4 Midcap Stocks With PE Between 20 and 30 to Watch for Future Multibagger Potential: Ashok Leyland, Oberoi Realty, Mphasis and Premier Energies
- October 27, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
Ashok Leyland Rs 141.90. Oberoi Realty Rs 1,582. Mphasis Rs 2,557.60. Premier Energies Rs 840.60. Market caps from Rs 40,863 crore to Rs 84,474 crore. Data as of 26 Oct 2026.
Quick Answer
Ashok Leyland, Oberoi Realty, Mphasis and Premier Energies are the 4 picks in this stocks with PE between 20 and 30 watchlist, with market caps between Rs 40,863 crore and Rs 84,474 crore. Ashok Leyland stands out for the biggest five-year price gain at 106.37%, while Oberoi Realty offers the fastest profit growth, 24.40% a year since FY22. PE ratios run from 22.62 to 25.11, so compare each one with its industry PE before investing. All figures are as of 26 October 2026.
Stocks with PE between 20 and 30 to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Ashok Leyland, Oberoi Realty, Mphasis and Premier Energies meet that test, with market caps from Rs 40,863 crore to Rs 84,474 crore and Ashok Leyland offering the biggest five-year price gain at 106.37%. Each of these companies has a market capitalisation between Rs 30,000 crore and Rs 1,00,000 crore and a price to earnings ratio between 20 and 30, a return on equity of at least 10 per cent and profit growth in FY26 and in the latest quarter, and net profit rose in FY26 and in the latest quarter.
This list covers companies with a market capitalisation between Rs 30,000 crore and Rs 1,00,000 crore and a price to earnings ratio between 20 and 30, a return on equity of at least 10 per cent and profit growth in FY26 and in the latest quarter, rising profit in FY26 and the latest quarter, and complete, verifiable financials, ranked by market capitalisation. Each company has a market cap between Rs 30,000 crore and Rs 1 lakh crore. Investors screening stocks with PE between 20 and 30 usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 26 October 2026 and are drawn from NSE and BSE data and company filings.
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What Are Stocks With PE Between 20 and 30 and Why Do They Attract Multibagger Interest?
Stocks with PE between 20 and 30 are shares that trade at 20 to 30 times earnings, a valuation zone that is neither deeply discounted nor stretched for mid sized companies that keep growing. The four here cover commercial vehicles, real estate, software services and solar cells.
A PE in this range means investors are paying a fair price for growth that has already been delivered. For stocks with PE between 20 and 30, both FY26 and the latest quarter showed growth. With stocks with PE between 20 and 30, 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 stocks with PE between 20 and 30 are complete. Read each company’s latest results and exchange filings before acting on stocks with PE between 20 and 30.
Stocks With PE Between 20 and 30 at a Glance: Price, Market Cap, PE, ROE and Price to Book
Prices are closing prices as of 26 October 2026. Oberoi Realty has the lowest PE of the group at 22.62, while Premier Energies posts the highest return on equity at 35.05%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Price to Book | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Ashok Leyland | 141.90 | 84,474 | 22.65 | 23.62 | 24.37% | 5.93 | 134.21 to 215.42 |
| Oberoi Realty | 1,582 | 59,481 | 22.62 | 31.94 | 13.99% | 3.32 | 1,391.20 to 1,986.10 |
| Mphasis | 2,557.60 | 47,968 | 25.11 | 18.49 | 17.34% | 4.46 | 2,013.00 to 2,975.00 |
| Premier Energies | 840.60 | 40,863 | 24.42 | 53.49 | 35.05% | 9.49 | 660.00 to 1,134.00 |
Ashok Leyland: Return on Equity of 24.37%
Ashok Leyland makes trucks, buses and defence vehicles and is among the largest commercial vehicle makers in India. It reported FY26 revenue of Rs 56,946.90 crore, up 16.47% year on year, and net profit of Rs 3,720.98 crore, up 10.00%. Revenue has compounded at 21.28% a year since FY22. Operating margin was 19.17% in FY26.
