4 Largecap Improving Quarterly Operating Margin Stocks to Watch for Future Multibagger Potential: LIC, HAL, NTPC and BSE
- October 29, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
LIC Rs 391.45. HAL Rs 4,850. NTPC Rs 303.75. BSE Rs 3,485. Market caps from Rs 1.49 lakh crore to Rs 5.03 lakh crore. Data as of 28 Oct 2026.
Quick Answer
LIC, HAL, NTPC and BSE are the 4 picks in this improving quarterly operating margin stocks watchlist, with market caps between Rs 1.49 lakh crore and Rs 5.03 lakh crore. LIC stands out for the fastest profit growth, 93.19% a year since FY22, while HAL offers a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.00. PE ratios run from 8.38 to 52.89, so compare each one with its industry PE before investing. All figures are as of 28 October 2026.
Improving quarterly operating margin stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. LIC, HAL, NTPC and BSE meet that test, with market caps from Rs 1.49 lakh crore to Rs 5.03 lakh crore and LIC offering the fastest profit growth, 93.19% a year since FY22. Each of these companies has a latest quarter operating margin at least 2 percentage points above the FY26 operating margin, 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 latest quarter operating margin at least 2 percentage points above the FY26 operating margin, 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, 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 improving quarterly operating margin stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 28 October 2026 and are drawn from NSE and BSE data and company filings.
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What Are Improving Quarterly Operating Margin Stocks and Why Do They Attract Multibagger Interest?
Improving quarterly operating margin stocks are shares of large companies whose operating margin in the latest quarter is clearly higher than the margin for the full financial year, a sign that profitability is improving. The four here cover life insurance, aerospace and defence, power generation and exchange services.
A higher operating margin in the latest quarter means the company keeps more from each rupee of sales, and continued profit growth shows that the gain is real and not a one-off. For improving quarterly operating margin stocks, both FY26 and the latest quarter showed growth. With improving quarterly operating margin 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 improving quarterly operating margin stocks are complete. Read each company’s latest results and exchange filings before acting on improving quarterly operating margin stocks.
Improving Quarterly Operating Margin Stocks at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 28 October 2026. LIC has the lowest PE of the group at 8.38, while BSE posts the highest return on equity at 37.42%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Life Insurance Corporation of India | 391.45 | 5,03,491 | 8.38 | 10.47 | 32.53% | 0.00 | 360.75 to 468.48 |
| Hindustan Aeronautics | 4,850 | 3,31,342 | 35.55 | 48.59 | 22.21% | 0.00 | 3,479.10 to 5,149.90 |
| NTPC | 303.75 | 3,05,632 | 10.79 | 21.61 | 13.31% | 1.33 | 298.00 to 414.40 |
| BSE Ltd | 3,485 | 1,49,244 | 52.89 | 42.42 | 37.42% | 0.00 | 2,326.10 to 4,446.80 |
LIC: 93.19% Profit CAGR Since FY22
LIC is India’s largest life insurer and one of the biggest institutional investors in the stock market, with a vast agent network across the country. It reported FY26 revenue of Rs 9,90,211.25 crore, up 10.23% year on year, and net profit of Rs 57,453.15 crore, up 18.90%. Net profit has compounded at 93.19% a year since FY22, while revenue has grown 7.96% a year. Operating margin was 5.51% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.
In the June 2026 quarter, revenue rose 6.97% to Rs 2,41,166.45 crore and net profit grew 23.98% to Rs 13,584.25 crore. Domestic institutions raised their holding from 1.36% in September 2025 to 6.17% in September 2026. The stock trades at a PE of 8.38 against an industry PE of 10.47, below the sector average, with a return on equity of 32.53%.
HAL: Return on Equity of 22.21%
Hindustan Aeronautics is India’s state-owned aerospace company that designs, makes and services fighter jets, helicopters, engines and avionics. It reported FY26 revenue of Rs 36,787.95 crore, up 9.68% year on year, and net profit of Rs 9,115.52 crore, up 8.98%. Net profit has compounded at 15.74% a year since FY22, while revenue has grown 9.48% a year. Operating margin was 40.89% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.
The stock trades at a PE of 35.55 against an industry PE of 48.59, below the sector average, with a return on equity of 22.21%. In the June 2026 quarter, revenue rose 15.26% to Rs 6,415.41 crore and net profit grew 14.88% to Rs 1,589.66 crore. The share price has gained 607.71% over five years. Domestic institutions raised their holding from 8.71% in September 2025 to 12.56% in September 2026.
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 10.79 against an industry PE of 21.61, below the sector average, with a return on equity of 13.31%. The dividend yield is 2.86%.
BSE: 78.30% Profit CAGR Since FY22
BSE Ltd operates one of India’s two major stock exchanges and earns from trading, listing, data and clearing services. It reported FY26 revenue of Rs 5,148.10 crore, up 59.07% year on year, and net profit of Rs 2,475.30 crore, up 87.94%. Net profit has compounded at 78.30% a year since FY22, while revenue has grown 56.26% a year. Operating margin was 68.39% in FY26. The debt-to-equity ratio is 0.00, which keeps interest costs low.
