.88%). Rising institutional holding is a useful signal in low PEG ratio stocks, though it should be read with earnings trends rather than on its own.