In the June 2026 quarter, revenue rose 12.29% to Rs 13,258.24 crore and net profit grew 1.53% to Rs 667.77 crore. The share price has gained 106.37% over five years. Domestic institutions raised their holding from 13.61% in July 2025 to 15.76% in June 2026. The stock trades at a PE of 22.65 against an industry PE of 23.62, below the sector average, with a return on equity of 24.37%. The dividend yield is 2.43%.
Oberoi Realty: 24.40% Profit CAGR Since FY22
Oberoi Realty develops premium residential, office, retail and hotel projects, mainly in Mumbai. It reported FY26 revenue of Rs 6,304.27 crore, up 15.16% year on year, and net profit of Rs 2,507.43 crore, up 12.67%. Net profit has compounded at 24.40% a year since FY22, while revenue has grown 23.02% a year. Operating margin was 60.69% in FY26. The debt-to-equity ratio is 0.16.
The stock trades at a PE of 22.62 against an industry PE of 31.94, below the sector average, with a return on equity of 13.99%. In the June 2026 quarter, revenue rose 26.79% to Rs 1,361.69 crore and net profit grew 29.02% to Rs 543.51 crore. The share price has gained 93.04% over five years. Domestic institutions raised their holding from 10.80% in June 2025 to 14.83% in June 2026.
Mphasis: Profit Compounding at 6.81% a Year
Mphasis provides IT, cloud and application services to banking, insurance and technology clients. It reported FY26 revenue of Rs 16,205.54 crore, up 11.88% year on year, and net profit of Rs 1,862.60 crore, up 9.43%. Net profit has compounded at 6.81% a year since FY22, while revenue has grown 7.53% a year. Operating margin was 20.58% in FY26. The debt-to-equity ratio is 0.24.
In the June 2026 quarter, revenue rose 17.14% to Rs 4,466.91 crore and net profit grew 10.82% to Rs 489.51 crore. Domestic institutions raised their holding from 37.07% in September 2025 to 45.85% in September 2026. The stock trades at a PE of 25.11 against an industry PE of 18.49, with a return on equity of 17.34%. The dividend yield is 2.46%.
Premier Energies: Revenue Up 20.65% in FY26
Premier Energies makes solar cells and modules at manufacturing plants in Telangana. It reported FY26 revenue of Rs 8,025.91 crore, up 20.65% year on year, and net profit of Rs 1,509.69 crore, up 61.10%. Revenue has compounded at 79.85% a year since FY22. Operating margin was 33.02% in FY26.
The stock trades at a PE of 24.42 against an industry PE of 53.49, below the sector average, with a return on equity of 35.05%. In the June 2026 quarter, revenue rose 34.13% to Rs 2,507.63 crore and net profit grew 53.33% to Rs 471.92 crore. Domestic institutions raised their holding from 13.26% in September 2025 to 18.88% in September 2026.
Stocks With PE Between 20 and 30: Financial Comparison on Growth and Margins
The table compares scale and growth across these stocks with PE between 20 and 30. 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) |
|---|---|---|---|---|---|---|
| Ashok Leyland | 56,946.90 | 3,720.98 | 16.47% | 21.28% | 12.29% | 20.01% |
| Oberoi Realty | 6,304.27 | 2,507.43 | 15.16% | 23.02% | 26.79% | 61.42% |
| Mphasis | 16,205.54 | 1,862.60 | 11.88% | 7.53% | 17.14% | 20.04% |
| Premier Energies | 8,025.91 | 1,509.69 | 20.65% | 79.85% | 34.13% | 30.86% |
Check the Univest Screener for live data on these stocks with PE between 20 and 30
Institutional Holding in Ashok Leyland, Oberoi Realty, Mphasis and Premier Energies
Institutional holding shows who is backing these stocks with PE between 20 and 30 alongside the promoter. The table uses the latest reported quarter for each. Mphasis has the deepest institutional backing, with FII and DII together holding 65.24% as of September 2026. Domestic institutions increased their holding over the past year in Ashok Leyland (from 13.61% to 15.76%), Oberoi Realty (from 10.80% to 14.83%), Mphasis (from 37.07% to 45.85%) and Premier Energies (from 13.26% to 18.88%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| Ashok Leyland | 51.51% | 20.68% | 15.76% | 12.05% | June 2026 |
| Oberoi Realty | 67.70% | 15.11% | 14.83% | 2.36% | June 2026 |
| Mphasis | 30.53% | 19.39% | 45.85% | 4.23% | September 2026 |
| Premier Energies | 58.49% | 7.12% | 18.88% | 15.51% | September 2026 |
Risks to Weigh in Stocks With PE Between 20 and 30
Being careful with stocks with PE between 20 and 30 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: Mphasis trades at a PE of 25.11 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 Stocks With PE Between 20 and 30
Picking from stocks with PE between 20 and 30 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 (18.49 to 53.49) 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 Ashok Leyland, Oberoi Realty, Mphasis and Premier Energies live prices.