The stock trades at a PE of 52.89 against an industry PE of 42.42, with a return on equity of 37.42%. In the June 2026 quarter, revenue rose 63.41% to Rs 1,706.72 crore and net profit grew 62.15% to Rs 872.66 crore. The share price has gained 2101.66% over five years and 37.49% over the past year. Domestic institutions raised their holding from 13.51% in June 2025 to 24.15% in June 2026.
Improving Quarterly Operating Margin Stocks: Financial Comparison on Growth and Margins
The table compares scale and growth across these improving quarterly operating margin 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 | 4-Year Net Profit CAGR | Latest Quarter Revenue Growth | Operating Margin (Latest Quarter) |
|---|---|---|---|---|---|---|
| LIC | 9,90,211.25 | 57,453.15 | 7.96% | 93.19% | 6.97% | 12.00% |
| HAL | 36,787.95 | 9,115.52 | 9.48% | 15.74% | 15.26% | 44.22% |
| NTPC | 1,89,798.56 | 30,009.98 | 8.89% | 18.01% | 6.94% | 35.04% |
| BSE | 5,148.10 | 2,475.30 | 56.26% | 78.30% | 63.41% | 77.03% |
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Institutional Holding in LIC, HAL, NTPC and BSE
Institutional holding shows who is backing these improving quarterly operating margin 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 LIC (from 1.36% to 6.17%), HAL (from 8.71% to 12.56%), NTPC (from 28.92% to 29.44%) and BSE (from 13.51% to 24.15%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| LIC | 90.00% | 1.55% | 6.17% | 2.28% | September 2026 |
| HAL | 71.64% | 9.42% | 12.56% | 6.38% | September 2026 |
| NTPC | 51.10% | 16.30% | 29.44% | 3.15% | June 2026 |
| BSE | Nil | 21.32% | 24.15% | 54.53% | June 2026 |
Risks to Weigh in Improving Quarterly Operating Margin Stocks
Being careful with improving quarterly operating margin 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: BSE trades at a PE of 52.89 against an industry PE of 42.42, 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 Improving Quarterly Operating Margin Stocks
Picking from improving quarterly operating margin 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 (10.47 to 48.59) 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 improving quarterly operating margin stocks, LIC stands out for the fastest profit growth, 93.19% a year since FY22, HAL for a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.00, NTPC for 6.94% revenue growth in the June 2026 quarter and BSE for the highest return on equity at 37.42%. 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 improving quarterly operating margin 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 Improving Quarterly Operating Margin Stocks to Watch
Which are the best improving quarterly operating margin stocks to watch for multibagger potential?
Ans. LIC, HAL, NTPC and BSE are the 4 names this list highlights, with market caps of Rs 5,03,491 crore, Rs 3,31,342 crore, Rs 3,05,632 crore and Rs 1,49,244 crore respectively. LIC is notable for the fastest profit growth, 93.19% a year since FY22. HAL stands out for a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.00. NTPC offers 6.94% revenue growth in the June 2026 quarter. BSE brings the highest return on equity at 37.42%. These are watchlist names for improving quarterly operating margin stocks, not recommendations, so match each one to your own risk profile and time horizon.
Is BSE a good stock for long-term investors?
Ans. BSE has a return on equity of 37.42%, a PE of 52.89 against an industry PE of 42.42 and a market cap of Rs 1,49,244 crore. Net profit has compounded at 78.30% a year since FY22, and FY26 revenue rose 59.07% while June 2026 quarter net profit grew 62.15%. Long-term returns in improving quarterly operating margin stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can LIC become a multibagger from here?
Ans. LIC has a market cap of Rs 5,03,491 crore. A multibagger outcome in improving quarterly operating margin stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 93.19% a year since FY22, and FY26 revenue rose 10.23%. At a PE of 8.38 against an industry PE of 10.47, valuation should be checked against that growth before investing.
What is the market cap of LIC, HAL, NTPC and BSE?
Ans. As of 28 October 2026, LIC has a market cap of Rs 5,03,491 crore, HAL has a market cap of Rs 3,31,342 crore, NTPC has a market cap of Rs 3,05,632 crore and BSE has a market cap of Rs 1,49,244 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 improving quarterly operating margin stocks.
What are the risks of investing in improving quarterly operating margin 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. BSE trades at a PE of 52.89 against an industry PE of 42.42, so earnings growth needs to hold up.
Why is BSE trading at a PE of 52.89?
Ans. BSE’s PE of 52.89 compares with an industry PE of 42.42. The market is paying a premium for a return on equity of 37.42%, profit growth of 78.30% a year since FY22 and latest-quarter profit growth of 62.15%, which also means the stock is more sensitive if growth slows. Investors in improving quarterly operating margin 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 LIC, HAL, NTPC and BSE?
Ans. As of the latest reported quarter, FII and DII together hold 7.72% of LIC (1.55% and 6.17%), 21.98% of HAL (9.42% and 12.56%), 45.74% of NTPC (16.30% and 29.44%) and 45.47% of BSE (21.32% and 24.15%). Rising institutional holding is a useful signal in improving quarterly operating margin stocks, though it should be read with earnings trends rather than on its own.
