4 Largecap High DII Holding Stocks to Watch for Future Multibagger Potential: ICICI Bank, L&T, NTPC and Tech Mahindra
- October 26, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
ICICI Bank Rs 1,394.20. L&T Rs 3,647. NTPC Rs 298. Tech Mahindra Rs 1,790. Market caps from Rs 1.59 lakh crore to Rs 9.59 lakh crore. Data as of 23 Oct 2026.
Quick Answer
ICICI Bank, L&T, NTPC and Tech Mahindra are the 4 picks in this high DII holding stocks watchlist, with market caps between Rs 1.59 lakh crore and Rs 9.59 lakh crore. ICICI Bank stands out for the fastest profit growth, 22.29% a year since FY22, while L&T offers 12.23% revenue growth in FY26. PE ratios run from 10.59 to 30.88, so compare each one with its industry PE before investing. All figures are as of 23 October 2026.
High DII holding stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. ICICI Bank, L&T, NTPC and Tech Mahindra meet that test, with market caps from Rs 1.59 lakh crore to Rs 9.59 lakh crore and ICICI Bank offering the fastest profit growth, 22.29% a year since FY22. Each of these companies has domestic institutional holding of at least 25 per cent and a return on equity of at least 12 per cent, and net profit rose in FY26 and in the latest quarter.
This list covers companies with domestic institutional holding of at least 25 per cent and a return on equity of at least 12 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 high DII holding 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.
Click Here – Get Free Investment Predictions
What Are High DII Holding Stocks and Why Do They Attract Multibagger Interest?
High DII holding stocks are shares of large companies where mutual funds, insurers and other domestic institutions own a large share, a sign of deep local backing. The four here cover private banking, engineering and construction, power generation and IT services.
Strong domestic institutional ownership shows that India’s own long-term money backs the business. For high DII holding stocks, both FY26 and the latest quarter showed growth. With high DII holding 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 high DII holding stocks are complete. Read each company’s latest results and exchange filings before acting on high DII holding stocks.
High DII Holding Stocks at a Glance: Price, Market Cap, PE, ROE and Price to Book
Prices are closing prices as of 23 October 2026. NTPC has the lowest PE of the group at 10.59, while Tech Mahindra posts the highest return on equity at 16.24%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Price to Book | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| ICICI Bank | 1,394.20 | 9,58,560 | 16.04 | 12.05 | 15.00% | 2.56 | 1,187.60 to 1,480.00 |
| Larsen & Toubro | 3,647 | 5,01,471 | 25.55 | 22.89 | 14.72% | 4.59 | 3,288.10 to 4,440.00 |
| NTPC | 298 | 2,99,846 | 10.59 | 21.61 | 13.31% | 1.48 | 298.00 to 414.40 |
| Tech Mahindra | 1,790 | 1,59,452 | 30.88 | 18.49 | 16.24% | 5.38 | 1,304.10 to 1,854.00 |
ICICI Bank: 22.29% Profit CAGR Since FY22
ICICI Bank is one of the largest private sector banks in India, with a strong retail and digital franchise. It reported FY26 total income of Rs 3,12,118.36 crore, up 5.95% year on year, and net profit of Rs 57,673.39 crore, up 5.98%. Net profit has compounded at 22.29% a year since FY22, while total income has grown 18.64% a year.
In the June 2026 quarter, total income rose 6.86% to Rs 79,689.22 crore and net profit grew 12.62% to Rs 16,209.74 crore. The share price has gained 85.57% over five years. Foreign investors raised their holding from 45.56% in September 2025 to 50.44% in September 2026. The stock trades at a PE of 16.04 against an industry PE of 12.05, with a return on equity of 15.00%.
L&T: Five-Year Gain of 104.68%
Larsen & Toubro is the largest engineering and construction company in India, with additional businesses in IT services and infrastructure projects. It reported FY26 revenue of Rs 2,91,635.04 crore, up 12.23% year on year, and net profit of Rs 19,159.40 crore, up 8.32%. Net profit has compounded at 16.81% a year since FY22, while revenue has grown 16.41% a year. Operating margin was 14.13% in FY26.
The stock trades at a PE of 25.55 against an industry PE of 22.89, with a return on equity of 14.72%. In the June 2026 quarter, revenue rose 8.12% to Rs 70,318.47 crore and net profit grew 15.20% to Rs 4,982.85 crore. The share price has gained 104.68% over five years.
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%.
Tech Mahindra: Debt-to-Equity of 0.07
Tech Mahindra, part of the Mahindra Group, provides IT and business services to telecom and other global clients. It reported FY26 revenue of Rs 56,847.30 crore, up 5.58% year on year, and net profit of Rs 4,805.50 crore, up 12.99%. Revenue has compounded at 5.57% a year since FY22. Operating margin was 15.47% in FY26. The debt-to-equity ratio is 0.07, which keeps interest costs low.
The stock trades at a PE of 30.88 against an industry PE of 18.49, with a return on equity of 16.24%. The dividend yield is 3.13%. In the September 2026 quarter, revenue rose 15.23% to Rs 16,172.80 crore and net profit grew 33.95% to Rs 1,609.70 crore. The share price is up 16.96% over the past year. Domestic institutions raised their holding from 32.13% in June 2025 to 36.92% in June 2026.
