4 Midcap Return On Equity Between 15 and 20 Per Cent Stocks to Watch for Future Multibagger Potential: Coforge, Apar Industries, Radico Khaitan and Mphasis
- October 27, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
Coforge Rs 1,993. Apar Industries Rs 14,801. Radico Khaitan Rs 4,200. Mphasis Rs 2,557.60. Market caps from Rs 47,968 crore to Rs 90,204 crore. Data as of 26 Oct 2026.
Quick Answer
Coforge, Apar Industries, Radico Khaitan and Mphasis are the 4 picks in this return on equity between 15 and 20 per cent stocks watchlist, with market caps between Rs 47,968 crore and Rs 90,204 crore. Coforge stands out for the largest market cap at Rs 90,204 crore, while Apar Industries offers the fastest profit growth, 39.67% a year since FY22. PE ratios run from 25.11 to 83.91, so compare each one with its industry PE before investing. All figures are as of 26 October 2026.
Return on equity between 15 and 20 per cent stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Coforge, Apar Industries, Radico Khaitan and Mphasis meet that test, with market caps from Rs 47,968 crore to Rs 90,204 crore and Coforge offering the largest market cap at Rs 90,204 crore. Each of these companies has a market capitalisation between Rs 30,000 crore and Rs 1,00,000 crore and a return on equity between 15 and 20 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 return on equity between 15 and 20 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 return on equity between 15 and 20 per cent stocks 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 Return On Equity Between 15 and 20 Per Cent Stocks and Why Do They Attract Multibagger Interest?
Return on equity between 15 and 20 per cent stocks are shares of mid sized companies that earn Rs 15 to Rs 20 of profit a year on every Rs 100 of shareholder money, a healthy and sustainable level of capital efficiency. The four here cover IT services, cables and conductors, and premium spirits.
A return on equity in this band shows that management puts shareholder capital to productive use year after year. Within return on equity between 15 and 20 per cent stocks, the four companies show rising profit. For return on equity between 15 and 20 per cent stocks, both FY26 and the latest quarter showed growth. Whichever way you read return on equity between 15 and 20 per cent stocks, the common thread is rising profit backed by complete financial data. Investors researching return on equity between 15 and 20 per cent stocks get a fuller picture by reading growth and valuation together. The table below lines up return on equity between 15 and 20 per cent stocks on size, growth and valuation, using complete FY26 and latest quarter numbers. Past performance does not guarantee future returns, so use return on equity between 15 and 20 per cent stocks as a starting point for your own research.
Return On Equity Between 15 and 20 Per Cent Stocks at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 26 October 2026. Mphasis has the lowest PE of the group at 25.11, while Radico Khaitan posts the highest return on equity at 18.23%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Coforge | 1,993 | 90,204 | 46.97 | 17.66 | 16.31% | 0.08 | 1,008.10 to 2,021.20 |
| Apar Industries | 14,801 | 75,524 | 63.92 | 46.39 | 18.11% | 0.18 | 6,801.00 to 19,265.00 |
| Radico Khaitan | 4,200 | 59,039 | 83.91 | 54.95 | 18.23% | 0.15 | 2,500.00 to 4,747.00 |
| Mphasis | 2,557.60 | 47,968 | 25.11 | 18.49 | 17.34% | 0.24 | 2,013.00 to 2,975.00 |
Coforge: 23.72% Profit CAGR Since FY22
Coforge is an IT services company serving clients in travel, banking, insurance and other industries. It reported FY26 revenue of Rs 16,475.90 crore, up 34.63% year on year, and net profit of Rs 1,674.50 crore, up 73.79%. Net profit has compounded at 23.72% a year since FY22, while revenue has grown 26.26% a year. Operating margin was 17.40% in FY26. The debt-to-equity ratio is 0.08, which keeps interest costs low.
In the June 2026 quarter, revenue rose 49.19% to Rs 5,554.50 crore and net profit grew 49.19% to Rs 531.70 crore. The share price has gained 73.24% over five years and 10.25% over the past year. The stock trades at a PE of 46.97 against an industry PE of 17.66, with a return on equity of 16.31%.
Apar Industries: 39.67% Profit CAGR Since FY22
Apar Industries makes conductors, specialty cables and transformer oils, and earns a large share of revenue from exports. It reported FY26 revenue of Rs 22,966.89 crore, up 22.95% year on year, and net profit of Rs 976.93 crore, up 18.95%. Net profit has compounded at 39.67% a year since FY22, while revenue has grown 25.19% a year. Operating margin was 8.49% in FY26. The debt-to-equity ratio is 0.18.
The stock trades at a PE of 63.92 against an industry PE of 46.39, with a return on equity of 18.11%. In the June 2026 quarter, revenue rose 29.16% to Rs 6,624.71 crore and net profit grew 77.80% to Rs 467.45 crore. The share price has gained 2287.98% over five years and 102.57% over the past year. Domestic institutions raised their holding from 22.64% in September 2025 to 24.88% in August 2026.
Radico Khaitan: 24.88% Profit CAGR Since FY22
Radico Khaitan makes Indian-made foreign liquor and premium spirits, with brands including Magic Moments, 8PM and Rampur Single Malt. It reported FY26 revenue of Rs 6,062.27 crore, up 24.84% year on year, and net profit of Rs 604.48 crore, up 74.90%. Net profit has compounded at 24.88% a year since FY22, while revenue has grown 20.50% a year. Operating margin was 4.88% in FY26. The debt-to-equity ratio is 0.15, which keeps interest costs low.