Conclusion
Among stocks with PE between 20 and 30, Ashok Leyland stands out for the biggest five-year price gain at 106.37%, Oberoi Realty for the fastest profit growth, 24.40% a year since FY22, Mphasis for 11.88% revenue growth in FY26 and Premier Energies for the highest return on equity at 35.05%. 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 PE between 20 and 30 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 PE Between 20 and 30 to Watch
Which are the best stocks with PE between 20 and 30 to watch for multibagger potential?
Ans. Ashok Leyland, Oberoi Realty, Mphasis and Premier Energies are the 4 names this list highlights, with market caps of Rs 84,474 crore, Rs 59,481 crore, Rs 47,968 crore and Rs 40,863 crore respectively. Ashok Leyland is notable for the biggest five-year price gain at 106.37%. Oberoi Realty stands out for the fastest profit growth, 24.40% a year since FY22. Mphasis offers 11.88% revenue growth in FY26. Premier Energies brings the highest return on equity at 35.05%. These are watchlist names for stocks with PE between 20 and 30, not recommendations, so match each one to your own risk profile and time horizon.
Is Premier Energies a good stock for long-term investors?
Ans. Premier Energies has a return on equity of 35.05%, a PE of 24.42 against an industry PE of 53.49 and a market cap of Rs 40,863 crore. FY26 revenue rose 20.65%, and June 2026 quarter net profit grew 53.33%. Long-term returns in stocks with PE between 20 and 30 depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can Oberoi Realty become a multibagger from here?
Ans. Oberoi Realty has already gained 93.04% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in stocks with PE between 20 and 30 requires earnings to keep growing faster than the market for several years. Net profit has compounded at 24.40% a year since FY22, and FY26 revenue rose 15.16%. At a PE of 22.62 against an industry PE of 31.94, valuation should be checked against that growth before investing.
What is the market cap of Ashok Leyland, Oberoi Realty, Mphasis and Premier Energies?
Ans. As of 26 October 2026, Ashok Leyland has a market cap of Rs 84,474 crore, Oberoi Realty has a market cap of Rs 59,481 crore, Mphasis has a market cap of Rs 47,968 crore and Premier Energies has a market cap of Rs 40,863 crore. All of them qualify as midcaps. 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 PE between 20 and 30.
What are the risks of investing in stocks with PE between 20 and 30?
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. Mphasis trades at a PE of 25.11 against an industry PE of 18.49, so earnings growth needs to hold up.
Why is Mphasis trading at a PE of 25.11?
Ans. Mphasis’ PE of 25.11 compares with an industry PE of 18.49. The market is paying a premium for a return on equity of 17.34% and latest-quarter profit growth of 10.82%, which also means the stock is more sensitive if growth slows. Investors in stocks with PE between 20 and 30 who are comfortable with higher valuation risk may prefer to stagger purchases instead of investing in one go.
How much do institutions hold in Ashok Leyland, Oberoi Realty, Mphasis and Premier Energies?
Ans. As of the latest reported quarter, FII and DII together hold 36.44% of Ashok Leyland (20.68% and 15.76%), 29.94% of Oberoi Realty (15.11% and 14.83%), 65.24% of Mphasis (19.39% and 45.85%) and 26.00% of Premier Energies (7.12% and 18.88%). Rising institutional holding is a useful signal in stocks with PE between 20 and 30, though it should be read with earnings trends rather than on its own.