High DII Holding Stocks: Financial Comparison on Growth and Margins
The table compares scale and growth across these high DII holding stocks. Latest quarter means the most recent reported quarter for each company, and only metrics that are positive for every company are shown.
| Stock | Total Income (Rs Cr) | Net Profit (Rs Cr) | 4-Year Income CAGR | Latest Quarter Income Growth | Net Profit Growth (YoY) |
|---|---|---|---|---|---|
| ICICI Bank | 3,12,118.36 | 57,673.39 | 18.64% | 6.86% | 5.98% |
| L&T | 2,91,635.04 | 19,159.40 | 16.41% | 8.12% | 8.32% |
| NTPC | 1,89,798.56 | 30,009.98 | 8.89% | 6.94% | 48.19% |
| Tech Mahindra | 56,847.30 | 4,805.50 | 5.57% | 15.23% | 12.99% |
Check the Univest Screener for live data on these high DII holding stocks
Institutional Holding in ICICI Bank, L&T, NTPC and Tech Mahindra
Institutional holding shows who is backing these high DII holding stocks alongside the promoter. The table uses the latest reported quarter for each. ICICI Bank has the deepest institutional backing, with FII and DII together holding 92.22% as of September 2026. Domestic institutions increased their holding over the past year in NTPC (from 28.92% to 29.44%) and Tech Mahindra (from 32.13% to 36.92%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| ICICI Bank | Nil | 50.44% | 41.78% | 7.78% | September 2026 |
| L&T | Nil | 19.13% | 43.02% | 37.85% | June 2026 |
| NTPC | 51.10% | 16.30% | 29.44% | 3.15% | June 2026 |
| Tech Mahindra | 34.97% | 18.66% | 36.92% | 9.45% | June 2026 |
Risks to Weigh in High DII Holding Stocks
Being careful with high DII holding 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: Tech Mahindra trades at a PE of 30.88 against an industry PE of 18.49, 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 High DII Holding Stocks
Picking from high DII holding stocks comes down to four checks, applied in order.
- Check asset quality and net interest margin first, then return on equity and price to book. Debt-to-equity does not apply to lenders.
- Compare each PE with the industry PE (12.05 to 22.89) 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.
Download the Univest iOS App or Univest Android App to track ICICI Bank, L&T, NTPC and Tech Mahindra live prices.
Conclusion
Among high DII holding stocks, ICICI Bank stands out for the fastest profit growth, 22.29% a year since FY22, L&T for 12.23% revenue growth in FY26, NTPC for the biggest five-year price gain at 110.40% and Tech Mahindra for the highest return on equity at 16.24%. 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 high DII holding 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 High DII Holding Stocks to Watch
Which are the best high DII holding stocks to watch for multibagger potential?
Ans. ICICI Bank, L&T, NTPC and Tech Mahindra are the 4 names this list highlights, with market caps of Rs 9,58,560 crore, Rs 5,01,471 crore, Rs 2,99,846 crore and Rs 1,59,452 crore respectively. ICICI Bank is notable for the fastest profit growth, 22.29% a year since FY22. L&T stands out for 12.23% revenue growth in FY26. NTPC offers the biggest five-year price gain at 110.40%. Tech Mahindra brings the highest return on equity at 16.24%. These are watchlist names for high DII holding stocks, not recommendations, so match each one to your own risk profile and time horizon.
Is Tech Mahindra a good stock for long-term investors?
Ans. Tech Mahindra has a return on equity of 16.24%, a PE of 30.88 against an industry PE of 18.49 and a market cap of Rs 1,59,452 crore. FY26 revenue rose 5.58%, and September 2026 quarter net profit grew 33.95%. Long-term returns in high DII holding stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can ICICI Bank become a multibagger from here?
Ans. ICICI Bank has already gained 85.57% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in high DII holding stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 22.29% a year since FY22, and FY26 revenue rose 5.95%. At a PE of 16.04 against an industry PE of 12.05, valuation should be checked against that growth before investing.
What is the market cap of ICICI Bank, L&T, NTPC and Tech Mahindra?
Ans. As of 23 October 2026, ICICI Bank has a market cap of Rs 9,58,560 crore, L&T has a market cap of Rs 5,01,471 crore, NTPC has a market cap of Rs 2,99,846 crore and Tech Mahindra has a market cap of Rs 1,59,452 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 high DII holding stocks.
What are the risks of investing in high DII holding 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. Tech Mahindra trades at a PE of 30.88 against an industry PE of 18.49, so earnings growth needs to hold up.
Why is Tech Mahindra trading at a PE of 30.88?
Ans. Tech Mahindra’s PE of 30.88 compares with an industry PE of 18.49. The market is paying a premium for a return on equity of 16.24% and latest-quarter profit growth of 33.95%, which also means the stock is more sensitive if growth slows. Investors in high DII holding 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 ICICI Bank, L&T, NTPC and Tech Mahindra?
Ans. As of the latest reported quarter, FII and DII together hold 92.22% of ICICI Bank (50.44% and 41.78%), 62.15% of L&T (19.13% and 43.02%), 45.74% of NTPC (16.30% and 29.44%) and 55.58% of Tech Mahindra (18.66% and 36.92%). Rising institutional holding is a useful signal in high DII holding stocks, though it should be read with earnings trends rather than on its own.