In the June 2026 quarter, revenue rose 10.44% to Rs 5,869.46 crore and net profit grew 75.91% to Rs 229.60 crore. The share price has gained 299.58% over five years and 51.47% over the past year. Domestic institutions raised their holding from 25.47% in September 2025 to 27.17% in September 2026. The stock trades at a PE of 83.91 against an industry PE of 54.95, with a return on equity of 18.23%.
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.
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%. 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.
Return On Equity Between 15 and 20 Per Cent Stocks: Financial Comparison on Growth and Margins
The table compares scale and growth across these return on equity between 15 and 20 per cent 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) |
|---|---|---|---|---|---|---|
| Coforge | 16,475.90 | 1,674.50 | 34.63% | 26.26% | 23.72% | 18.63% |
| Apar Industries | 22,966.89 | 976.93 | 22.95% | 25.19% | 39.67% | 12.05% |
| Radico Khaitan | 6,062.27 | 604.48 | 24.84% | 20.50% | 24.88% | 6.10% |
| Mphasis | 16,205.54 | 1,862.60 | 11.88% | 7.53% | 6.81% | 20.04% |
Check the Univest Screener for live data on these return on equity between 15 and 20 per cent stocks
Institutional Holding in Coforge, Apar Industries, Radico Khaitan and Mphasis
Institutional holding shows who is backing these return on equity between 15 and 20 per cent stocks alongside the promoter. The table uses the latest reported quarter for each. Coforge has the deepest institutional backing, with FII and DII together holding 66.93% as of June 2026. Domestic institutions increased their holding over the past year in Apar Industries (from 22.64% to 24.88%), Radico Khaitan (from 25.47% to 27.17%) and Mphasis (from 37.07% to 45.85%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| Coforge | Nil | 24.31% | 42.62% | 33.07% | June 2026 |
| Apar Industries | 55.42% | 11.36% | 24.88% | 8.34% | August 2026 |
| Radico Khaitan | 40.17% | 19.43% | 27.17% | 13.23% | September 2026 |
| Mphasis | 30.53% | 19.39% | 45.85% | 4.23% | September 2026 |
Risks to Weigh in Return On Equity Between 15 and 20 Per Cent Stocks
Being careful with return on equity between 15 and 20 per cent 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: Coforge trades at a PE of 46.97 against an industry PE of 17.66, 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 Return On Equity Between 15 and 20 Per Cent Stocks
Picking from return on equity between 15 and 20 per cent 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 (17.66 to 54.95) 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 return on equity between 15 and 20 per cent stocks, Coforge stands out for the largest market cap at Rs 90,204 crore, Apar Industries for the fastest profit growth, 39.67% a year since FY22, Radico Khaitan for the highest return on equity at 18.23% and Mphasis for the lowest PE of the group at 25.11. 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 return on equity between 15 and 20 per cent 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 Return On Equity Between 15 and 20 Per Cent Stocks to Watch
Which are the best return on equity between 15 and 20 per cent stocks to watch for multibagger potential?
Ans. Coforge, Apar Industries, Radico Khaitan and Mphasis are the 4 names this list highlights, with market caps of Rs 90,204 crore, Rs 75,524 crore, Rs 59,039 crore and Rs 47,968 crore respectively. Coforge is notable for the largest market cap at Rs 90,204 crore. Apar Industries stands out for the fastest profit growth, 39.67% a year since FY22. Radico Khaitan offers the highest return on equity at 18.23%. Mphasis brings the lowest PE of the group at 25.11. These are watchlist names for return on equity between 15 and 20 per cent stocks, not recommendations, so match each one to your own risk profile and time horizon.
Is Radico Khaitan a good stock for long-term investors?
Ans. Radico Khaitan has a return on equity of 18.23%, a PE of 83.91 against an industry PE of 54.95 and a market cap of Rs 59,039 crore. Net profit has compounded at 24.88% a year since FY22, and FY26 revenue rose 24.84% while June 2026 quarter net profit grew 75.91%. Long-term returns in return on equity between 15 and 20 per cent stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can Apar Industries become a multibagger from here?
Ans. Apar Industries has already gained 2287.98% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in return on equity between 15 and 20 per cent stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 39.67% a year since FY22, and FY26 revenue rose 22.95%. At a PE of 63.92 against an industry PE of 46.39, valuation should be checked against that growth before investing.
What is the market cap of Coforge, Apar Industries, Radico Khaitan and Mphasis?
Ans. As of 26 October 2026, Coforge has a market cap of Rs 90,204 crore, Apar Industries has a market cap of Rs 75,524 crore, Radico Khaitan has a market cap of Rs 59,039 crore and Mphasis has a market cap of Rs 47,968 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 return on equity between 15 and 20 per cent stocks.
What are the risks of investing in return on equity between 15 and 20 per cent 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. Coforge trades at a PE of 46.97 against an industry PE of 17.66, so earnings growth needs to hold up.
Why is Coforge trading at a PE of 46.97?
Ans. Coforge’s PE of 46.97 compares with an industry PE of 17.66. The market is paying a premium for a return on equity of 16.31%, profit growth of 23.72% a year since FY22 and latest-quarter profit growth of 49.19%, which also means the stock is more sensitive if growth slows. Investors in return on equity between 15 and 20 per cent 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 Coforge, Apar Industries, Radico Khaitan and Mphasis?
Ans. As of the latest reported quarter, FII and DII together hold 66.93% of Coforge (24.31% and 42.62%), 36.24% of Apar Industries (11.36% and 24.88%), 46.60% of Radico Khaitan (19.43% and 27.17%) and 65.24% of Mphasis (19.39% and 45.85%). Rising institutional holding is a useful signal in return on equity between 15 and 20 per cent stocks, though it should be read with earnings trends rather than on its own.
